In last trading session, the stock price of Friendable Inc (OTCMKTS:FDBL) gained to close the week at $0.0175. The gains came at a share volume of 20.54 million compared to average share volume of 12.62 million. After Friday’s gain, the market cap of FDBL stands at $5.13 million.
It took Friendable a couple of paid promotions and boastful press release to finally fetch the investors’ attention. However, the mid-week decline raised questions of the extension of this rally, and investors started to think about taking money out of FDBL stock. Even if the stock halts it rally, it would be very much on expected lines.
A due diligence indicates to the conclusion that Friendable is just a dubious OTC marketplace underachiever. Its financial results to date are not commendable, and its overall financial performance is a sad, dismal sight.
As per the last announced financial report, Friendable posted cash of $15,000. The total current assets stood at $222,000 while total current liabilities amounted to $1.7 million. Friendable annual revenue came at $151,000 while yearly net loss amounted to $3.2 million. Adding to the details, the company’s press releases, no matter how boastful are, completely fails to impress under a thorough scrutiny, and it is the prime reason, its stock failed to retain its gains in last mid-week.
In addition to the financial performance, there are several other red flags pertaining to the company. There is a major issue of about the half a million dollars of amount that the company possesses in the form of notes outstanding and issued. Most of them can be converted into FDBL shares at rate of 50% of the lowest sale offer 15 to 25 days before the conversion date. This indicates investors should follow due diligence before even thinking of investing in Friendable stock.