Friendable Inc. (OTCMKTS:FDBL) Climbs Over A Penny
Friendable Inc. (OTCMKTS:FDBL)’s latest crash saw it plunge under the one cent mark, but the ticker managed to climb over it once again in yesterday’s trading, after receiving endorsement from Jennifer Lopez.
Admittedly, the global superstar’s invitation to her “45.5 million Facebook fans to check out the Friendable app” could get quite a few people to try it, and maybe some of them will like it enough to stick around. However, nothing is guaranteed at this point in time, and the company’s next financial report – the one which is expected to give investors an idea as to what effect all of this exposure has had on FDBL‘s revenue and profit – is still a long way away.
So while the news seems to be good, there is not much known about how FDBL is actually doing currently. What we do know for certain paints a whole other picture of FDBL – and one that investors should probably take into consideration as well, even if it is far less pretty.
The company’s latest financial report looked just awful:
- Cash – $19 thousand
- Total current assets – $300 thousand
- Current Liabilities – $2.5 million
- Quarterly Revenues – $11 thousand
- Quarterly Net loss – $1.2 MILLION
One could only hope that the exposure that FDBL has received in the last month or so would have contributed to the straightening of that ugly mess of a balance sheet, but as of now that can’t really be guaranteed.
What can be guaranteed is that FDBL investor value is beset on another front, and things don’t look as promising there. We are talking, of course, about the company’s share structure and the way FDBL seems indifferent to the strain it is putting on it.
Its latest financial report announced that the company had taken on even more debt, with conversion provisions as horrible as “50% of the lowest closing bid price (subject to a $0.004 ceiling price) for the common stock during the twenty (20) consecutive trading days immediately preceding the conversion date”.
Long story short – FDBL keeps talking big and attracting a lot of attention through celebrity exposure, but investors would do well to not grow complacent with this one, because the commercial benefits of all the hype are not yet guaranteed, whereas the company’s stock shenanigans are a very serious issue that threatens investor value right now.
