Friendable Inc. (OTCMKTS:FDBL) Gets Its Teeth Kicked In
It took Friendable Inc. (OTCMKTS:FDBL) a boastful PR and a couple of paid pumps to finally attract the investors’ attention, but it was obvious that the ticker’s jump would not last – and, true to form, it didn’t.
And, frankly, how could it have lasted? All possible due diligence points to the conclusion that FDBL is just a dubious OTC Markets underachiever. Its commercial results to date are laughable, and its overall financial state is a sad, sad sight, with its latest financial report looking like:
- Cash – $15 thousand
- Total current assets – $222 thousand
- Total current liabilities – $1.7 MILLION
- Annual revenues – $151 thousand
- Annual net loss – $3.2 MILLION
Add the fact that the company’s announcements, no matter how boastful, completely crumple under any sort of scrutiny, and it should be more than obvious why FDBL failed to retain its gains.
Then there’s the issue of nearly the half a million dollars the company has in the form of notes issued and outstanding. Most of those notes can be converted into shares of FDBL common stock at rate of 50% of the lowest sale price 15 to 25 days prior to the conversion date.
This scrap of information should tell investors pretty much all they need to know about the way FDBL does business. As usual, due diligence are advised when dealing with suspicious OTC Markets pinksheets penny stocks – and FDBL seems to fit that description rather well.
