Friendable Inc (OTCMKTS:FDBL) Getting Pummeled
The stock of Friendable Inc (OTCMKTS:FDBL) exploded onto the market in the second half of April after a long time of moving sideways. The ticker gained a lot of value over a short period of time and we also saw a significant increase in daily volumes.
Since then, however, the ticker has been having some trouble keeping its gains. There is, however, a lot of good press surrounding FDBL. Unfortunately, we still lack a more current perspective on the company’s financials and are left with the ones for the first quarter of the year, which weren’t very impressive.
- cash: $19 thousand
- current assets: $300 thousand
- current liabilities: $2.5 million
- quarterly revenues: $11 thousand
- quarterly net loss: $1.2 million
While the revenues should have significantly grown since then, we aren’t quite sure how profitable FDBL can be with that significant net loss. Meanwhile, the company has kept issuing convertible notes with massive discounts in order to fund its operations.
Still, the downloads of the company app are going up and Friendable has even been featured in a Fifth Harmony and Fetty Wap music video. Unfortunately, the past couple of sessions went pretty badly for FDBL. The ticker lost some 18.26% of its value in Wednesday and dropped another 14.89% yesterday, closing at $0.007943.
The fall might have come to an end by now and FDBL looks a bit more stable in the last session of the week. You should, however, be sure to do your due diligence and weigh out all the risks before putting any money on the line.