Company: LTRYW
Filing Date: 2025-11-20
Form Type: 10-Q
Source: 0001493152-25-024384
Chunk: 81

Company: Lottery.com Inc.
Filing Date: 2025-11-20
Form: 10-Q
Item: Part I, Item 1
Chunk 81
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 public companies for interim and annual
periods beginning after December 15, 2019, with early adoption permitted for interim and annual periods beginning after December 15,
2018. In October 2019, the FASB approved a proposal which grants smaller reporting companies additional time to implement FASB standards
on current expected credit losses (CECL) to January 2023. As a smaller reporting company, we deferred adoption of ASU No. 2016-13 until
January 2023.

Item
3. Quantitative and Qualitative Disclosures About Market Risk.

As
a “smaller reporting company” as defined by Rule 10(f)(1) of Regulation S-K, the Company is not required to provide this
information.

Item
4. Controls and Procedures.

Evaluation
of Disclosure Controls and Procedures

As
previously disclosed, in connection with the filing of the Company’s Annual Report on Form 10-K for the year ended December 31,
2021 (the “Original 2021 Annual Report”) on April 1, 2022, our management, with the participation of our then Chief Executive
Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in
Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31, 2021. Based on their evaluation, our then Chief Executive Officer
and Chief Financial Officer concluded that, as of December 31, 2021, our disclosure controls and procedures were not effective due to
material weaknesses in our internal control over financial reporting with respect to our financial statement close and reporting process.

In
connection with the filing of Amendment No. 1 to the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2021
(the “Amended 2021 Annual Report”), our management, with the participation of our Chief Executive Officer, reevaluated the
effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange
Act) as of December 31, 2021 and determined they were not effective due to the material weaknesses in our internal control over financial
reporting with respect to our financial statement close and reporting process. Our disclosure controls and procedures are designed to
ensure that information required to be disclosed by us in the reports that we file