Lifelogger Technologies Corp (OTCMKTS:LOGG) presented the customers with a hope of launching a wearable camera some months ago but to date has failed to convert it into a reality. The company is operational in a growing industry of wearable camera, the fact which becomes meaningless in absence of a real product.
Lifelogger issued several Press Releases when the company stated that it will soon launch its wearable camera. However, there are no signs as to when the company will ‘actually’ launch the product. The problem is expected to get deep in coming period with cash reserves on decline. At the end of FY2014, the company reported cash reserve of $238,000 while as per company’s guidance it needs nearly $900,000 to complete planned operations in the year.
As of now, there is nothing that can encourage people to go ahead and invest in Lifelogger’s stock. The interest for the product is declining, there is no patent with the firm and situation is getting worse with mounting losses and declining reserves. Despite all these red flags, at $0.385, the company holds market cap of $31.67 million.
Lifelogger issued its quarterly numbers last month when it stated that it generated $0 revenue in the quarter. The operating loss came at $290,000 and cash reserves stood at $81,000 at completion of quarter ended March 31, 2015. The cash problem is a serious problem as it had forced company to release company’s stock as payment for services to some of the vendors at price of 20c. It appears that the company had utilized the cash reserves reported at end of March 31, and now have to look for new sources of funding.
In last trading session, the stock price of Lifelogger Technologies Corp (OTCMKTS:LOGG) gained more than 1% to close the trading session at $0.385.