Company: LTRYW
Filing Date: 2025-10-15
Form Type: 10-Q/A
Source: 0001493152-25-018121
Chunk: 48

Company: Lottery.com Inc.
Filing Date: 2025-10-15
Form: 10-Q/A
Chunk 48
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 of directors (the “Board
of Directors”) of Lottery.com Inc. (the “Company”) appointed Mr. Marc Bircham to the Board of Directors. Bircham will
serve as an Executive Director.

On May 14, 2025, the Company received a notice of
effectiveness of Amendment No, 4 to its registration statement filed on Form S-1.

| F-26 |

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of our financial condition and results of operations together with the condensed consolidated financial statements and the related notes appearing elsewhere in this Report contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of events may differ materially from those expressed or implied in such forward- looking statements as a result of various factors, including those set forth in the section entitled “Cautionary Note Regarding Forward-Looking Statements” included herein and the sections entitled “Risk Factors” included in this Report and in our Annual Report on Form 10-K/A for the year ended December 31, 2024 (our “Annual Report”).

Overview

This Report is reflective of
the Company’s commitment to transparency, integrity, and responsible corporate governance. The investment commitments from United Investments Capital London, Univest Securities LLC, andProsperity Investment Management
outlined in this report are evidence of investor belief in Management’s capability to resume core lottery and gaming operations, monetize the Sports.com brand, and expand all the Company’s brand across the globe.

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 Company’s President,
Treasurer and Chief Financial Officer, effective July 1, 2022. Subsequently, the Company initiated a review of its cash balances and related
disclosures as well as its revenue recognition processes and other internal accounting controls.

On July 20, 2022, Armanino LLP