The business recently conducted a review of its operations and identified instances of non-compliance with state and federal laws related to ticket procurement. As a result, the president, treasurer, and chief financial officer, Ryan Dickinson, were terminated from their positions. The company has appointed Harry Dhaliwal as the interim CFO.
During the cash balance review, it was discovered that the available unrestricted cash balance had been overstated by approximately $30m. Additionally, in the previous fiscal year, the company had improperly recognized revenue in the same amount. The company is currently validating this preliminary conclusion with the help of external advisors and assessing any impact on previously issued financial reports. Appropriate remedial measures are being implemented.
Alongside these developments, Matthew Clemenson, the chief revenue officer, has resigned from his position with immediate effect. The share price of Lottery.com has experienced a significant decline since its peak in November 2021. From trading at $15.70 per share, the current share price stands at $0.82 per share as of yesterday (18 July).
