Lifelogger Technologies Corp (OTCMKTS:LOGG) had launched its wearable camera in the minds of people but a real product is out of sight. The company is functional in a growing industry which becomes meaningless for a firm if it doesn’t have any product to sell to the customers.
The unending wait
Lifelogger has informed in Press Releases that it will soon introduce the much awaited wearable camera with no real signs of launching the product. In addition, the company cash reserves are steadily declining. At the end of Fy2014, the cash reserve stood at $238,000 while there is need of almost $900,000 to continue with planned operations in the year.
Assets or liabilities
There is nothing as of now with Lifelogger that can really prompt investors to stay invested in the stock. There is minimal interest for its product, or rather say as of now there is no real product, no patent and situation getting worse with declining reserves and increasing losses. Despite all these problems, at $0.379, the company holds unjustified market cap of $31.19 million.
Lifelogger Technologies Corp (OTCMKTS:LOGG) submitted Form 10-Q in May when it revealed that it generated zero revenue in the quarter. The company posted operating loss of $290,000 while cash reserves came at $81,000 at end of March 31, 2015. The problem is so dire that the company had to release stock as payment for services to vendors for 20c. The analyst at Seeking Alpha is of view that the company has already used its remaining cash that was reported at end of March 31.
The stock price of Lifelogger has jumped five-fold from lows of 2014, and it is a high time company should take some serious efforts to release a product. In last trading session, the stock price of Lifelogger gained more than 1% to close the trading session at $0.379. The gains came at a share volume of 659,546 compared to average share volume of 1.14 million.