Friendable Inc (OTCMKTS:FDBL) shares dipped 7.69% on Friday to $0.00120 and an additional 1.50% to $0.00118 in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.03. The company has a market cap of $882K at 869 million shares outstanding.
Formerly iHookUp Social, Friendable Inc is engaged in the development and dissemination of a proximity-based mobile social media application that facilitates connections between people, utilizing global positioning system (GPS) and localized recommendations.
It offers Friendable, which is a location specific social platform, as well as a discovery application that facilitates communication between two or more users on a one to one meeting or group style event-based meet ups for concerts, sporting events, coffee, movies and night out, among others. Friendable bridges its mobile community of users with the meeting of new friends, building relationships and connecting them with local venues or events tied to their interests. Its application is available on the Apple iOS platform and in iTunes stores, where Friendable offers a free version and a paid version of the application. Its application is also available on the Android platform and in the Google Play Store.
Last week, Friendable Inc announced that its mobile app, a location and events based social platform, was the number one social media app in Canada for a day in March while reaching the top 50 apps in China. This supports the company’s update last month that the most significant spikes in Friendable App rankings, downloads, and user engagement were realized during concerted marketing initiatives.
We have not implemented any proactive marketing initiatives since completing our strategic investment in Hang W/, Inc. in October 2016 and embarking on a relationship designed to bring new opportunity for Friendable and our product offerings,” remarked Friendable Inc CEO, Robert A. Rositano Jr. “Periodically, we pause all marketing to evaluate the marketplace’s organic trends so we can generate a new baseline against which to measure the ROI on our various marketing programs. We expect our metrics to go flat from time to time, which is typically a function of marketing initiatives or not. We were pleasantly surprised to see our rankings spike in China and Canada — two diverse markets.”
The company also recently filed a Securities Purchase Agreementwith EMA Financial, LLC to issue and sell a 8% Convertible Note in the principal amount of $96,000 with a maturity date of March 15, 2018. This was funded in March 15, 2017. The next day, the company entered into a Securities Purchase Agreement, dated March 13, 2017 with Coventry Enterprises, LLC to issue and sell a 8% Convertible Redeemable Note in the principal amount of $32,000 with a maturity date of March 13, 2018.
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