LifeLogger Technologies Corp. (OTCMKTS:LOGG) Gets Demolished
LifeLogger Technologies Corp. (OTCMKTS:LOGG) started yesterday’s session well, but the uplifting mood that the green opening created was soon soured as the ticker got flung back down to the bottom of the charts on massive volume.
The horrible crash came in spite of the fact that LOGG filed another 8-K announcing that it has acquired more funding from an entity called, Glamis Capital SA – which is a little odd, since this could easily be taken as good news. Then again, $70 thousand worth of funding can hardly plug all the leaks in the company’s metaphorical financial boat, seeing as how LOGG‘s latest financial report looked like this:
- Cash – $81 thousand
- total current assets – $89 thousand
- total current liabilities – $55 thousand
- NO REVENUES
- net loss – $290 thousand
True, the influx of cash to spend may go a way towards speeding up LOGG‘s current projects. However, said step forward has been delayed so long that it hardly seems worth it.
It would be something of an understatement to say that progress on LOGG‘s activities is severely overdue. 100 working prototypes of its the wearable camera should have been out by November 2014, and according to its plans and announcements, the first quarter of 2015 should have seen the beginning of mass production of the gadgets. What ended up happening was that, as of May 19, LOGG had ONE final prototype of the camera ready for testing. And, judging by the company’s lack of announcements, the cloud-based software platform isn’t faring much better.
In a presentation, LOGG announced that private beta testing was supposed to begin by the end of the second quarter of 2015. No word of such testing having started has come out yet. But that’s hardly surprising, seeing as how LOGG has kept eerily quiet for the last 5 months or so.
This being the case, it should be no wonder that LOGG is currently sinking like a stone, in spite of having found a source of non-toxic funding.
