Lifelogger Technologies Corp (OTCMKTS:LOGG) submitted annual report on Form 10-K with SEC. In the report, the company reiterated that it changed its name in January 2014 when it entered into the new industry of innovative lifelogging solutions. The company changed its name to better relate with the new industry and its operations. Lifelogging solutions allow the users to record, store, organize, and retrieve and selective sharing of data, videos, photos and personal information with friends as well as the public. Before 2014, the company used to operate in web based marketing services
In annual report, Lifelogger reported that its business is based on the development and commercialization activities of wearable video camera, “Lifelogger wearable.” The industry is concentrated on developing an integrated eco-system of lifelogging software tools termed as “Lifelogger Platform”. The focus of the company is just not restricted to selling Lifelogger wearable, but also extends to commercially use the Lifelogger Platform in several different ways. The objective is to use it on different platforms including iOS and Android apps. Lifelogger wants to introduce a new beta version for testing in the second quarter of FY2015.
Lifelogger total revenue jumped massively to $350,000 for fiscal 2014 against 29,930 in fiscal 2013. The gain in total revenue was a result of a contract of Lifelogger wearable, and design work completed for a customer. The cost of revenue jumped by almost $65,516 from fiscal 2013 due to increased costs attributed to the design and development cost of prototype camera. The gross margins also expanded to 75% from 30% from higher costs. The company can determine the expected gross profits after only it establish a sales price for its new Lifelogger wearable.
In last trading session, the stock price of Lifelogger gained 2.75% to close the trading session at $0.557 on the share volume of 1.19 million.