Reports $1.86 Million in Unpaid Payroll Obligations and Recovery Plans Following Operational Cessation Inc. (ticker: LTRY), a provider of domestic and international lottery products and services, has recently experienced significant challenges including operational cessation and unpaid payroll obligations. In this report, we analyze the company’s current financial situation, the impact of local and international business disruptions, and its plans for recommencement of operations.

Operational Cessation

Since July 29, 2022, has effectively ceased operations due to a series of issues including non-compliance with state and federal laws, termination of key executives, and restatement of financial statements. As a result of the operational cessation, the company has furloughed the majority of its employees, leaving behind a core team to address legal and compliance issues, and secure necessary funding for the recommencement of operations. As of March 31, 2023, approximately $1.86 million in outstanding payroll obligations remain unpaid.

Recovery Plans

In an effort to reestablish itself and resume operations, has since engaged into several loan agreements including a loan agreement with Woodford Eurasia Assets, Ltd. (“Woodford”), which provides the company with up to $2.5 million, subject to certain conditions and requirements, of which approximately $1.6 million has been received to date and $900 thousand are currently available pursuant to the terms of the Loan Agreement. The parties may also mutually agree to increase the amount of the loan to $52.5 million.

It is essential to highlight that despite the operational cessation, some of the companyโ€™s wholly-owned subsidiaries, including TinBu, Aganar, and JuegaLotto, have continued to operate under the direction of the leadership teams that were in place prior to the companyโ€™s acquisition of such companies. These subsidiaries have decreased their expenses and have had their revenue remain consistent or decrease slightly from pre-Operational Cessation levels.

In addition, has resumed limited operations with its Business-to-Business Application Programming Interface (B2B API) Platform in April 2023. The company anticipates that the Business-to-Consumer (B2C) Platform will become operational again in the third quarter of 2023.

International Expansion’s international expansion strategy remains a focus, as it acquired Global Gaming, which holds 80% of the equity of each Aganar and JuegaLotto, in June 2021. These acquisitions are expected to provide inroads for the company throughout Mexico and Latin America as it expands its international operations, product portfolio, and market exposure.


With an ongoing process of recovery and recommencement of operations, aims to reestablish itself as a leading provider of lottery products and services, addressing the outstanding financial challenges and ensuring the long-term success of the company.

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