Company: LTRYW
Filing Date: 2025-10-15
Form Type: 10-Q/A
Source: 0001493152-25-018121
Chunk: 55

Company: Lottery.com Inc.
Filing Date: 2025-10-15
Form: 10-Q/A
Chunk 55
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 the Loan Agreement.

On June 12, 2023, the Company
entered into an amendment of the Woodford Loan Agreement (the “Woodford Loan Agreement Amendment”). The Woodford Loan Agreement
Amendment provides that Woodford shall henceforth be able to convert, in whole or in part, the outstanding balance of its loan into the
conversion shares at a conversion price that represents a further 25% discount to the original conversion price of 20%. The validity and
application of the Woodford Loan Agreement Amendment is disputed by the Company.

Despite requests from the Company,
Woodford has repeatedly amongst other things: failed to prove the amounts borrowed by the Company or claimed to have been advanced by
Woodford to the Company; failed to indicate if it would accept accelerated payment of those verified amounts; failed to provide an anti-money
laundering acceptable account to which payment could be made by the Company and failed to explain failure to respond to requests for
other funding to be accepted in the context of the Woodford Loan Agreement; failed to respond to requests for funding under the accordion
facility of the Woodford Loan Agreement; and failed to respond to allegations of money laundering and conspiracy to defraud the Company
and others.

Information regarding ongoing legal proceedings with Woodford
can be found in the “Legal Proceedings” section of this form.

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Loan Agreement with United Capital Investments London Limited

The Company entered into a
credit facility (the “UCIL Credit Facility”), which is represented by a loan agreement, which was initially entered into
on July 26, 2023, and was amended and restated on August 8, 2023, and subsequently amended on August 18, 2023 (as so amended, the
“UCIL Loan Agreement”). The UCIL Loan Agreement is with United Capital Investments London Limited (“UCIL”),
an entity in which each of Matthew McGahan, the Company’s Chief Executive Officer and Chair of the Company’s Board, and
Barney Battles, a former member of the Board, have a direct or indirect interest. The decision by the Company to enter into the UCIL
Loan Agreement followed an acknowledgment by the Company that it had not received the requisite funding on a timely basis that it
expected from Woodford, despite the Company making several requests to Woodford for said funding under the Woodford Loan Agreement.
Moreover, the Board of Directors determined that it was in the best interest of the Company and its stockholders to enter into the
UCIL Loan