Lifelogger Technologies Corp (OTCMKTS:LOGG) has landed into quite a lot of trouble after soaring high in the market in the past month. Essentially, the company focuses on wearable video and software technology. Although investors have shown considerable interest towards the industry in general, the same cannot be said about the company’s products. The problem for Lifelogger seems to lie in its management. The company has repeatedly set deadlines for product launches, which it has failed to meet.
Recently, Lifelogger announced that it was working with a leading electronics company to produce a wearable camera. The developments also include upgrades to its cloud system, to store and retrieve those videos when needed. Unfortunately, it seems as the company would miss the deadline of 1Q2015, which it has set for the products launch. Additionally, the company has spent $118,000 on R&D, but still has no patents to show for it.
Currently, the company is valued at $40 million, with a depleting cash reserve. Some analysts even doubt that the company would be able to make it past this year. As per the 10Q filed by the company recently, Lifelogger Technologies Corp (OTCMKTS:LOGG) generated 0 revenues and $290,000 operating loss. The loss itself is overwhelming, given that at the end of March 31, the company only had $81,000. Further investigation revealed that the company has been issuing stock to vendors at $0.20, for their services.
With the 1Q2015 already released, the company still does not have its wearable body camera in the market yet. Unfortunately, there have been no patent filings either, which could very well mean further losses. As per the 1Q2015, the company still has $81,117 in cash, which means that they have been liquidating the stock quite a lot to pay for operating expenses. This is something that is leading the company towards increased losses.