Brief: Lottery.Com Inc Says On July, 28 Board Determined That Company Does Not Currently Have Sufficient Financial Resources To Fund Operations

Sports Entertainment Gaming Global

29/07/2022 15:21

July 29 (Reuters) - Lottery.com Inc  LTRY.O :
    * LOTTERY.COM INC - ON JULY, 28 BOARD DETERMINED THAT
COMPANY DOES
NOT CURRENTLY HAVE SUFFICIENT FINANCIAL RESOURCES TO FUND 
OPERATIONS
    * LOTTERY.COM INC - ON JULY, 28 BOARD DETERMINED THAT
COMPANY DOES
NOT CURRENTLY HAVE SUFFICIENT FINANCIAL RESOURCES TO PAY CERTAIN
EXISTING OBLIGATION
    * LOTTERY.COM INC - COMPANY INTENDS TO FURLOUGH CERTAIN
EMPLOYEES
EFFECTIVE JULY 29, 2022
    * LOTTERY.COM INC - AS OF JULY 29, 2022, COMPANY OWED
APPROXIMATELY $425,000 IN OUTSTANDING PAYROLL OBLIGATIONS
    * LOTTERY.COM INC - ADDITIONALLY, COMPANY'S CAPITAL
RESOURCES ARE
NOT SUFFICIENT TO FUND ITS OPERATIONS FOR A TWELVE-MONTH PERIOD
    * LOTTERY.COM - INABILITY TO PAY OUTSTANDING PAYROLL
OBLIGATIONS
MAY RESULT IN EMPLOYEES TERMINATING RELATIONSHIP WITH CO AND/OR
PURSUING LEGAL REMEDIES
    * LOTTERY.COM INC - THERE IS SUBSTANTIAL DOUBT ABOUT
COMPANY'S
ABILITY TO CONTINUE AS A GOING CONCERN
    * LOTTERY.COM - IF NOT ABLE TO SECURE ADDITIONAL CAPITAL
RESOURCES
OR OTHERWISE FUND OPERATIONS,  WILL BE FORCED TO WIND DOWN SOME
OR ALL OPERATIONS
    * LOTTERY.COM - IF NOT ABLE TO SECURE ADDITIONAL CAPITAL
RESOURCES
OR OTHERWISE FUND OPERATIONS, WILL BE FORCED TO PURSUE OPTIONS
FOR LIQUIDATING ASSETS

Source text for Eikon:  ID: 
Further company coverage:  LTRY.O 

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