Company: LTRYW
Filing Date: 2025-04-25
Form Type: S-1/A
Source: 0001641172-25-006093
Chunk: 195

Company: Lottery.com Inc.
Filing Date: 2025-04-25
Form: S-1/A
Chunk 195
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 include financing activities such as private placements of its common stock, preferred stock offerings, and issuances of debt and convertible debt. Although Management believes that it will be able to continue to raise funds by sale of its securities to provide the additional cash needed to meet the Company’s obligations as they become due beginning with a loan agreement the Company entered into with United Capital Investments Ltd. (“UCIL”) on July 21, 2023, the Plans for Recommencement of Company Operations to require substantial funds to implement and there is no assurance that the Company will be able to continue raising the required capital.

The Company’s ability to continue as a going concern for the next twelve months from the issuance of these financial statements depends on its ability to execute the business plan for the relaunch of its core business, the successful monetization of Sports.com, and keeping expenditures in line with available operating capital. Such conditions raise substantial doubt about the Company’s ability to continue as a going concern.

| F-9 |

Impact of Trident Acquisition Corp. Business Combination

We accounted for the October 29, 2021 Business Combination as a reverse recapitalization whereby AutoLotto was determined as the accounting acquirer and Trident Acquisition Corp. (“TDAC”) as the accounting acquiree. This determination was primarily based on:

| ● | former                                                                                                                             
 AutoLotto stockholders having the largest voting interest in Lottery.com Inc. (“Lottery.com”);                                     |
| ● | the                                                                                                                                
 board of directors of Lottery.com having 7 members, and AutoLotto’s former stockholders having the ability to nominate the         
 majority of the members of the board of directors;                                                                                 |
| ● | AutoLotto                                                                                                                          
 management continuing to hold executive management roles for the post-combination company and being responsible for the day-to-day 
 operations;                                                                                                                        |
| ● | the                                                                                                                                
 post-combination company assuming the Lottery.com name;                                                                            |
| ● | Lottery.com                                                                                                                        
 maintaining the pre-existing AutoLotto headquarters; and the intended strategy of Lottery.com being a continuation of AutoLotto’s  
 strategy.                                                                                                                          |

Accordingly, the Business Combination was treated as the equivalent of AutoLotto issuing stock for the net assets of TDAC, accompanied by a recapitalization. The net assets of TDAC are stated at historical cost, with no goodwill or other intangible assets recorded.

While TDAC was the legal acquirer in the Business Combination, because AutoLotto was determined as the accounting acquirer, the historical financial statements