Friendable Inc (OTCMKTS:FDBL) was a top microcap runner last year. FDBL had a trading range of $.0013 to $.0334, representing potential gains of over 2400%. This came about after the Friendable app was featured in Jennifer Lopez’s new music video for her hit song “Ain’t Your Mama.” Now that the stock has settled back down and given up all of its 2016 gains, penny stock investors are asking if Friendable will be able to relive the glory days of 2016 in 2017.
First up, a little background on the company. Friendable Inc is a mobile technology company that develops, acquires, and invests in mobile applications with a social focus. In 2013, the Company released its flagship product Friendable, a mobile social application where users can create one-on-one or group-style meetups for food, drinks, live music, or any occasion. In 2017, Friendable Inc. will release Broadcaster, a live streaming video application where fans can watch exclusive video content of their favorite celebrities by subscribing to celebrity channels.
The latest news from the company is that it’s looking for beta testers for the Company’s new mobile application Fan Pass Live. Fan Pass is the Company’s latest mobile application that has been designed to deliver high-quality, real-time video streaming of VIP and backstage activity from performing artists and celebrity events. Exclusive behind the scenes access will be provided to fans and social followers who choose to subscribe to the uncensored content channels, via the Fan Pass mobile application.
Upon its official release the app will provide a platform for artists and celebrities to connect their global fan base with exclusive behind the scenes action, typically designated for fans that pay a premium for an on-location experience. CEO Robert Rositano Jr said:
“Entering the beta stage of our Fan Pass Live app represents a significant milestone in our development cycle as we work toward full release in 2017. Part of our process is to have several groups of beta testers using the app and providing feedback, we look forward to your submissions to participate in our beta test program and welcome all comments, it is all part of releasing a more dynamic mobile application that was designed with real user feedback.”
Last October, Friendable received an investment commitment in the amount of $1.615 million and completed the acquisition of live streaming video technology from Hang With, Inc. Under the terms of its agreement, Friendable will receive a royalty free, perpetual license to integrate and utilize the Hang W/ live streaming video technology within the existing Friendable app or outside the current app as a next generation product for specialized broadcast events. Additionally, Friendable gains access to 8 million users who have signed up to utilize Hang W/’s live streaming video technology to attempt to convert them to Friendable users through cross marketing and promotion. CEO Robert Rositano said:
“Our team is fully committed to taking Friendable to the next level. With the additional investment commitment the company was able to complete its acquisition of the hang W/ technology providing us with the opportunity to move into a new aspect of our business. We are extremely excited for this next generation of the Friendable app for its user growth potential and monetization. We believe the Hang W/ technology will create a differentiated offering for our brand in the Live Video Streaming marketplace and allow the Company to capitalize on our many relationships in various celebrity circles.”
Currently trading with a market cap of $2.25 million, FDBL has proven in the past that it can turn into a microcap runner overnight. All it takes is the right news story/press release to get the stock going. In the meantime, the main concern for shareholders is dilution. Friendable has $1.9m in short and long term debt and $1.6m in accounts payable. Dilution is what’s caused Friendable’s share price to come back down. We’re hoping that CEO Robert Rositano has a big news item that he’s working on to turn things around. We will be updating our subscribers as soon as we know more. For the latest updates on FDBL, sign up below!
Disclosure: We have no position in FDBL and have not been compensated for this article.