f10q1111_loto.htm

0001213900-12-000271.txt : 20120123 0001213900-12-000271.hdr.sgml : 20120123 20120123130348 ACCESSION NUMBER: 0001213900-12-000271 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 18 CONFORMED PERIOD OF REPORT: 20111130 FILED AS OF DATE: 20120123 DATE AS OF CHANGE: 20120123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Loto Inc. CENTRAL INDEX KEY: 0001464766 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 000000000 STATE OF INCORPORATION: NV FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-53770 FILM NUMBER: 12538793 BUSINESS ADDRESS: STREET 1: 25 ADELAIDE STREET EAST STREET 2: SUITE 502, CITY: TORONTO STATE: A6 ZIP: M5C 3A1 BUSINESS PHONE: 416-500-7799 MAIL ADDRESS: STREET 1: 25 ADELAIDE STREET EAST STREET 2: SUITE 502, CITY: TORONTO STATE: A6 ZIP: M5C 3A1 10-Q 1 f10q1111_loto.htm QUARTERLY REPORT f10q1111_loto.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 30, 2011

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number: 000-53770

Loto Inc.

(Exact Name of Registrant as Specified in its Charter)

Nevada		27-0156048
(State or other jurisdiction of		(IRS Employer
incorporation or organization)		Identification No.)

Suite 502, 25 Adelaide Street

Toronto, Ontario, Canada M5C 3A1

(Address of principal executive offices)

(416) 479-0880

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name, Former Address and Former Fiscal Year,

if Changed Since Last Report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Sec.323.405 of this chapter) during the preceding 12 months (or shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer	¨	Accelerated Filer	¨
Non-Accelerated Filer	¨	Smaller reporting company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of January 20, 2012, the Issuer had 32,712,626 shares of its Common Stock outstanding.

TABLE OF CONTENTS

PART I: FINANCIAL INFORMATION

Item 1: Financial Statements	1
Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operation	10
Item 3: Quantitative and Qualitative Disclosures about Market Risk	16
Item 4: Controls and Procedures	17

PART II: OTHER INFORMATION

Item 1: Legal Proceedings	18
Item 1A: Risk Factors	18
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds	18
Item 3: Defaults Upon Senior Securities	18
Item 4: Reserved	18
Item 5: Other Information	18
Item 6: Exhibits	19

SIGNATURES	20

PART I FINANCIAL INFORMATION

LOTO Inc.

(A Development Stage Company)

CONSOLIDATED BALANCE SHEET

	November 30, 2011 UNAUDITED			May 31, 2011 AUDITED
CURRENT ASSETS:

Cash	$	244,744		$	153,162
Prepaid rent		10,836			10,836
Receivables (Note 3)		11,447			110,848

TOTAL CURRENT ASSETS		267,027			274,846

Property and equipment, at cost		31,060			31,060
Accumulated amortization		(21,180	)		(17,160	)
Net capital assets (Note 4)		9,880			13,900

TOTAL ASSETS	$	276,907		$	288,746


LIABILITIES and STOCKHOLDERS' DEFICIENCY

CURRENT LIABILITIES:
Accrued liabilities (Note 5)	$	202,217		$	226,836
Standby loan (Note 6)		458,267			448,737
Promissory Note (Note 6)		201,753
Due to stockholders		2,192			312

TOTAL CURRENT LIABILITIES AND TOTAL LIABILITIES		864,429			675,885


STOCKHOLDERS' DEFICIENCY:
Common stock, par value $0.0001 (note 7)
100,000,000 shares authorized
32,106,330 issued and outstanding (2010-55,333,334)		3,211			5,533
Additional paid-in capital		2,279,246			2,073,780
Other comprehensive loss		(5,320	)		(10,046	)
Deficit accumulated during development stage		(2,864,659	)		(2,456,406	)

TOTAL STOCKHOLDERS' DEFICIENCY	$	(587,522	)	$	(387,139	)

TOTAL LIABILITIES AND STOCKHOLDERS'
DEFICIENCY	$	276,907		$	288,746

See notes to the consolidated financial statements

LOTO Inc.

(A Development Stage Company)

CONSOLIDATED STATEMENT OF OPERATIONS

	For the Three Months Ended November 30, 2011 UNAUDITED			For the Three Months Ended November 30, 2010 UNAUDITED			For the Six Months Ended November 30, 2011 UNAUDITED			For the Six Months Ended November 30, 2010 UNAUDITED			From Inception (September 16, 2008) to November 30, 2011 UNAUDITED

REVENUE		-			-									-



EXPENSES
General and administrative expenses		201,620			297,522			396,970			697,090			2,817,869
OPERATING LOSS		201,620			297,522			396,970			697,090			2,817,869

OTHER EXPENSE
Interest Expense		6,518			5,664			11,283			11,254			46,790

NET LOSS FOR THE PERIOD		208,138			303,186			408,253			708,344			2,864,659



Basic and fully diluted earnings per share	$	(0.01	)	$	(0.01	)	$	(0.01	)	$	(0.01	)

Weighted Average Shares Outstanding		31,861,863			55,251,181			34,199,815			54,767,328

See notes to the consolidated financial statements

LOTO Inc.

(A Development Stage Company)

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIENCY)

FROM INCEPTION (SEPTEMBER 16, 2008) TO NOVEMBER 30, 2011

	Shares			Amount			Additional Paid-In Capital			Deficit Accumulated During Development Stage			Other Comprehensive Loss			Total

BALANCE - SEPTEMBER 16, 2008

Capital contribution in connection with formation of Mobilotto, Inc.								91									91

Net loss											(10,979	)					(10,979	)

Sale of 20,000,000 shares		20,000,000			2,000			18,000									20,000

Shares issued in connection with Acquisition of		20,000,000			2,000			(2,000	)								0
Mobilitto, Inc.

BALANCE - MAY 31, 2009		40,000,000			4,000			16,091			(10,979	)		0			9,112


Sale of shares		15,000,000			1,500			148,500									150,000

Cancellation of Founders' shares		(1,000,000	)		(100	)											(100	)

Sale of shares		572,963			57			859,386									859,443

Other comprehensive loss resulting from foreign exchange transactions														(598	)		(598	)

Net loss											(1,122,792	)					(1,122,792	)

BALANCE - MAY 31, 2010		54,572,963			5,457			1,023,977			(1,133,771	)		(598	)		(104,935	)

Other comprehensive gain / (loss) resulting from foreign exchange conversions														(9,448	)		(9,448	)

Issuance of shares for Consulting services		200,000			20			149,980									150,000

Sale of shares		1,400,000			140			1,049,860									1,050,000

Cancellation of Founders' shares		(1,212,592	)		(121	)											(121	)

Issuance of shares to certain existing shareholders		572,963			57			(57	)								0

Cancellation of shares issued for Consulting services		(200,000	)		(20	)		(149,980	)								(150,000	)

Net loss											(1,322,635	)					(1,322,635	)

BALANCE - May 31, 2011		55,333,334			5,533			2,073,780			(2,456,406	)		(10,046	)		(387,139	)

Other comprehensive gain / (loss) resulting from foreign exchange conversions														4,726			4,726

Cancellation of Founders' shares (Note 7)		(18,793,704	)		(1,879	)											(1,879	)

Cancellation of Shares (Note 7)		(4,800,000	)		(480	)		(47,520	)								(48,000	)

Sale of shares		366,700			37			274,988									275,025

Share issue costs								(22,002	)								(22,002	)

Net loss											(408,253	)					(408,253	)

BALANCE -November 30, 2011		32,106,330			3,211			2,279,246			(2,864,659	)		(5,320	)		(587,522	)

See notes to the consolidated financial statements

LOTO Inc.

(A Development Stage Company)

CONSOLIDATED STATEMENT OF CASH FLOWS

UNAUDITED

	For the Six Months Ended November 30, 2011			For the Six Months Ended November 30, 2010			From Inception (September 16, 2008) to November 30, 2011


OPERATING ACTIVITIES:
Net loss for the period		(408,253	)		(708,344	)		(2,864,659	)
Adjustments to reconcile net loss to net cash
used in operating activities:
Amortization		4,018			5,046			21,178
Common stock issued for services		0			150,000			150,000
Cancellation of Common stock issued for services		0						(150,000	)
Interest expensed but not paid		11,283			11,254			34,089
Changes in operating assets and liabilities:
Prepaid rent		0			0			(10,836	)
Other current assets		99,401			(57,884	)		(11,447	)
Accrued liabilities		(24,617	)		30,526			202,219

NET CASH USED IN OPERATING ACTIVITIES		(318,168	)		(569,402	)		(2,629,456	)


INVESTING ACTIVITIES:
Acquisition of capital assets		0			0			(31,060	)

NET CASH USED IN INVESTING ACTIVITIES		0			0			(31,060	)


FINANCING ACTIVITIES:
Deposit for stock subscription					0			150,000
Proceeds from loan		200,000			0			625,931
Issuance (net of redemption) of common stock		203,144			1,050,000			2,132,578
Proceeds from stockholder loan		1,880			0			2,071

NET CASH PROVIDED BY INVESTING ACTIVITIES		405,024			1,050,000			2,910,580

Effect of exchange rates on cash		4,726			5,988			(5,320	)

INCREASE IN CASH		91,582			486,586			244,744

CASH - BEGINNING OF PERIOD		153,162			309,018			0

CASH - END OF PERIOD		244,744			795,604			244,744


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year
Interest paid		0			0			0
Income taxes		0			0			0

See notes to the consolidated financial statements

LOTO INC.

(A Development Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOVEMBER 30, 2011

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

Organization and Business Description

Loto Inc. (“Loto” or the “Company”), together with its wholly owned subsidiary Mobilotto Systems, Inc. (“Mobilotto”), are development stage companies. The Company is developing a patent-pending software application that permits the secure purchase of lottery tickets on commercially available “smart” phones and similar mobile telecommunications devices. A smart phone is a mobile phone offering advanced capabilities, often with personal computer-like functionality, such as e-mail, Internet access and other applications. Proprietary technology for facilitating the purchase of lottery tickets addresses all elements of lottery play, including secure player registration and authorization, number selection, settlement, winning number notification and other direct-to-customer marketing opportunities. It is the intention to operate or license software applications with governments and other lottery operators as the primary source of revenue. There is no intention to become a lottery operator. The mobile lottery software application has not yet been utilized by any lottery operator, and no revenues have yet been generated from the technology.

Basis of Consolidation and Development Stage Activities

These consolidated financial statements include the accounts of Loto Inc., which was incorporated on April 22, 2009 in the state of Nevada and its wholly-owned subsidiary, Mobilotto Systems, Inc., which was incorporated in Ontario, Canada on September 16, 2008. On May 13, 2009 the stockholders of Mobilotto contributed all of the outstanding equity interests in Mobilotto to the Company in exchange for 20,000,000 shares of the Company’s common stock. This transaction has been accounted for as a transaction between entities under common control in accordance with authoritative guidance issued by the Financial Accounting Standards Board. Accordingly, the net assets were recognized in the consolidated financial statements at their carrying amounts in the accounts of Mobilotto at the transfer date and the results of operations of Mobilotto are included as though the transaction had occurred at the beginning of the period.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. All intercompany balances and transactions have been eliminated.

Since inception the Company has been engaged in organizational activities, has been developing its business model and software, and marketing its product to lottery operators, but has not earned any revenue from operations. Accordingly, the Company’s activities have been accounted for as those of a “Development Stage Enterprise”, as set forth in authoritative guidance issued by the Financial Accounting Standards Board. Among the disclosures required are that the Company’s financial statements be identified as those of a development stage company, and that the statements of operations, stockholders’ equity and cash flows disclose activity since the date of the Company’s inception.

NOTE 2 – GOING CONCERN

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated any revenues since inception, has an accumulated loss of $2,864,659 as of November 30, 2011 and is unlikely to generate earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon, among other things, the continued financial support from its shareholders, the ability of the Company to obtain necessary equity or debt financing, and the attainment of profitable operations. These factors, among others, raise substantial doubt regarding the Company’s ability to continue as a going concern. There is no assurance that the Company will be able to generate revenues in the future. These financial statements do not give any effect to any adjustments that would be necessary should the Company be unable to continue as a going concern.

NOTE 3 – RECEIVABLES

Receivables totaled $11,447 relating to goods & service tax receivables.

NOTE 4 – PROPERTY AND EQUIPMENT

Property and equipment consist of the following:

			Accumulated
	Cost		Depreciation		Net

Leasehold improvements	$	3,500	$	3,500	$	0

Computer equipment	$	18,950	$	13,620	$	5,330

Office furniture and equipment	$	8,610	$	4,060	$	4,550

Total	$	31,060	$	21,180	$	9,880

Total depreciation expense for the six months ended November 30, 2011 was $4,020 (2010 - $5,046).

NOTE 5 – ACCRUED LIABILITIES

Accrued liabilities totalled $202,217 and included the following: Payments due for programming, system testing and consulting of $123,797, accrued legal expenses of $11,374, accrued audit fees of $14,900, due to former shareholder $48,000 and G&A Expenses of $4,148.

NOTE 6 – STANDBY LOAN

On August 3, 2009, two shareholders, Mhalka Capital Investments Ltd. and 1476448 Ontario Inc., made a standby financing commitment to Loto under which they agreed to provide funding to Loto. (the “Standby Loan”). On April 19, 2010, 2238646 Ontario Inc. entered into a Novation to the Standby Financing Commitment with the Company pursuant to which 2238646 Ontario Inc. has agreed to the remaining commitments of Mhalka Capital Investment Ltd. Draws made on the commitment amount are subject to interest as of the date of the draw at prime rate plus two percent per annum. These amounts are repayable thirty calendar days after demand at any time following the earlier of (a) September 30, 2010 or (b) the date upon which the Company is in receipt of revenues or proceeds from the sales of equity securities. If Loto breaches any of the covenants, the default rate will be 15% per annum. The standby financing commitment expired on September 30, 2010. As of November 30, 2011, $458,267 including accrued interest was drawn and payable against this commitment.

Included in the standy note is $85,676 inlcuding accrued interest owing to A Few Brilliant Minds, a related party. As a result of a Share Cancellation Agreement (see Note 7), this loan is to be repaid.

On September 27, 2011, Brantford Resources Ltd. advanced $200,000 to the Company under the terms of a Secured Promissory Note. The terms of this note are as follows: (i) interest shall be calculated at an annual rate of 5%; (ii) the note shall be due on or before September 19, 2012; and (iii) security for the payment of the note shall include any and all assets of Loto and its subsidiaries. In the event of a default, the interest rate on this note shall increase to 15% per annum.

NOTE 7 – CHANGES TO STOCKHOLDERS’ EQUITY (DEFICIENCY)

On June 16, 2011 the Company entered into a Share Cancellation Agreement with one of the founders and his company A Few Brilliant Minds Inc. (AFBMI). The founder desired to pursue other business interests and submitted his resignation from the Company's Board together and tendered for cancellation 18,793,704 common shares owned by AFBMI. Concurrent with the execution of the agreement, the Company agreed to repay $85,675 (part of the standby loan, see Note 6) due to the founder within 90 days of that Agreement.

In addition, the Company also entered into Share Cancellation Agreements dated June 20, 2011 with two shareholders to cancel 4,800,000 common shares in return for the original purchase price of $48,000. The amount due is included in accounts payable.

On November 18, 2011, the Company sold 366,700 shares of the Company’s common stock to nine purchasers (the “Purchasers”) for a purchase price of $.75 per share. In addition, each of the Purchasers has received Warrants to purchase such number of shares of the Company’s common stock equal to the number of shares purchased by such shareholder, at an exercise price of $1.00 per share. The Company paid a finder’s fee in connection with these sales of the Company’s securities, consisting of (i) $22,002; and (ii) Warrants to purchase 29,336 shares of the Company’s common stock at an exercise price of $1.00 per share.

These sales were made in reliance upon the exemption from Securities Act registration provided by Section 4(2) of the U.S. Securities Act, and the rules and regulations promulgated thereunder, including Rule 903 of Regulation S. The Purchasers are not a U.S. person (as such term is defined in Rule 902(k) of Regulation S).

NOTE 8 – COMMITMENTS

The Company is obligated under a lease agreement to lease the premises at 25 Adelaide Street in Toronto, Ontario, Canada until November 29, 2013. The minimum payments due are as follows:

	2012 – $ 72,624
	2013 – $ 66,572

NOTE 9 – STOCK OPTION GRANTS

On April 19, 2010, the Company granted 1,900,000 options to three members of the Company’s Board of Directors at an exercise price of $1.50 per share. The options vested on April 19, 2011, and 950,000 options may be exercised on April 19, 2011.

As of November 29, 2011, the Company issued additional stock options to the following officers and directors of the Company, and revised certain grants made in April of 2010. Such stock options were revised by the Company’s Board of Directors as of January 13, 2012, as follows:

Donald Ziraldo was issued options to purchase 300,000 shares of the Company’s common stock, with a vesting date effective as of November 29, 2011 and an exercise price of $.75 per share. Such options are exercisable on November 29, 2011. Such options will terminate on November 29, 2014. Certain other stock options previously issued by the Company to Mr. Ziraldo have been reduced from options to purchase 900,000 shares to options to purchase 500,000 shares, at an exercise price of $1.50 per share. Half of such options vested as of April 19, 2011 and the other half shall vest as of April 19, 2012. These options to purchase 500,000 shares shall expire on April 19, 2013.

Randal Barrs was issued options to purchase 312,000 shares of the Company’s common stock, with a vesting date effective as of November 29, 2011 and an exercise price of $.75 per share. Such options are exercisable on November 29, 2011. Such options will terminate on November 29, 2014. Certain other stock options previously issued by the Company to Mr. Barrs have been reduced from options to purchase 450,000 shares to options to purchase 250,000 shares, at an exercise price of $1.50 per share. Half of such options vested as of April 19, 2011 and the other half shall vest as of April 19, 2012. These options to purchase 250,000 shares shall expire on April 19, 2013.

3.	Alan Ralph was issued options to purchase 300,000 shares of the Company’s common stock,with a vesting date effective as of November 29, 2011 and an exercise price of $.75 per share. Such options are exercisable on November 29, 2011. Such options will terminate on November 29, 2014.

Todd Halpern was issued options to purchase 1,400,000 shares of the Company’s common stock, with a vesting date effective as of November 29, 2011 and an exercise price of $.75 per share. Such options are exercisable on November 29, 2011. Such options will terminate on November 29, 2014. Todd Halpern was also issued options to purchase 150,000 shares of the Company’s common stock, with a vesting date effective as of November 29, 2012 and an exercise price of $1.50 per share. Half of such options are exercisable on November 29, 2012 and the other half on November 29, 2013. Such options will terminate on November 29, 2014.

Fulvio Ciano was issued options to purchase 1,269,585 shares of the Company’s common stock, with a vesting date effective as of November 29, 2012 and an exercise price of $1.50 per share. Half of such options are exercisable on November 29, 2012 and the other half on November 29, 2013. Such options will terminate on November 29, 2014.

Each of Mr. Ziraldo, Mr. Barrs, Mr. Ralph and Mr. Halpern are directors of the Company. Mr. Ciano is the Company’s Chief Executive Officer and Chief Financial Officer.

On April 19, 2010 a director of the Company was granted compensation arrangements which provide that he may elect compensation in either cash or in options of the Company as follows: in 2010, $75,000 if election for cash or 250,000 shares at the option exercise price of $1.00 per share if election for options; in 2011 $150,000 if election for cash or 300,000 shares at the option exercise price of $1.00 per share if election for options. The director may elect compensation either in cash or in options with respect to 2010 on April 19, 2011 and April 19, 2012 with respect to 2011. In the event options are selected all such options shall be fully vested and exercisable upon the respective date of grant and may exercised until expiration on April 19, 2013. The Company has determined that the options were issued at fair value and as such no expense has been recorded. The director chose 250,000 options for his 2010 grant.

No options were exercised during the quarter ended November 30, 2011 and none were exercisable during the quarter ended November 30, 2010. The Company has determined that the vested options had an exercise price in excess of fair value and as such no expense was recorded.

NOTE 10 – CANCELLATION OF SHARES OF COMMON STOCK

During the fiscal years ended May 31, 2010 and May 31, 2011, the Company sold 2,212,592 shares of the Company’s common stock in private placements to foreign persons in reliance on the exemption from securities registration under Section 4(2) of the U.S. Securities Act of 1933, as amended, and Regulation S promulgated thereunder. In connection therewith, two of the Company’s shareholders, A Few Brilliant Minds Inc. and 2238646 Ontario Inc., each entered into an agreement with the Company, the Tender And Cancellation Agreement Re Company Private Placements, dated as of April 19, 2010, pursuant to which they each agreed to tender one-half-of-one share for each one share to be sold by the Company in private placements, and to each tender up to 4,000,000 shares of the Company’s common stock for cancellation, such that a total of up to 8,000,000 shares in the aggregate would be tendered and cancelled by such shareholders collectively. As of May 31, 2011, the Shareholders had agreed to cancel an aggregate total of 2,212,592 common shares.

Pursuant to such Tender and Cancellation Agreement Re Company Private Placements, 606,296 shares of the Company’s common stock were to be canceled by 2238646 Ontario Inc., such that 2238646 Ontario Inc. would have 18,693,704 issued and outstanding shares of the Company’s common stock, as the Company has previously disclosed. On November 29, 2011, the Company’s Board of Directors determined that it was advisable to reverse the Tender and Cancellation Agreement Re Company Private Placements and not cancel the shares of 2238646 Ontario Inc. However, this reversion was not implemented until December 1, 2011. As a result of this reversion, 2238646 Ontario Inc. will retain all 19,300,000 shares of its common stock without giving effect to any cancelations. Mr. Randall Barrs, one of the Company’s directors, is also a shareholder and director of 2238646 Ontario Inc., the Company’s majority shareholder. Mr. Barrs abstained from deliberation and voting regarding this cancelation. A Few Brilliant Minds Inc. previously tendered and canceled all of its shares of the Company, and the reversion will have no effect on such previously tendered and canceled shares owned by A Few Brilliant Minds Inc.

As of November 30, 2011, the Company had 32,106,330 shares issued and outstanding. As of January 20, 2012, the Company now has 32,712,626 shares issued and outstanding, as a result of the reversion.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OFOPERATIONS

Forward Looking Statements

The following discussion of the financial condition and results of operations of the Company should be read in conjunction with the financial statements and the related notes thereto included elsewhere in this Report. Some of the statements contained in this Report that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which can be identified by the use of terminology such as "estimates," "projects," "plans," "believes," "expects," "anticipates," "intends," or the negative or other variations, or by discussions of strategy that involve risks and uncertainties. However, as the Company intends to issue “penny stock,” as such term is defined in Rule 3a51-1 promulgated under the Exchange Act, the Company is ineligible to rely on these safe harbor provisions. We urge you to be cautious of the forward-looking statements, that such statements, which are contained in this Report, reflect our current beliefs with respect to future events and involve known and unknown risks, uncertainties and other factors affecting our operations, market growth, services, products and licenses. No assurances can be given regarding the achievement of future results, as actual results may differ materially as a result of the risks we face, and actual events may differ from the assumptions underlying the statements that have been made regarding anticipated events. Factors that may cause actual results, our performance or achievements, or industry results, to differ materially from those contemplated by such forward-looking statements include without limitation:

	·	Our ability to attract and retain management, and to integrate and maintain technical information and management information systems;
	·	Our ability to raise capital when needed and on acceptable terms and conditions;

	·	The intensity of competition;
	·	General economic conditions; and

Changes in government regulations.

The Company disclaims any obligation to update any such factors or to announce publicly the results of any revisions of the forward-looking statements contained or incorporated by reference herein to reflect future events or developments.

Unless otherwise provided in this Report, references to the "Company," “Loto,” the "Registrant," the "Issuer," "we," "us," and "our" refer to Loto Inc.

Critical Accounting Policies and Estimates

The Management's Discussion and Analysis of Financial Condition and Results of Operations section discusses our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, accrued expenses, financing operations, and contingencies and litigation. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different conditions.

Plan of Operation

We are a development stage company and now also a deployment stage company. We are developing a patent-pending software application which permits the secure purchase of lottery tickets on commercially available “smart” phones and similar mobile telecommunications devices. A smart phone is a mobile phone offering advanced capabilities, often with personal computer-like functionality, such as e-mail, Internet access and other applications. Our proprietary technology for facilitating the purchase of lottery tickets through commercially available smart phones and other mobile devices addresses all elements of lottery play, including secure player registration and authorization, number selection, settlement, winning number notification and other direct-to-customer marketing opportunities. We intend to license our software application to governments and other lottery operators as our primary source of revenue. We do not intend to become a lottery operator. During the foreseeable future, we expect to pursue our business outside of the United States. Our business plan calls for launching our mobile lottery application in the target markets of the Caribbean, Canada, Mexico, South America, Asia (China, Vietnam), Africa, Europe (Turkey and the United Kingdom of Great Britain) and the Eastern bloc region.

We have advanced our working demonstrations of our lottery and sports betting application (which is currently operable on most Blackberry smart phones including the Pearl, the Curve, the Bold, and 8800 series and soon IOS or Apple platforms such as IPhones and IPads), as well as a scratch card game that is operating on Android devices. Our current lottery software solution includes four of the six components that together will constitute our full mobile lottery application. The completed components include lottery game selection, lottery number picking, lottery number authorization, lottery player registration and some aspects of player messaging functions. The two components remaining to be developed for a complete system include financial settlement and some remaining player messaging functions. We believe our application is commercially viable and will provide a complete, fully functional and flexible mobile lottery platform for lottery operators worldwide.

As of the date of this Report, our mobile lottery software application has now been completed according to our stage 1 targets. It has been internally tested and reviewed is ready for commercial deployment for SMS and limited smart phone customers. It has not yet been commercially tested or utilized by any lottery operators and we have not yet generated any revenues from our technology. We anticipate our current in progress deployment in Haiti will generate revenues in early 2012.

Assets and Liabilities

As of November 30, 2011, the Company had total Assets of $276,907, including total current assets of $267,027. This represented a decline from May 31, 2011, at which time the Company’s total assets were $288,746, including total current assets of $274,846. We have prepaid rent in the amount of $10,836 as a condition of renting business premises, which commenced on March 11, 2011 at Suite 502, 25 Adelaide Street in Toronto, Ontario. We also own fixed assets with a cost of $31,060 which consists of computer equipment, office furniture and equipment and leasehold improvements. The decrease in assets is predominately a result of using cash to fund expenses in the course of normal operations.

The Company’s total liabilities increased from $675,885 at May 31, 2011 to $864,429 at November 30, 2011. This increase is the result of regular accruals made in the ordinary course of operations and a promissory note of $200,000 issued by the company. Accrued liabilities at November 30, 2011 totalled $202,217 and included the following: Payments due for programming and system testing and consulting of $123,797, accrued legal expenses of $11,374, accrued audit fees of $14,900, payable due to former shareholders of $48,000 and general and administration payables of $5,300. Standby loans and interest totalled $458,267 at November 30, 2011.

Liquidity and Capital Resources

As of November 30, 2011, the Company had $244,744 in cash. As a development stage company, we have limited capital and limited operating resources. We do not have sufficient funds to pay our current accrued liabilities and the current cash on hand in our bank accounts is not sufficient to maintain our operations.

Through November 30, 2011, we have raised $2,282,457 via private placements of common stock, and $660,020 via loan agreements. The funds raised in the prior private placements will not be sufficient to meet our projected cash flow deficits from operations or to fund the development of our technology and products. Therefore we anticipate further capital raises will be required to bring the company to revenues.

The cash on hand in our bank accounts is not sufficient to maintain our operations. We estimate our total overhead, costs and expenses related to completion of a commercially deployable version of our mobile lottery application, obtaining certification of our system by the Gaming Standards Association (GSA), and initiating full rollout of our products to our target markets over the next twelve months will be approximately $1,200,000. We will need additional amounts of funding in order to expand our operations.

Management believes that without obtaining additional financing or developing an ongoing source of revenue, we will not launch successfully. Although we have actively been pursuing new business opportunities, we cannot give assurance that we will succeed in this endeavor, or be able to enter into necessary agreements to pursue our business on terms favorable to us. Should we be unable to generate additional revenues or raise additional capital, we could eventually be forced to cease business activities altogether.

Results of Operations for the Three and Six Months Ended November 30, 2011 and November 30, 2010

Income

We are a development stage company and as of November 30, 2011 there were no contracts in place and no revenue has been received. We do not expect that revenue will be realized until June 2012. We have concentrated our efforts on developing our business strategy and obtaining financing. We have working models ready for demonstration and we have commenced our initial sales and marketing program. We have had early stage meetings with some lottery operators in Canada and we are actively pursuing other opportunities in Canada and elsewhere. Our mobile lottery software application has not yet been utilized by any lottery operators and we have not yet derived any revenues from our technology. There is no guarantee that we will be able to successfully develop and launch our technology or that it will generate sufficient revenue to sustain our operations.

Expenses

During the three months ended November 30, 2011, we incurred $208,138 in total operating expenses. This was a decrease from the period ended November 30, 2010, during which we incurred expenses of $303,186 in total operating expenses. Since the Company’s inception on September 16, 2008, expenses have totaled $2,864,659.

During the six months ended November 30, 2011, we incurred $408,253 in total operating expenses. This was a decrease from the six month period ended November 30, 2010, during which we incurred expenses of $708,344 in total operating expenses.

Systems development expenses of $78,088 for the three months ended November 30, 2011 were incurred for the creation and scoring of the Company’s development request for proposal which was issued in late August of 2011, and on-going refinement of the Statement of Work and contract. Systems development expenses of $56,155 for the three months ended November 30, 2010 were incurred for the creation, modification, and maintenance of game demonstrations as well as furtherance of defining the carrier-grade product.

During the three months ended November 30, 2011, salaries expense was $114,110 compared to $218,555 for the three months ended November 30, 2010. The Company has reduced the salaries of full time staff and has allocated staff expense to systems development expense.

During the three months ended November 30, 2011, rent and office expenses of $15,572 were incurred for the head office of the company. During the three months ended November 30, 2010 rent and office expenses were $23,460.

Legal and accounting fees of $24,180 were incurred for the six months ended November 30, 2011, for the creation of all required public company filings, financial statements and internal corporate needs. This was a decline from the six months ended November 30, 2010, in which legal and accounting fees of $85,482 were incurred.

Director, Officer and Liability Insurance expenses of $15,707 were incurred for the six months ended November 30, 2011.

Marketing expenses for the three months ended November 30, 2011 were minimal at $4,822 Marketing expenses of $5,475 for the three months ended November 30, 2010 were incurred in the creation and printing of investor information, product information, specific lottery operator presentations and RFP’s.

Interest expense accrued on the Standby Loans was $6,518 for the three months ended November 30, 2011, which was an increase from $5,664 for the three months ended November 30, 2010.

Our Plan of Operation for the Next Twelve Months

Our path to revenue is based upon completing the following work plan over the next twelve months:

1.	Completion of the patent and trademark registrations.

2.	Adherence to our Marketing Plan (see section below).

3.	Completion of the systems development to ensure we have a robust product and all the required modules for end-to-end lottery play (including player registration, numbers selection, authorization, settlement, and player communication / marketing).

4.	As opportunities arise, partner with existing suppliers of games to lottery operators in order to mobilize existing lottery games.

5.	Remain flexible in our business model to operate as a lottery retailer/distributor, license the technology for use, or sell the technology for use in a pre-defined jurisdiction, preferably in that order, as conditions deem appropriate.

6.	Complete appropriate certifications in promising jurisdictions to become a lottery retailer/distributor and/or supplier to specific lottery operators.

7.	Partner with the emerging internet gaming suppliers and new lottery licensees to mobilize their offerings.

8.	Proactively communicate and present our product and brand to prospective lottery operators, and understand their needs for new sources of revenue.

Marketing Plan

Our marketing plan is a combination of branding, lottery association participation, communication, presentations, and meetings with lottery operators, public messaging, and partnership initiatives with other corporate entities. Specifically, our plan calls for:

Attending and participating in lottery association events / tradeshows in order to meet prospective clients, speak about mobile lottery opportunities, and present the Loto and Mobilotto brands. These would include the World Lottery Association as well as the North American Association of State & Provincial Lotteries, among others.

Review each geographical region to justify the development of a mobile gaming environment. Prioritization would be given to those countries with a combination of material lottery revenues, a high penetration of smart phone devices, favorable internet gaming regulations, and operators who express an interest in our product and service.

On a prioritized country basis, study the local lottery regulations, understand global and specific country lottery issues, and contact the lottery operators for visitation and demonstration of Loto products. Currently, opportunities appear to be strong in Canada, Africa, Mexico, Asia, and Europe. Also, the U.S. may become a market for Loto should existing restrictions on internet lottery be changed, or Loto’s geo-locational restrictions be confirmed.

4.	While brand and product marketing will be supported by the lottery operators and by the mobile network operators, we intend on pursuing additional local marketing efforts including mass awareness campaigns, cause support, and seeking specific customer input.

5.	Develop relationships with existing internet gaming companies to “mobilize” their product offerings.

6.	Once Loto’s product is developed and contracts in place, generate incremental sales through direct to customer marketing through their mobile devices.

Working Capital

While we do not have in-place working capital to fund normal business activities, we are actively seeking financing in the amount of $1,000,000.

$200,000 Loan to the Company

Contractual Obligations and Other Commercial Commitments

The sole on-going commitment we have is for the rental of our head office, which runs to the end of November 2013 at a rate that approximates $6,100 per month.

Warrants

As of November 30, 2011, we had no outstanding warrants.

Common Stock

As of November 30, 2011, there were 32,106,330 shares of the Company’s common stock issued and outstanding.

Employees

We currently have 5 full-time employees who are dedicated to the primary functions of proprietary technology, sales and marketing to lottery operators, development of existing and next generation games for mobile application, and corporate administration. These include our Chief Executive Officer and CFO, President and CTO, our Director of Development, our Development Analyst, our Director of Human Resources and Administration.

We expect to hire additional full time employees in the coming year as necessities dictate.

We have engaged consultants for accounting, legal, and other part-time and occasional services.

Officer and Director Transitions

Resignation of Stephen Knight as Chief Executive Officer, Chief Financial Officer and Director

Effective as of October 21, 2011, Mr. Stephen Knight resigned as the Chief Executive Officer, Chief Financial Officer and as a member of the Board of Directors of the Company.

Appointment of Fulvio Ciano as Chief Executive Officer and Chief Financial Officer

Effective as of October 21, 2011, Mr. Fulvio Ciano has been appointed as the Chief Executive Officer and Chief Financial Officer of the Company. Since June 2, 2011, Mr. Ciano has served as the Company’s President and Chief Technology Officer.

As of October 21, 2011, the Company and Mr. Ciano entered into an Employment Agreement, pursuant to which Mr. Ciano will be paid One Hundred and Twenty Thousand (120,000) Canadian Dollars per annum, less any applicable statutory and regulatory deductions (the “Base Salary”). This Base Salary shall be increased to one hundred fifty thousand (150,000) Canadian Dollars per annum upon the Company’s receipt of revenue from the sale of its products and services.

Reversal of Tender and Cancellation Agreement Re Company Private Placements

As of November 30, 2011, the Company had 32,106,330 shares issued and outstanding. As of January 20, 2012, the Company now has 32,712,626 shares issued and outstanding, as a result of the reversion.

Stock Option Grants

As of November 29, 2011, the Company issued stock options to the following officers and directors of the Company. Such stock options were revised by the Company’s Board of Directors as of January 13, 2012, as follows:

3.	Alan Ralph was issued options to purchase 300,000 shares of the Company’s common stock, with a vesting date effective as of November 29, 2011 and an exercise price of $.75 per share. Such options are exercisable on November 29, 2011. Such options will terminate on November 29, 2014.

Each of Mr. Ziraldo, Mr. Barrs, Mr. Ralph and Mr. Halpern are directors of the Company. Mr. Ciano is the Company’s Chief Executive Officer and Chief Financial Officer.

Off-Balance Sheet Arrangements

There are no off balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Item 3. Qualitative and Quantitative Disclosure About Market Risk

Not applicable

Item 4. Controls and Procedures

Management's Report on Internal Control Over Financial Reporting

Management of our company is responsible for establishing and maintaining adequate internal control over financial reporting. Our company's internal control over financial reporting is a process, under the supervision of the Chief Executive Officer and Chief Financial Officer, designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external purposes in accordance with United States generally accepted accounting principles. Internal control over financial reporting includes those policies and procedures that:

·	Pertain to the maintenance of records that in all reasonable detail accurately and fairly reflect the transactions and dispositions of the Company’s assets;

·	Provide reasonable assurance of the completeness and authorization for checks to be issued;

Provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with generally acceptable accounting principles, and that the receipts and expenditures are being made only in accordance with authorizations of management and the Board of Directors; and

·	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisitions, use, or disposition of the Company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

As of the end of the period covered by this report, the Company carried out, under the supervision and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) in ensuring that information required to be disclosed by the Company in its reports is recorded, processed, summarized and reported within the required time periods. Based on their evaluation of the Company’s disclosure controls and procedures as of November 30, 2011, the Company’s Chief Executive Officer and Chief Financial Officer has concluded that, as of that date, the Company’s controls and procedures were effective for the purposes described above.

Changes in Internal Control over Financial Reporting

There was no change in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934) during the quarter ended November 30, 2011 that has materially affected or is reasonably likely to materially affect the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is not, and has not been during the period covered by this Quarterly Report, a party to any legal proceedings.

ITEM 1A. RISK FACTORS

Not Applicable.

ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 3: DEFAULTS UPON SENIOR SECURITIES

Not Applicable.

ITEM 4: RESERVED

Not Applicable.

ITEM 5: OTHER INFORMATION

Those sections of the Management’s Discussion and Analysis of Financial Condition and Results of Operations entitled “Officer and Director Transitions,” “Reversal of Tender and Cancellation Agreement Re Company Private Placements,” and “Stock Option Grants” are incorporated herein by reference thereto.

ITEM 6. EXHIBITS

Exhibit	Description

Exhibit 10.15	Employment Agreement, by and between the Company and Fulvio Ciano, dated as of October 21, 2011.

Exhibit 10.16	Stock Option Agreement, by and between the Company and Randall Barrs, dated as of November 29, 2011.

Exhibit 10.17	Stock Option Agreement, by and between the Company and Alan Ralph, dated as of November 29, 2011.

Exhibit 10.18	Stock Option Agreement, by and between the Company and Todd Halpern, dated as of November 29, 2011.

Exhibit 10.19	Stock Option Agreement, by and between the Company and Todd Halpern, dated as of November 29, 2011.

Exhibit 10.20	Stock Option Agreement, by and between the Company and Fulvio Ciano, dated as of November 29, 2011.

Exhibit 10.21	Stock Option Agreement, by and between the Company and Donald Ziraldo, dated as of November 29, 2011.

Exhibit 10.22	Stock Option Agreement, by and between the Company and Donald Ziraldo, dated as of November 29, 2011.

Exhibit 10.23	Stock Option Agreement, by and between the Company and Randall Barrs, dated as of November 29, 2011.

Exhibit 31.1	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.1	Certification of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS	XBRL Instance Document

101.SCH	XBRL Taxonomy Extension Schema

101.CAL	XBRL Taxonomy Extension Calculation Linkbase

101.DEF	XBRL Taxonomy Extension Definition Linkbase

101.LAB	XBRL Taxonomy Extension Label Linkbase

101.PRE	XBRL Taxonomy Extension Presentation Linkbase

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	LOTO INC.

	By:	/s/ Fulvio Ciano
	Name:	Fulvio Ciano
	Title:	Chief Executive Officer, Principal Financial Officer and Chief Accounting Officer

Dated: January 20, 2012

EX-10.15 2 f10q1111ex10xv_loto.htm EMPLOYMENT AGREEMENT, BY AND BETWEEN THE COMPANY AND FULVIO CIANO, DATED AS OF OCTOBER 21, 2011. f10q1111ex10xv_loto.htm

Exhibit 10.15

LOTO INC.

EMPLOYMENT AGREEMENT

EMPLOYMENT AGREEMENT, dated this 21st day of October, 2011 (the “Agreement”), by and between Loto Inc., a Nevada corporation (the “Company”), and Fulvio Ciano (the “Executive”).

WHEREAS, the Company desires to engage the Executive to serve the Company as the Chief Executive Officer and Chief Financial Officer and the Executive desires to serve as the Chief Executive Officer and Chief Financial Officer of the Company;

NOW THEREFORE, in consideration of the premises and the mutual agreements made herein, the Company and the Executive agree as follows:

1. Employment; Duties. The Company shall engage the Executive to serve as Chief Executive Officer and Chief Financial Officer of the Company. The Executive shall serve the Company in such capacity for the “Employment Period” as defined in Section 2. The Executive agrees that during the term of his employment hereunder, he shall devote substantially all of his professional working time, attention, knowledge and experience and give his best effort, skill and abilities to promote the business and interests of the Company as directed by the Board of Directors of the Company or a committee of the Board of Directors to which the Board of Directors has duly delegated authority thereof (collectively, the “Board”).

2. Employment Period. This Agreement shall have an initial term of one year to be effective commencing as of the date hereof and ending on the first anniversary of thereof (the “Initial Employment Period”), unless sooner terminated in accordance with the provisions of Section 7 or Section 8. This Agreement shall automatically renew and continue to remain in effect after the Initial Employment Period for successive one year periods (each, a “Renewal Employment Period”), until terminated as provided herein, unless either party provides the other party with written notice of non-renewal not later than ten business days prior to the expiration of the Initial Period or the anniversary of such date in any subsequent Renewal Employment Period. The Initial Employment Period and each Renewal Employment Period of this Agreement is referred to herein as the “Employment Period.”

3. Compensation.

(a) Base Compensation. The Executive shall be paid a base salary of one hundred twenty thousand (120,000) Canadian Dollars per annum, payable incrementally on a monthly basis and pro-rated for any partial year of employment, less any applicable statutory and regulatory deductions (the “Base Salary”). The Base Salary shall be payable in accordance with the Company’s regular payroll practices, as the same may be modified from time to time. This Base Salary shall be increased to one hundred fifty thousand (150,000) Canadian Dollars per annum, subject to the same conditions set forth above, upon the Company’s receipt of revenue from the sale of its products and services.

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(b) Options. The Executive shall be granted such options to purchase shares of the Company’s common stock, subject to the terms and conditions set forth in the Stock Option Agreement attached hereto as Exhibit A.

(c) Expense Reimbursement. The Executive shall be entitled to reimbursement of reasonable out-of-pocket expenses incurred in connection with travel and matters related to the Company's business and affairs if made in accordance with written Company policy as in effect from time to time as determined by the Board.

(d) Place of Employment. The parties agree that the principal place of services to be rendered to the Company by Executive shall be in Toronto, Canada, unless otherwise agreed to by the parties hereto, and all compensation shall be paid to Executive in such jurisdiction. The Company acknowledges and agrees that Executive may reside from time to time in other jurisdictions and may travel to any and all other jurisdictions related to services to be rendered to the Company and Executive, none of which shall have the effect of changing the deemed principal place of services rendered by Executive to the Company unless otherwise required by the laws of such other jurisdictions.

4. Trade Secrets. The Executive agrees that it is in the Company's legitimate business interest to restrict his disclosure or use of Trade Secrets and Confidential Information relating to the Company or its affiliates as provided herein, and agrees not to disclose or use the Trade Secrets and/or Confidential Information relating to the Company or its affiliates for any purpose other than in connection with his performance of his duties to the Company. For purposes of this Agreement, “Trade Secrets” shall mean all confidential and proprietary information belonging to the Company (including prospective client lists, ideas, formulas, compositions, inventions (whether patentable or unpatentable and whether or not reduced to practice), know-how, manufacturing and production processes and techniques, research and development information, drawings, specifications, designs, plans, proposals, technical data, copyrightable works, financial and marketing plans and customer and supplier lists and information). For purposes of this Agreement, “Confidential Information” shall mean all information other than Trade Secrets belonging to, used by, or which is in the possession of the Company and relating to the Company’s business or assets specifically including, but not limited to, information relating to the Company’s products, services, strategies, pricing, customers, representatives, suppliers, distributors, technology, finances, employee compensation, computer software and hardware, inventions, developments, in each case to the extent that such information is not required to be disclosed by applicable law or compelled to be disclosed by any governmental authority. Notwithstanding the foregoing, the terms “Trade Secrets” and “Confidential Information” do not include information that (i) is or becomes generally available to or known by the public (other than as a result of a disclosure by the Executive), provided, that the source of such information is not known by the Executive to be bound by a confidentiality agreement with the Company; or (ii) is independently developed by the Executive without violating this Agreement. In addition to the provisions set forth above, the Executive shall execute the Proprietary Information and Invention Agreement (the “Proprietary Information and Invention Agreement”) attached hereto as Exhibit B, and shall agree to the terms and conditions set forth therein. In the event of any conflict between the terms of this Agreement and the terms of the Proprietary Information and Invention Agreement, the terms of the Proprietary Information and Invention Agreement shall govern.

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Loto Inc. - Employment Agreement

5. Return of Documents and Property. Upon the expiration or termination of the Executive's employment with the Company, or at any time upon the request of the Company, the Executive (or his heirs or personal representatives) shall deliver to the Company (a) all documents and materials (including, without limitation, computer files) containing Trade Secrets and Confidential Information relating to the business and affairs of the Company or its affiliates, and (b) all documents, materials, equipment and other property (including, without limitation, computer files, computer programs, computer operating systems, computers, printers, scanners, pagers, telephones, credit cards and ID cards) belonging to the Company or its affiliates, which in either case are in the possession or under the control of the Executive (or his heirs or personal representatives).

6. Discoveries and Works. All Discoveries and Works made or conceived by the Executive during his employment by the Company, solely, jointly or with others, that relate to the Company's present or anticipated activities, or are used or useable by the Company shall be owned by the Company. For the purposes of this Section 6, (including the definition of “Discoveries and Works”) the term “Company” shall include the Company and its affiliates. The term “Discoveries and Works” includes, by way of example but without limitation, Trade Secrets and other Confidential Information, patents and patent applications, service marks, and service mark registrations and applications, trade names, copyrights and copyright registrations and applications. The Executive shall (a) promptly notify, make full disclosure to, and execute and deliver any documents requested by the Company, as the case may be, to evidence or better assure title to Discoveries and Works in the Company, as so requested, (b) renounce any and all claims, including but not limited to claims of ownership and royalty, with respect to all Discoveries and Works and all other property owned or licensed by the Company, (c) assist the Company in obtaining or maintaining for itself at its own expense United States and foreign patents, copyrights, trade secret protection or other protection of any and all Discoveries and Works, and (d) promptly execute, whether during his employment with the Company or thereafter, all applications or other endorsements necessary or appropriate to maintain patents and other rights for the Company and to protect the title of the Company thereto, including but not limited to assignments of such patents and other rights. Any Discoveries and Works which, within one year after the expiration or termination of the Executive's employment with the Company, are made, disclosed, reduced to tangible or written form or description, or are reduced to practice by the Executive and which pertain to the business carried on or products or services being sold or delivered by the Company at the time of such termination shall, as between the Executive and, the Company, be presumed to have been made during the Executive's employment by the Company. The Executive acknowledges that all Discoveries and Works shall be deemed “works made for hire” under the U.S. Copyright Act of 1976, as amended 17 U.S.C. Sect. 101.

7. Termination.

(a) Manner of Termination. The Company and the Executive may terminate this Agreement, with or without cause, in accordance with the provisions of this Section 7.

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(b) Termination. The Company may terminate this Agreement with or without cause upon ten business days notice during the Employment Period, in which case the Company shall continue to pay the Executive’s Base Salary during the ten business day notice period, plus reimbursement of any and all reasonable and pre-approved expenses incurred by Executive as of the date of notice of such date, and all of such payments shall completely and fully discharge any and all obligations and liabilities of the Company to the Executive.

(c) Termination by Executive. The Executive may terminate this Agreement with or without cause at any time during the Employment Period upon ten business days prior written notice of termination to the Company.

(d) Effect of Termination. Except as otherwise provided herein with respect to a termination pursuant to Section 7(b), in the event this Agreement is terminated pursuant to this Section 7, the Executive's rights and the Company's obligations hereunder shall cease as of the effective date of the termination, including, without limitation, the right to receive Base Salary, options and all other compensation or benefits provided for in this Agreement, and the Executive shall not be entitled to any further compensation, options, or severance compensation of any kind, and shall have no further right or claim to any compensation, options, benefits or severance compensation under this Agreement or otherwise against the Company or its affiliates, from and after the date of such termination, except as required by applicable law. Any termination under this Section 7 is subject to the provisions of Sections 18 and 20 hereof.

(e) Relinquishment of Authority. Notwithstanding anything to the contrary set forth herein, upon written notice to the Executive, the Company may immediately relieve the Executive of all his duties and responsibilities hereunder and may relieve the Executive of authority to act on behalf of, or legally bind, the Company.

(f) Transition Services and Certifications. Following any termination for any reason, the Executive shall render any and all services reasonably necessary for the Company to facilitate proper transition of the Company’s books and records and the Executive shall certify to the Company that any and all books and records maintained during the period of Executive’s services to the Company were true and complete and did not contain any material misstatements or omissions or any misleading information of any nature or kind, and that all controls and procedures of the Company under the management authority of Executive during the period of employment were properly observed during the period of service of the Executive.

8. Disability: Death.

(a) If, prior to the expiration of any applicable Employment Period, the Executive shall be unable to perform his duties hereunder by reason of physical or mental disability, the Company shall have the right to terminate this Agreement and the remainder of the Employment Period by giving written notice to the Executive to that effect. A determination of the Executive’s ability to perform his duties shall be made by the Company’s Board of Directors. Immediately upon the giving of such notice, the Employment Period shall terminate.

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(b) Upon termination of this Agreement pursuant to Section 8(a), the Executive shall be paid his Base Salary through the effective date of such termination. All other compensation and benefits provided for in Section 3 of this Agreement shall cease upon termination pursuant to Section 8(a), except as otherwise required by applicable law.

(c) If, prior to the expiration of the Employment Period or the termination of this Agreement, the Executive shall die, the Executive's estate shall be paid his Base Salary and other compensation due through such date of death. Except as otherwise provided in this Section 8(d), upon the death of the Executive, the Employment Period shall terminate without further notice and the Company shall have no further obligations hereunder, including, without limitation, obligations with respect to compensation and benefits provided for in Section 3 of this Agreement, other than as set forth in the immediately preceding sentence or as otherwise required by law. Any termination under this Section 8 is subject to the provisions of Section 18 hereof.

9. No Conflicts. The Executive has represented and hereby represents to the Company and its affiliates that the execution, delivery and performance by the Executive of this Agreement do not conflict with or result in a violation or breach of, or constitute (with or without notice or lapse of time or both) a default under any contract, agreement or understanding, whether oral or written, to which the Executive is a party or of which the Executive is or should be aware and that there are no restrictions, covenants, agreements or limitations on his right or ability to enter into and perform the terms of this Agreement, and agrees to indemnify and save the Company and its affiliates harmless from any liability, cost or expense, including attorney’s fees, based upon or arising out of any such restrictions, covenants, agreements, or limitations that may be found to exist. For purposes of this Agreement, “affiliate” shall include any subsidiary in the case of the Company, and any person or entity directly or indirectly controlled by or controlling the Company.

10. Non-competition. Except as authorized by the Board of Directors, during the Executive’s employment by the Company and for a period of one year thereafter, Executive will not (except as an officer, director, stockholder, employee, agent or consultant of the Company or any subsidiary or affiliate thereof) either directly or indirectly, whether or not for consideration, (i) in any way, directly or indirectly, solicit, divert, or take away the business of any person who is or was a customer of the Company, or in any manner influence such person to cease doing business in part or in whole with Company; (ii) engage in a Competing Business; (iii) except for investments or ownership in public entities, mutual funds and similar investments, none of which constitute more than 5% of the ownership or control of such entities, own, operate, control, finance, manage, advise, be employed by or engaged by, perform any services for, invest or otherwise become associated in any capacity with any person engaged in a Competing Business in the United States; or (iv) engage in any practice the purpose or effect of which is to intentionally evade the provisions of this covenant. For purposes of this section, “Competing Business” means any company or business which is engaged directly or indirectly in any business carried on or planned to be carried on by the Company or any of its subsidiaries or affiliates.

Page 5 of 9

Loto Inc. - Employment Agreement

11. Non-Solicitation. During the Executive’s employment by the Company and for a period of one year thereafter (the “Restricted Period”), the Executive, directly or indirectly, whether for his account or for the account of any other individual or entity, shall not solicit or canvas the trade, business or patronage of, or sell to, any individuals or entities that were either customers of the Company during the time the Executive was employed by the Company, or prospective customers with respect to whom a sales effort, presentation or proposal was made by the Company or its affiliates, during the one year period prior to the termination of the Executive’s employment. The Executive further agrees that during the Restricted Period, he shall not, directly or indirectly, (i) solicit, induce, enter into any agreement with, or attempt to influence any individual who was an employee or consultant of the Company at any time during the time the Executive was employed by the Company, to terminate his or her employment relationship with the Company or to become employed by the Executive or any individual or entity by which the Executive is employed or (ii) interfere in any other way with the employment, or other relationship, of any employee or consultant of the Company or its affiliates.

12. Enforcement. The Executive agrees that any breach of the provisions of this Agreement would cause substantial and irreparable harm, not readily ascertainable or compensable in terms of money, to the Company for which remedies at law would be inadequate and that, in addition to any other remedy to which the Company may be entitled at law or in equity, the Company shall be entitled to temporary, preliminary and other injunctive relief in the event the Executive violates or threatens to violate the provisions of this Agreement, as well as damages, including, without limitation consequential damages, and an equitable accounting of all earnings, profits and benefits arising from such violation, in each case without the need to post any security or bond. Nothing herein contained shall be construed as prohibiting the Company from pursuing, in addition, any other remedies available to the Company for such breach or threatened breach. A waiver by the Company of any breach of any provision hereof shall not operate or be construed as a waiver of a breach of any other provision of this Agreement or of any subsequent breach by the Executive.

13. Determinations by the Company. All determinations and calculations with respect to this Agreement shall be made by the Board or any committee thereof to which the Board has delegated such authority, in good faith in accordance with applicable law, the certificate of incorporation and by-laws of the Company, in its sole discretion, and shall be final, conclusive and binding on all persons, including the Executive and the personal representative of his estate.

14. Successors and Assigns. This Agreement shall inure to the benefit of and shall be binding upon (i) the Company, its successors and assigns, and any company with which the Company may merge or consolidate or to which the Company may sell substantially all of its assets, and (ii) Executive and his executors, administrators, heirs and legal representatives. Since the Executive’s services are personal and unique in nature, the Executive may not transfer, sell or otherwise assign his rights, obligations or benefits under this Agreement.

Page 6 of 9

Loto Inc. - Employment Agreement

15. Notices. Any notice required or permitted under this Agreement shall be deemed to have been effectively made or given if in writing and personally delivered, or sent properly addressed in a sealed envelope postage prepaid by certified or registered mail, or delivered by a reputable overnight delivery service. Unless otherwise changed by notice, notice shall be properly addressed to the Executive if addressed to the address of record on file with the Company; and properly addressed to the Company if addressed to:

Loto Inc.

Suite 502, 25 Adelaide Street

Toronto, Ontario, Canada M5C 3A1

Telephone: (416) 479-0880

Attention: Donald Ziraldo

With a copy to:

Wuersch & Gering LLP

100 Wall Street, 21st Floor

New York, New York 10005

Telephone: 212-509-5050

Telecopier: 212-509-9559

Attention: Travis L. Gering, Esq.

16. Severability. It is expressly understood and agreed that although the Company and the Executive consider the restrictions contained in this Agreement to be reasonable and necessary for the purpose of preserving the goodwill, proprietary rights and going concern value of the Company, if a final determination is made by arbitration or any court having jurisdiction that any provision contained in this Agreement is invalid, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such other extent as such arbitral body or court may determine or indicate to be reasonable. Alternatively, if the arbitrable body or court finds that any provision or restriction contained in this Agreement or any remedy provided herein is unenforceable, and such restriction or remedy cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained therein or the availability of any other remedy. The provisions of this Agreement shall in no respect limit or otherwise affect the Executive's obligations under any other agreements with the Company.

17. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. Signatures hereto may be facsimiles or electronically scanned copies which shall have the same full force and effect as a manually signed original thereof.

18. Effects of Termination. Notwithstanding anything to the contrary contained herein, if this Agreement is terminated pursuant to Section 7 or Section 8 or expires by its terms, the provisions of Sections 4-20 of this Agreement shall survive and continue in full force and effect.

Page 7 of 9

Loto Inc. - Employment Agreement

19. Arbitration. All disputes and controversies arising out of or relating to this Agreement shall be finally settled and binding under the Rules of International Commercial Dispute Resolution of the American Arbitration Association (“ICDR”). The place of arbitration shall be New York. The Arbitration shall be conducted in English by a single arbitrator appointed in accordance with the ICDR rules. Any award, verdict or settlement issued under such arbitration may be entered by any party for order of enforcement by any court of competent jurisdiction. The arbitrator shall have no power to take interim measures he or she deems necessary, including injunctive relief and measures for the protection or conservation of property.

20. Miscellaneous. This Agreement constitutes the entire agreement, and supersedes all prior agreements, of the parties hereto relating to the subject matter hereof, and there are no written or oral terms or representations made by either party other than those contained herein. This Agreement cannot be modified, altered or amended except by a writing signed by both parties. No waiver by either party of any provision or condition of this Agreement at any time shall be deemed a waiver of such provision or condition at any prior or subsequent time or of any other provision or condition at the same or any prior or subsequent time.

Page 8 of 9

Loto Inc. - Employment Agreement

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

		EXECUTIVE

		/s/ Fulvio Ciano
		Name: Fulvio Ciano

	THE COMPANY: LOTO INC.

	By:	/s/ Donald Ziraldo
		Name: Donald Ziraldo Title: Chairman of the Board

Page 9 of 9

EX-10.16 3 f10q1111ex10xvi_loto.htm STOCK OPTION AGREEMENT, BY AND BETWEEN THE COMPANY AND RANDAL BARRS, DATED AS OF NOVEMBER 29, 2011. f10q1111ex10xvi_loto.htm

Exhibit 10.16

STOCK OPTION AGREEMENT

THIS AGREEMENT (this “Agreement”), is effective as of November 29, 2011 (the “Date of Grant”), between Loto Inc. (the “Company”), and the individual set forth on the signature page hereto (the “Optionee”).

WHEREAS, the Optionee is a Member of the Company’s Board of Directors;

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows:

1. Grant of Option. Effective as of the Date of Grant, the Company hereby grants to the Optionee the right and option (the “Option”) to purchase all or any part of an aggregate of three hundred and twelve thousand (312,000) shares (each a “Share” and collectively the “Shares”) of the Company’s common stock, par value $.0001 per share (the “Common Stock”), subject to, and in accordance with, the terms and conditions set forth in this Agreement.

2. Purchase Price. The price at which the Optionee shall be entitled to purchase each Share shall be US $.75 (Seventy-Five Cents) per Share, the purchase price being determined by the Company’s Board of Directors and bearing no relation to any publicly quoted price of the Company’s common stock.

3. Vesting and Exercise of Option.

The Option shall vest and be fully exercisable on November 29, 2011.

4. Duration of Option.

(a) The Option shall be exercisable to the extent vested and in the manner provided herein until the third anniversary of the date hereof so long as Optionee remains in good standing with the Company. Nothing in this Agreement shall be interpreted or construed to confer upon the Optionee any right with respect to continuance of services as a director, employee or consultant with the Company, nor shall this Agreement interfere in any way with the right of the Company to terminate the Optionee's services as a director, employee or consultant at any time.

(b) Notwithstanding any provision to the contrary herein, in the event of Optionee's death, his Option shall terminate on the date of death, provided that all or any portion of the Option to the extent that the right is exercisable but not exercised on the date of death may be exercised by Optionee’s estate. Such Option must be exercised by the Optionee’s estate, if at all, within six (6) months after the date of death of Optionee or, if earlier, within the originally prescribed term of the Option, notwithstanding that the decedent might have been able to exercise the Option as to some or all of the Shares on a later date if the Optionee were alive and had continued to be an employee or consultant of the Company or of an affiliate thereof.

STOCK OPTION AGREEMENT

5. Manner of Exercise; Payment and/or Cashless Exercise.

5.1 Subject to the terms and conditions of this Agreement the Option may be exercised by delivery of written notice to the Company in the form attached hereto, at its principal executive office. Such notice shall state that the Optionee is electing to exercise the Option and the number of Shares in respect of which the Option is being exercised and shall be signed by the person or persons exercising the Option. If requested by the Company, such person or persons shall (i) deliver this Agreement to an Officer of the Company who shall endorse thereon a notation of such exercise; and (ii) provide satisfactory proof as to the right of such person or persons to exercise the Option.

5.2 The notice of exercise described in Section 5.1 shall be accompanied by payment of the full purchase price for the Shares in respect of which the Option is being exercised, in cash, by check or any other form as the Company may require from time to time.

5.3 Upon receipt of the notice of exercise and any payment or other documentation as may be necessary pursuant to Section 5.2 relating to the Shares in respect of which the Option is being exercised, the Company shall, subject to this Agreement, take such action as may be necessary to effect the transfer to the Optionee of the number of Shares as to which such exercise was effective.

5.4 The Optionee shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to any Shares subject to the Option until (i) the Option shall have been exercised pursuant to the terms of this Agreement and the Optionee shall have paid the full purchase price for the number of Shares in respect of which the Option was exercised; (ii) the Company shall have issued and delivered the Shares to the Optionee; and (iii) the Optionee's name shall have been entered as a stockholder of record on the books of the Company, whereupon the Optionee shall have full voting and other ownership rights with respect to such Shares during the period of ownership thereof.

5.5 In lieu of payment upon exercise of the Option as set forth above in this Section 5, the Optionee may alternatively surrender to the Company for cancellation a portion of this Option representing that number of unissued Shares underlying this Option which is equal to the quotient obtained by dividing (A) the product obtained by multiplying the purchase price by the number of Shares of stock being purchased underlying the Option upon such exercise, by (B) the difference obtained by subtracting the purchase price from the closing price of the Company's common stock on the date immediately preceding such date of such exercise (“Cashless Exercise”).

6. Notices. All notices, demands, instructions and other communications required or permitted to be given to or made upon either party hereto or any other person shall be in writing and shall be personally delivered or sent by registered or certified mail, postage prepaid, return receipt requested, or by a reputable courier delivery service, or by telegram (with messenger delivery), or by telecopy (confirmed by mail), and shall be deemed to be given for purposes of this Agreement on the day that such writing is delivered or sent to the intended recipient thereof in accordance with the provisions of this Section. Unless otherwise specified in a notice sent or delivered in accordance with the foregoing provisions of this Section, notices, demands, instructions and other communications in writing shall be given to or made upon the respective parties hereto, in the case of the Optionee to the address of record on file with the Company; and in the case of the Company, to the principal executive office of the Company addressed to the Corporate Secretary.

STOCK OPTION AGREEMENT

7. Non-Transferability. The Option shall not be transferable other than by will or by the laws of descent and distribution or pursuant to a qualified domestic relations order as defined in the U.S. Internal Revenue Code. During the lifetime of the Optionee, the Option shall be exercisable only by the Optionee, except in the case of an Option transferred pursuant to a qualified domestic relations order.

8. Securities Act Restrictions; Sales of Shares. The Optionee acknowledges that neither the U.S. Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved the Option nor any Shares issuable upon exercise thereof, nor passed upon or endorsed the merits of this Option or the Shares; the Optionee further understands and agrees that neither the Option nor the Shares have been registered (i) with the SEC under the Securities Act of 1933, as amended (the “Securities Act”); or (ii) with any state securities commission. The Optionee understands that neither the Option nor the Shares may be offered, sold, transferred or otherwise disposed of in the U.S., its territories or possessions, or to persons known to be residents of the U.S. or to a U.S. person within the meaning of the Securities Act and the rules promulgated thereunder; provided that the Shares may be so sold after the earlier to occur of the effectiveness of a registration statement registering the Shares under the Securities Act or the expiration of the restricted period under Rule 144 promulgated under the Securities Act and thereafter only if the Shares are registered under the Securities Act or an exemption from the registration requirements under the Securities Act is available. The Optionee acknowledges that the Company has no obligation to cause the registration of this Option or the Shares under the Securities Act. Following exercise of some or all of the Option, Optionee agrees not to sell or transfer more than 25% of the aggregate of all such Shares underlying the Option during any single calendar quarter and that the certificates representing such Shares shall bear a legend to such effect.

9. Adjustments. In the event of a change applicable to the entire class of shares of Common Stock with regard to a forward or reverse stock split, with respect to all issued and outstanding shares of Common Stock, the Board of Directors shall make corresponding adjustments to the number of Shares subject to this Option and the purchase price for such Shares. For purposes of clarity, however, no adjustments shall be made with respect to cash or stock dividends or Common Stock issued prior to the effective date of the exercise of this Option or any other issuances of Common Stock by the Company or any instruments exercisable or convertible into shares of Common Stock.

10. Effect of a Liquidation, Merger or Consolidation. Upon the effective date of (i) the liquidation or dissolution of the Company; or (ii) a merger or consolidation of the Company (a “Transaction”), the Option shall continue in effect in accordance with its terms and the Optionee shall be entitled to receive in respect of each Share subject to the Option, upon exercise of the Option, the same number and kind of stock, securities, cash, property or other consideration that each holder of a Share was entitled to receive in the Transaction in respect of a Share.

STOCK OPTION AGREEMENT

11. Withholding of Taxes; Stock Option Treatment. The Company shall have the right to deduct from any distribution of cash to the Optionee an amount equal to the federal, state and local income taxes and other amounts as may be required by law to be withheld (the “Withholding Taxes”) with respect to the Option. If the Optionee is entitled to receive Shares upon exercise of the Option, the Optionee shall pay the Withholding Taxes to the Company in cash prior to the issuance of such Shares. In satisfaction of the Withholding Taxes, the Optionee may make a written election, which may be accepted or rejected in the discretion of the Company, to have withheld a portion of the Shares issuable to him or her upon exercise of the Option, having an aggregate Fair Market Value, on the date preceding the date of such issuance, equal to the Withholding Taxes. The Optionee hereby acknowledges that they are aware of, and responsible for, any tax consequences or effects caused by the aforementioned withholding of Shares.

12. No Assignment. Except as otherwise provided herein, the rights of the Optionee hereunder may not be assigned or otherwise transferred to any other party.

13. Modification of Agreement. This Agreement may be modified, amended, suspended or terminated, and any terms or conditions may be waived, but only by a written instrument executed by the parties hereto.

14. Severability. Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms.

15. Successors in Interest. All obligations imposed upon the Optionee and all rights granted to the Company under this Agreement shall be final, binding and conclusive upon the Optionee's heirs, executors, administrators, successors and (subject to Section 12 above) assigns of the parties hereto.

16. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

17. Entire Agreement. This Agreement constitutes the entire agreement, and supersedes all prior agreements, of the parties hereto relating to the subject matter hereof, and there are no written or oral terms or representations made by either party hereto other than those contained herein. This Agreement cannot be modified, altered or amended except by a writing signed by all the parties hereto. No waiver by either party hereto of any provision or condition of this Agreement at any time shall be deemed a waiver of such provision or condition at any prior or subsequent time or of any other provision or condition at the same or any prior or subsequent time.

STOCK OPTION AGREEMENT

18. Governing Law; Arbitration.

(a) This Agreement shall be governed by and construed in accordance with the domestic laws of the State of Nevada without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Nevada or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Nevada.

(b) Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled exclusively by binding arbitration in Toronto, Ontario, Canada pursuant to the rules of an arbitral forum mutually agreed upon by the parties hereto. In the event that an arbitral forum is not agreed upon after delivery of notice by the party initiating such arbitration and forty-five days after confirmed receipt of such notice by the other party, then any court having competent jurisdiction over the party shall have full power and authority to appoint an arbitrator in Toronto, Ontario, Canada, who shall be a solicitor with not less than ten years corporate transactional experience. The Arbitrator shall reach and render a decision in writing with respect to the amount, if any, of payment respecting the disputed matter. Notwithstanding anything to the contrary herein, in no event will any award include consequential or punitive damages of any kind or nature. Any award rendered shall be final and conclusive upon the parties and adjudgment thereon may be entered in the highest court of the forum, state or federal, having jurisdiction. The fees and expenses of the Arbitrator and the respective fees and expenses of the parties hereto in connection with any such arbitration (including, without limitation, reasonable fees and expenses of legal counsel and consultants) shall be paid by the party against whom a decision by the Arbitrator is rendered.

[Signature Page Follows]

STOCK OPTION AGREEMENT

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above with the understanding that this Agreement shall constitute a legal, valid, binding and enforceable obligation of the Company and the Optionee, respectively.

	LOTO INC.

	By:	/s/Fulvio Ciano
		Name: Fulvio Ciano
		Title: President

	OPTIONEE

		/s/ Randall Barrs
		Randall Barrs

LOTO INC.

STOCK OPTION AGREEMENT

Notice of Exercise

Optionee

	Number of Shares purchased pursuant
	to Exercise of Option

Exercise Date

Exercise Price per Share

Aggregate Purchase Price

Form of Payment

By this exercise, the Optionee agrees to (i) promptly provide such additional documents as the Company may reasonably require and (ii) provide for the payment to the Company (in the manner designated by the Company) of tax withholding obligations, if any, relating to the exercise of this Option.

Optionee:

By:

Name:

Title:

EX-10.17 4 f10q1111ex10xvii_loto.htm STOCK OPTION AGREEMENT, BY AND BETWEEN THE COMPANY AND ALAN RALPH, DATED AS OF NOVEMBER 29, 2011. f10q1111ex10xvii_loto.htm

Exhibit 10.17

STOCK OPTION AGREEMENT

WHEREAS, the Optionee is a Member of the Company’s Board of Directors;

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows:

1. Grant of Option. Effective as of the Date of Grant, the Company hereby grants to the Optionee the right and option (the “Option”) to purchase all or any part of an aggregate of three hundred thousand (300,000) shares (each a “Share” and collectively the “Shares”) of the Company’s common stock, par value $.0001 per share (the “Common Stock”), subject to, and in accordance with, the terms and conditions set forth in this Agreement.

3. Vesting and Exercise of Option.

The Option shall vest and be fully exercisable on November 29, 2011.

4. Duration of Option.

STOCK OPTION AGREEMENT

5. Manner of Exercise; Payment and/or Cashless Exercise.

STOCK OPTION AGREEMENT

12. No Assignment. Except as otherwise provided herein, the rights of the Optionee hereunder may not be assigned or otherwise transferred to any other party.

16. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

STOCK OPTION AGREEMENT

18. Governing Law; Arbitration.

[Signature Page Follows]

STOCK OPTION AGREEMENT

	LOTO INC.

	By:	/s/Fulvio Ciano
		Name: Fulvio Ciano
		Title: President

	OPTIONEE

		/s/ Alan Ralph
		Alan Ralph

LOTO INC.

STOCK OPTION AGREEMENT

Notice of Exercise

Optionee

	Number of Shares purchased pursuant
	to Exercise of Option

Exercise Date

Exercise Price per Share

Aggregate Purchase Price

Form of Payment

Optionee:

By:

Name:

Title:

EX-10.18 5 f10q1111ex10xviii_loto.htm STOCK OPTION AGREEMENT, BY AND BETWEEN THE COMPANY AND TODD HALPERN, DATED AS OF NOVEMBER 29, 2011. f10q1111ex10xviii_loto.htm

Exhibit 10.18

STOCK OPTION AGREEMENT

WHEREAS, the Optionee is a Member of the Company’s Board of Directors;

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows:

1. Grant of Option. Effective as of the Date of Grant, the Company hereby grants to the Optionee the right and option (the “Option”) to purchase all or any part of an aggregate of one million four hundred thousand (1,400,000) shares (each a “Share” and collectively the “Shares”) of the Company’s common stock, par value $.0001 per share (the “Common Stock”), subject to, and in accordance with, the terms and conditions set forth in this Agreement.

3. Vesting and Exercise of Option.

The Option shall vest and be fully exercisable on November 29, 2011.

4. Duration of Option.

STOCK OPTION AGREEMENT

5. Manner of Exercise; Payment and/or Cashless Exercise.

STOCK OPTION AGREEMENT

12. No Assignment. Except as otherwise provided herein, the rights of the Optionee hereunder may not be assigned or otherwise transferred to any other party.

16. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

STOCK OPTION AGREEMENT

18. Governing Law; Arbitration.

[Signature Page Follows]

STOCK OPTION AGREEMENT

	LOTO INC.

	By:	/s/Fulvio Ciano
		Name: Fulvio Ciano
		Title: President

	OPTIONEE

		/s/ Todd Halpern
		Todd Halpern

LOTO INC.

STOCK OPTION AGREEMENT

Notice of Exercise

Optionee

	Number of Shares purchased pursuant
	to Exercise of Option

Exercise Date

Exercise Price per Share

Aggregate Purchase Price

Form of Payment

Optionee:

By:

Name:

Title:

EX-10.19 6 f10q1111ex10xix_loto.htm STOCK OPTION AGREEMENT, BY AND BETWEEN THE COMPANY AND TODD HALPERN, DATED AS OF NOVEMBER 29, 2011. f10q1111ex10xix_loto.htm

Exhibit 10.19

STOCK OPTION AGREEMENT

WHEREAS, the Optionee is a Member of the Company’s Board of Directors;

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows:

1. Grant of Option. Effective as of the Date of Grant, the Company hereby grants to the Optionee the right and option (the “Option”) to purchase all or any part of an aggregate of one hundred fifty thousand (150,000) shares (each a “Share” and collectively the “Shares”) of the Company’s common stock, par value $.0001 per share (the “Common Stock”), subject to, and in accordance with, the terms and conditions set forth in this Agreement.

2. Purchase Price. The price at which the Optionee shall be entitled to purchase each Share shall be US $1.50 (One Dollar Fifty Cents) per Share, the purchase price being determined by the Company’s Board of Directors and bearing no relation to any publicly quoted price of the Company’s common stock.

3. Vesting and Exercise of Option.

The Option shall vest on November 29, 2012.

The Option shall become exercisable as follows, so long as Optionee continues to render services to the Company as of that date:

(a)	75,000 shares on November 29, 2012; and

(b)	75,000 shares on November 29, 2013.

4. Duration of Option.

STOCK OPTION AGREEMENT

5. Manner of Exercise; Payment and/or Cashless Exercise.

STOCK OPTION AGREEMENT

12. No Assignment. Except as otherwise provided herein, the rights of the Optionee hereunder may not be assigned or otherwise transferred to any other party.

16. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

STOCK OPTION AGREEMENT

18. Governing Law; Arbitration.

[Signature Page Follows]

STOCK OPTION AGREEMENT

	LOTO INC.

	By:	/s/Fulvio Ciano
		Name: Fulvio Ciano
		Title: President

	OPTIONEE

		/s/ Todd Halpern
		Todd Halpern

LOTO INC.

STOCK OPTION AGREEMENT

Notice of Exercise

Optionee

	Number of Shares purchased pursuant
	to Exercise of Option

Exercise Date

Exercise Price per Share

Aggregate Purchase Price

Form of Payment

Optionee:

By:

Name:

Title:

EX-10.20 7 f10q1111ex10xx_loto.htm STOCK OPTION AGREEMENT, BY AND BETWEEN THE COMPANY AND FULVIO CIANO, DATED AS OF NOVEMBER 29, 2011. f10q1111ex10xx_loto.htm

Exhibit 10.20

STOCK OPTION AGREEMENT

WHEREAS, the Optionee is the Company’s Chief Executive Officer;

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows:

1. Grant of Option. Effective as of the Date of Grant, the Company hereby grants to the Optionee the right and option (the “Option”) to purchase all or any part of an aggregate of one million two hundred sixty-nine thousand five hundred and eighty-five (1,269,585) shares (each a “Share” and collectively the “Shares”) of the Company’s common stock, par value $.0001 per share (the “Common Stock”), subject to, and in accordance with, the terms and conditions set forth in this Agreement.

3. Vesting and Exercise of Option.

The Option shall vest on November 29, 2012.

The Option shall become exercisable as follows, so long as Optionee continues to render services to the Company as of that date:

(a)	634,793 shares on November 29, 2012; and

(b)	634,792 shares on November 29, 2013.

4. Duration of Option.

STOCK OPTION AGREEMENT

5. Manner of Exercise; Payment and/or Cashless Exercise.

STOCK OPTION AGREEMENT

12. No Assignment. Except as otherwise provided herein, the rights of the Optionee hereunder may not be assigned or otherwise transferred to any other party.

16. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

STOCK OPTION AGREEMENT

18. Governing Law; Arbitration.

[Signature Page Follows]

STOCK OPTION AGREEMENT

	LOTO INC.

	By:	/s/ Donald Ziraldo
		Name: Donald Ziraldo
		Title: Chairman

	OPTIONEE

	By:	/s/ Fulvio Ciano
		Fulvio Ciano

LOTO INC.

STOCK OPTION AGREEMENT

Notice of Exercise

Optionee

	Number of Shares purchased pursuant
	to Exercise of Option

Exercise Date

Exercise Price per Share

Aggregate Purchase Price

Form of Payment

Optionee:

By:

Name:

Title:

EX-10.21 8 f10q1111ex10xxi_loto.htm STOCK OPTION AGREEMENT, BY AND BETWEEN THE COMPANY AND DONALD ZIRALDO, DATED AS OF NOVEMBER 29, 2011. f10q1111ex10xxi_loto.htm

Exhibit 10.21

STOCK OPTION AGREEMENT

WHEREAS, the Optionee is a Member of the Company’s Board of Directors;

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows:

1. Grant of Option. Effective as of the Date of Grant, the Company hereby grants to the Optionee the right and option (the “Option”) to purchase all or any part of an aggregate of three hundred thousand (300,000) shares (each a “Share” and collectively the “Shares”) of the Company’s common stock, par value $.0001 per share (the “Common Stock”), subject to, and in accordance with, the terms and conditions set forth in this Agreement.

3. Vesting and Exercise of Option.

The Option shall vest and be fully exercisable on November 29, 2011.

4. Duration of Option.

STOCK OPTION AGREEMENT

5. Manner of Exercise; Payment and/or Cashless Exercise.

STOCK OPTION AGREEMENT

12. No Assignment. Except as otherwise provided herein, the rights of the Optionee hereunder may not be assigned or otherwise transferred to any other party.

16. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

STOCK OPTION AGREEMENT

18. Governing Law; Arbitration.

[Signature Page Follows]

STOCK OPTION AGREEMENT

	LOTO INC.

	By:	/s/Fulvio Ciano
		Name: Fulvio Ciano
		Title: President

	OPTIONEE

		/s/ Donald Ziraldo
		Donald Ziraldo

LOTO INC.

STOCK OPTION AGREEMENT

Notice of Exercise

Optionee

	Number of Shares purchased pursuant
	to Exercise of Option

Exercise Date

Exercise Price per Share

Aggregate Purchase Price

Form of Payment

Optionee:

By:

Name:

Title:

EX-10.22 9 f10q1111ex10xxii_loto.htm STOCK OPTION AGREEMENT, BY AND BETWEEN THE COMPANY AND DONALD ZIRALDO, DATED AS OF NOVEMBER 29, 2011. f10q1111ex10xxii_loto.htm

Exhibit 10.22

STOCK OPTION AGREEMENT

WHEREAS, the Optionee is a Member of the Company’s Board of Directors;

WHEREAS, on April 19, 2010 the Company entered into a Stock Option Agreement with Optionee (the “2010 Stock Option Grant”); and

WHEREAS, the Company and the Optionee have mutually agreed that the 2010 Stock Option Grant shall be cancelled as of the date hereof, and this Agreement entered into as a replacement thereto;

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows:

1. Cancellation of Previous Options. Effective as of the Date of Grant, the 2010 Stock Option Grant, and options and/or right to receive options granted by the Company to the Optionee thereby, are hereby cancelled, and rendered null, void and of no effect.

2. Grant of Option. Effective as of the Date of Grant, the Company hereby grants to the Optionee the right and option (the “Option”) to purchase all or any part of an aggregate of five hundred thousand (500,000) shares (each a “Share” and collectively the “Shares”) of the Company’s common stock, par value $.0001 per share (the “Common Stock”), subject to, and in accordance with, the terms and conditions set forth in this Agreement.

3. Purchase Price. The price at which the Optionee shall be entitled to purchase each Share shall be US $1.50 (One Dollar and Fifty Cents) per Share, the purchase price being determined by the Company’s Board of Directors and bearing no relation to any publicly quoted price of the Company’s common stock.

4. Vesting and Exercise of Option.

The Option shall vest on April 19, 2011.

The Option shall become exercisable as follows, so long as Optionee continues to render services to the Company as of that date:

(a)	250,000 shares on April 19, 2011; and

(b)	250,000 shares on April 19, 2012.

STOCK OPTION AGREEMENT

5. Duration of Option.

(a) The Option shall be exercisable to the extent vested and in the manner provided herein until April 19, 2013 so long as Optionee remains in good standing with the Company. Nothing in this Agreement shall be interpreted or construed to confer upon the Optionee any right with respect to continuance of services as a director, employee or consultant with the Company, nor shall this Agreement interfere in any way with the right of the Company to terminate the Optionee's services as a director, employee or consultant at any time.

6. Manner of Exercise; Payment and/or Cashless Exercise.

6.1 Subject to the terms and conditions of this Agreement the Option may be exercised by delivery of written notice to the Company in the form attached hereto, at its principal executive office. Such notice shall state that the Optionee is electing to exercise the Option and the number of Shares in respect of which the Option is being exercised and shall be signed by the person or persons exercising the Option. If requested by the Company, such person or persons shall (i) deliver this Agreement to an Officer of the Company who shall endorse thereon a notation of such exercise; and (ii) provide satisfactory proof as to the right of such person or persons to exercise the Option.

6.2 The notice of exercise described in Section 6.1 shall be accompanied by payment of the full purchase price for the Shares in respect of which the Option is being exercised, in cash, by check or any other form as the Company may require from time to time.

6.3 Upon receipt of the notice of exercise and any payment or other documentation as may be necessary pursuant to Section 6.2 relating to the Shares in respect of which the Option is being exercised, the Company shall, subject to this Agreement, take such action as may be necessary to effect the transfer to the Optionee of the number of Shares as to which such exercise was effective.

6.4 The Optionee shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to any Shares subject to the Option until (i) the Option shall have been exercised pursuant to the terms of this Agreement and the Optionee shall have paid the full purchase price for the number of Shares in respect of which the Option was exercised; (ii) the Company shall have issued and delivered the Shares to the Optionee; and (iii) the Optionee's name shall have been entered as a stockholder of record on the books of the Company, whereupon the Optionee shall have full voting and other ownership rights with respect to such Shares during the period of ownership thereof.

STOCK OPTION AGREEMENT

6.5 In lieu of payment upon exercise of the Option as set forth above in this Section 6, the Optionee may alternatively surrender to the Company for cancellation a portion of this Option representing that number of unissued Shares underlying this Option which is equal to the quotient obtained by dividing (A) the product obtained by multiplying the purchase price by the number of Shares of stock being purchased underlying the Option upon such exercise, by (B) the difference obtained by subtracting the purchase price from the closing price of the Company's common stock on the date immediately preceding such date of such exercise (“Cashless Exercise”).

7. Notices. All notices, demands, instructions and other communications required or permitted to be given to or made upon either party hereto or any other person shall be in writing and shall be personally delivered or sent by registered or certified mail, postage prepaid, return receipt requested, or by a reputable courier delivery service, or by telegram (with messenger delivery), or by telecopy (confirmed by mail), and shall be deemed to be given for purposes of this Agreement on the day that such writing is delivered or sent to the intended recipient thereof in accordance with the provisions of this Section. Unless otherwise specified in a notice sent or delivered in accordance with the foregoing provisions of this Section, notices, demands, instructions and other communications in writing shall be given to or made upon the respective parties hereto, in the case of the Optionee to the address of record on file with the Company; and in the case of the Company, to the principal executive office of the Company addressed to the Corporate Secretary.

8. Non-Transferability. The Option shall not be transferable other than by will or by the laws of descent and distribution or pursuant to a qualified domestic relations order as defined in the U.S. Internal Revenue Code. During the lifetime of the Optionee, the Option shall be exercisable only by the Optionee, except in the case of an Option transferred pursuant to a qualified domestic relations order.

9. Securities Act Restrictions; Sales of Shares. The Optionee acknowledges that neither the U.S. Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved the Option nor any Shares issuable upon exercise thereof, nor passed upon or endorsed the merits of this Option or the Shares; the Optionee further understands and agrees that neither the Option nor the Shares have been registered (i) with the SEC under the Securities Act of 1933, as amended (the “Securities Act”); or (ii) with any state securities commission. The Optionee understands that neither the Option nor the Shares may be offered, sold, transferred or otherwise disposed of in the U.S., its territories or possessions, or to persons known to be residents of the U.S. or to a U.S. person within the meaning of the Securities Act and the rules promulgated thereunder; provided that the Shares may be so sold after the earlier to occur of the effectiveness of a registration statement registering the Shares under the Securities Act or the expiration of the restricted period under Rule 144 promulgated under the Securities Act and thereafter only if the Shares are registered under the Securities Act or an exemption from the registration requirements under the Securities Act is available. The Optionee acknowledges that the Company has no obligation to cause the registration of this Option or the Shares under the Securities Act. Following exercise of some or all of the Option, Optionee agrees not to sell or transfer more than 25% of the aggregate of all such Shares underlying the Option during any single calendar quarter and that the certificates representing such Shares shall bear a legend to such effect.

STOCK OPTION AGREEMENT

10. Adjustments. In the event of a change applicable to the entire class of shares of Common Stock with regard to a forward or reverse stock split, with respect to all issued and outstanding shares of Common Stock, the Board of Directors shall make corresponding adjustments to the number of Shares subject to this Option and the purchase price for such Shares. For purposes of clarity, however, no adjustments shall be made with respect to cash or stock dividends or Common Stock issued prior to the effective date of the exercise of this Option or any other issuances of Common Stock by the Company or any instruments exercisable or convertible into shares of Common Stock.

11. Effect of a Liquidation, Merger or Consolidation. Upon the effective date of (i) the liquidation or dissolution of the Company; or (ii) a merger or consolidation of the Company (a “Transaction”), the Option shall continue in effect in accordance with its terms and the Optionee shall be entitled to receive in respect of each Share subject to the Option, upon exercise of the Option, the same number and kind of stock, securities, cash, property or other consideration that each holder of a Share was entitled to receive in the Transaction in respect of a Share.

12. Withholding of Taxes; Stock Option Treatment. The Company shall have the right to deduct from any distribution of cash to the Optionee an amount equal to the federal, state and local income taxes and other amounts as may be required by law to be withheld (the “Withholding Taxes”) with respect to the Option. If the Optionee is entitled to receive Shares upon exercise of the Option, the Optionee shall pay the Withholding Taxes to the Company in cash prior to the issuance of such Shares. In satisfaction of the Withholding Taxes, the Optionee may make a written election, which may be accepted or rejected in the discretion of the Company, to have withheld a portion of the Shares issuable to him or her upon exercise of the Option, having an aggregate Fair Market Value, on the date preceding the date of such issuance, equal to the Withholding Taxes. The Optionee hereby acknowledges that they are aware of, and responsible for, any tax consequences or effects caused by the aforementioned withholding of Shares.

13. No Assignment. Except as otherwise provided herein, the rights of the Optionee hereunder may not be assigned or otherwise transferred to any other party.

14. Modification of Agreement. This Agreement may be modified, amended, suspended or terminated, and any terms or conditions may be waived, but only by a written instrument executed by the parties hereto.

15. Severability. Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms.

STOCK OPTION AGREEMENT

16. Successors in Interest. All obligations imposed upon the Optionee and all rights granted to the Company under this Agreement shall be final, binding and conclusive upon the Optionee's heirs, executors, administrators, successors and (subject to Section 13 above) assigns of the parties hereto.

17. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

18. Entire Agreement. This Agreement constitutes the entire agreement, and supersedes all prior agreements, of the parties hereto relating to the subject matter hereof, and there are no written or oral terms or representations made by either party hereto other than those contained herein. This Agreement cannot be modified, altered or amended except by a writing signed by all the parties hereto. No waiver by either party hereto of any provision or condition of this Agreement at any time shall be deemed a waiver of such provision or condition at any prior or subsequent time or of any other provision or condition at the same or any prior or subsequent time.

19. Governing Law; Arbitration.

[Signature Page Follows]

STOCK OPTION AGREEMENT

	LOTO INC.

	By:	/s/Fulvio Ciano
		Name: Fulvio Ciano
		Title: President

	OPTIONEE

		/s/ Donald Ziraldo
		Donald Ziraldo

LOTO INC.

STOCK OPTION AGREEMENT

Notice of Exercise

Optionee

	Number of Shares purchased pursuant
	to Exercise of Option

Exercise Date

Exercise Price per Share

Aggregate Purchase Price

Form of Payment

Optionee:

By:

Name:

Title:

EX-10.23 10 f10q1111ex10xxiii_loto.htm STOCK OPTION AGREEMENT, BY AND BETWEEN THE COMPANY AND RANDAL BARRS, DATED AS OF NOVEMBER 29, 2011. f10q1111ex10xxiii_loto.htm

EXHIBIT 10.23

STOCK OPTION AGREEMENT

WHEREAS, the Optionee is a Member of the Company’s Board of Directors;

WHEREAS, on April 19, 2010 the Company entered into a Stock Option Agreement with Optionee (the “2010 Stock Option Grant”); and

WHEREAS, the Company and the Optionee have mutually agreed that the 2010 Stock Option Grant shall be cancelled as of the date hereof, and this Agreement entered into as a replacement thereto;

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows:

2. Grant of Option. Effective as of the Date of Grant, the Company hereby grants to the Optionee the right and option (the “Option”) to purchase all or any part of an aggregate of two hundred and fifty thousand (250,000) shares (each a “Share” and collectively the “Shares”) of the Company’s common stock, par value $.0001 per share (the “Common Stock”), subject to, and in accordance with, the terms and conditions set forth in this Agreement.

4. Vesting and Exercise of Option.

The Option shall vest on April 19, 2011.

The Option shall become exercisable as follows, so long as Optionee continues to render services to the Company as of that date:

(a)	125,000 shares on April 19, 2011; and

(b)	125,000 shares on April 19, 2012.

STOCK OPTION AGREEMENT

5. Duration of Option.

6. Manner of Exercise; Payment and/or Cashless Exercise.

STOCK OPTION AGREEMENT

13. No Assignment. Except as otherwise provided herein, the rights of the Optionee hereunder may not be assigned or otherwise transferred to any other party.

STOCK OPTION AGREEMENT

17. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

19. Governing Law; Arbitration.

[Signature Page Follows]

STOCK OPTION AGREEMENT

	LOTO INC.

	By:	/s/ Fulvio Ciano
		Name: Fulvio Ciano
		Title: President

	OPTIONEE

	By:	/s/ Randall Barrs
		Randall Barrs

LOTO INC.

STOCK OPTION AGREEMENT

Notice of Exercise

Optionee

	Number of Shares purchased pursuant
	to Exercise of Option

Exercise Date

Exercise Price per Share

Aggregate Purchase Price

Form of Payment

Optionee:

By:

Name:

Title:

EX-31.1 11 f10q1111ex31i_loto.htm CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002. f10q1111ex31i_loto.htm

Exhibit 31.1

OFFICER'S CERTIFICATION PURSUANT TO SECTION 302

I, Fulvio Ciano, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Loto Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

January 20, 2012

By:	/s/ Fulvio Ciano
	Name:	Fulvio Ciano
	Title:	Principal Executive Officer, Principal Financial Officer and Chief Accounting Officer

EX-32.1 12 f10q1111ex32i_loto.htm CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002. f10q1111ex32i_loto.htm

Exhibit 32.1

CERTIFICATIONS PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Loto Inc. on the amended Form 10-Q for the quarter ended November 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Fulvio Ciano, Principal Executive Officer and Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: January 20, 2012

By:	/s/ Fulvio Ciano
	Name:	Fulvio Ciano
	Title:	Principal Executive Officer, Principal Financial Officer and Chief Accounting Officer

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">NOTE 4 – PROPERTY AND EQUIPMENT</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Property and equipment consist of the following:</font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></div> <div align="left"> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" width="55%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="13%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td valign="bottom" width="13%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Accumulated</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="13%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="55%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="13%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Cost</font></div> </td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="13%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Depreciation</font></div> </td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="13%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Net</font></div> </td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> </tr> <tr> <td align="left" valign="bottom" width="55%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="13%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="13%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="13%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" valign="bottom" width="55%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Leasehold improvements</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></div> </td> <td align="right" valign="bottom" width="12%"> <div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,500</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></div> </td> <td align="right" valign="bottom" width="12%"> <div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">3,500</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></div> </td> <td align="right" valign="bottom" width="12%"> <div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">0</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom" width="55%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="right" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="right" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="right" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" valign="bottom" width="55%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Computer equipment</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></div> </td> <td align="right" valign="bottom" width="12%"> <div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">18,950</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></div> </td> <td align="right" valign="bottom" width="12%"> <div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">13,620</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></div> </td> <td align="right" valign="bottom" width="12%"> <div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">5,330</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom" width="55%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="right" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="right" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="right" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="55%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Office furniture and equipment</font></div> </td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></div> </td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="12%"> <div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">8,610</font></div> </td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></div> </td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="12%"> <div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4,060</font></div> </td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></div> </td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="12%"> <div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4,550</font></div> </td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom" width="55%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="right" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="right" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="right" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" valign="bottom" width="55%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></div> </td> <td align="right" valign="bottom" width="12%"> <div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">31,060</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></div> </td> <td align="right" valign="bottom" width="12%"> <div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">21,180</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> <td align="left" valign="bottom" width="1%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></div> </td> <td align="right" valign="bottom" width="12%"> <div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">9,880</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td> </tr> </table> </div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total depreciation expense for the six months ended November 30, 2011 was $4,020 (2010 - $5,046).</font></font></div> </div>

<div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">NOTE 5 – ACCRUED LIABILITIES</font></font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Accrued liabilities totalled $202,217 and included the following: Payments due for programming, system testing and consulting of $123,797, accrued legal expenses of $11,374, accrued audit fees of $14,900, due to former shareholder $48,000 and G&A Expenses of $4,148.</font></font></div>

<div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">NOTE 9 – STOCK OPTION GRANTS</font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">On April 19, 2010, the Company granted 1,900,000 options to three members of the Company’s Board of Directors at an exercise price of $1.50 per share. The options vested on April 19, 2011, and 950,000 options may be exercised on April 19, 2011.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">As of November 29, 2011, the Company issued additional stock options to the following officers and directors of the Company, and revised certain grants made in April of 2010. Such stock options were revised by the Company’s Board of Directors as of January 13, 2012, as follows:</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr valign="top"> <td align="right" style="width: 36pt;"> <div><font style="display: inline; font-family: times new roman; font-size: 10pt;">1.  </font></div> </td> <td> <div align="justify" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Donald Ziraldo was issued options to purchase 300,000 shares of the Company’s common stock, with a vesting date effective as of November 29, 2011 and an exercise price of $.75 per share.  Such options are exercisable on November 29, 2011.  Such options will terminate on November 29, 2014.  Certain other stock options previously issued by the Company to Mr. Ziraldo have been reduced from options to purchase 900,000 shares to options to purchase 500,000 shares, at an exercise price of $1.50 per share.  Half of such options vested as of April 19, 2011 and the other half shall vest as of April 19, 2012. These options to purchase 500,000 shares shall expire on April 19, 2013.</font></div> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr valign="top"> <td align="right" style="width: 36pt;"> <div><font style="display: inline; font-family: times new roman; font-size: 10pt;">2.  </font></div> </td> <td> <div align="justify" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Randal Barrs was issued options to purchase 312,000 shares of the Company’s common stock, with a vesting date effective as of November 29, 2011 and an exercise price of $.75 per share. Such options are exercisable on November 29, 2011.  Such options will terminate on November 29, 2014. Certain other stock options previously issued by the Company to Mr. Barrs have been reduced from options to purchase 450,000 shares to options to purchase 250,000 shares, at an exercise price of $1.50 per share. Half of such options vested as of April 19, 2011 and the other half shall vest as of April 19, 2012. These options to purchase 250,000 shares shall expire on April 19, 2013.</font></div> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr valign="top"> <td align="right" style="width: 36pt;"> <div><font style="display: inline; font-family: times new roman; font-size: 10pt;">3.  </font></div> </td> <td> <div align="justify" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Alan Ralph was issued options to purchase 300,000 shares of the Company’s common stock,with a vesting date effective as of November 29, 2011 and an exercise price of $.75 per share. Such options are exercisable on November 29, 2011. Such options will terminate on November 29, 2014.</font></div> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr valign="top"> <td align="right" style="width: 36pt;"> <div><font style="display: inline; font-family: times new roman; font-size: 10pt;">4.  </font></div> </td> <td> <div align="justify" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Todd Halpern was issued options to purchase 1,400,000 shares of the Company’s common stock, with a vesting date effective as of November 29, 2011 and an exercise price of $.75 per share. Such options are exercisable on November 29, 2011. Such options will terminate on November 29, 2014. Todd Halpern was also issued options to purchase 150,000 shares of the Company’s common stock, with a vesting date effective as of November 29, 2012 and an exercise price of $1.50 per share. Half of such options are exercisable on November 29, 2012 and the other half on November 29, 2013. Such options will terminate on November 29, 2014.</font></div> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr valign="top"> <td align="right" style="width: 36pt;"> <div><font style="display: inline; font-family: times new roman; font-size: 10pt;">5.  </font></div> </td> <td> <div align="justify" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Fulvio Ciano was issued options to purchase 1,269,585 shares of the Company’s common stock, with a vesting date effective as of November 29, 2012 and an exercise price of $1.50 per share. Half of such options are exercisable on November 29, 2012 and the other half on November 29, 2013.  Such options will terminate on November 29, 2014.</font></div> </td> </tr> </table> </div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Each of Mr. Ziraldo, Mr. Barrs, Mr. Ralph and Mr. Halpern are directors of the Company.  Mr. Ciano is the Company’s Chief Executive Officer and Chief Financial Officer.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">  </div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">On April 19, 2010 a director of the Company was granted compensation arrangements which provide that he may elect compensation in either cash or in options of the Company as follows: in 2010, $75,000 if election for cash or 250,000 shares at the option exercise price of $1.00 per share if election for options; in 2011 $150,000 if election for cash or 300,000 shares at the option exercise price of $1.00 per share if election for options. The director may elect compensation either in cash or in options with respect to 2010 on April 19, 2011 and April 19, 2012 with respect to 2011. In the event options are selected all such options shall be fully vested and exercisable upon the respective date of grant and may exercised until expiration on April 19, 2013. The Company has determined that the options were issued at fair value and as such no expense has been recorded. The director chose 250,000 options for his 2010 grant.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">No options were exercised during the quarter ended November 30, 2011 and none were exercisable during the quarter ended November 30, 2010. The Company has determined that the vested options had an exercise price in excess of fair value and as such no expense was recorded.</font></div>

<div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">NOTE 10 – CANCELLATION OF SHARES OF COMMON STOCK</font></font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">During the fiscal years ended May 31, 2010 and May 31, 2011, the Company sold 2,212,592 shares of the Company’s common stock in private placements to foreign persons in reliance on the exemption from securities registration under Section 4(2) of the U.S. Securities Act of 1933, as amended, and Regulation S promulgated thereunder. In connection therewith, two of the Company’s shareholders, A Few Brilliant Minds Inc. and 2238646 Ontario Inc., each entered into an agreement with the Company, the Tender And Cancellation Agreement Re Company Private Placements, dated as of April 19, 2010, pursuant to which they each agreed to tender one-half-of-one share for each one share to be sold by the Company in private placements, and to each tender up to 4,000,000 shares of the Company’s common stock for cancellation, such that a total of up to 8,000,000 shares in the aggregate would be tendered and cancelled by such shareholders collectively.  As of May 31, 2011, the Shareholders had agreed to cancel an aggregate total of 2,212,592 common shares.</font></font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Pursuant to such Tender and Cancellation Agreement Re Company Private Placements, 606,296 shares of the Company’s common stock were to be canceled by 2238646 Ontario Inc., such that 2238646 Ontario Inc. would have 18,693,704 issued and outstanding shares of the Company’s common stock, as the Company has previously disclosed.  On November 29, 2011, the Company’s Board of Directors determined that it was advisable to reverse the Tender and Cancellation Agreement Re Company Private Placements and not cancel the shares of 2238646 Ontario Inc. However, this reversion was not implemented until December 1, 2011. As a result of this reversion, 2238646 Ontario Inc. will retain all 19,300,000 shares of its common stock without giving effect to any cancelations. Mr. Randall Barrs, one of the Company’s directors, is also a shareholder and director of 2238646 Ontario Inc., the Company’s majority shareholder.  Mr. Barrs abstained from deliberation and voting regarding this cancelation. A Few Brilliant Minds Inc. previously tendered and canceled all of its shares of the Company, and the reversion will have no effect on such previously tendered and canceled shares owned by A Few Brilliant Minds Inc.</font></font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">As of November 30, 2011, the Company had 32,106,330 shares issued and outstanding.  As of January 20, 2012, the Company now has 32,712,626 shares issued and outstanding, as a result of the reversion.</font></font></div>

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Receivables	6 Months Ended
Receivables	Nov. 30, 2011
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	NOTE 3 – RECEIVABLES Receivables totaled $11,447 relating to goods & service tax receivables.

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

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Going Concern	6 Months Ended
Going Concern	Nov. 30, 2011
Going Concern [Abstract]
Going Concern [Text Block]	NOTE 2 – GOING CONCERN The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated any revenues since inception, has an accumulated loss of $2,864,659 as of November 30, 2011 and is unlikely to generate earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon, among other things, the continued financial support from its shareholders, the ability of the Company to obtain necessary equity or debt financing, and the attainment of profitable operations. These factors, among others, raise substantial doubt regarding the Company’s ability to continue as a going concern. There is no assurance that the Company will be able to generate revenues in the future. These financial statements do not give any effect to any adjustments that would be necessary should the Company be unable to continue as a going concern.

XML 23 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheet (USD $)

Nov. 30, 2011

May 31, 2011

CURRENT ASSETS:

Cash

$ 244,744

$ 153,162

Prepaid rent

10,836

Receivables (Note 3)

11,447

^[1]

110,848

^[1]

TOTAL CURRENT ASSETS

267,027

274,846

Property and equipment, at cost

31,060

Accumulated amortization

(21,180)

(17,160)

Net capital assets (Note 4)

9,880

^[2]

13,900

^[2]

TOTAL ASSETS

276,907

288,746

CURRENT LIABILITIES:

Accrued liabilities (Note 5)

202,217

^[3]

226,836

^[3]

Standby loan (Note 6)

458,267

^[4]

448,737

^[4]

Promissory Note (Note 6)

201,753

^[4]

Due to stockholders

2,192

312

TOTAL CURRENT LIABILITIES AND TOTAL LIABILITIES

864,429

675,885

STOCKHOLDERS' DEFICIENCY:

Common stock, par value $0.0001 (note 7) 100,000,000 shares authorized 32,106,330 issued and outstanding (2010-55,333,334)

3,211

^[5]

5,533

^[5]

Additional paid-in capital

2,279,246

2,073,780

Other comprehensive loss

(5,320)

(10,046)

Deficit accumulated during development stage

(2,864,659)

(2,456,406)

TOTAL STOCKHOLDERS' DEFICIENCY

(587,522)

(387,139)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY

$ 276,907

$ 288,746

[1]	Note 3
[2]	Note 4
[3]	Note 5
[4]	Note 6
[5]	Note 7

XML 24 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statement of Cash Flows (USD $)	6 Months Ended		38 Months Ended
Consolidated Statement of Cash Flows (USD $)	Nov. 30, 2011	Nov. 30, 2010	Nov. 30, 2011
OPERATING ACTIVITIES:
Net loss for the period	$ 408,253	$ 708,344	$ 2,864,659
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization	4,018	5,046	21,178
Common stock issued for services	0	150,000	150,000
Cancellation of Common stock issued for services	0	0	(150,000)
Interest expensed but not paid	11,283	11,254	34,089
Changes in operating assets and liabilities:
Prepaid rent	0	0	(10,836)
Other current assets	99,401	(57,884)	(11,447)
Accrued liabilities	(24,617)	30,526	202,219
NET CASH USED IN OPERATING ACTIVITIES	(318,168)	(569,402)	(2,629,456)
INVESTING ACTIVITIES:
Acquisition of capital assets	0	0	(31,060)
NET CASH USED IN INVESTING ACTIVITIES	0	0	(31,060)
FINANCING ACTIVITIES:
Deposit for stock subscription	0	0	150,000
Proceeds from loan	200,000	0	625,931
Issuance (net of redemption) of common stock	203,144	1,050,000	2,132,578
Proceeds from stockholder loan	1,880	0	2,071
NET CASH PROVIDED BY INVESTING ACTIVITIES	405,024	1,050,000	2,910,580
Effect of exchange rates on cash	4,726	5,988	(5,320)
INCREASE IN CASH	91,582	486,586	244,744
CASH - BEGINNING OF PERIOD	153,162	309,018	0
CASH - END OF PERIOD	244,744	795,604	244,744
Cash paid during the year
Interest paid	0	0	0
Income taxes	$ 0	$ 0	$ 0

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Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Nov. 30, 2011
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION Organization and Business Description Loto Inc. (“Loto” or the “Company”), together with its wholly owned subsidiary Mobilotto Systems, Inc. (“Mobilotto”), are development stage companies. The Company is developing a patent-pending software application that permits the secure purchase of lottery tickets on commercially available “smart” phones and similar mobile telecommunications devices. A smart phone is a mobile phone offering advanced capabilities, often with personal computer-like functionality, such as e-mail, Internet access and other applications. Proprietary technology for facilitating the purchase of lottery tickets addresses all elements of lottery play, including secure player registration and authorization, number selection, settlement, winning number notification and other direct-to-customer marketing opportunities. It is the intention to operate or license software applications with governments and other lottery operators as the primary source of revenue. There is no intention to become a lottery operator. The mobile lottery software application has not yet been utilized by any lottery operator, and no revenues have yet been generated from the technology. Basis of Consolidation and Development Stage Activities These consolidated financial statements include the accounts of Loto Inc., which was incorporated on April 22, 2009 in the state of Nevada and its wholly-owned subsidiary, Mobilotto Systems, Inc., which was incorporated in Ontario, Canada on September 16, 2008. On May 13, 2009 the stockholders of Mobilotto contributed all of the outstanding equity interests in Mobilotto to the Company in exchange for 20,000,000 shares of the Company’s common stock. This transaction has been accounted for as a transaction between entities under common control in accordance with authoritative guidance issued by the Financial Accounting Standards Board. Accordingly, the net assets were recognized in the consolidated financial statements at their carrying amounts in the accounts of Mobilotto at the transfer date and the results of operations of Mobilotto are included as though the transaction had occurred at the beginning of the period. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. All intercompany balances and transactions have been eliminated. Since inception the Company has been engaged in organizational activities, has been developing its business model and software, and marketing its product to lottery operators, but has not earned any revenue from operations. Accordingly, the Company’s activities have been accounted for as those of a “Development Stage Enterprise”, as set forth in authoritative guidance issued by the Financial Accounting Standards Board. Among the disclosures required are that the Company’s financial statements be identified as those of a development stage company, and that the statements of operations, stockholders’ equity and cash flows disclose activity since the date of the Company’s inception.

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

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Consolidated Balance Sheet (Parenthetical) (USD $)	Nov. 30, 2011	May 31, 2011
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	32,106,330	32,106,330
Common stock, shares outstanding	55,333,334	55,333,334

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

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Document and Entity Information	6 Months Ended
Document and Entity Information	Nov. 30, 2011	Jan. 20, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	Loto Inc.
Entity Central Index Key	0001464766
Document Type	10-Q
Document Period End Date	Nov. 30, 2011
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--05-31
Entity Well-Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		32,712,626

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Consolidated Statement of Operations (USD $)	3 Months Ended		6 Months Ended		38 Months Ended
Consolidated Statement of Operations (USD $)	Nov. 30, 2011	Nov. 30, 2010	Nov. 30, 2011	Nov. 30, 2010	Nov. 30, 2011
REVENUE	$ 0	$ 0	$ 0	$ 0	$ 0
EXPENSES
General and administrative expenses	201,620	297,522	396,970	697,090	2,817,869
OPERATING LOSS	201,620	297,522	396,970	697,090	2,817,869
OTHER EXPENSE
Interest Expense	6,518	5,664	11,283	11,254	46,790
NET LOSS FOR THE PERIOD	$ 208,138	$ 303,186	$ 408,253	$ 708,344	$ 2,864,659
Basic and fully diluted earnings per share	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.01)
Weighted Average Shares Outstanding	31,861,863	55,251,181	34,199,815	54,767,328

- Definition

The cost of borrowed funds accounted for as interest that was charged against earnings during the period.

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Standby Loan	6 Months Ended
Standby Loan	Nov. 30, 2011
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 6 – STANDBY LOAN On August 3, 2009, two shareholders, Mhalka Capital Investments Ltd. and 1476448 Ontario Inc., made a standby financing commitment to Loto under which they agreed to provide funding to Loto. (the “Standby Loan”). On April 19, 2010, 2238646 Ontario Inc. entered into a Novation to the Standby Financing Commitment with the Company pursuant to which 2238646 Ontario Inc. has agreed to the remaining commitments of Mhalka Capital Investment Ltd. Draws made on the commitment amount are subject to interest as of the date of the draw at prime rate plus two percent per annum. These amounts are repayable thirty calendar days after demand at any time following the earlier of (a) September 30, 2010 or (b) the date upon which the Company is in receipt of revenues or proceeds from the sales of equity securities. If Loto breaches any of the covenants, the default rate will be 15% per annum. The standby financing commitment expired on September 30, 2010. As of November 30, 2011, $458,267 including accrued interest was drawn and payable against this commitment. Included in the standy note is $85,676 inlcuding accrued interest owing to A Few Brilliant Minds, a related party. As a result of a Share Cancellation Agreement (see Note 7), this loan is to be repaid. On September 27, 2011, Brantford Resources Ltd. advanced $200,000 to the Company under the terms of a Secured Promissory Note. The terms of this note are as follows: (i) interest shall be calculated at an annual rate of 5%; (ii) the note shall be due on or before September 19, 2012; and (iii) security for the payment of the note shall include any and all assets of Loto and its subsidiaries. In the event of a default, the interest rate on this note shall increase to 15% per annum.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Accrued Liabilities	6 Months Ended
Accrued Liabilities	Nov. 30, 2011
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	NOTE 5 – ACCRUED LIABILITIES Accrued liabilities totalled $202,217 and included the following: Payments due for programming, system testing and consulting of $123,797, accrued legal expenses of $11,374, accrued audit fees of $14,900, due to former shareholder $48,000 and G&A Expenses of $4,148.

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Stock Option Grants

6 Months Ended

Nov. 30, 2011

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

NOTE 9 – STOCK OPTION GRANTS

3.	Alan Ralph was issued options to purchase 300,000 shares of the Company’s common stock,with a vesting date effective as of November 29, 2011 and an exercise price of $.75 per share. Such options are exercisable on November 29, 2011. Such options will terminate on November 29, 2014.

Each of Mr. Ziraldo, Mr. Barrs, Mr. Ralph and Mr. Halpern are directors of the Company. Mr. Ciano is the Company’s Chief Executive Officer and Chief Financial Officer.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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Changes to Stockholders' Equity (Deficiency)	6 Months Ended
Changes to Stockholders' Equity (Deficiency)	Nov. 30, 2011
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 7 – CHANGES TO STOCKHOLDERS’ EQUITY (DEFICIENCY) On June 16, 2011 the Company entered into a Share Cancellation Agreement with one of the founders and his company A Few Brilliant Minds Inc. (AFBMI). The founder desired to pursue other business interests and submitted his resignation from the Company's Board together and tendered for cancellation 18,793,704 common shares owned by AFBMI. Concurrent with the execution of the agreement, the Company agreed to repay $85,675 (part of the standby loan, see Note 6) due to the founder within 90 days of that Agreement. In addition, the Company also entered into Share Cancellation Agreements dated June 20, 2011 with two shareholders to cancel 4,800,000 common shares in return for the original purchase price of $48,000. The amount due is included in accounts payable. On November 18, 2011, the Company sold 366,700 shares of the Company’s common stock to nine purchasers (the “Purchasers”) for a purchase price of $.75 per share. In addition, each of the Purchasers has received Warrants to purchase such number of shares of the Company’s common stock equal to the number of shares purchased by such shareholder, at an exercise price of $1.00 per share. The Company paid a finder’s fee in connection with these sales of the Company’s securities, consisting of (i) $22,002; and (ii) Warrants to purchase 29,336 shares of the Company’s common stock at an exercise price of $1.00 per share. These sales were made in reliance upon the exemption from Securities Act registration provided by Section 4(2) of the U.S. Securities Act, and the rules and regulations promulgated thereunder, including Rule 903 of Regulation S. The Purchasers are not a U.S. person (as such term is defined in Rule 902(k) of Regulation S).

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The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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Commitments

6 Months Ended

Nov. 30, 2011

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

NOTE 8 – COMMITMENTS

The Company is obligated under a lease agreement to lease the premises at 25 Adelaide Street in Toronto, Ontario, Canada until November 29, 2013. The minimum payments due are as follows:

	2012 – $ 72,624
	2013 – $ 66,572

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The entire disclosure for commitments and contingencies.

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Cancellation of Shares of Common Stock	6 Months Ended
Cancellation of Shares of Common Stock	Nov. 30, 2011
Contingent Cancellation Of Shares Of Common Stock [Abstract]
Contingent Cancellation Of Shares Of Common Stock [Text Block]	NOTE 10 – CANCELLATION OF SHARES OF COMMON STOCK During the fiscal years ended May 31, 2010 and May 31, 2011, the Company sold 2,212,592 shares of the Company’s common stock in private placements to foreign persons in reliance on the exemption from securities registration under Section 4(2) of the U.S. Securities Act of 1933, as amended, and Regulation S promulgated thereunder. In connection therewith, two of the Company’s shareholders, A Few Brilliant Minds Inc. and 2238646 Ontario Inc., each entered into an agreement with the Company, the Tender And Cancellation Agreement Re Company Private Placements, dated as of April 19, 2010, pursuant to which they each agreed to tender one-half-of-one share for each one share to be sold by the Company in private placements, and to each tender up to 4,000,000 shares of the Company’s common stock for cancellation, such that a total of up to 8,000,000 shares in the aggregate would be tendered and cancelled by such shareholders collectively. As of May 31, 2011, the Shareholders had agreed to cancel an aggregate total of 2,212,592 common shares. Pursuant to such Tender and Cancellation Agreement Re Company Private Placements, 606,296 shares of the Company’s common stock were to be canceled by 2238646 Ontario Inc., such that 2238646 Ontario Inc. would have 18,693,704 issued and outstanding shares of the Company’s common stock, as the Company has previously disclosed. On November 29, 2011, the Company’s Board of Directors determined that it was advisable to reverse the Tender and Cancellation Agreement Re Company Private Placements and not cancel the shares of 2238646 Ontario Inc. However, this reversion was not implemented until December 1, 2011. As a result of this reversion, 2238646 Ontario Inc. will retain all 19,300,000 shares of its common stock without giving effect to any cancelations. Mr. Randall Barrs, one of the Company’s directors, is also a shareholder and director of 2238646 Ontario Inc., the Company’s majority shareholder. Mr. Barrs abstained from deliberation and voting regarding this cancelation. A Few Brilliant Minds Inc. previously tendered and canceled all of its shares of the Company, and the reversion will have no effect on such previously tendered and canceled shares owned by A Few Brilliant Minds Inc. As of November 30, 2011, the Company had 32,106,330 shares issued and outstanding. As of January 20, 2012, the Company now has 32,712,626 shares issued and outstanding, as a result of the reversion.

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Consolidated Statement of Stockholders' Equity (Deficiency) (USD $)

Total

Common Stock

Additional Paid-In Capital

Deficit Accumulated During Development Stage

Other Comprehensive Loss

BALANCE at Sep. 15, 2008 $ 0 $ 0 $ 0 $ 0 $ 0

BALANCE SHARES, at Sep. 15, 2008 0 0 0 0 0

Capital contribution in connection with formation of Mobilotto, Inc. 91 0 91 0 0

Shares issued in connection with Acquisition of Mobilotto, Inc. 0 2,000 (2,000) 0 0

Shares issued in connection with Acquisition of Mobilotto, Inc., shares 0 20,000,000 0 0 0

Sale of shares 20,000 2,000 18,000 0 0

Sale of shares, shares 0 20,000,000 0 0 0

Net loss (10,979) 0 0 (10,979) 0

BALANCE at May. 31, 2009 9,112 4,000 16,091 (10,979) 0

BALANCE SHARES, at May. 31, 2009 0 40,000,000 0 0 0

Other comprehensive gain / (loss) resulting from foreign exchange transactions/conversions (598) 0 0 0 (598)

Cancellation of Founders' shares (100) (100) 0 0 0

Cancellation of Founders' shares, shares 0 (1,000,000) 0 0 0

Sale of shares 859,443 57 859,386 0 0

Sale of shares, shares 0 572,963 0 0 0

Sale of shares 150,000 1,500 148,500 0 0

Sale of shares, shares 0 15,000,000 0 0 0

Net loss (1,122,792) 0 0 (1,122,792) 0

BALANCE at May. 31, 2010 (104,935) 5,457 1,023,977 (1,133,771) (598)

BALANCE SHARES, at May. 31, 2010 0 54,572,963 0 0 0

Other comprehensive gain / (loss) resulting from foreign exchange transactions/conversions (9,448) 0 0 0 (9,448)

Issuance of shares for Consulting services 150,000 20 149,980 0 0

Issuance of shares for Consulting services, shares 0 200,000 0 0 0

Cancellation of Founders' shares (121) (121) 0 0 0

Cancellation of Founders' shares, shares 0 (1,212,592) 0 0 0

Issuance of shares to certain existing shareholders 0 57 (57) 0 0

Issuance of shares to certain existing shareholders, shares 0 572,963 0 0 0

Cancellation of shares issued for Consulting services (150,000) (20) (149,980) 0 0

Cancellation of shares issued for Consulting services, shares 0 (200,000) 0 0 0

Sale of shares 1,050,000 140 1,049,860 0 0

Sale of shares, shares 0 1,400,000 0 0 0

Net loss (1,322,635) 0 0 (1,322,635) 0

BALANCE at May. 31, 2011 (387,139) 5,533 2,073,780 (2,456,406) (10,046)

BALANCE SHARES, at May. 31, 2011 0 55,333,334 0 0 0

Other comprehensive gain / (loss) resulting from foreign exchange transactions/conversions 4,726 0 0 0 4,726

Cancellation of Founders' shares ^[1] (1,879) (1,879) 0 0 0

Cancellation of Founders' shares, shares ^[1] 0 (18,793,704) 0 0 0

Cancellation of Shares (Note 7) ^[1] (48,000) (480) (47,520) 0 0

Cancellation of Shares, shares (Note 7) ^[1] 0 (4,800,000) 0 0 0

Sale of shares 275,025 37 274,988 0 0

Sale of shares, shares 0 366,700 0 0 0

Share issue costs (22,002) 0 (22,002) 0 0

Net loss 408,253 0 0 (408,253) 0

BALANCE at Nov. 30, 2011 $ (587,522) $ 3,211 $ 2,279,246 $ (2,864,659) $ (5,320)

BALANCE SHARES, at Nov. 30, 2011 0 32,106,330 0 0 0

[1] Note 7

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Technical Practice Aid (TPA)

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