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You are sitting at 0.0001 because of the capital structure and the toxic debt arrangement, more than anything, including gross mismanagement.
In other words, the 850% increase in the share count is the primary cause of the 99.4% decrease in share price.
And that 850% increase in share count represents a very deep hole with steep walls, making it nearly impossible to climb out.
And there's still more toxic debt to be sold.
Momentum.
That's kinda funny.
the video was released on April 7, 2016. On that day, the stock closed at $0.0175. There were (approximately) 256,355,680 shares outstanding, per the 3/31/16 Q.
Today, the stock is at $0.0001, where it has been for nearly a year.
There are now north of 2,435,738,177 shares outstanding.
So, since the video was released, the stock has declined by 99.4%, and the shares outstanding have increased by 850%.
Strange way to define "momentum".
Do a shot each time he thanks sellers.
THANK YOU THANK YOU!
why didn't you include the "going concern" language from the Auditor's note?
"Explanatory Paragraph - Going Concern
The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has a working capital deficit and has accumulated losses since inception. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also discussed in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty."
There is literally nothing new in that quote.
Goodness gracious you really bought into this whole thing hook, line and sinker, didn't you?
A guy emails you with claims and you believe it?
Really, you think wealthy people are speculating in OTC stocks worth less than a penny a share? Really?
C'mon, man.
If you believe that, I have a bridge I'd like to interest you in.
Call the brothers at home.
(no, I don't have that number).
if the ability to issue toxic debt goes away, so will this public vehicle. They'll dump what they want into Checkmate and close up this company, zeroing out shareholders.
Keep in mind, the brothers have super voting rights and control 90-something % of the votes.
Gee,
Didn't we already tell you that?
It's not the first time they've done that.
It won't be the last, either. Watch Friendable end up with Checkmate with shareholders getting nothing.
Some 10-K lowlights:
They issued 1.6 billion new shares during Q4.
Cash at year-end was $0.
Revenues for the year decreased 70% to just $8,694. Less than $9k for the entire year.
During the year ended December 31, 2017, $762,952 (2016: $376,455) of convertible debentures were settled by issuing 3,521,332,373 (2016: 652,069,721) shares of common stock of the Company.
During the year ended December 31, 2017, the Company incurred $90,250 (2016: $175,894) in transaction costs in connection with the issuance of the convertible debentures that have been offset against the carrying values of the related debentures on the issuance date.
During the year ended December 31, 2017, the Company incurred $3,507,102 (2016: $2,073,893) in accretion and interest expense in connection with the convertible debentures.
At December 31, 2017, convertible debentures with the principal amount of $5,951,740 are subject to a General Security Agreement covering substantially all of the Company’s assets.
they also have to file their 10K by Tuesday.
And if they don't, they are going dark.
This may explain why the brothers have abandoned FDBL.
If they can't use it as a vehicle to fund their lifestyle, what's the point?
Northcoastventures is 100% unrelated. Please stop bringing it up. It's off topic. It's not related to the public company. I will delete future posts about that as it's misleading.
What they will do is create a new company and register the shares.
They have authorized only 400M shares, but there are 5,553,310,369 shares of FDBL, so are are talking about 1 share in the new entity for every 100 or 500 or 1000 FDBL shares. It's a back-door reverse split.
The brothers have a long, established history of producing NOTHING and selling toxic debt at deep discounts to the market to fund their salaries, which are excessive, and to pay their relatives to "consult" or "develop" or other things at above-market rates.
The result is the share count quickly balloons, and the toxic lenders sell the stock as quickly as they can, immediately driving the price into the ground.
These are facts. It's easy to research it. History repeats itself again and again. The new entity is being created ONLY so they can have a "fresh" shell to use to sell new toxic debt at higher prices. They've never generated any meaningful revenues, let alone profits.
Beware.
Crazyjogger posted it. I'm not sure.
I wouldn't be surprised if he does it twice ...
50/1 on FDBL
then 10 FDBL = 1 Fan Pass
then, a few months later, FDBL goes away (perhaps merged back into Fan Pass, that's my bet)
Of which you get only 51%.
Who gets the other 49%?
So the 50/1 or 500/1 or 1000/1 only gets you 51%, another squeeze play.
You do know they HAVE to wipe you out, right?
Simple math makes it an absolute requirement.
How many shares are they authorized to issue on Fan Pass? Wasn't it 400M?
And how many shares are outstanding here?
It's going to be a MINIMUM of a 10-for-1, and likely much more.
There is simply no other way around it!
Of course not.
They care about themselves.
Always have. Always will.
You shareholders are just there to subsidize their lifestyle and those of their kids.
IR companies don't give price targets.
If they do, it's a scam.
It appears all the baseless cheerleaders have gone.
A grand total of $5.00 traded today.
I suspect the commission exceeded the trade.
And if not, may its memory be for a blessing :)
If that makes you feel better about your lost investment, enjoy.
I am not rooting for you -- or anyone else -- to lose money.
But it's time to recognize reality.
Two PRs in a year, and neither was executed upon.
No real products.
No revenue.
No growth.
No cash.
No management.
No board oversight.
But you are hoping for good news?
What was the share count a year ago?
Shares outstanding:
12/31/14: 1,295,364
12/31/15: 96,575,512
3/31/16: 256,355,680
6/30/16: 425,129,047
9/30/16: 678,909,446
12/31/16: 571,100,443
3/31/17: 1,298,101,187
6/30/17: 1,682,777,754
9/30/17: 2,251,340,870
So in less than three years, they have added 2,250,045,506 shares.
Two and a quarter BILLION shares.
Put another way, their shares outstanding has increased 1736%!
And good news will help?
The people posting the facts about the brothers, the broken promises, the toxic loans, the capital structure, the lack of defensible IP, the lack of products, and the lack of revenue, have been consistently correct.
If people had listened to them from early on they would have lost less money.
These are facts. They are not in dispute.
You've posted that at least a dozen times.
I intend to lose weight. But I had a big ribeye last night, so there ya go.
December 11 was how many months ago?
August, when they announced the spinoff was how many months ago?
Traded $100 yesterday.
Traded $12.50 today.
It traded less than I paid for lunch.
Couldn't be more dead. But yeah, let's wait for some experienced, high-powered executive to join up to save this turd. Right.
Why on earth would that individual come here?
What does FDBL have? Negligible subscriber numbers. A semi-functioning, unpopular app with no brand value. No revenue. No technology. An awful capital structure. No cash. Lots of debt. No real IP.
Such a person could create something better and more sustainable in 20 minutes, without any of the baggage.
With all this debt and capital structure mess, the brothers have dug themselves into a very deep hole. And there is really no reason to try to climb out.
They could be sued. I posit that their statements were false and misleading. Proving that it was intentional will not be easy. But they made many promises and provided a lot of promotional statements which never came close to coming true. The promise last August of an "immediate" spinoff and dividend seems silly now, nearly nine months later.
Nobody will put them in jail. The SEC doesn't prosecute such things. They haven't for years. A great deal is protected by the safe harbor statements, and they disclosed most everything. If anyone bothered to read the Ks and Qs and the things filed with it you'd see they disclosed their inter-related family connections, the fact that the two brothers are the only two board members, so there is NO corporate governance of any sort, their salaries, and the toxic debt with all the ugly covenants. They told you what they were doing. If you bought anyway, that's on you.
But there's simply no path to bring this back now. I think that's why they've gone silent. The shareholder base won't support a straightforward reverse split, and that's the only way to clean up the structure. If they tried it, the stock would crater. They know this.
The Q is always late. In this case, the K.
It never shows anything but expenses, dilution, and losses. No revenue. No progress. Just more toxic debt to pay exorbitant salaries and net losses, with the share count rising ever more.
And if you wanted to sell, you probably couldn't. Hardly any volume. Almost all the buying has dried up.
A total of $120 traded today.
Dead as dead can be.
and maybe that's just not in their business model.
These funds make money on the transaction. What the share price does afterwards is no longer relevant. They won't risk capital on trades to prop up a sinking ship. They make much more with basically no risk in providing toxic capital.
less than $1,300 has traded.
The 12 million sounds like a lot, but it isn't.
The trading here is anemic.
The key is understanding the capital structure.
It was obvious for some time, long before the stock cratered, that FDBL's only way of keeping the lights on was to issue toxic debt. They published all these sales. The discount to the market kept growing, meaning the number of shares they needed to issue kept expanding. And as the stock declined, that only grew. To raise the same $200k to keep paying themselves they had to issue more and more and more stock.
Not only was this stock sold as soon as the "investors" could, but the transactions were structured so that they got MORE stock if the price declined. That means they were able to short the stock with no risk. If it went up, they covered with the free stock the company gave them. If it declined, they profited on the short and got extra stock.
Speculators in these stocks love to focus on the "opportunity." But to get to the opportunity you need to survive, and that always ties back to the capital structure.
Oh, the app may never launch, true.
I meant the public company/spinoff.
Spin it off at $6 or $8 or $10 (meaning for every 100 million shares of FDBL you get 1 or maybe 2 shares on Fan Pass)
Immediately start issuing toxic debt to fund "development"
Pay your salaries with toxic debt while stock craters.
Rinse
Repeat
This stock traded less than $100 on Friday.
And it traded less than $10 today.
I was sure they'd launch Fan Pass to give them a shiny new public vehicle with which to fleece unsuspecting suck ... I mean shareholders, and to raise toxic debt to fund their lavish lifestyle.
But that required this public vehicle to be alive.
Right now, I'm not sure they can pull it off. It's dead.