Company: LTRYW
Filing Date: 2025-04-21
Form Type: 10-K
Source: 0001641172-25-005487
Chunk: 33

Company: Lottery.com Inc.
Filing Date: 2025-04-21
Form: 10-K
Item: Item 1A
Chunk 33
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We
intend to implement measures to remediate the identified material weaknesses. Despite these efforts, no assurance can be provided that
such remedial measures will be successful in fully resolving the deficiencies in our internal controls, including those identified by
the Internal Investigation, will insulate us from the consequences of past disclosure inaccuracies, or will be successful in preventing
inaccurate disclosures in the future. The Company also cannot predict whether, or to what extent, such remedial actions will impact its
operations or financial results. See “ Item 9A. Controls and Procedures-Material Weaknesses in Internal Control Over Financial
Reporting

Further, there can be no guarantee
that the Company’s internal investigations and subsequent inquiries revealed all instances of inaccurate disclosure or other deficiencies,
or that other existing or past inaccuracies or deficiencies will not be revealed in the future. Our failure to correct these deficiencies
or our failure to discover and address any other deficiencies could result in inaccuracies in our financial statements and could also
impair our ability to comply with applicable financial reporting requirements and related regulatory filings on a timely basis. As a result,
our business, financial condition, results of operations and prospects, as well as the trading price of our shares of common stock and
warrants, may be materially adversely affected.

In
addition, these deficiencies could cause investors to lose confidence in our reported financial information, limiting our access to capital
markets, adversely affecting our operating results and leading to declines in the trading price of our shares of common stock and warrants.
Additionally, ineffective internal controls could expose us to increased risks of fraud or misappropriation of corporate assets and subject
us to further litigation or regulatory investigations and civil or criminal sanctions. We could also be required to further restate
our historical financial statements.

As
a public company, we are subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act, or Section 404, requires that
we include a report from management on the effectiveness of our internal control over financial reporting in our Annual Reports on Form
10-K and Quarterly Reports on Form 10-Q. In addition, once we become an “accelerated filer” and cease to be a “smaller
reporting company” as such terms are defined in the JOBS Act, our independent registered public accounting firm must attest to
and report on the effectiveness of our internal control over financial reporting. Moreover, even if our management concludes that our