Lifelogger Technologies Corp (OTCMKTS:LOGG) filed annual report on Form 10-K with SEC. In the financial report, it reiterated that it approved a new company name in January 2014. The change in name was done due to change in the operating industry. It closed its operations of web based marketing services and entered into the industry of lifelogging solutions. The new name better relate to its present operations. The solutions are meant for the storage and selective sharing of data and personal information.
In financial report, Lifelogger stated that its current business is related to the development and commercialization of latest form of wearable video camera. The company terms it as “Lifelogger wearable.” It is concentrated on preparing an integrated eco-system of software tools based on “Lifelogger Platform”. It not only intends to sell the Lifelogger wearable, but also wants to extend its use to commercial applications in several different ways. The aim is to use it on different platforms available in the market including iOS and Android apps. It is working on a new beta version and intends to launch it for testing in 2Q of fiscal 2015.
Lifelogger Technologies Corp (OTCMKTS:LOGG) announced that its total revenue for the year jumped massively to $350,000 against 29,930 in fiscal 2013. The surge in revenue was due to a contract that the company received for Lifelogger wearable, and design work from a major client. The cost of revenue surged by close to $65,516 from FY2013 due to extended expenses related with the design and development cost of new prototype camera. Lifelogger said that the gross margins came at 75% in FY2014.
In last trading session, the stock price of Lifelogger gained 2.33% to close the trading session at $0.570. The gains came at a share volume of 1.43 million compared to the share volume of 638,461.