Lottery.com has confirmed the appointment of Yusufali & Associates as new, official auditors of the company.
Yusufali & Associates have replaced previous incumbents to the position, Armanino LLP, who submitted a resignation letter last month.
Armanino was in situ when it was revealed earlier this year that Lottery.com had overstated its available cash balance by $30m and ‘improperly recognised revenue in the same amount’ during the prior fiscal year.
This news prompted a slew of exits from the company, most notably CEO Tony DiMatteo, CRO Matthew Clemenson and President, CFO and Treasurer Ryan Dickenson.
Lottery.com subsequently expressed ‘substantial’ doubts over the future of its existence as the firm began to furlough employees.
These fears were exacerbated by NASDAQ issuing a delisting deadline and further departures from the Lottery.com board, which was whittled down to one member – Richard Kivel – in September.
Vladimir Klechtchev, a member of the Board of Directors, also resigned from his post on October 19.
Lottery.com did appoint a new Interim CFO last week, though, in the form of Edward K. Moffly, while Matthew McGahan was appointed as an Independent Director on the same day of Klechtchev’s departure.
Commenting on his company’s appointment as auditors, Yusufali & Associates Founder and CEO Yusuf Musaji 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 finalising our work on a timely basis.”
Sohail Quraeshi, CEO of Lottery.com, added: “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.”
