LTRY - Lottery.com stock sinks to record low on inability to fund operations going concern risk

• Lottery.com ( NASDAQ: LTRY ) stock sank to a record low on Friday after the firm said it does not have sufficient financial resources to fund operations for a 12-month period or pay its employees.
• The company also raised substantial doubt about its ability to continue as a going concern.
• LTRY intends to furlough certain employees effective Friday.
• The company owed ~$425K in outstanding payroll obligations as of the date of the disclosure.
• LTRY's inability to pay this amount may result in employees leaving the firm and/or pursuing legal remedies.
• A material loss of its employee base may result in LTRY's inability to operate its technology, meet its obligations to customers, loss of key customer relationships and revenue, and claims for breach of contractual obligations.
• If LTRY is not able to secure additional capital resources, it will be forced to wind down some or all operations and pursue options for liquidating its assets.
• As many as 8.3M shares changed hands as of 1.56 pm ET vs. average trading volume of 268.4K.
• Shares of LTRY have declined ~95% YTD.

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