Lifelogger Technologies Inc (OTCMKTS:LOGG) Logs Another Correction
Back in early July the stock of Lifelogger Technologies Inc (OTCMKTS:LOGG) went on an impressive climb up the chart and in the span of just seven sessions surged from 32 cents to a high of $0.562. This was as far as the positive momentum could push the stock, however, as immediately after that the ticker began wiping its gains. For the past sixteen sessions LOGG have managed to close in the green only 6 times and the gains were minimal at best.
Yesterday’s session saw the stock reach a low of the day of 30 cents per share but LOGG showed some encouraging signs as the stock spiked in the green on several occasions during the trading day. By the time of the closing bell, however, the ticker was trading at a loss of nearly 7.3% at $0.306. So far the company has seen the entirety of its July gains go down the drain but is there a chance for a reversal?
Potentially, if LOGG finally manage to complete at least one of their products, investors’ sentiment could indeed change but for now the stock has little to offer. Even after the severe drop down the chart the underlying fundamentals of the company remain completely disconnected from the current market cap of $25.1 million. For the first quarter of 2015 LOGG reported:
• $81 thousand cash
• $89 thousand current assets
• $55 thousand current liabilities
• ZERO revenue
• $290 thousand net loss
The main source of funds continues to be the Marshall Islands entity Glamis Capital SA. In September and December, last year, Glamis bought a total of 833 thousand shares at $0.60 each. In May, this year, another 348 thousand shares at $0.43 were sold. The latest 8-K form filed by LOGG also concerned a financing deal with Glamis –a $200 thousand securities purchase agreement.
Apart from this 8-K filing investors have not had any information about LOGG’s operations for close to three months now. On May 19 a corporate presentation was released but it showed that LOGG’s products are still suffering from delays.
Lifelogger should submit their next quarterly report by the end of the week and then investors should have access to more up-to-date information about the company on which to base their decisions. Until then the ticker is more than likely going to remain a volatile choice that should be approached only after doing extensive due diligence.