iHookup Social Inc (OTCMKTS:HKUP) is a firm that develops and markets a social app. The company recently launched its Android app, after gaining significant success with the Apple Iphone. The app makes use of social media and location based connections to connect people. The company had recently reported a total of 600,000 app downloads and registered users on the Iphone alone. However, the app will now be under a new brand name, “friendable”.
The changing of the brand name is accompanied by some feature upgrades in the app. Both the iOS and Android versions will deliver the same user experience. The CEO of iHookup, Robert Rositano, stated that the company is trying to broaden its market with the Android and is looking towards other platforms with potential growth. The mobile market is dominated by the iOS and Android platforms, with the Android slowly moving towards replacing iOS in several key areas.
With friendable, iHookup wants to change the face of social media and networking. Now that the app has gained significant popularity amongst users from all over the US and Europe, it is time that the company starts working on its business model. The company would prefer to work on targeted advertising, like Facebook and Twitter. The friendable app would provide the company with user location and interests, through which it can display targeted ads to the users.
However, with so much positivity seeping out of the company, iHookup’s balance sheet is still very bleak. The company has a total of $1,000 in cash, just $37,000 in revenues, with a net loss of $657,000. Looking at the bleak situation the balance sheet has to offer, it is no wonder that the company has been moving towards severe dilution to make ends meet. However, with its app growing exponentially, the company can expect to make significant revenues, given that it comes up with an effective business model.
iHookup Social Inc (OTCMKTS:HKUP) saw a total volume of 6.37 million shares traded in the market, to register an increase of 2.15% on June 22, to reach a close at $0.0095.