Thu, Aug 29, 7:26 PM (138 days ago)
Lottery.com Inc. reported significant financial challenges in its amended 10-Q for Q3 2023, reflecting a continued operational struggle following an internal investigation and operational cessation in 2022. Revenue plummeted 60% year-over-year to $286K, with a staggering 75% decline to $1.56M for the nine months ended September 30, 2023, primarily due to reduced lottery game sales. Cost of revenue decreased by 95%, indicating a sharp reduction in operational activity. The company incurred a net loss of $3.4M for the quarter and $10.9M for the nine-month period, though operating expenses fell by 48% due to cuts in professional fees and general administrative costs. The accumulated deficit reached approximately $219M, raising substantial doubt about the company's ability to continue as a going concern. Cash flow remains tight, with reliance on loans from Woodford and UCIL, totaling $991K and $798K, respectively. The company plans to restart its B2C platform in Q1 2024 but faces ongoing risks related to capital availability and operational compliance.