Lifelogger Technologies Corp (OTCMKTS:LOGG) is one of the OTC companies that has ambitious goals, but inadequate capital to turn them into reality. It has substantial markings that are evident in a paid stock promotion. It highlights the similar properties of some of the poor performing companies including IFAN Financial Inc (OTCBB:IFAN) and Mobile Lads Corp (OTCBB:MOBO). The properties talked here are pathetic balance sheet, few to no employees, stock dilution or split, a recent change of business and ambitious goals.
The financial performance
Lifelogger’s financials are clearly dismal and reflect that it had $214,000 in cash. Moreover, it has only one full-time employee, and almost 61.7% of the company’s common stock is held by a third-party entity known as Consumer Electronics Ventures Corp. The problem is that upon searching for Consumer Electronics, the user is directed to LifeLogger’s filings. Additionally, Lifelogger claimed to utilize just $1,708 for its operating activities through the first three quarters of the year, which seems like a wholly inadequate amount for the advanced technology that the company claims to be working on.
As per the latest 10-Q, Lifelogger is developing a video camera that is wearable on head using true point of view recording. It is based on the concept of having a wearable that can either take pictures or videos of a user’s activities. It is also redesigning a new prototype wearable video camera that the company claims will be worn with an attachment to provide true POV recording.
Lifelogger’s stated wearable video camera will feature one-touch dedicated controls that can be accessed Android and IOS based equipments and applications. The camera can electronically connect to a cloud-based data system that will seamlessly processes and organize the video and data based on the individual’s search preferences. Prior to wearable market, the company used to provide a wide range of web based marketing services.