Lifelogger Technologies Corp (OTCMKTS:LOGG) failed to post gains in last trading session. It dropped more than 17% to close at $0.591. The buying frenzy that began last week prompted the stock to touch levels of $0.718. The shares of Lifelogger closed in the green for nine sessions in a row. It is quite impressive; however it is best to exercise caution when approaching the stock. The uptrend that started last week is not backed by any substantial. The last time Lifelogger stocks touched this level was in December 2014.
At the start of the week, Lifelogger published a PR announcing that they met the required listing standards to continue trading on the OTCQB platform. The meeting of regulatory requirements cannot justify the 12% jump in share prices of LOGG.
There is no doubt that Lifelogger has an appealing and innovative business plan. It is working to develop a suite of software apps that can store, capture and live stream videos. Also, the company is trying to develop one point of view wearable camera. If it succeeds, it will be able to capture a big market share of the growing wearable devices market.
Lifelogger Technologies Corp (OTCMKTS:LOGG) wants to expand its offerings in the wearable camera market. However, it remains to be seen how well it is equipped to compete with leaders in wearable industry. The company holds an edge over other penny stocks as it reports revenue. Again, concerning part is it doesn’t generate revenue from the sale of products. It posted revenue of more than $90,000 through its product development deal with a Belize-based firm called Matrico Holdings Ltd.
In an effort to enhance its cash reserves, Lifelogger closed two securities purchase deals in September 2014. It sold 417,000 shares for almost $250,000 in proceeds. It again went for a sale of 425,000 shares for almost $255,000 in December 2014.