Company: LTRYW
Filing Date: 2025-04-22
Form Type: 10-K/A
Source: 0001641172-25-005663
Chunk: 15

Company: Lottery.com Inc.
Filing Date: 2025-04-22
Form: 10-K/A
Chunk 15
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20 reverse split that occurred on August 9, 2023. In the event the Company fails to repay the amounts
borrowed when due or Woodford fails to convert the amount owed into shares, the exercise price of the warrants may be offset by amounts
owed to Woodford, and in such case, the exercise price of the warrants will be subject to a further 25% discount (i.e., will equal $4.20
per share).

In connection with our entry
into the Woodford Loan Agreement, the Company also entered into a Loan Agreement Deed, Debenture Deed and Securitization, with Woodford
(the “Security Agreement”), which provides Woodford with a first floating charge security interest over all present and future
assets of the Company in order to secure the repayment of amounts owed under the Woodford Loan Agreement.

On June 12, 2023, the Company
entered into an amendment of the Woodford Loan Agreement with Woodford (the “Woodford Loan Agreement Amendment”), which 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 failed: to substantiate the amounts it claims were 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 Company-verified amounts; failed to provide an anti-money laundering acceptable bank account to which payment could be made by the Company, to explain its 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.

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Loan Agreement with United Capital Investments London Limited

On July 26, 2023, The Company
entered into a credit facility (the “UCIL Credit Facility”), represented by a loan agreement, which 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