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Lottery.com fails to pay employee salaries
Lottery.com, which is an online lottery platform, is ought to pay 425 thousand dollars for outstanding payroll obligations.
The Board also sharply outlined the precarious position of the company, stating that “at present it does not have sufficient financial resources to finance its activities or pay for certain existing obligations, including salary payments and related obligations.”
The company’s inability to pay this amount may lead to employees ending their relationship with the company or resorting to legal remedies.
The Commission’s analysis of the consequences of such an inability to fulfill its obligations to pay wages raises serious doubts about Lottery.com’s ability to continue functioning in its current state.
As the brand’s business depends on the performance of the staff members, a material loss of the workers can lead to the company’s inability to use its technologies, fulfill its obligations to customers, loss of key customer relationships and revenue.
Lever, the chief legal and operating officer is the one who signed the filing declaration.
Lottery.com it turned out that the company “overestimated” its cash reserves by thirty million dollars after the dismissal of its president and Chief Financial Officer R. Dickinson.
This happened after an inspection, during which “cases of non-compliance with state and federal laws concerning the state in which tickets are purchased” were found.
This epic has left unresolved issues related to compliance with business requirements and accounting practices.
News of financial irregularities dealt a crushing blow to the company’s share price – today, since the beginning of trading, it has fallen from 0.81 to 0.41, down 48.44%.