After being hit hard by the market, Lifelogger Technologies Corp (OTCMKTS:LOGG) seems to have gained some form of consciousness. The constant disastrous trading sessions of the stock has come to a pause as it turned green during the last trading session. The company’s stock surged by nearly 43% or 0.071 points to recover to a level of $0.238. A total number of 909,632 shares recorded the change of hands during the session.
The problem for Lifelogger Technologies Corp (OTCMKTS:LOGG) started after a SeekingAlpha article pointed at the abnormalities around the company’s business. The author highlighted that the company with no product, no patents, and diminishing cash balance does not justify its current market valuation at nearly $40 million. The article succeeded in putting a sharp dent on the company’s stock valuation as investors’ took note of the red flags. This followed the release of 10-Q by the company, which again sparked the fear in investors’ about its financial standing.
Silence on the matter
As per the released information, Lifelogger Technologies Corp (OTCMKTS:LOGG) reported $81,000 in cash along with total current assets of $89,000 and current liabilities of $55,000. As appropriately pointed by the SeekingAlpha article, the company has zero revenues and a net loss of $290,000. However, it is noteworthy that despite the allegations raised by the SeekingAlpha article, the company did not indulge in covering up its weak financials or engaged in any form of pump articles.
At the same time, Lifelogger Technologies Corp (OTCMKTS:LOGG) also did not respond to the issues raised in the article. It is to be noted that as many as 31 million shares of the company out of its total 82 million outstanding shares were issued at a peak low price of $0.001 during 2013. Hence, it will be seen if the stock will continue to drag down further or not.