Lifelogger Technologies Corp (OTCMKTS:LOGG) reported its financial report few days ago and from there on the stock has been tumbling down on the charts. The constant attempts to make a recovery have yielded no significant results. However, in last trading session, the stock price managed to close in green with gains of just 1%. The stock surged $0.005 to close the trading session at $0.500. The gains came at a share volume of 720,261 compared to average share volume of 617,470. The company’s market cap stands at 40.79 million.
The share price momentum after the release of annual report was absolutely dismal. It was a big disappointment for shareholders as the financial numbers were good enough to sustain the positive momentum. It even ignored the number of new shares that were released in the market in past one year.
As per the latest report, Lifelogger had cash and total current assets of $238,000 and $346,000, respectively. It reported the total current liabilities of $38,000 while the net loss came at $185,000. The annual revenue stood at $350,000. The numbers were modest considering the company doesn’t have crushing debt in its books. It seems as the market still considers the market cap to be at higher end.
The investors are expecting Lifelogger to launch the much-hyped Lifelogging products by end of second quarter of the fiscal. The expectations are extremely high and if the product manages to meet them, the profits will be reflected in the balance sheet.
However, it is essential for the company to launch the product in the defined time. If it delays the product launch, things get worse for Lifelogger and it will be evident on the share price. The company is functional in the growing segment of Lifelogging and has a market cap of over $40 million.