But even if LOGG finally manage to complete one of their products its commercialization will need a sizable amount of capital. Unfortunately LOGG’s financials are rather depressing with the company reporting the following numbers for the first quarter of the year:
• $81 thousand cash
• $89 thousand current assets
• $55 thousand current liabilities
• ZERO revenue
• $290 thousand net loss
The quarterly states that for the next twelve months LOGG’s expenses are expected to reach $971 thousand. In order to raise any amount of money investors should be prepared that more of the company’s shares will have to be sold. Back in March the amount of $150 thousand was raised through the sale of 348 thousand shares.
So, LOGG doesn’t have a completed product as of yet, their financials are quite grim and there could be even more dilution in the future. For the past two sessions the stock has also been dropping down the chart and although for now the corrections are not that scary – 5.7% last Friday and 5.1% yesterday, the ticker has demonstrated that it can wipe huge chunks of its value in a matter of days. Just take a look at the stock’s performance in mid-May.