iHookup Social Inc (OTCMKTS:HKUP) Climbs Higher After Acquisition Announcement

[[tagnumber 0]][[tagnumber 1]]After a disappointing performance in the second half of April and most of May we saw the stock of iHookup Social Inc (OTCMKTS:HKUP) stabilize for a while, before embarking on an upward run in the charts in which the company stock gained around 1000% in value.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The upward run was fueled by a fluff PR from June 10which announced “[[tagnumber 6]]international successes[[tagnumber 7]]” as the launch of their new brand [[tagnumber 6]]“friendable”[[tagnumber 7]] nears. Truth be told, looking at the numbers contained in the company’s financial report we don’t know what they consider success.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 13]] [[tagnumber 14]]cash: $1 thousand[[tagnumber 15]] [[tagnumber 14]]current assets: $101 thousand[[tagnumber 15]] [[tagnumber 14]]total liabilities: $903 thousand[[tagnumber 15]] [[tagnumber 14]]revenues: $37 thousand[[tagnumber 15]] [[tagnumber 14]]net loss: $657 thousand[[tagnumber 15]] [[tagnumber 24]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Truly, those are some pretty horrifying numbers, even for an OTC markets listed company. The market cap, however, seems to have been little enough to help persuade investors to put their money on the line.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Yesterday the company announced that they have completed the acquisition of the brand and intellectual property behind [[tagnumber 6]]“friendable”.[[tagnumber 7]] Just a few minutes of research, however, show that this might not prove to be such a big milestone for [[tagnumber 34]]HKUP.[[tagnumber 35]][[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The domain names that were acquired all lead to a page that reads “[[tagnumber 6]]The new “friendable”…Coming Soon![[tagnumber 7]]”. In the same time we see that the app is allegedly “[[tagnumber 6]]Ranked in the USA as a Top 30, iTunes “Social Networking” app[[tagnumber 7]]”. This, however, is impossible since the app isn’t even in the iTunes catalogue.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Still, the PR did manage to push [[tagnumber 34]]HKUP[[tagnumber 35]] 33.01% up the charts yesterday and the ticker finished the session with a price of $0.0137. A total of 27.45 million shares were traded and generated $355 thousand in daily dollar volume.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]We see that the ticker is shaky today and it sits 13.87% in the red as of the writing of this article. Considering all the red flags surrounding [[tagnumber 34]]HKUP[[tagnumber 35]] this comes as no surprise.[[tagnumber 2]]