Lifelogger Technologies Corp (OTCMKTS:LOGG) Moves Higher
The stock of Lifelogger Technologies Corp (OTCMKTS:LOGG) continued to pick up speed during yesterday’s trading and by the time of the closing bell it stood at $0.4588 for a gain of nearly 22%. Investors showed increased interest in the company and the daily volume of 2.6 million traded shares surpassed the monthly average by close to 6 times.
The recent performance of the ticker has been more than impressive with LOGG sitting just a little over 30 cents four sessions ago. Still, investors should be extremely careful when approaching the stock – there is no clear reason for the current uptrend. The latest official PR published by LOGG came more than four months ago, at the start of March, and it simply informed the public that the company will continue trading on the OTCQB Marketplace.
It is true that LOGG’s business plan is quite appealing. The company is trying to develop a wearable camera and a corresponding software solution that will allow the users to capture, store and stream pictures and videos. Unfortunately both products have suffered numerous and rather serious delays. The corporate presentation revealed on May 19 showed that LOGG are still pushing back the deadlines for their products. The private beta of the software was scheduled to start during the second quarter of the year with an open beta phase to follow in the third quarter. Without any official updates we don’t know if this time the company will manage to move according to its plan. As for the wearable camera no specific dates were mentioned in the presentation.
At the same time the financial resources of the company fail to inspire much confidence in LOGG’s ability to carry out their business plan. The latest quarterly report painted a rather bleak picture:
• $81 thousand cash
• $89 thousand current assets
• $55 thousand current liabilities
• ZERO revenue
• $290 thousand net loss
On May 12 LOGG raised $150 thousand by selling 348 thousand common shares priced at $0.43 each but even with this cash infusion the balance sheet remains completely disconnected from the overly-inflated market cap of $37.7 million currently commanded by the company.
The company is certainly capable of attracting attention but the various red flags should not be underestimated in the slightest. Any trades involving LOGG’s stock must be preceded by doing your own due diligence.
