Friendable Inc. (OTCMKTS:FDBL) Slips Once More
Two consecutive sessions of red trading have brought Friendable Inc. (OTCMKTS:FDBL) right back down to $0.016 – and that’s no surprise at all.
The ticker did manage to attract a lot of attention a while back – and the volatility the interest it aroused in investors is still pushing and pulling it every which way. Enterprising investors have doubtless already taken advantage of that selfsame volatility in their efforts to make a quick profit. However, judging by the charts, a lot of traders have already lost interest in FDBL, which has led to both a drop in the dollar volume that the ticker registers on a daily basis and its chart position.
And, frankly, how could investors remain impressed with FDBL? Realistically speaking, all of the company’s achievements to date can be summed up in this excerpt from its latest financial report:
- Cash – $15 thousand
- Total current assets – $222 thousand
- Total current liabilities – $1.7 MILLION
- Annual revenues – $151 thousand
- Annual net loss – $3.2 MILLION
Furthermore, approximately $500 thousand of the company’s debts are in the form of convertible notes issued and outstanding. The majority of those notes can be transformed into shares of FDBL common stock at discounts of 50% of the lowest sale price 15 to 25 days before conversion.
And about all those boasts about the superb quality of the company’s product… Well, once you start reading the app’s reviews in the playstore, it becomes quite clear that it’s not really as impressive as FDBL makes it out to be.
All things considered, it is something of a wonder that the ticker hadn’t turned bright red at an earlier point in time.