Company: LTRYW
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001493152-25-002444
Chunk: 244

Company: Lottery.com Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 244
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.0 million of convertible debt was converted into equity of AutoLotto.

As of June 30, 2024, we had $3,535,978 of convertible debt outstanding. A portion of this debt has matured and is theoretically in default.

See “- Recent Developments- Loan Agreement with Woodford” and “Loan Agreement with United Capital Investments London Limited”above for additional information.

Cash Flows

Net cash used in operating activities was $1.4 million for the three months ended June 30, 2024, compared to net cash used in operating activities of $576 thousand for the three months ended June 30, 2023.

Net cash used in investing activities during the three months ended June 30, 2024 was $0, which was the same as for the prior year.

Net cash provided by financing activities was $965,000 for the three months ended June 30, 2024, compared to net cash provided of $676 thousand for the three months ended June 30, 2023, which was $320 thousand lower year over year.

| F-41 |

Emerging Growth Company Accounting Election

Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can choose not to take advantage of the extended transition period and comply with the requirements that apply to non-emerging growth companies, and any such election to not take advantage of the extended transition period is irrevocable. We are an “emerging growth company” as defined in Section 2(a) of the Securities Act of 1933, as amended, and have elected to take advantage of the benefits of this extended transition period. We expect to remain an emerging growth company through the end of the 2023 fiscal year and we expect to continue to take advantage of the benefits of the extended transition period. This may make it difficult or impossible to compare the financial results with the financial results of another public company that is either not an emerging growth company or is an emerging growth company that has chosen not to take advantage of the extended transition period exemptions for emerging growth companies because of the potential differences in accounting standards used.

Critical Accounting Policies and Estimates

Our financial statements and the related notes thereto included elsewhere in this Report are prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The preparation of financial