Friendable Inc. (OTCMKTS:FDBL) Gets Cut Even Shorter
Friendable Inc. (OTCMKTS:FDBL) crashed another 14% yesterday, in spite of issuing an optimistic PR and getting exposure from a couple of other sources as well.
As per the press release, FDBL‘s app has registered about 40 thousand new downloads last month alone – which is good news indeed.
Or is it? We can’t tell, since the static number of downloads means very little in and of itself. How many active users does the app have, currently? How many logins per day is it registering? How does that translate to revenue? The PR said nothing about all of those things – which is hardly convincing.
And while on the subject of unconvincing, the company’s financial report for Q1 2016 has been out for a while, and, well… take a look at it yourself:
- Cash – $19 thousand
- Total current assets – $300 thousand
- Current Liabilities – $2.5 million
- Revenues – $11 thousand
- Net loss – $1.2 MILLION
Those numbers fail to impress – but that’s nothing new. The only good news that the company’s shares outstanding don’t seem to have grown between the filing of its 10-K and its latest 10-Q. However, one must not forget that as of April 2016, FDBL‘s total shares outstanding were more than double what they were just six months before that point in time.
Add the fact that the company still has a bunch of notes that convert at “50% of the lowest sale price for the common stock during the twenty five (25) consecutive trading days immediately preceding the conversion date”, and it should be obvious why FDBL investor value is far from safe, in spite of the relative calm it has experienced on that front during the reported period.
Long story short – FDBL‘s achievements to date don’t mach its bold words, so it’s no winder that the ticker is slumping, even with all the attention directed its way.
