Tue, Jun 4, 10:05 AM (53 days ago)
Lottery.com Inc. filed an amended annual report (Form 10-K/A) for the fiscal year ended December 31, 2023, primarily to address accounting errors and update financial statements. The restatement resulted in a reduction of total assets by approximately $1.57 million, primarily due to a decrease in goodwill. Liabilities were adjusted downwards by $138,000, while stockholders' equity saw a reduction of $1.43 million. Key financial highlights: - Cash remained at $360,000. - Goodwill was reduced by $1.65 million. - Total assets were restated to $64.38 million. - Accumulated deficit increased to $235.1 million. - Net loss for 2023 was approximately $24.2 million. Strategic overview: - The company is focused on restarting operations and addressing legacy issues. - Investment commitments from United Investments Capital London and others highlight investor confidence. - Plans include technology and product enhancements for growth in FY 2024. Risk factors: - Ongoing legal proceedings and investigations. - Material weaknesses in internal controls over financial reporting. - Need for additional capital to restart operations and pay existing obligations. Future outlook: - The company aims to resume operations and achieve growth through technology and service enhancements. - Compliance with Nasdaq listing requirements remains a priority.