Lifelogger Technologies Corp (OTCMKTS:LOGG) filed Form 10-Q somewhere in the Mid-May wherein it disclosed that the revenue generated in the quarter was $0. The operating loss came at $290,000. The cash reserves declined to $81,000 at March 31, 2015 while the company has been releasing stock against payment for services to a group of vendors at a price of 20c. The expert at Seeking Alpha believes that the company has burned most of its remaining cash reported as of March 31, and will seek a capital raise soon in the near future.
Fueled by excitement and optimism over the potential for Lifelogger’s wearable cameras, LOGG shares have surged five-fold from 2014 low. It is a fact that wearable camera market is witnessing a growth which is even evident from the strong performance of GoPro Inc (NASDAQ:GPRO), a firm selling millions in sporting uses. The second firm is TASER International, Inc.(NASDAQ:TASR) which has recorded rapid growth in same industry by selling wearable cameras to law enforcement personnel.
Absence of product
The growth in industry necessarily doesn’t guarantee the growth of individual firm and it is the same case with Lifelogger. The company is yet to launch a product and there has been no relevant information on it. It had always delayed product launch raising doubts about existence of a real product. Lifelogger ended FY2014 with $238,000 in cash and stated that it needs $900,000 to carry out its activities during 2015. It indicates that Lifelogger will have to raise funds soon or close its doors.
The future ahead
With minimal client interest, no real product, no patents, surging losses and rapid burn out of cash investors are least interested to pour in money in Lifelogger shares. Despite the existing problems, at $0.372 per share, Lifelogger holds market cap of $30.60 million, which is again not justified for a company with no product.