Lifelogger Technologies Corp (OTCMKTS:LOGG) Bounces

After four sessions of losses in a row yesterday the stock of Lifelogger Technologies Corp (OTCMKTS:LOGG) finally managed to reverse its direction. The ticker jumped up the chart by over 13% and closed at $0.115 per share. The double-digit daily gain and the traded volume of over 2 million shares, which was over 5 times higher than the monthly average, definitely show that investors are still excited about LOGG‘s potential. Will the company be able to form a more prolonged recovery, though?

While the outcome of yesterday’s trading was quite positive there are some troubling signs – the stock actually closed below its opening price of $0.12. Not to mention that after the session LOGG‘s market cap is once again sitting close to $10 million, number that seems to be far too inflated when compared to the company’s financials. The annual report that was filed by LOGG last month showed that they finished 2015 with:

• $132 thousand cash
• $145 thousand total current assets
• $552 thousand total current liabilities
• ZERO revenues
• $1.08 million net loss

Adding the 1.8 million shares that were issued at an average price of $0.07875 as part of the debt settlement agreement with Glamis Capital SA and the increase of the authorized shares from 125 million to 255 million makes the picture even more depressing.

At the start of March LOGG extended the deadline for the acquisition of the assets of Pixorial, Inc from March 30 to April 30. April has now come to an end so we will have to wait and see if a PR announcing the successful closing of the deal will be issued in the coming days. Even if it does the fact remains that back in 2014 the management team of Pixorial decided that it was not economically viable to move on with the business plan of the company.