Georgi Kamburov

LifeLogger Technologies Corp (OTCMKTS:LOGG) Crashes Hard

by Georgi Kamburov February 26, 2016

After whole three months of complete silence on February 17 LifeLogger Technologies Corp (OTCMKTS:LOGG, LOGG message board) showed the market that they are still alive by issuing a new PR. To say that the sudden announcement put investors in a state of buying frenzy would be an understatement - the ecstatic buying pushed the stock of the company from under 10 cents per share all the way to more than $0.28 in mere days.

This Wednesday LOGG made another announcement with the company inviting the owners of GoPro Hero3 to try the LifeLogger for Hero3 mobile app available for Android devices. The new PR helped LOGG close over 11% in the green that day but with the stock having already appreciated so much in such a short time we warned investors to be extremely careful.

Indeed, on Thursday the ticker reversed its direction and closed in the red. The loss of just 3.5% was not that alarming though. Yesterday's session, however, turned out to be a complete disaster. LOGG opened at $0.2755 and almost immediately began sinking towards the bottom of the chart. When the closing bell put an end to the trading day the ticker was sitting at $0.19, just a nudge above the intraday low of $0.188, for a loss of nearly 31%.

LOGG may have been able to move forward with the testing of their apps and the LifeLogger platform but for now the company continues to lack a completed product. Not to mention that even after cutting nearly a third of their value they still command a market cap of $15.6 million.

Such a valuation is beyond ludicrous - don't forget that according to LOGG's most recent financial report they finished the quarter ended September 30, 2015, with:

• $143 thousand cash
• $151 thousand total current assets
• $353 thousand total current liabilities
• ZERO revenues
• $236 thousand net loss

There is also the $473 thousand convertible note that could potentially be turned into shares at the lower of $0.2625 or a 30% discount.

Back in November LOGG stated that they expect the acquisition of Pixorial Inc to be closed by the end of the first quarter of 2016. In 2014, however, Pixorial's own management team reached the conclusion that moving forward is not economically viable. By the end of next month LOGG should also submit their annual report for 2015 and its effect on the stock must also be taken into account. Don't underestimate the risks surrounding the company and commit to trades only after doing sufficient research. 

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