Friendable Inc (OTCMKTS:FDBL) Rockets Up The Charts

Source: Google Play Store

Friendable Inc (OTCMKTS:FDBL) has become one of the most active names on the OTC markets after shares rocketed up the charts from $.0050 to over three cents. This explosive move has many investors searching for clues as to why this is happening and if there's anything to FDBL. After all, the company has issued plenty of press releases this year and they have not been able to break shares out above the $.0050 zone. So, why the sudden interest in FDBL?FDBL describes itself as "the social network of the future, where connections are based on future opportunities rather than past events and all are location specific, nearby. The Friendable app takes all the pressure off and makes it simple for users to make connections and meet new friends using shared interests and location. These user interactions will allow Friendable to offer sponsorship opportunities to local venues/businesses and begin to generate advertising revenue by providing these venues and or businesses with the opportunity to reach potential customers when it matters most; when they are nearby and looking for something to do or have a great idea of what to do and need others to join."The latest press release was issued by the company on April 19th. It said that their app achieved over 1 million total downloads. "According to the nationally recognized and industry standard "App Figures" reporting system, as of April 17th Friendable downloads have now reached a total of 1,028,215. In addition internal numbers show that as a result there are now 708,760 total registered users as well, continuing to validate widespread acceptance of the app and its brand." CEO Robert Rositano said:

"Friendable is really starting to gain traction and the user reviews and reactions to our location specific low pressure opportunities to meet new friends have been fantastic. App downloads and registered users are two ways the market measures success so milestones like these are both validating and rewarding."

That was about all the press release said. So obviously it wasn't the press release that got investors excited. Maybe it was the $106,500 convertible note? FDBL got $106,500 and EMA Financial LLC got a note convertible into common stock "at any time after the issue date, at the lower of (i) the closing sale price of the common stock on the on the trading day immediately preceding the closing date, and (ii) 50% of the lowest sale price for the common stock during the twenty five (25) consecutive trading days immediately preceding the conversion date. If the shares are not delivered to EMA within three business days of the Company's receipt of the conversion notice, the Company will pay EMA a penalty of $1,000 per day for each day that the the Company fails to deliver such common stock through willful acts designed to hinder the delivery of common stock to EMA."Convertible notes are never a good deal for shareholders, so that can't be the reason. Maybe it's the company's financials? In the quarter ending Dec 2015, FDBL posted $31,000 in revenues and a net loss of $926,000. On the balance sheet, the company reported $16,000 in cash, $257,000 in total assets, and $1,757,000 in total liabilities. Well, none of the financials look good, so what could it be that has investors so excited?In looking at FDBL's Yahoo! Finance page, we see several reports on FDBL from Emerging Growth touting FDBL as the next big thing. While these reports look like ordinary press releases, they also include tickers of other companies like Net Element Inc (NASDAQ:NETE), Nxt-ID Inc (NASDAQ:NXTD), SunEdison, Ascent Solar Technologies Inc, and Propanc Health Group (OTCMKTS:PCHH). The key here is that when investors look up these tickers on Yahoo! Finance, they see the report on FDBL. This is targeted tickering with the goal of getting investors in these heavily traded names to buy shares in a stock like FDBL. This is what happened and why the sudden interest in FDBL.Currently trading with a market cap of $6.4 million, FDBL has exploded up the charts on massive volume as the result of a coordinated promo campaign. FDBL has minimal revenues, assets and mounting liabilities in the form of convertible notes. These notes will be converted at a discount and sold into the market. Proceed with caution and don't be left holding the bag! We will be updating Insider Financial as soon as we know more. For continuing coverage on FDBL, sign up for our free newsletter today and get our next hot stock pick!Disclosure: We have no position in FDBL and have not been compensated for this article.