Lottery.com Inc., a Delaware-based company, has filed its annual report for the fiscal year ended December 31, 2023. The independent auditor's report highlighted several critical issues, including the restatement of the company's financial statements for the years 2023 and 2022. The restatement was primarily due to revenue recognition errors as noted in the critical audit matters. The auditors expressed concern over the company's ability to continue as a going concern, citing a stockholder's deficit, net losses, and negative working capital. These factors raise substantial doubt about Lottery.com's ability to sustain operations in the future. The report also mentioned that the company had not filed its 2023 and 2022 United States federal and state corporate income tax returns, which...Show More

Lottery.com Inc., a Delaware-based company, has filed its annual report for the fiscal year ended December 31, 2023. The independent auditor's report highlighted several critical issues, including the restatement of the company's financial statements for the years 2023 and 2022. The restatement was primarily due to revenue recognition errors as noted in the critical audit matters. The auditors expressed concern over the company's ability to continue as a going concern, citing a stockholder's deficit, net losses, and negative working capital. These factors raise substantial doubt about Lottery.com's ability to sustain operations in the future. The report also mentioned that the company had not filed its 2023 and 2022 United States federal and state corporate income tax returns, which could have material effects on the financial statements. Despite these challenges, the auditors concluded that, except for the effects of the non-filing of tax returns, the financial statements present the company's financial position fairly. The market value of the company's stock held by non-affiliates as of December 29, 2023, was approximately $7.8 million. As of May 17, 2024, Lottery.com had 4,780,380 shares of common stock outstanding. The company's future plans and business development strategies were not detailed in the provided announcement text.