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Underscoring the stock\u2019s unceremonious fall from grace, it closed at 46 cents today, down about 96% over the past 12 months. That makes the 52-week high of $17.50 notched last November seem like a distant memory and one unlikely to be revisited.<\/p>\n<\/div>\n
Some Lottery.com investors were likely caught off guard by the accounting controversy and the going concern over filing. The company previously offered encouraging sales forecasts and ambitious growth plans with the data to support those assertions.<\/p>\n
\u201cFrom 2016 to 2020, Lottery.com grew gross revenue at a compounded annual growth rate of 322%, and forecasts gross revenue equal to approximately $71 million in 2021, $280 million in 2022, and $571 million in 2023,\u201d according to the company.<\/p>\n
Lottery.com Executive Upheaval<\/h2>\n
As is often the case with companies dealing with accounting issues, Lottery.com also grappled with executive turnover, which further weighed on the stock.<\/p>\n
The aforementioned investigation \u201calso identified issues pertaining to the Company\u2019s internal accounting controls. Following a report on the findings of the independent investigation, on June 30, 2022, the Board terminated the employment of Ryan Dickinson as the Company\u2019s President, Treasurer and Chief Financial Officer, effective July 1, 2022.,\u201d according to the newest regulatory filing.<\/p><\/blockquote>\n
With a market capitalization of $23.39 million as of today\u2019s close, Lottery.com could easily be acquired by any number of companies. However, as alluring as lottery assets are<\/a>, smart buyers know they don\u2019t need to buy the controversy-laden company outright. They can merely wait for a potential fire sale of intellectual property and technology.<\/p>\n","protected":false},"excerpt":{"rendered":"Lottery.com (NASDAQ:LTRY) sank another 3% today, extending its one-month decline to almost 44%. That’s after the gaming company told regulators it can\u2019t afford to file its 10-Q for the second quarter. News of the delayed 10-Q arrives less than three weeks after the firm noted in a Form 8-K filing with the Securities and Exchange […]<\/p>\n","protected":false},"author":46,"featured_media":226920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,13699,13592],"tags":[81903,13701,81895],"acf":[],"yoast_head":"\n
Lottery.com Future Increasingly Cloudy As 10Q Filing Delayed<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n