Lottery.com, a leading online lottery platform, has reported its annual financial performance, highlighting key metrics and developments. The company's revenue recognition practices have been scrutinized, leading to a restatement of financial statements for the year ended December 31, 2021, due to an overstatement of revenue by approximately $52.1 million. Despite this, Lottery.com has continued to pursue business development, including the launch of the 'Sports.com App' and securing rights to live stream significant sporting events. The company has also entered into various agreements, such as a Memorandum of Understanding with WA Technology Group Limited and S&MI Ltd., to expand its offerings and reach. Future plans include remediation of material weaknesses in internal control over financial reporting, with efforts to...Show More

Lottery.com, a leading online lottery platform, has reported its annual financial performance, highlighting key metrics and developments. The company's revenue recognition practices have been scrutinized, leading to a restatement of financial statements for the year ended December 31, 2021, due to an overstatement of revenue by approximately $52.1 million. Despite this, Lottery.com has continued to pursue business development, including the launch of the 'Sports.com App' and securing rights to live stream significant sporting events. The company has also entered into various agreements, such as a Memorandum of Understanding with WA Technology Group Limited and S&MI Ltd., to expand its offerings and reach. Future plans include remediation of material weaknesses in internal control over financial reporting, with efforts to strengthen and improve controls ongoing. The company has also faced challenges with its financing arrangements, leading to disputes with Woodford Eurasia Assets, Ltd. and the establishment of a new credit facility with United Capital Investments London Limited. Subsequent events include an increased offering amount with Univest Securities, LLC, and an amendment to the credit facility with UCIL to increase the accordion amount from $49 million to $149 million.