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I explained this to you many times.
Alpha capital made its money the day the deal was signed. What happened after wasn't relevant. It was only gravy.
They got heavily (really heavily) discounted paper.
They got even cheaper (often free) warrants.
So, the stock is (making this up) at $0.02. They get stock at $0.015, and they get free warrants.
They immediately short the stock.
If it goes up, they present their free-trading shares to cover. If it goes down, they profit. It goes down.
They then convert and sell their warrants. Double-dipping.
They are structured to take no risk. They never expect the underlying loan to be repaid. They write that off on their taxes as a bad debt.
What is that??
Bros are waiting for Fanpasslive shell to rise from the ashes. Glta
if you wait 6-9 months, they'll provide a nothingburger update that really doesn't say much but apologizes for silence because some lawyer somewhere told them to keep quiet.
Discloure of WTF is going on...
Can someone tell me why this stock is a pos
Where have all the good guys gone? BostonRon, Kingman, etc.
If you bought stock because an IR firm produced a fact sheet, I don't know what to tell you. It looks pretty tame to me.
you can't sue the corporation. It has nothing to get.
Sue the brothers.
Maybe except those living in Kingman, AZ.
An interesting thing to check ... I don't have the time or the skin in the game ...
But I bet the preferred shares are not reversed. Just the common.
Next:
They will give you a tiny handful of Fan Pass shares. Tiny. Similar to the 18k RS. They won't use the full 400M allocated, because they plan to dilute. They will issue 100M or so. Your share will be tiny.
They (the brothers) will get preferred shares, with super voting rights.
They will already have a ton of toxic debt issued. They will issue more at the higher price. Same thing will happen, as these toxic lenders short immediately and sell soon thereafter.
There may be some fluffy news to try to sucker you in.
Now you know why they didn't care to respond to inquiries.
They didn't care.
They didn't need to.
You were always a patsy, helping fund their lifestyle as they undercut you with toxic notes. Always.
I did tell you.
It was disclosed.
if this aint a lie[approved by shareholders by written consent] and this 14c doc to the sec signed by r rositano.imo
Yup.
You are getting screwed.
The hope, such that it is, is that Fan Pass has value. I don't believe that for a second.
That said, to be fair, you were already screwed on FDBL. It was dead, and they couldn't bring it back to life. I don't trust Blackman. You shouldn't either (assuming its the same guy I know). But I didn't trust the brothers. Could this new business be better?
It would be hard for it to be worse.
I think it's likely that it's the same (in terms of toxic notes and fluff, with no substance). Time will tell. I do wish you luck.
Section 8.6 Friendable Asset Sale/Spinoff . Subsequent to the Closing Date, Acquiror will enter into an Asset Purchase Agreement and Intellectual Property Assignment and Bill of Sale with Checkmate Mobile Inc. relating to sale of the Friendable name and mobile dating application.
Beware (on two levels)
Alan Blackman, cited in the Share Exchange Agreement, exhibit 10.1, appears to be the same person who ran a scam (actually, several) out of the same town ... BioNeutral (BONU). Very similar. Lots of toxic debt, lots of fluffy PRs, revolving door of promotions and IR firms never for more than a few weeks (probably never paid them), and never got a product to market. Stock ultimately got unregistered by the SEC and investors lost everything.
He surrounded himself with (real) scientists and midlevel guys from real companies (much like Merck) but they were undercapitalized and the share structure was always highly toxic, and these guys never stood a chance.
Now, perhaps its a different person (in the same job, in the same town, with the same sort of transaction). But I tend to doubt it.
Swapping in one creep to replace two creeps (the brothers) may be fine, or may be the start of the same thing all over again. But until we know more about the business of Sharps, it's too risky to consider an investment. Someone said $2B in revenue. No evidence was provided. That seems absurd to me. If that was true, it'd be all over the filings and the releases. It's far more likely that the revenues are much, much, lower and they are unprofitable, and using this low-cost way of going public so they can (wait for it) sell toxic convertible notes to raise money to fund (wait for it) salaries and product development.
Heard that one before?
How'd it work out?
Now, for Fan Pass ...
You will get ...
1. A tiny piece of a speculative company
2. They won't issue all 400M authorized shares ... they need to raise money and there is one way to do it ... the brothers are experts at it ... Alpha Capital and toxic notes
3. They still have no product ... need to develop it ... internally ... with their "resources"
4. They have no resources. And they haven't been remotely successful developing anything
5. So you are looking at years ... YEARS ... of convertible debt to raise money for "development" (and salaries ... don't forget the salaries).
6. Oh, and they are taking all the toxic crap from FDBL and putting it into Fan Pass, so you start out underwater.
This is a true two for one ... two toxic shells for one, both poised to crash and burn.
someone like yourself should not lecture others since you are a self admitted shorter.and dont try to deny it cause i did a copy and paste of one of your old posts.personally you are an anathema to longs.imo
Yet another day with no volume.
Stock hasn't traded a single share all week!
Zero volume today??
1. why are the spending money on sales, if there's nothing to sell and no revenues expected?
(and the better question)
2. To whom are they paying this money?
(wanna bet it's a relative? Or themselves?)
Because ...
the numbers were ghastly bad?
Because ...
They have been saying the same things (intend to do this, intend to do that, but nothing actually done) for more than a year?
Not sure what you expected.
Why would anyone partner with Friendable?
What does Friendable bring to the table?
(nothing)
A little over $500, in aggregate, has traded in this stock during the 14 sessions in May.
Think about that.
This stock is DEAD. "News" won't save it.
what news? The late Q?
You know, it's interesting. With most companies, that's a huge red flag.
With these guys, it's like the 20th reddest flag.
They've been late every quarter as far back as I can see.
Yup, dead.
8 of the last 11 sessions had no volume at all.
Even at 0.0001 nobody is buying.
The most significant thing, I think, that was not properly disclosed was what they did with iHookUp.
They clearly just "moved" it from the public company, benefiting shareholders, to a private company, benefiting their family.
I don't see where that was disclosed. I think they hoped nobody would notice.
The ownership structure, the toxic loans, the salaries, the related party transactions, the lack of oversight ... all that was disclosed.
are there claims in that doc which you think are actionable?
See, I think the safe harbor stuff protects them from most forward looking claims.
it's the corporate governance stuff ... suing the brothers directly, not the company ... that may have a chance. Fiduciary responsibilities unmet.
http://ir.friendable.com/wp-content/uploads/2017/01/FDBL-Fact-Sheet-2017.pdf
Three consecutive days of no trades. Not a single share.
And no posts, either.
Nobody cares about Kimberly Snover. Nobody cares about Friendable.
Nobody cares anymore.
Yup, that is correct, fdbl was never about creating a product, the rositanos never cared about how it turned out, all they wanted to do was think that they had something going. So they used celebrity videos, and Fanpass to promote. A lot of people fell for it too. Sad.
As you stated earlier, Friendable is not a dating app. What is it then? Also who are it's competitors?
From a conversation I had (years ago) with the CEO.
iHookUp was the "dating" app.
Moreover, Facebook should be discussed on the Facebook board. Facebook doing something is unrelated to Friendable.
Facebook, and online dating, are not relevant to this board.
Friendable is not a dating app.
Oook...and your point is
the share count has increased four-fold since then.
Exactly, it was the brothers who scammed investors out of the 1000's. The SEC and FINRA need to do an investigation, and put them where they belong, Jail. Does The Securities Exchange Act of 1934 not exist anymore?
What everyone should do is, for all those who were scammed by the Rositanos, should get together and file a Law Suit against them.
Everyone should sign up and promote the Friendable app. Tell everyone about it. The purpose is to hope to increase use and have Bros see what organic marketing can do for the app. It would cause pain for the Bros. Either the app would die from server overload or may excite them from potential expansion of user base. Who knows getting real people on the app may push out fakes. I really wish user demographics we're released for the app to see the numbers and where it is being used. I harken to the WhatsApp it is a popular app, just not so much in the U.S. but doesn't mean it's not popular and useful. I wonder why the what's app is not used more in the u.s. but I digress as that topic is not Friendable related and so not relevant to this board.
Bro, the stock went down on the last two "positive" announcements.
You are dreaming. You should wake up.