Lifelogger Technologies Corp. (OTCMKTS:LOGG) Gets Destroyed
Lifelogger Technologies Corp. (OTCMKTS:LOGG) suffered yet another disastrous crash yesterday, losing 38.13% of its market value in a roller-coaster that left it below the $0.17 mark.
The SeekingAlpha article that heralded LOGG‘s current slide pretty much covered all the points of interest – “The market currently values LifeLogger at over $40 million… [LOGG has] no product, minimal consumer interest, no patents, and a rapidly depleting cash balance”.
Although the review was clearly tainted by the author’s obvious bias (Disclaimer: The author is short LOGG) the bad publicity certainly drew the investor attention towards the ticker. Supposedly, this is what caused people to take notice of the 10-Q that came just a day after the coverage – and in the end caught said investors’ attention wasn’t a rosy picture at all:
- cash – $81 thousand
- total current assets – $89 thousand
- total current liabilities – $55 thousand
- NO REVENUES
- net loss – $290 thousand
The only positive thing about LOGG seems to be the fact that at least there doesn’t look like there’s any pump and dump action going on here. Unfortunately, that doesn’t mean that investor value is safe from dilution. 31 million out of the 82 million LOGG shares currently outstanding were issued in 2013 at prices as abysmally low as $0.001.
This is why LOGG is currently falling, why its fall is justified and why its prices per share will probably continue to fall until its market cap reaches something more closely resembling the company’s actual worth.