LifeLogger Technologies Corp (OTCMKTS:LOGG) Suffers A Serious Correction
Back in May the stock of LifeLogger Technologies Corp (OTCMKTS:LOGG) managed to drop from around 50 cents to less than 17 in just three sessions. Not only that but a new 52-week low of $0.143 was also registered. The stock was able to recover most of its losses but now it seems that another downwards trend has been forming.
For the past three sessions LOGG has been going nowhere but down and after crashing by another 10% yesterday the stock now trades at $0.30 per share. This means that LOGG currently commands a market cap of nearly $25 million. We will leave it up to you to decide just how realistic such valuation truly is when according to the latest financial report at the end of March the company had:
• $81 thousand cash
• $89 thousand current assets
• $55 thousand current liabilities
• ZERO revenues
• $290 thousand net loss
It is true that the balance sheet did receive a $150 thousand boost when LOGG sold $348 thousand shares priced at $0.43 but that amount hardly makes the picture any less depressing.
The red flags don’t stop there however. The last PR issued by the company is now more than three months old and it wasn’t particularly exciting either – it simply announced that LOGG will continue trading on the OTCQB Marketplace. Investors did get an update about the progress of the company’s operations in the form of a corporate presentation. Unfortunately, it revealed that the beta testing of LOGG’s cloud-based mobile platform was further delayed with the start of the private beta expected to take place during the second quarter of the year. Well, we don’t know if this has happened but LOGG still have a couple of weeks to issue a PR about it. The presentation didn’t mention a date for the wearable camera though.
Without news and with financials that inspire little confidence LOGG could continue to correct. The stock demands the use of caution and any trades should be preceded by extensive due diligence.
