Company: LTRYW
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001493152-25-002444
Chunk: 285

Company: Lottery.com Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 285
---
 caused to be published by PR Fire Limited. The Company’s
outside legal counsel reported the matter to the proper authorities.

On April 24, 2024, the Company, by and through its outside legal counsel, issued a cease and desist notice to certain
individuals and entities in participation with a common scheme and acting in concert to financial harm to the Company by privately and
publicly disseminating false and misleading statements about the Company, its current officers and directors. The Company’s outside
legal counsel reported the matter to the proper authorities.

On April 29, 2024, the Board of Directors of the Company approved the addition of Mr. Warren Macal as a member of the Company’s Board of Directors. Macal’s nomination follows the December 2023 $ 18million investment commitment from Prosperity Investment Management subject to due diligence.

| F-71 |

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

You should read the following discussion and analysis of our financial condition and results of operations together with the consolidated financial statements and the related notes appearing elsewhere in this Amended Report. This discussion contains forward-looking statements that reflect our plans, estimates, and beliefs that involve risks and uncertainties. As a result of many factors, such as those set forth under the “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements and Risk Factor Summary” sections and elsewhere in this Amended Report, our actual results may differ materially from those anticipated in these forward-looking statements.

Overview and Recent Developments

During FY 2023, the Company addressed legacy issues while successfully regaining full compliance
with Nasdaq’s continued listing rules and restarting operations in order to stage Lottery.com for growth in FY 2024. The cornerstone
of the Company’s operational progress for FY 2024 will be driven by technology, product and service capability enhancements.

Internal Investigation and Operational Cessation

On July 6, 2022, the Company announced that the Audit Committee (the “Audit Committee”) of the board of directors of the Company (the “Board”) had retained outside counsel to conduct an independent investigation that revealed instances of non-compliance with state and federal laws concerning the states in which lottery tickets were procured as well as order fulfillment. The investigation also identified issues pertaining to the Company’s internal accounting controls (the “Internal Investigation”). Following a report on the filings of the Internal Investigation, on June 30, 2022, the Board terminated the employment of Ryan Dickinson as the