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This reverse split was totally predictable. I know, because I (and others) predicted it.
They can't sell toxic debt at these levels. The sellers of that debt work on the arbitrage between the market price of the stock and the discounted price for the warrants they receive. They don't care about the debt being repaid, because they make money on the front-end of the deal. They also can short the stock because they have in-the-money warrants they can use to cover the short at any time, so they make money twice -- far exceeding the debt service.
At $2 per share, the brothers can sell stock at $1.50, using the "proceeds" to pay executive salaries (the brothers), hosting fees (the brothers), development fees (the brothers and their families), and other such costs (the brothers).
When the stock drops to $1.50, they can sell stock at $1, putting more cash in their pockets.
When it drops to $1, and it will, they can sell stock at $0.75. When it's at $0.75, they can sell at $0.50.
All the way down to $0.0001, again.
As long as suckers continue to hope and pray that the brothers will do something different than they've done every step of the way for decades, they can continue to put your money in their pockets.
Wonder what the upcoming week has in store for this group?
hugh move for krfg on a r/m fdbl could see a big spike if a cos with big revs did a r/m too.imo
What about this announcement about Fanpass from brothers ?
"Friendable intends to immediately dividend shares to all Friendable stock holders of record and prepare a registration statement for Fan Pass, Inc. to commence trading on the OTC exchange in the coming months. Additionally, the Company is taking delivery and full ownership of the existing technology and work product completed to date. Following this delivery, the Fan Pass application development will proceed forward utilizing Friendable's resources, rather than those of our previous partner."
Would they deliver there promise? HMMMMMM.
I rarely post on these message boards. I consider them a waste of time and a fountain of ill-informed opinions and misinformation. I look when I'm bored, and I'm rarely bored. I also no longer own any shares. I had a small position, and sold it when they announce the latest reverse split. I'll explain why.
Why does the company refuse to pay over $4 for shares via their buyback?
The company may not buy on the opening trade on the NASDAQ National Market or during the last half hour of scheduled trading.
The company's purchase or bid price may not exceed the highest current independent bid quote or last independent sale price, whichever is higher.
The company must stay within trading volume restrictions unless it is doing a block trade.
this here is a worthwhile read re the fdbl plans.the termination of the sharps tech merger deal was a good idea the r/s planned was hugh.plus there was little enthusiasm for buying a safety syringe needle stock to begin with.vimeo on the other hand[not putting the cart before the horse]would be a well received merger situation if it ever developed into one?vimeo doing $160 million is hugh and maybe they are testing the waters with the alledged 900.000 friendable user base to see whether a good portion can be monetized?maybe iac wants to spin vimeo off into its own trading entity just saying i have no clue on any plans here?imo
Hypothetical speaking: would I be better off spending 1000 dollars on fdbk shares on open market or take advantage of stock offer as advertised in the letter sent out?
i want to know the exact dollar figure of alpha capital and other lenders money given to friendable that went out the back door to benefit their private cos checkmate mobile or themselves.imo
Are they making any headway---with profits ??
In other words, getting blood from a turnip
How is it possible that this stock is down today. LOL.
Can this stock move in price given the current share structure?
Oh please.
What have they EVER developed? They have no money, they are begging shareholders. Instagram and Facebook have already developed the same functionality, only they have billions of users and tens of billions of dollars to market it, with established brands. This ship has sailed, and hit an iceberg. It's time to move on.
The toxic lenders made their money.
They always do.
It's built into the transaction.
By the way, these conflicts of interest and self-dealing was fully disclosed in each and every filing.
Several of us pointed out these actions on this board repeatedly.
Nothing personal, but expecting someone else to point these things out to you now is silly. You were aware. Others here made you aware. You chose to ignore these things. If the auditors had added a line in the letter attached to the 10-Q, you would have ignored that too.
it was, quite clear, extra salary to the brothers. They just put it in their pocket. Period.
And I guarantee you that the app hosting, etc., was overcharged as well, directly profiting the brothers.
And they want more of your CASH.
You continue to operate under the false premise that this was, or is, or ever will be, a going concern.
The only thing this company ever has or ever will "make" is more shares of stock. This was a vehicle to finance the lifestyle of the brothers and their families. Period.
Rent.
App development.
Storage.
App hosting.
Salaries.
They have figured out how to suck a ton of cash for themselves out of the business at your expense.
And now they want more cash.
Really hysterical.
1. They are indeed inflating the projected participation. If you invest, you may be the only one, not generating near enough capital to launch a project.
2. They probably won't launch Friendable 2.0. It's not like they've executed well in the past.
3. Why isn't management participating? They should be first in line. They have the most to gain. They have sucked the most from the company already.
4. This financing is the financing of last resort. It strongly suggests that even the toxic lenders have said "no more."
5. This doesn't fix the capital structure. It fixes the debt (balance sheet) but you still have billions of shares outstanding and billions of warrants.
why would anyone participate?
Why would anyone trust these brothers?
The brothers are the primary shareholders.
They have the most to gain. They have the most to lose.
They have taken literally millions from the company, double, triple dipping. When they shift the focus and you stop looking at old projects, they "give" them to the private entity with NO COMPENSATION so they continue to benefit and you get squat.
And now they want you to write a check so they can continue?
If the brothers aren't chipping in $2 from their own pocket in cash ... not stock or debt forgiveness ... for every $1 you chip in, there is no way you should even think about participating.
For management to also own, share office with Checkmate Mobile and not have the bandwidth to update an app (Friendable) is like me owning a roofing company but can’t find a way to finish the roof of a house I’m building through my custom home business. It’s egregious and ridiculous. Imagine if the custom home business was publicly traded but I told the shareholders, nope can’t finish the roof as I’m over there slamming down roofing with my roofing business? Instead I’m asking shareholders to front money for a roof that needs updating because the existing roof leaks like a screen door and cost 1000 times what it should have. Even though the deal was to have completed the whole house and as the CEO I have millions of shares and stand to gain the most by a finished livable house that can be marketed. And oh ya I’ve been taking a salary out of the zero revenue publicly traded custom home business for years...But hey everyone we need 50 lousy grand to finish or you’re all F’d
What the legit F is that?
I’d be finishing the F’ing roof out of my own pocket if I had to.
Dear Mr.Rositano,
The problem with your offering is there is no clear accountability. To this point management has not shown an ability to execute its business strategy. In addition, you're asking current shareholders to bail out FDBL while at the same time devaluing common stock shareholders. A 10K to One reverse split would essentially wipe out present share holder value while at the same time giving management a pass on its poor judgment, oversight and execution practices. Without an independent board to reign in management and to advise on sound business decisions I am not sure how shareholders could offer FDBL (basically you) a bail out...
this is another poorly thought scheme for self enrichment that should see little support.
Chris
It's almost hysterical.
The stock has gone so low, they now want money from you. Negative value!
This is the financing attempt of last resort. Nobody will give them money, they can't pay their debt, the insiders who have profited handsomely off your hard-earned money won't give one nickel to the endeavor, so they go hat-in-hand to the oft-screwed shareholders asking for more?
I pity any who consider this "exclusive" opportunity.
BEWARE. The Rositanos are at it again. Newbies beware. Look at the history. Look at the quarterlies. Look at the financials.
Exactly.
They have exhausted their traditional (non-traditional) fundraising options. They can't even sell heavily discounted shares to toxic lenders! All that is left is to hit up their shareholders, under the guise that it will be less dilutive.
And if you really think anything will change in 6 weeks or 6 months or 6 years, well, then you haven't been paying attention.
that means they are going to ask you for money, bro.
You going to write a check?
Good money after bad?
I rather own 51% of something that works than 100% of something that doesn’t
Currently, FDBL shareholders own 100% of Fan Pass.
With the spinoff, you will own 51%, pre-dilution.
And dilution is coming, so your ownership share will decline quickly.
So will the share price.
You don't want that.
yes, but click on "investors"
IR site down
App down
this company is effectively out of business.
FDBL's IR website, ir.friendable.com, is now offline as well.
This shell has gone dark.
For those of you who own a piece of the company, don't you think that the app being taken offline is a material event? It was, ostensibly, their revenue stream, right? Now it's gone. Don't you have a right to know that, and know why?
The SEC requires companies to inform the public of material events.
I just mention that in case anyone is thinking about filing a lawsuit against a certain pair of brothers.
Is it really alive?
you may see it on the books over at Checkmate soon. IMO
Sad thing is, I already learned that. These companies are not at the bottom due to sound business practices, solid management or "shorters". They are here because they are trash companies, run by scam artists. If you are still relying on the quarterlies, or stories then you are setting yourself up to fail. Play the game, try to get a tick or two and get out.
But, what are we buying?
What amuses me is that this "came as a surprise to our ENTIRE team."
Both brothers! Entire team my ass. It's two brothers, their kids (via contracts that rape shareholders) and a bunch of suckers.
I was about to say same thing, but u honestly don't think it's even anything serious.
Please learn how to paste links.
Or stop trying.
Because it's not working.
it pretty much looks like fdbl has seen the cv note money from alpha being cut off or drastically curtailed?imo
"During the quarter ended March 31, 2018, the Company received net proceeds from convertible debentures of $207,000 (2017: $628,060)."
"During the six months ended June 30, 2018, the Company received net proceeds from convertible debentures of $250,965 (2017: $726,060). "
Did you submit? Need a barracuda SEC attorney and a criminal attorney.
It was fully disclosed.
They can do almost anything, so long as it is properly disclosed.
Now, what they did with that other app/asset ... that may be different. I don't think that was properly disclosed.