Company: LTRYW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001641172-25-024882
Chunk: 112

Company: Lottery.com Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 112
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 326): Measurement of Credit Losses
on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires the measurement of all expected credit losses for financial
assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Adoption
of ASU 2016-13 will require the Company to use forward-looking information to formulate its credit loss estimates. ASU 2016-13 is effective
for annual reporting periods beginning after December 15, 2022, and early adoption is permitted. The Company is currently evaluating
this new standard and currently does not expect it to have a significant impact on the Company’s consolidated financial statements.

In
December 2019, the FASB issued ASU No 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU2019-12”).
ASU 2019-12 removes certain exceptions to the general principles in Topic 740 in Generally Accepted Accounting Principles. ASU 2019-12
is effective for annual reporting periods beginning after December 15, 2021, and early adoption is permitted. The Company is currently
evaluating this new standard and currently does not expect it to have a significant impact on the Company’s consolidated financial
statements.

In
October 2020, the FASB issued ASU No. 2020-09, Debt (Topic 470) (“ASU 2020-09”). ASU 2020-09 amendments to SEC paragraphs
pursuant to SEC release NO. 33-10762 amends terms related to Debt Guarantors and Issuers of Guaranteed Securities Registered or to be
Registered with the SEC. The Company is currently evaluating the timing of adoption and impact of the updated guidance on its financial
statements.

In November 2023, the FASB issued ASU
2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to enhance the reportable segment disclosures.
The guidance will require additional disclosures about significant segment expenses. The guidance is effective for the public companies
with fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early
adoption permitted. The Company is currently evaluating the impact of this standard.

Note
3. Business Combination

TDAC
Combination

On
October 29, 2021, the Company