After reporting a couple of green sessions, Lifelogger Technologies Corp (OTCMKTS:LOGG) turned red again. Over the last few days, Lifelogger exhibited the confidence of investors, who believed that the stock is undervalued at $0.167 and eventually pushed it up. However, the company came into trouble after a Seeking Alpha article raised questions on its market capitalization value, which is not justified based on Lifelogger’s Nil revenues.
Concerns about the company
At the same time, Lifelogger Technologies Corp (OTCMKTS:LOGG)’s disappointing quarterly report too echoed the fears leading the stock to diminish quickly. The company’s latest report indicated that the company holds just $81,000 in cash, while its total current assets are $89,000. The company’s total current liabilities are $55,000 that accompanies zero revenues. The company posted a net loss of as much as $290,000. The company has already raised doubt on its ability to continue as a going concern in the wake of absence of capital and sufficient revenues.
Meanwhile, Lifelogger Technologies Corp (OTCMKTS:LOGG) has also defaulted on its set deadlines. For instance, the company had announced the private beta testing of its software platform that was supposed to start four months ago. But, nothing has been heard from that corner so far. Also, an open beta test was due to take place this month. However, the company has not come forward with any reason for the delay or a new schedule either.
The only information that Lifelogger Technologies Corp (OTCMKTS:LOGG) provided in its quarterly report was that of the sale of 348,837 shares to an investor at a price of $0.43 per share. The company said that it will use the cash proceed worth $150,000 towards the development of its platform. The stock of the company was down by nearly 7% to $0.350 during the previous day’s session. A total of 1.12 million shares changed hands during the day.