iHookup Social, Inc. (OTCMKTS:HKUP)’s Dating App Drops 100 Places in 5 Days

After chiming in with a Thursday PR that its dating app reached #9 on the App Store in the listing of paid social apps, iHookup Social Inc. (OTCMKTS:HKUP) dropped 21% yesterday on a volume of 55 million shares traded. It seems the company’s product followed suit and dropped some 113 spots down the bestselling paid social iOS mobile apps.

Renowned mobile analytics aggregator AppAnnie currently lists HKUP‘s app as #124 in the list of top paid social apps. Again, according to AppAnnie, the paid version of the iHookup app only made it to #17 on October 28. Assuming the app did make it to #9 on that day, this will still mean the app has dropped over 100 places down the chart within the span of a week. This sudden drop certainly goes against the notion of ‘organic growth’ that the HKUP press release speaks of.

The company is doing its best to keep investors excited with a steady stream of PR. Yesterday HKUP announced its app got 58 thousand new downloads in October, bringing the total user tally to over 422 thousand. It’s not clear which version is counted – free or premium paid, and whether the number is not a summation of the two.

HKUP has published a number of new filings over the month of October. On Oct 3 a Schedule 13G was filed, informing a certain LG Capital Funding LLC was the beneficial holder of securities that could be converted into 14.8 million HKUP shares, that would represent 9.6% of all outstanding common stock. Additionally, on Oct 30 there were 146 million HKUP shares traded within a single session. This would mean that HKUP diluted by roughly 50% since August 11.

The company issued $43 thousand worth of toxic convertible debt that converts into common stock as a 45% discount from a lowest closing bid price. Thankfully, the note can be converted six months after the issue date. An additional filing informs of convertibles issued to Coventry Enterprises LLC that can convert at a 50% discount.