Lifelogger Technologies Corp (OTCMKTS:LOGG) Crashes
On Monday the stock of Lifelogger Technologies Corp (OTCMKTS:LOGG) jumped up by over 5% on nearly five times the 30-day average traded volume. In our previous article, however, we warned you that the positive move wasn’t supported by anything and that you should proceed with caution. Indeed, on the very next day, LOGG crashed hard wiping nearly 18% of their value and closing at $0.119 per share. This time even more shares changed hands – investors shifted 1.67 million shares.
The latest information coming from LOGG has been nothing short of depressing. The company filed its annual report for 2015 on April 8 and the numbers inside it are truly dismal:
• $132 thousand cash
• $145 thousand total current assets
• $552 thousand total current liabilities
• ZERO revenues
• $1.08 million net loss
That is right, for the entire 2015 LOGG were unable to log in even a cent in revenues. Now, add to this the nearly six times bigger net loss – from $186 thousand at the end of 2014 to nearly $1.1 million at the end of last year, the underwhelming cash reserves, and the working capital deficit of over $400 thousand.
The dreadful finanicals are just a small portion of the red flags surrounding the company. At the very start of March over 1.8 million shares priced at just $0.07875 got issued as part of a debt settlement agreement with Glamis Capital SA. Even after yesterday’s crash the owners of these shares could reap massive profits if they decide to dump them on the open market. Don’t forget that last month LOGG also decided to increase their authorized shares from 125 million to 255 million.
After amending the deadline for the acquisition of the assets of Pixorial, Inc. from March 30 to April 30 LOGG still have a couple of days left to close the deal. Will this be enough to stop the stock from falling even lower down the chart? Especially when you take into consideration that back in 2014 Pixorial’s own management team decided than carrying on was not economically viable.
