LifeLogger Technologies Corp (OTCMKTS:LOGG) Slowly Climbs The Chart
At the start of April the stock of LifeLogger Technologies Corp (OTCMKTS:LOGG) crashed hard and in just a couple of sessions dropped down from close to 60 cents per share to a low of $0.45. Since then however the ticker has been making a slow but steady recovery moving up the chart and yesterday was its fifth session in a row ending in the green. The daily gains may not have been that impressive but the stock is now sitting at $0.5569 per share.
The problem is that the current upwards trend is not supported by anything. Since the start of 2015 the company has published only 2 PRs and the last one is now nearly two months old. It was issued on March 2 and talked about the company’s approval from OTC Markets Group, Inc. to continue trading on the OTCQB Marketplace. The annual report for 2014 that was submitted at the end of March was also extremely underwhelming revealing that the company finished last year with:
• $238 thousand cash
• $346 thousand total current assets
• $38 thousand total current liabilities
• $350 thousand annual revenues
• $185 thousand net loss
It should be obvious that LOGG’s fundamentals simply cannot support their current market cap of over $45 million. Not to mention that the company will need to find a lot more funds for the planned launch of its wearable video camera and the cloud based solution software called the Lifelogger Platform.
Keep in mind that both of these products are still not ready. After multiple delays the company’s latest projection is to launch their camera by the end of the second quarter of the year. Investors could be flocking towards the stock in anticipation of this. A new PR about the progress of LOGG’s operations could further strengthen the positive momentum of the stock.
If there is another delay however the ticker could simply crumble under the pressure of its inflated share price. Keep in mind that 31 million of LOGG’s 81.7 million outstanding shares were sold back in 2013 at $0.001 each. If even a portion of these underpriced shares finds its way to the open market the consequences could be dire.
