10-Q Filing

LOTTERY.COM INC. CIK: 1673481 Q3 2021

Filing Information

Form Type	10-Q
Accession Number	`0001213900-21-059462`
Period End Date	20210930
Filing Date	20211115
Fiscal Year	2021
Fiscal Period	Q3
XBRL Instance	f10q0921_lotterycominc_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 44 Cash Flow Statement 53 Stockholders Equity 28

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Common stock subject to possible redemption	`StockRedeemedOrCalledDuringPeriodShares1`	5.79M	shares	Point-in-time
Common stock subject to possible redemption	`StockRedeemedOrCalledDuringPeriodShares1`	5.79M	shares	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$972.79K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$65.26K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$51.98K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$28.32K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Prepaid income taxes	`PrepaidIncomeTaxes1`	$12.19K	USD	Point-in-time
Prepaid income taxes	`PrepaidIncomeTaxes1`	$12.19K	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$105.77K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.04M	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$217.09K	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$418.55K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	6.18M	shares	Point-in-time
Security deposit	`SecurityDeposit`	$1.20K	USD	Point-in-time
Security deposit	`SecurityDeposit`	$1.20K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	6.18M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	6.18M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	6.18M	shares	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$63.41M	USD	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$63.54M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$64.06M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$64.66M	USD	Point-in-time
Account payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$325.86K	USD	Point-in-time
Account payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.17M	USD	Point-in-time
Promissory notes related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$425.00K	USD	Point-in-time
Promissory notes related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$5.08M	USD	Point-in-time
Promissory notes related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$1.10M	USD	Point-in-time
Promissory notes related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$5.46M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$6.63M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$5.40M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesNoncurrent`	$6.72M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesNoncurrent`	$3.11M	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`	$14.77M	USD	Point-in-time
Total Liabilities	`Liabilities`	$17.15M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock subject to possible redemption, 5,786,355 and 5,786,470 shares at redemption value as of September 30, 2021 and December 31, 2020, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$63.48M	USD	Point-in-time
Common stock subject to possible redemption, 5,786,355 and 5,786,470 shares at redemption value as of September 30, 2021 and December 31, 2020, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$63.38M	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; 6,181,250 issued and outstanding (excluding 5,786,355 and 5,786,470 shares subject to possible redemption) as of September 30, 2021 and December 31, 2020, respectively	`CommonStockValue`	$6.18K	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized; 6,181,250 issued and outstanding (excluding 5,786,355 and 5,786,470 shares subject to possible redemption) as of September 30, 2021 and December 31, 2020, respectively	`CommonStockValue`	$6.18K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	-	USD	Point-in-time
(Accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-14.19M	USD	Point-in-time
(Accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-15.87M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-18.28M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-15.61M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-8.72M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-5.11M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-5.82M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-6.84M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-15.86M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-14.19M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$64.06M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$64.66M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Operating costs	`OperatingCostsAndExpenses`	$1.13M	USD	3 Qtrs
Operating costs	`OperatingCostsAndExpenses`	$532.73K	USD	1 Quarter
Operating costs	`OperatingCostsAndExpenses`	$2.03M	USD	3 Qtrs
Operating costs	`OperatingCostsAndExpenses`	$590.22K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-590.22K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.03M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.13M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-532.73K	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$956.00	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$347.25K	USD	3 Qtrs
Interest earned on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$6.27K	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$2.85K	USD	3 Qtrs
Change in fair value of derivative liabilities	`UnrealizedGainLossOnDerivatives`	$4.81M	USD	1 Quarter
Change in fair value of derivative liabilities	`UnrealizedGainLossOnDerivatives`	-	USD	3 Qtrs
Change in fair value of derivative liabilities	`UnrealizedGainLossOnDerivatives`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`UnrealizedGainLossOnDerivatives`	$3.60M	USD	3 Qtrs
Other	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$72.00	USD	3 Qtrs
Other	`OtherNonoperatingIncomeExpense`	-	USD	3 Qtrs
Other	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$6.27K	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$347.25K	USD	3 Qtrs
Other income	`NonoperatingIncomeExpense`	$4.81M	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$3.61M	USD	3 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-782.40K	USD	3 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-526.47K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.22M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.58M	USD	3 Qtrs
Benefit from income taxes	`IncomeTaxExpenseBenefit`	$-72.25K	USD	1 Quarter
Benefit from income taxes	`IncomeTaxExpenseBenefit`	$-163.94K	USD	1 Quarter
Benefit from income taxes	`IncomeTaxExpenseBenefit`	$-163.94K	USD	3 Qtrs
Benefit from income taxes	`IncomeTaxExpenseBenefit`	$-201.46K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.78M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$4.29M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-618.46K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-362.53K	USD	1 Quarter
Basic and diluted weighted average common shares outstanding (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	11.97M	shares	3 Qtrs
Basic and diluted weighted average common shares outstanding (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	12.39M	shares	1 Quarter
Basic and diluted weighted average common shares outstanding (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	11.97M	shares	1 Quarter
Basic and diluted weighted average common shares outstanding (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	12.87M	shares	3 Qtrs
Basic and diluted net income (loss) per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Basic and diluted net income (loss) per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.36	USD	1 Quarter
Basic and diluted net income (loss) per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.15	USD	3 Qtrs
Basic and diluted net income (loss) per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	3 Qtrs

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Sale of subsidiary	`SaleOfSubsidiary`	$25.00K	USD	3 Qtrs
Sale of subsidiary	`SaleOfSubsidiary`	$25.00K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.78M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$4.29M	USD	1 Quarter
Less cash disposed	`LessCashDisposed`	$25.00K	USD	3 Qtrs
Less cash disposed	`LessCashDisposed`	$25.00K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-618.46K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-362.53K	USD	1 Quarter
Net cash	`SaleOfNetCash`	-	USD	3 Qtrs
Net cash	`SaleOfNetCash`	-	USD	3 Qtrs
Change in fair value of derivative liabilities	`FairValueAdjustmentOfWarrants`	-	USD	3 Qtrs
Change in fair value of derivative liabilities	`FairValueAdjustmentOfWarrants`	$-3.60M	USD	3 Qtrs
Interest earned on marketable securities held in Trust Account	`InvestmentIncomeInterest`	$347.25K	USD	3 Qtrs
Interest earned on marketable securities held in Trust Account	`InvestmentIncomeInterest`	$2.85K	USD	3 Qtrs
Deferred tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-163.94K	USD	3 Qtrs
Deferred tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-201.46K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$628.22K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-23.66K	USD	3 Qtrs
Account payable and accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$154.86K	USD	3 Qtrs
Account payable and accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$845.79K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.60M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.16M	USD	3 Qtrs
Investment of cash in Trust Account	`PaymentsToAcquireMarketableSecurities`	$289.32K	USD	3 Qtrs
Investment of cash in Trust Account	`PaymentsToAcquireMarketableSecurities`	$2.33M	USD	3 Qtrs
Cash withdrawn from Trust Account to redeeming stockholders	`CashWithdrawnFromTrustAccountToRedeemingStockholders`	$1.26K	USD	3 Qtrs
Cash withdrawn from Trust Account to redeeming stockholders	`CashWithdrawnFromTrustAccountToRedeemingStockholders`	$13.45M	USD	3 Qtrs
Cash withdrawn from Trust Account for franchise and income taxes	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$160.25K	USD	3 Qtrs
Cash withdrawn from Trust Account for franchise and income taxes	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$450.87K	USD	3 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-127.81K	USD	3 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$11.57M	USD	3 Qtrs
Proceeds from promissory notes related parties	`ProceedsOfPromissoryNoteRelatedPartyDebt`	$-3.83M	USD	3 Qtrs
Proceeds from promissory notes related parties	`ProceedsOfPromissoryNoteRelatedPartyDebt`	$-917.00K	USD	3 Qtrs
Repayment of promissory note related parties	`RepaymentsOfPromissoryNoteRelatedPartyDebt`	$180.00K	USD	3 Qtrs
Repayment of promissory note related parties	`RepaymentsOfPromissoryNoteRelatedPartyDebt`	$537.00K	USD	3 Qtrs
Redemption of common stock	`ProceedsFromIssuanceOfCommonStock`	$-13.45M	USD	3 Qtrs
Redemption of common stock	`ProceedsFromIssuanceOfCommonStock`	$-1.26K	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-9.80M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$378.74K	USD	3 Qtrs
Net Change in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$162.40K	USD	3 Qtrs
Net Change in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-907.52K	USD	3 Qtrs
Cash Beginning of period	`Cash`	$217.86K	USD	Point-in-time
Cash Beginning of period	`Cash`	$972.79K	USD	Point-in-time
Cash Beginning of period	`Cash`	$55.46K	USD	Point-in-time
Cash Beginning of period	`Cash`	$65.26K	USD	Point-in-time
Cash End of period	`Cash`	$217.86K	USD	Point-in-time
Cash End of period	`Cash`	$972.79K	USD	Point-in-time
Cash End of period	`Cash`	$55.46K	USD	Point-in-time
Cash End of period	`Cash`	$65.26K	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$691.62K	USD	3 Qtrs
Change in value of common stock subject to possible redemption	`ChangeInValueOfCommonStockSubjectToRedemption`	$-100.71K	USD	3 Qtrs
Change in value of common stock subject to possible redemption	`ChangeInValueOfCommonStockSubjectToRedemption`	$3.00M	USD	3 Qtrs
Sale of subsidiary for $25,000 less cash disposed of totaling $25,000, net cash impact of $0.	`SaleOfSubsidiaryForLessCashDisposedOfTotalingNetCashImpactOf`	-	USD	3 Qtrs
Sale of subsidiary for $25,000 less cash disposed of totaling $25,000, net cash impact of $0.	`SaleOfSubsidiaryForLessCashDisposedOfTotalingNetCashImpactOf`	-	USD	3 Qtrs

Stockholders Equity 28 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-18.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$-15.61M	USD	Point-in-time
Balance	`StockholdersEquity`	$-8.72M	USD	Point-in-time
Balance	`StockholdersEquity`	$-5.11M	USD	Point-in-time
Balance	`StockholdersEquity`	$-5.82M	USD	Point-in-time
Balance	`StockholdersEquity`	$-6.84M	USD	Point-in-time
Balance	`StockholdersEquity`	$-15.86M	USD	Point-in-time
Balance	`StockholdersEquity`	$-14.19M	USD	Point-in-time
Remeasurement of common stock to redemption value	`StockIssuedDuringPeriodValueConversionOfUnits`	$49.27K	USD	1 Quarter
Remeasurement of common stock to redemption value	`StockIssuedDuringPeriodValueConversionOfUnits`	$-1.52M	USD	1 Quarter
Remeasurement of common stock to redemption value	`StockIssuedDuringPeriodValueConversionOfUnits`	$-712.27K	USD	1 Quarter
Remeasurement of common stock to redemption value	`StockIssuedDuringPeriodValueConversionOfUnits`	$-200.28K	USD	1 Quarter
Remeasurement of common stock to redemption value	`StockIssuedDuringPeriodValueConversionOfUnits`	$49.04K	USD	1 Quarter
Remeasurement of common stock to redemption value	`StockIssuedDuringPeriodValueConversionOfUnits`	$-768.47K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-2.71M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-255.63K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$200.91K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-362.53K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$4.29M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-305.00	USD	1 Quarter
Balance	`StockholdersEquity`	$-18.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$-15.61M	USD	Point-in-time
Balance	`StockholdersEquity`	$-8.72M	USD	Point-in-time
Balance	`StockholdersEquity`	$-5.11M	USD	Point-in-time
Balance	`StockholdersEquity`	$-5.82M	USD	Point-in-time
Balance	`StockholdersEquity`	$-6.84M	USD	Point-in-time
Balance	`StockholdersEquity`	$-15.86M	USD	Point-in-time
Balance	`StockholdersEquity`	$-14.19M	USD	Point-in-time

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