Lifelogger Technologies Corp. (OTCMKTS:LOGG)’s Stumble Turns Ugly
Lifelogger Technologies Corp. (OTCMKTS:LOGG) continued its disastrous slide to the bottom of the charts yesterday with another 34.49% drop.
The ticker’s slide was kick-started by a SeekingAlpha article that revealed quite a few of the red flags surrounding the company. However, it wasn’t until LOGG‘s latest financial report hit the web that the dollar volume peaked and the company’s descent turned ugly.
And truth be told, there’s a really good reason for said turn of events – LOGG‘s balance sheets for the period ended Mar. 31, 2015 look depressing to say the least:
- cash $81 thousand
- total current assets $89 thousand
- total current liabilities $55 thousand
- NO REVENUES
- net loss $290 thousand
The only upside to these financials seems to be the fact that the company’s outstanding share count seems to have remained relatively solid in the last year or so. However, that does not really mean that investors should not be wary of dilution. Why?
A bit of digging reveals the fact that 31 million out of the 82 million LOGG shares currently outstanding were issued in 2013 at prices as low as $0.001.
So, in the end what do we have on LOGG? The company is still in development, its financials can be called bleak at best, it has a history of toxic dilution, and in spite of its brave words so far, there aren’t any solid evidence that any of this will change in the foreseeable future.
With this in mind, is it really any wonder that the ticker is currently headed down hard?