After registering losses last week, the stock price of Lifelogger Technologies Corp (OTCMKTS:LOGG) opened in green on Monday’s trading session. The stock was trading with gains of more than 8% at $0.335. The strong start comes as a relief to LOGG investors as the stock wiped out more than 70% of its market value in just three trading sessions in last month. However, even after the sharp decline, the market cap of Lifelogger stands massive at more than $26.41 million.
Since last two weeks, the stock has not registered any major movement, but that doesn’t mean that all is well with company. The stock has been underperforming and the interest of investors seems to be fading with the daily volumes not exceeding 600,000 shares. The average monthly share volume of LOGG stock is 1.14 million shares.
Lifelogger’s market cap of over $26 million cannot be justified taking into account the poor fundamentals of the company. The last quarterly report issued at end of March revealed that company had cash of just $81,000.The current assets came at $89,000 while current liabilities were no less than $55,000. The company reported revenue of $0 while net loss stood at $290,000. The company recorded cash of $150,000 through the sale of 348,000 LOGG shares priced at $0.43. Even if this amount is included, the market valuation of company cannot be justified.
The major problem with Lifelogger Technologies Corp (OTCMKTS:LOGG) is the absence of a product. The company has released several PRs stating that it has a game-changing product but as of now there is no update on when the product is actually going to be launched in the market. Lifelogger has a history of missing deadlines, and therefore any release or update on its product is now not taken seriously. As per the last update, the final prototype is ready for testing process.