Lifelogger Technologies Corp (OTCMKTS:LOGG) Surges Above 50 Cents
On July 6 the stock of Lifelogger Technologies Corp (OTCMKTS:LOGG) closed at $0.31 cents. After its latest gain of over 10% during yesterday’s trading however the ticker now stands at $0.5175 per share. The recent chart performance of the company has been extremely positive and so far LOGG have registered 9 consecutive sessions of gains without a single on in the red.
Before you get too excited though let’s warn you that chasing after the stock may not be the best idea – the current uptrend has not been supported by anything. Absolutely nothing around the company has changed. The latest PR is still from March 3, which means that it is more than four months old. Their financials remain completely disconnected from the current market valuation of the company. LOGG finished the first three months of the year with:
• $81 thousand cash
• $89 thousand current assets
• $55 thousand current liabilities
• ZERO revenue
• $290 thousand net loss
Even with the $150 thousand raised in May through the sale of 348 thousand shares the fundamentals of the company simply cannot justify LOGG’s market cap of more than $42.5 million.
Investors might be excited about the company’s cloud-based software solution that will allow the users to capture, store and stream pictures and videos in addition to the wearable camera also being developed but it remains to be seen whether LOGG will keep the deadlines it stated in the corporate presentation from May. In the past both the software product and the camera suffered from massive delays and with the company’s atrocious financials the production may continue to face problems.
It cannot be denied that the market for wearable devices and cameras is extremely appealing but LOGG is simply surrounded by red flags that demand the use of caution. Before you put any money on the line it is paramount to do your own due diligence.
