Lifelogger Technologies Corp (OTCMKTS:LOGG) Is Slowly Sinking
Recently the stock of Lifelogger Technologies Corp (OTCMKTS:LOGG) went through some extremely turbulent trading. In just three sessions the ticker managed to obliterate 70% of its value as it dropped from over $0.50 to less than 17 cents. Following such a dramatic depreciation the ticker bounced recovering most of its losses and last Thursday closed at $0.375.
Since then things seem to have calmed down but that doesn’t mean LOGG are moving in the right direction. In fact, for the last three sessions the stock has returned to sliding downwards albeit at a much slower pace. Yesterday the company closed a little over 1% in the red at $0.34. Interest from the market is also waning with the daily volumes barely surpassing 600 thousand shares while the 30-day average stands at 1.14 million shares.
Even at the current prices LOGG are still commanding a market cap of more than $27 million which is a valuation that has absolutely no connection with the underlying fundamentals of the company. The latest quarterly report showed that at the end of March Lifelogger had:
• $81 thousand cash
• $89 thousand current assets
• $55 thousand current liabilities
• ZERO revenues
• $290 thousand net loss
Even if you add the $150 thousand obtained by the company through the sale of 348 thousand shares priced at $0.43 the financials still remain completely disconnected from the market valuation.
If LOGG hopes to entice investors to return they will need to show considerable progress with their operations. In our articles covering the company we have often warned you that so far Lifelogger has missed all of its announced deadlines. Even now there is no concrete date for the wearable camera developed by the company. The corporate presentation that was issued on May 19 only stated that the final prototype is ready for testing.
The beta testing of their cloud based software platform also experienced significant delays and now LOGG expect to launch the private beta test at some point during the second quarter of the year. Well, that means that if this time they want to meet the deadline they themselves have given the testing should start in the next month.
With no products, bleak financials and overly-inflated share price LOGG should be approached with caution. Without new information about their progress – the last official PR is now nearly 3 months old – the market could continue to lose interest in the company.
