Viggle, Inc. (NASDAQ:VGGL) Borrows Again Cash From the CEO

[[tagnumber 0]] [[tagnumber 1]] [[tagnumber 2]]Yesterday, Viggle, Inc. (NASDAQ:VGGL) bounced back up above the moving averages as the stock is currently struggling to reach the levels before the downtrend that started in December. The latest quarterly report of the company was not optimistic and revealed again that VGGL ended the quarter in a disastrous financial condition, unable to cover its most urgent needs.[[tagnumber 1]] [[tagnumber 2]][[tagnumber 5]][[tagnumber 1]] [[tagnumber 2]]In the last trading session, VGGL closed the market with a 5.48% gain at $3.27. Trading volume was above the average but yet much lower than the explosive number of traded shares in expectation of the earnings release last week. Technically, the chart looks strongly bullish for today, and the 10–day moving average currently serves as a level of support.[[tagnumber 1]] [[tagnumber 2]] [[tagnumber 1]] [[tagnumber 2]]Filed last Monday, the 10–Q for this year‘s first quarter shows VGGL is still incurring huge operating and net losses. Even though revenues rose over 50% from the same quarter of last year, expenses grew as well and the loss reached $20 million. The report implies also that VGGL is finding it even harder to raise cash from outside investors, which is not a surprise given that the largest part of its assets represents goodwill and intangibles.[[tagnumber 1]] [[tagnumber 2]] [[tagnumber 1]] [[tagnumber 2]]VGGL latest 8–K filed a few days ago shows the company borrowed again cash from its CEO as a short–term so[[tagnumber 16]]lution for the huge gap in the working capital as of end–March 2015. This month, Executive Chairman and CEO ( and an over 10% shareholder) Robert F.X. Sillerman provided an unsecured loan to the company in the amount of $325,000 at an annual interest rate of 12%. Thus the total amount owed by VGGL to its CEO becomes $6,575,000.[[tagnumber 1]] [[tagnumber 0]] [[tagnumber 1]]