Lottery.com announces appointment of new Auditors
Lottery.com has announced the appointment of Yusufali & Associates, LLC as its new independent registered public accounting firm for financial reviews and audits. This change comes alongside the recent appointment of new board members, an interim CEO, and an interim CFO. Sohail Quraeshi, the CEO, expressed confidence in Yusufali’s extensive experience to heighten the company's financial accountability. This marks a pivotal moment for Lottery.com, emphasizing a commitment to improved financial processes.
- Appointment of Yusufali & Associates as independent auditors expected to enhance financial oversight.
- Changes in leadership may usher in a renewed commitment to financial accuracy and operational effectiveness.
- Interim leadership roles may raise concerns about continuity and stability during the transition period.
- Potential gaps in experience due to recent board changes and interim appointments.
AUSTIN, Texas, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Lottery.com Inc. (Nasdaq: LTRY, LTRYW) (“Lottery.com” or the “Company”), a global technology company committed to deliver trusted gaming solutions whenever and wherever the lottery is played, today announced the appointment of Yusufali & Associates, LLC (“Yusufali”) as its new independent registered public accounting firm engaged to perform quarterly financial reviews and annual audits for the Company.
In the past few weeks, the Company also announced through filings with the Securities and Exchange Commission, the appointment of new independent board members along with a new interim CEO and interim CFO.
Yusuf Musaji, Founder & CEO, Yusufali & Associates LLC, said “We are delighted to have been appointed the official auditors of Lottery.com. We are committed to the efficient and thorough review and audit of the Company’s public filing and understand the importance of finalizing our work on a timely basis.”
Sohail Quraeshi, CEO of Lottery.com commented, “We are delighted with the appointment of Yusufali as our auditors and are assured by their vast experience in successfully managing the complex financial audits and review of other public corporations that we have made the right choice. We are at the threshold of a new beginning at Lottery.com and look forward to working with them. It is critical to the success of the company as we move forward with renewed diligence, accuracy, and commitment that we only have the best team in place to help us.”
About Yusufali & Associates, LLC (“Yusufali”):
Yusufali, (www.ya-cpa.com), is a U.S. based partner-owned, public accounting firm that is a PCAOB and AICPA member firm which also holds certifications in ISC2, HITRUST and PCIDSS. The firm also specializes in audits and consulting services including SSAE18 and performs HIPAA audits.. Yusufali & Associates (Y&A) is also registered with the Financial Regulatory Authority (FINRA) and provides audit services to Broker-Dealers and has a Trusted Advisory Partnership with the National Securities Corporation.
About Lottery.com
Lottery.com is a leading technology company that is transforming how, where and when lottery is played. Its engaging mobile and online platforms enable players and commercial partners located throughout the United States and other countries to remotely purchase legally sanctioned lottery games. Lottery participants look to Lottery.com for compelling, real-time results on over 800 lottery games from over 40 countries. Additionally, through WinTogether.org, Lottery.com is fundamentally changing how non-profit donors are incentivized to action by gamifying charitable giving. In all that it does, Lottery.com’s mission remains the same: an uncompromising passion to innovate, grow a new demographic of enthusiasts, deliver responsible and trusted solutions, and promote community and philanthropic initiatives. For more information, visit http://www.lottery.com.
Important Notice Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of present or historical fact included in this press release, regarding the company’s future financial performance, as well as the company’s strategy, future operations, revenue guidance, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Lottery.com disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Lottery.com cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Lottery.com. In addition, Lottery.com cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) the outcome of any legal proceedings that may be instituted against Lottery.com; (ii) Lottery.com’s ability to maintain effective internal controls over financial reporting, including the remediation of identified material weaknesses in internal control over financial reporting relating to segregation of duties with respect to, and access controls to, its financial record keeping system, and Lottery.com’s accounting staffing levels; (iii) the effects of competition on Lottery.com’s future business; (iv) risks related to Lottery.com’s dependence on its intellectual property and the risk that Lottery.com’s technology could have undetected defects or errors; (v) changes in applicable laws or regulations; (vi) risks related to the COVID-19 pandemic and its effect directly on Lottery.com and the economy generally; (vii) risks relating to privacy and data protection laws, privacy or data breaches, or the loss of data; (viii) the possibility that Lottery.com may be adversely affected by other economic, business, and/or competitive factors; (ix) the ability of Lottery.com to achieve its strategic and growth objectives as stated or at all; and (x) those factors discussed in the proxy statement/prospectus filed by Lottery.com with the SEC under the heading “Risk Factors” and the other documents filed, or to be filed, by Lottery.com with the SEC. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that Lottery.com has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC’s website at www.sec.gov.
FAQ
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