As per the latest quarterly report ended September 30, 2014, Lifelogger Technologies Corp (OTCMKTS:LOGG) revenue surged to $92,000 compared to $10,950 in the quarter ended September 30, 2013. The increase in total revenue can be attributed to the conceptual design operations carried out under the Matrico agreement.
The financial performance
Lifelogger said that the cost of goods sold in the quarter surged by almost $36,863 due to higher costs linked with the design of the camera. The gross margins came at 52% as higher revenues were partially offset by the increased costs associated with development revenues. Lifelogger didn’t provide any guidance for gross profits in FY2014 as yet it had not established selling price for its upcoming camera. Also, it doesn’t have an estimate of definitive production costs.
Lifelogger Technologies Corp (OTCMKTS:LOGG) is working on a video camera that is wearable on head. It makes use of true POV recording. The product is based on the concept of having a wearable took that can either take pictures or video of a user’s activities on command or automatically. The company is redesigning a new prototype wearable video camera that can be worn with an attachment to get true POV recording.
Lifelogger’s new product will feature one-touch controls accessible from iOS and Android based applications and devices. The camera can electronically connect to a cloud-based data service. O two;; seamlessly organize and process the users captured data and video based on the search preferences.
The other highlights
Lifelogger engaged MM Solutions in October 2014 to complete a redesign of the camera. It is a European based firmware and software developer with more than 200 employees. Also, it is a leader in mobile camera calibration and firmware. The company expects to begin the production of the new prototype in 2Q2015. It is uniquely designed to interface with current apps on Android and iOS platforms.