Company: LTRYW
Filing Date: 2025-11-20
Form Type: 10-Q
Source: 0001493152-25-024384
Chunk: 83

Company: Lottery.com Inc.
Filing Date: 2025-11-20
Form: 10-Q
Item: Part I, Item 1
Chunk 83
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 described above and further continue re-assessing the design of controls,
the testing of controls and modifying processes designed to improve our internal control over financial reporting. The Company plans
to continue to assess its internal controls and procedures and intends to take further action as necessary or appropriate to address
any other matters it identifies or are brought to its attention. We will not be able to fully remediate these material weaknesses until
these steps have been completed and have been operating effectively for a sufficient period of time. The implementation of our remediation
will be ongoing and will require validation and testing of the design and operating effectiveness of internal controls over a sustained
period of financial reporting cycles. We may also conclude that additional measures may be required to remediate the material weaknesses
in our internal control over financial reporting.

We
cannot assure you that the measures we take will be sufficient to remediate the material weaknesses we identified or avoid the identification
of additional material weaknesses in the future. If the steps we take do not remediate the material weaknesses in a timely manner, there
could continue to be a reasonable possibility that this control deficiency or others could result in another material misstatement of
our annual or interim financial statements that would not be prevented or detected on a timely basis.

For
more information, see “Item 1A. Risk Factors - Public Company Operating Risks - If we fail to implement and maintain an effective
system of internal controls, we may be unable to accurately report our results of operations, meet our reporting obligations or prevent
fraud, and investor confidence and the trading price of our common stock and warrants may be materially and adversely affected.”

Changes
in Internal Control Over Financial Reporting

Except
as otherwise described herein, there was no change in our internal control over financial reporting identified in connection with the
evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter ended September 30, 2025 that
has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 17 

PART
II – OTHER INFORMATION

Item
1. Legal Proceedings

The
Company is from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business.
In addition, the Company is a party to several material legal proceedings, which are described below. The outcome of litigation is inherently
uncertain. If one or more legal matters were resolved against the Company in a reporting period for