Lottery.com, Inc. Demonstrates Substantial Progress Towards Reporting Compliance

Filing of Financial Statements for FY2021 and First Quarter 2022 Completed

AUSTIN, TX, USA, May 16, 2023/EINPresswire.com/ — Lottery.com, Inc. (NASDAQ: LTRY, LTRYW) (“Lottery.com” or “the Company”) is pleased to announce that it has achieved notable advancements in making current its obligations for public disclosure and improving its reporting controls to ensure a prompt return to compliance with key the listing requirements for both the Securities and Exchange Commission (“SEC”) and Nasdaq Stock Market (“Nasdaq”).

As previously communicated, Lottery.com received a letter from Nasdaq on May 8, 2023, confirming that the Nasdaq Hearing Panel (the “Panel”) granted the Company’s request for continued listing, subject to meeting the conditions for filing certain financial reports no later than May 15, 2023. These conditions included filing the amended Annual Report on Form 10-K for the year ending December 31, 2021, and the Quarterly Report on Form 10-Q for the period ending March 31, 2022, with the SEC. Additionally, the Company was to provide the Panel with updated projections for 2022 and 2023 (the “Updated Projections”) Lottery.com is delighted to report that the Company diligently worked with its auditor to successfully file the audited restatement for FY 2021 on May 10, 2023, and filed its auditor-reviewed restatement for Q1 2022 on May 15, 2023. Further, the Company submitted to the Panel the Updated Projections yesterday, thereby timely meeting all the requirements set forth by the Panel thus far to maintain its continued listing on Nasdaq.

A central part of the process was the necessity of the Company’s new management to re-evaluate its internal accounting processes and the reported results. Consequently, the management of the Company corrected accounting errors related to cash on hand, accounts receivable, prepaid expenses, deferred revenue, accrued expenses, revenue, costs of revenue, reserve losses of prepaid advertising credits and stock-based compensation that were misstated by prior management.

Having accomplished these critical milestones, the Company is now actively working towards filing all of its remaining quarterly reports for 2022 and 2023 and its fully audited year-end report for 2022.

Commenting on these developments, Mr. Matthew McGahan, Chairman of Lottery.com, stated:
“Our new management team has worked persistently to ensure that Lottery.com swiftly regain compliance with the SEC and Nasdaq. I am confident that we have made substantial progress in enhancing our shareholder disclosure and continue to make improvements with our reporting controls. Through a continued dedication to fully resolving our prior compliance issues, we can begin to redirect our focus towards the operational aspects of the business and the array of prospects that await the Company.”

“We have a clear strategy in place to capitalize on several exciting near-term revenue-generating opportunities and partnerships. Moreover, with available funds for future investments, we will be well-positioned to leverage the significant revenue growth possibilities and partnerships that we have identified and continue to cultivate, which include our recent announcements relating to Texas and an expansion into the Dominican Republic.”

About Lottery.com, Inc.

Lottery.com, Inc. is a leading technology company that is transforming how, where and when lotteries are played. Its engaging mobile and online platforms enable players and commercial partners located throughout the United States and other countries to remotely purchase safe and legally sanctioned lottery games. Lottery participants look to the Company’s website, Lottery.com, for compelling, real-time results on over 800 lottery games from over 40 countries. Additionally, Lottery.com is fundamentally changing how non-profit donors are incentivized to action by gamifying charitable giving. In all that it does, Lottery.com’s mission remains the same: an uncompromising passion to innovate, grow a new demographic of enthusiasts, deliver responsible and trusted solutions, and promote community and philanthropic initiatives.

For more information contact: ir@lottery.com , or visit: http://www.lottery.com and Sports.com Twitter

SOURCE: EINPresswire.com/ — Lottery.com, Inc.