Company: LTRYW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001641172-25-024882
Chunk: 81

Company: Lottery.com Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 81
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 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 or submit under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated
to our management, including our Chief Executive Officer, to allow timely decisions regarding required disclosures.

Material
Weakness in Internal Control Over Financial Reporting

In
connection with the audit of our condensed consolidated financial statements included in this Report, our management identified material
weaknesses in our internal control over financial reporting as of December 31, 2024 and 2023 relating to deficiencies in the design and
operation of the procedures relating to the closing of our financial statements. These include: (i) our lack of a sufficient number of
personnel with an appropriate level of knowledge and experience in accounting for complex or non-routine transactions, (ii) the fact
that our policies and procedures with respect to the review, supervision and monitoring of our accounting and reporting functions were
either not designed and in place or not operating effectively; (iii) our inability to complete the timely closing of financial books
at the quarter and fiscal year end, and