Lottery.com Files Amended Q2 2024 Report

TL;DR

Lottery.com amended its Q2 2024 10-Q. Check for updates.

AI Summary

Lottery.com Inc. filed an amended 10-Q for the period ending June 30, 2024. The filing, dated September 3, 2024, provides updated financial information. The company, formerly Trident Acquisitions Corp., is based in Spicewood, Texas.

Why It Matters

This amended filing provides updated financial disclosures for Lottery.com Inc., which could impact investor understanding of the company's performance and financial health.

Risk Assessment

Risk Level: medium — Amended filings can indicate previously undisclosed issues or a need for clarification, suggesting potential underlying risks.

Key Players & Entities

• Lottery.com Inc. (company) — Filer of the 10-Q/A
• Trident Acquisitions Corp. (company) — Former name of Lottery.com Inc.
• 20240630 (date) — End of the reporting period for the 10-Q
• 20240903 (date) — Filing date of the 10-Q/A

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common stock, $0.001 par value LTRY The Nasdaq Stock Marke
• $230.00 — mon stock, each at an exercise price of $230.00 LTRYW The Nasdaq Stock Market LLC I

Filing Documents

• form10-qa.htm (10-Q/A) — 1157KB
• ex10-5.htm (EX-10.5) — 340KB
• ex10-40.htm (EX-10.40) — 89KB
• ex10-50.htm (EX-10.50) — 14KB
• ex10-51.htm (EX-10.51) — 2KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 7KB
• ex2_001.jpg (GRAPHIC) — 74KB
• ex2_002.jpg (GRAPHIC) — 235KB
• ex2_003.jpg (GRAPHIC) — 326KB
• ex2_004.jpg (GRAPHIC) — 328KB
• ex2_005.jpg (GRAPHIC) — 377KB
• ex2_006.jpg (GRAPHIC) — 334KB
• ex2_007.jpg (GRAPHIC) — 376KB
• ex2_008.jpg (GRAPHIC) — 316KB
• ex2_009.jpg (GRAPHIC) — 96KB
• ex2_010.jpg (GRAPHIC) — 125KB
• ex2_011.jpg (GRAPHIC) — 112KB
• ex2_012.jpg (GRAPHIC) — 129KB
• ex2_013.jpg (GRAPHIC) — 235KB
• ex2_014.jpg (GRAPHIC) — 181KB
• ex2_015.jpg (GRAPHIC) — 371KB
• ex2_016.jpg (GRAPHIC) — 27KB
• ex10-51_001.jpg (GRAPHIC) — 339KB
• ex10-51_002.jpg (GRAPHIC) — 150KB
• ex10-51_003.jpg (GRAPHIC) — 87KB
• 0001493152-24-034744.txt ( ) — 12399KB
• ltry-20240630.xsd (EX-101.SCH) — 42KB
• ltry-20240630_cal.xml (EX-101.CAL) — 65KB
• ltry-20240630_def.xml (EX-101.DEF) — 235KB
• ltry-20240630_lab.xml (EX-101.LAB) — 401KB
• ltry-20240630_pre.xml (EX-101.PRE) — 317KB
• form10-qa_htm.xml (XML) — 812KB

Financial Information

Part I. Financial Information

Consolidated Financial Statements

Item 1. Consolidated Financial Statements F- 1 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 F-2 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended June 30, 2024 and 2023 (unaudited) F-3 Condensed Consolidated Statements of Equity for the six months ended June 30, 2024 and 2023 (unaudited) F-4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) F-5 Notes to Condensed Consolidated Financial Statements (unaudited) F-6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 2

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 19

Controls and Procedures

Item 4. Controls and Procedures 19

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 21

Risk Factors

Item 1A. Risk Factors 22

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 23

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 23

Other Information

Item 5. Other Information 23

Exhibits

Item 6. Exhibits 23 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Amended Quarterly Report on Form 10Q/A (this "Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements about the financial condition, results of operations, earnings outlook and prospects of Lottery.com Inc. ("Lottery.com", the "Company", "we" or "us"). Forward-looking statements appear in a number of places in this Report, including, without limitation, under the heading in Part I, " Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. " In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.

Forward-looking statements are typically identified by words such as "plan," "believe," "expect,"

Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors discussed and identified in the section entitled "Risk Factors" in our Annual Report on Form 10-K/A for the year ended December 31, 2023 (the Amended "Annual Report") which was filed on May 20, 2024 and in this Report, as such factors may be updated in our periodic reports filed with the Securities and Exchange Commission (the "SEC"), as well as the following: The findings of the previously disclosed Internal Investigation (as defined herein) and other matters have exposed us to a number of legal proceedings, investigations and inquiries, resulted in significant legal and other expenses, required significant time and attention from our senior management, among other adverse impacts. We and certain of our former officers are, and in the future, we or our officers and directors may become, the subject of legal proceedings, investigations and inquiries by governmental agencies with respect to the findings of the Internal Investigation and othe

Financial Statements

Item 1. Financial Statements Page Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 F-2 Condensed Consolidated Statements of Operations and Comprehensive Loss for the six months ended June 30, 2024 and 2023 (unaudited) F-3 Condensed Consolidated Statements of Equity for the six months ended June 30, 2024 and 2023 (unaudited) F-4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) F-5 Notes to Condensed Consolidated Financial Statements (unaudited) F-6 F-1 LOTTERY.COM INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (UNAUDITED) (AUDITED) ASSETS Current assets: Cash $ 27,952 $ 359,826 Accounts receivable 240,135 24,241 Prepaid expenses 19,049,284 19,020,159 Other current assets 1,169,083 907,632 Total current assets 20,486,454 20,311,858 Notes receivable 2,000,000 2,000,000 Investments 250,000 250,000 Goodwill 11,227,491 11,227,491 Intangible assets, net 15,226,072 17,681,874 Property and equipment, net 15,350 21,309 Other long-term assets 12,884,686 12,884,686 Total assets $ 62,090,053 $ 64,377,218 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade payables $ 8,076,646 $ 7,991,802 Deferred revenue 303,572 357,143 Notes payable - current 6,991,654 6,026,669 Accrued interest 1,075,244 858,875 Accrued and other expenses 11,782,534 11,359,616 Other liabilities 1,167,111 1,167,111 Total current liabilities 29,396,761 27,761,216 Long-term liabilities: Convertible debt, net - non current - - Other long-term liabilities - - Total long-term liabilities - - Commitments and contingencies (Note 13) - - Total liabilities 29,396,761 27,761,216 Equity Controlling Interest Equity Controlling Interest Preferred Stock, par value $ 0.001 , 1,000,000 shares authorized, none issued and outstanding - - Common

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