10-Q Filing

LOTTERY.COM INC. CIK: 1673481 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001213900-20-011280`
Period End Date	20200331
Filing Date	20200507
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	tdacu-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 24 Cash Flow Statement 38 Stockholders Equity 12

Balance Sheet 56 line items

Line Item	Tag	Value	Unit	Period
Common stock subject to possible redemption	`StockRedeemedOrCalledDuringPeriodShares1`	6.08M	shares	Point-in-time
Common stock subject to possible redemption	`StockRedeemedOrCalledDuringPeriodShares1`	6.02M	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$55.46K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$637.21K	USD	Point-in-time
Common stock authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock issued	`CommonStockSharesIssued`	7.15M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$73.55K	USD	Point-in-time
Common stock issued	`CommonStockSharesIssued`	7.21M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$102.92K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$158.38K	USD	Point-in-time
Common stock outstanding	`CommonStockSharesOutstanding`	7.21M	shares	Point-in-time
Common stock outstanding	`CommonStockSharesOutstanding`	7.15M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$710.76K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$75.14M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$74.38M	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Security deposit	`SecurityDeposit`	$1.20K	USD	Point-in-time
Security deposit	`SecurityDeposit`	$1.20K	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$74.54M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$75.85M	USD	Point-in-time
Account payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$249.34K	USD	Point-in-time
Account payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$159.38K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$679.43K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$679.65K	USD	Point-in-time
Promissory notes - related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$180.00K	USD	Point-in-time
Promissory notes - related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$1.41M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.33M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.02M	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	$5.03M	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	$5.03M	USD	Point-in-time
Total Liabilities	`Liabilities`	$6.05M	USD	Point-in-time
Total Liabilities	`Liabilities`	$7.37M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock subject to possible redemption, 6,018,015 and 6,076,290 shares at redemption value as of March 31, 2020 and December 31, 2019, respectively	`RedeemableNoncontrollingInterestEquityCommonCarryingAmount`	$63.49M	USD	Point-in-time
Common stock subject to possible redemption, 6,018,015 and 6,076,290 shares at redemption value as of March 31, 2020 and December 31, 2019, respectively	`RedeemableNoncontrollingInterestEquityCommonCarryingAmount`	$63.49M	USD	Point-in-time
Preferred stock, $0.001 par value; 1,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 1,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized; 7,206,801 and 7,148,526 issued and outstanding (excluding 6,018,015 and 6,076,290 shares subject to possible redemption) as of March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$7.15K	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized; 7,206,801 and 7,148,526 issued and outstanding (excluding 6,018,015 and 6,076,290 shares subject to possible redemption) as of March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$7.21K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.06M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.06M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.93M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.93M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$75.85M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$74.54M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Operating costs	`CostsAndExpenses`	$262.56K	USD	1 Quarter
Excludes an aggregate of shares subject to redemption	`ExcludesAggregateOfSharesSubjectToRedemption`	6.02M	shares	1 Quarter
Excludes an aggregate of shares subject to redemption	`ExcludesAggregateOfSharesSubjectToRedemption`	19.22M	shares	1 Quarter
Operating costs	`CostsAndExpenses`	$226.22K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-226.22K	USD	1 Quarter
Net loss per share - basic and diluted excludes income attributable to common stock subject to possible redemption	`NetLossPerShareBasicAndDilutedExcludesIncomeAttributableToCommonStockSubjectToPossibleRedemption`	927,530.00	shares	1 Quarter
Net loss per share - basic and diluted excludes income attributable to common stock subject to possible redemption	`NetLossPerShareBasicAndDilutedExcludesIncomeAttributableToCommonStockSubjectToPossibleRedemption`	181,354.00	shares	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-262.56K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$262.48K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.23M	USD	1 Quarter
Unrealized gain on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	-	USD	1 Quarter
Unrealized gain on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$16.17K	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$1.25M	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$262.48K	USD	1 Quarter
(Loss) income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-85.00	USD	1 Quarter
(Loss) income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.02M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$227.29K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$220.00	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-305.00	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$794.82K	USD	1 Quarter
Weighted average shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	7.07M	shares	1 Quarter
Weighted average shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	7.15M	shares	1 Quarter
Basic and diluted net loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Basic and diluted net loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-305.00	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$794.82K	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`InvestmentIncomeInterest`	$262.48K	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`InvestmentIncomeInterest`	$1.23M	USD	1 Quarter
Unrealized gain on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	-	USD	1 Quarter
Unrealized gain on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$16.17K	USD	1 Quarter
Deferred tax provision	`DeferredIncomeTaxExpenseBenefit`	$2.54K	USD	1 Quarter
Deferred tax provision	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.23K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-29.36K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$89.96K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-41.80K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$220.00	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$224.74K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-269.25K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-143.24K	USD	1 Quarter
Investment of cash in Trust Account	`PaymentsToAcquireMarketableSecurities`	-	USD	1 Quarter
Investment of cash in Trust Account	`PaymentsToAcquireMarketableSecurities`	$500.01K	USD	1 Quarter
Cash withdrawn from Trust Account to pay for franchise taxes	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$119.12K	USD	1 Quarter
Cash withdrawn from Trust Account to pay for franchise taxes	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	-	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$119.12K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-500.01K	USD	1 Quarter
Proceeds from promissory notes - related parties	`ProceedsOfPromissoryNoteRelatedPartyDebt`	$-1.23M	USD	1 Quarter
Proceeds from promissory notes - related parties	`ProceedsOfPromissoryNoteRelatedPartyDebt`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.23M	USD	1 Quarter
Net Change in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-150.12K	USD	1 Quarter
Net Change in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$581.75K	USD	1 Quarter
Cash - Beginning	`Cash`	$1.26M	USD	Point-in-time
Cash - Beginning	`Cash`	$1.11M	USD	Point-in-time
Cash - Beginning	`Cash`	$55.46K	USD	Point-in-time
Cash - Beginning	`Cash`	$637.21K	USD	Point-in-time
Cash - Ending	`Cash`	$1.26M	USD	Point-in-time
Cash - Ending	`Cash`	$1.11M	USD	Point-in-time
Cash - Ending	`Cash`	$55.46K	USD	Point-in-time
Cash - Ending	`Cash`	$637.21K	USD	Point-in-time
Change in value of common stock subject to possible redemption	`ChangeInValueOfCommonStockSubjectToRedemption`	$794.82K	USD	1 Quarter
Change in value of common stock subject to possible redemption	`ChangeInValueOfCommonStockSubjectToRedemption`	$-301.00	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Change in value of common stock subject to possible redemption	`StockIssuedDuringPeriodValueConversionOfUnits`	$-794.82K	USD	1 Quarter
Change in value of common stock subject to possible redemption	`StockIssuedDuringPeriodValueConversionOfUnits`	$301.00	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-305.00	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$794.82K	USD	1 Quarter
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.