Friendable Inc (FDBL)

[geocam]

When I saw the 8k for the 50K note, I thought it was doomed, at first glance...

but...

That was on July 7th:
http://ih.advfn.com/stock-market/USOTC/friendable-inc-FDBL/historical

Historical Prices
Date______Open___High__Low__Close__Volume__Adj Close
2016/07/14 0.0074 0.0074 0.0067 0.0072 4,518,150 0.0072
2016/07/13 0.0070 0.0073 0.0065 0.0068 7,064,350 0.0068
2016/07/12 0.0075 0.0077 0.0065 0.0067 11,142,107 0.0067
2016/07/11 0.0080 0.0080 0.0066 0.0068 20,813,536 0.0068
2016/07/08 0.0076 0.0085 0.0076 0.0080 6,207,504 0.0080
2016/07/07 0.0094 0.0099 0.0072 0.0080 38,569,414 0.0080



Another 4 million sells today... about 75 million shares sold?

75,000,000 X (US$ 0.0065) = 487,500 US$


If only half of them are the note... it would have been paid off 4 times already...

This volume is probably just scared retail investors.

Item 1.01 Entry into a Material Definitive Agreement.



On July 7, 2016, Friendable, Inc. (the “Company”) entered into a Securities Purchase Agreement with Coventry Enterprises LLC ( “Coventry” ), pursuant to which the Company sold to Coventry a $50,000 face value 8% Redeemable Convertible Note (the “Coventry Note”) with a maturity date of July 7, 2017 (the “Coventry Maturity Date” ).



Pursuant to the terms of the Coventry Note, interest accrues daily on the outstanding principal amount at a rate per annum of 8% on the basis of a 365-day year. The principal amount of the Coventry Note and interest is payable on the Coventry Maturity Date. The Coventry Note is convertible into common stock at any time after the issue date at 50% of the lowest closing bid price (subject to a $0.004 ceiling price) for the common stock during the twenty (20) consecutive trading days immediately preceding the conversion date, including the date upon which the Company receives a conversion notice from Coventry. Coventry does not have the right to convert the note to the extent that it would beneficially own in excess of 9.9% of the Company’s outstanding common stock. The Company does not have the right to prepay the note. In the event of default, the Coventry Note becomes immediately due and payable and the balance of principal and interest shall bear default interest at the rate of 24% per annum.. In connection with the Coventry Note, the Company paid Coventry $2,500 for its legal fees and expenses.



The above description of the Securities Purchase Agreement and the Coventry Note is intended as a summary only and is qualified in its entirety by the terms and conditions set forth therein, and may not contain all information that is of interest to the reader. For further information regarding the terms and conditions of the Securities Purchase Agreement and the Coventry Note, this reference is made to such agreements, which are filed hereto as Exhibit 10.1 and Exhibit 10.2 and incorporated herein by this reference.