Is Friendable Inc. (OTCMKTS:FDBL) Going To Triple Zeros?
After dropping like a rock on Friday, Friendable Inc. (OTCMKTS:FDBL) got kicked another 15% down the charts in yesterday’s session, and it doesn’t look like today’s trading is going to treat it any better.
Today is the fourth session in a row that has seen the ticker plummet in double digits – and, frankly, there are plenty of good reasons behind this prolonged crash.
For one, we’re talking about a company, whose latest financial report looked like this:
- Cash – $19 thousand
- Total current assets – $300 thousand
- Current Liabilities – $2.5 million
- Revenues – $11 thousand
- Net loss – $1.2 MILLION
No matter how much you sugar-coat it, those financials fail to impress. It as only natural that FDBL would manage some nice green sessions with all the exposure it got a while back – but it was clear from the get-go that its jump was ephemeral, and once the hype dissipated the ticker would be in trouble.
The situation is not helped by the fact that the company keeps printing convertible notes with provisions allowing their holders to turn said debt into stock at a rate of “50% of the lowest closing bid price (subject to a $0.004 ceiling price) for the common stock during the twenty (20) consecutive trading days immediately preceding the conversion date”.
Yes, that’s right – the latest note even has a ceiling price of less than half a penny. That sort of thing is indicative of the company’s priorities, the way it does business and its overall nature. Investors should really pay attention to that.
