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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Friendable Inc (CE) | USOTC:FDBL | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0001 | 0.00 | 01:00:00 |
Nevada
|
|
98-0546715
|
(State
or other jurisdiction of incorporation)
|
|
(I.R.S.
Employer Identification No.)
|
Indicate
by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for
the past 90 days.
|
|
☒ Yes
☐
No
|
|
|
|
Indicate
by check mark whether the registrant has submitted electronically
and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405
of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files).
|
|
☒ Yes
☐
No
|
Large
accelerated filer
|
☐
|
|
Accelerated
filer
|
☐
|
Non-accelerated
filer
|
☐
|
(Do not
check if a smaller reporting company)
|
Smaller
reporting company
|
☒
|
|
|
|
Emerging
growth company
|
☐
|
Indicate
by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Exchange Act).
|
|
☐ Yes
☒
No
|
PART I
- FINANCIAL INFORMATION
|
1
|
|
|
ITEM 1.
FINANCIAL STATEMENTS
|
1
|
|
|
ITEM 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
|
15
|
|
|
ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
|
22
|
|
|
ITEM 4.
CONTROLS AND PROCEDURES
|
22
|
|
|
PART II
- OTHER INFORMATION
|
23
|
|
|
ITEM 1.
LEGAL PROCEEDINGS
|
23
|
|
|
ITEM
1A. RISK FACTORS
|
24
|
|
|
ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS
|
24
|
|
|
ITEM 3.
DEFAULTS UPON SENIOR SECURITIES
|
24
|
|
|
ITEM 4.
MINE SAFETY DISCLOSURES
|
24
|
|
|
ITEM 5.
OTHER INFORMATION
|
24
|
|
|
ITEM 6.
EXHIBITS
|
25
|
|
|
SIGNATURES
|
26
|
|
|
|
|
|
Consolidated Balance Sheets as of June 30, 2019 and December 31,
2018
|
|
2
|
|
|
|
Consolidated Statements of Comprehensive Loss for the three and six
months ended June 30, 2019 and 2018
|
|
3
|
|
|
|
Consolidated Statements of Stockholders’ Deficiency for the
period from December 31, 2017 to June 30, 2019
|
|
4
|
|
|
|
Consolidated Statements of Cash Flows for the six months ended June
30, 2019 and 2018
|
|
5
|
|
|
|
Notes to the Consolidated Financial Statements
|
|
6-14
|
|
Three
Months Ended June 30, 2019
$
|
Three
Months Ended June 30, 2018
$
|
Six
Months
Ended
June 30, 2019
$
|
Six Months
Ended
June 30, 2018
$
|
REVENUES
|
856
|
1,401
|
1,861
|
4,482
|
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
|
Accretion
and interest expense (Note 9, 10)
|
131,905
|
529,268
|
264,557
|
1,396,829
|
App
hosting (Note 7)
|
767
|
139,970
|
15,767
|
279,425
|
Commissions
|
257
|
421
|
558
|
1,305
|
General
and administrative (Note 7)
|
193,711
|
193,247
|
390,253
|
411,185
|
Product
development (Note 7)
|
25,000
|
-
|
55,588
|
-
|
Sales
and marketing
|
17,925
|
1,097
|
24,136
|
1,587
|
|
|
|
|
|
|
|
|
|
|
TOTAL OPERATING
EXPENSES
|
369,565
|
864,003
|
750,859
|
2,090,331
|
|
|
|
|
|
LOSS FROM
OPERATIONS
|
(368,709)
|
(862,602)
|
(748,998)
|
(2,085,849)
|
|
|
|
|
|
NET LOSS AND COMPREHENSIVE LOSS
|
(368,709)
|
(862,602)
|
(748,998)
|
(2,085,849)
|
|
|
|
|
|
BASIC LOSS PER SHARE
|
(0.00)
|
(0.00)
|
(0.00)
|
(0.00)
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
|
5,553,310,369
|
5,553,310,369
|
5,553,310,369
|
5,435,934,678
|
Conversion
of convertible notes (Note 9)
|
543,000,000
|
54,300
|
—
|
—
|
6,000
|
—
|
—
|
60,300
|
|
|
|
|
|
|
|
|
|
Issuance
of convertible notes (net) (Note 9)
|
—
|
—
|
—
|
—
|
307,965
|
—
|
—
|
307,965
|
|
|
|
|
|
|
|
|
|
Net
loss for the year
|
—
|
—
|
—
|
—
|
—
|
—
|
(3,122,004)
|
(3,122,004)
|
|
|
|
|
|
|
|
|
|
Balance
December 31, 2018
|
5,553,310,369
|
$555,331
|
21,267
|
$2
|
$11,471,743
|
$(4,500)
|
$(22,260,473)
|
$(10,237,897)
|
Common
stock subscriptions received
|
|
|
|
|
|
250,368
|
|
250,368
|
|
|
|
|
|||||
Debt
Forgiveness (Note 7, 11)
|
—
|
—
|
—
|
—
|
1,000,000
|
—
|
—
|
1,000,000
|
|
|
|
|
|
|
|
|
|
Net
loss for the period
|
—
|
—
|
—
|
—
|
—
|
—
|
(748,998)
|
(748,998)
|
|
|
|
|
|
|
|
|
|
Balance
June 30, 2019
|
5,553,310,369
|
$555,331
|
21,267
|
$2
|
$12,471,743
|
$245,868
|
$(23,009,471)
|
$(9,736,527)
|
|
Six months ended
June 30, 2019
|
Six months ended
June 30, 2018
|
Cash
Flows from Operating Activities:
|
|
|
Net
loss
|
$(748,998)
|
$(2,085,849)
|
|
|
|
Adjustments to Reconcile Net Loss to Net Cash Used in Operating
Activities:
|
|
|
Interest
on convertible debentures and promissory note
|
264,557
|
277,949
|
Accretion
expense
|
-
|
1,118,879
|
Changes in Operating Assets and Liabilities
|
|
|
Increase
in accounts receivable
|
(263)
|
(632)
|
Increase
in accounts payable
|
208,690
|
444,041
|
Net Cash Used in Operating Activities
|
(276,014)
|
(245,612)
|
|
|
|
Cash Flows from Financing Activities:
|
|
|
Proceeds
from convertible debentures (net)
|
-
|
250,965
|
Proceeds
from common stock subscription received
|
250,368
|
-
|
Net Cash Provided by Financing Activities
|
250,368
|
250,965
|
|
|
|
Net Increase (Decrease) in Cash
|
(25,646)
|
5,353
|
|
|
|
Cash – Beginning
|
25,646
|
-
|
|
|
|
Cash – Ending
|
$-
|
$5,353
|
|
|
|
Supplemental Cash Flow Information:
|
|
|
Cash
paid for interest
|
$—
|
$—
|
Cash
paid for income taxes
|
$—
|
$—
|
|
|
|
Non-cash Investing and Financing Items:
|
|
|
Shares
issued for conversion of debt (net)
|
$-
|
$-
|
Convertible
debentures issued to extinguish promissory notes
|
$-
|
$-
|
|
|
|
Cash consists of:
|
|
|
Cash
|
$-
|
$5,353
|
|
|
Weighted
Average
|
|
|
Exercise
|
|
Number
of Warrants
|
Price
$
|
Balance,
June 30, 2018
|
1,096,335,757
|
0.004
|
|
|
|
Balance,
June 30, 2019
|
1,096,335,757
|
0.004
|
|
|
|
|
Option
Price
|
|
Expiry
Date
|
Per
Share($)
|
Number
|
December
21, 2021
|
1,680
|
1,725
|
June
21, 2022
|
400
|
500
|
June
25, 2023
|
134
|
850
|
|
$1,044
|
3,075
|
|
Number
of Options
|
Weighted
Average Exercise Price
$
|
Weighted-
Average Remaining Contractual Term (years)
|
Aggregate
Intrinsic Value
$
|
Outstanding
and exercisable, December 31, 2017
|
3,075
|
1,044
|
6.57
|
-
|
Outstanding
and exercisable, June 30, 2018
|
3,075
|
1,044
|
5.57
|
-
|
Outstanding
and exercisable, June 30, 2019
|
3,075
|
1,044
|
4. 57
|
-
|
|
|
$
|
|
|
|
Employment Agreements (1)
|
|
150,000
|
Conversion Feature
|
Issuance
|
Net Principal ($)
|
Discount ($)
|
Carrying Value ($)
|
Interest Rate
|
Maturity Date
|
||
a
|
)
|
2-Apr-13
|
5,054
|
-
|
5,054
|
0
|
%
|
2-Jan-14
|
d
|
)
|
5-Aug-15
|
474,900
|
-
|
474,900
|
7
|
%
|
5-Feb-17
|
d
|
)
|
5-Aug-15
|
18,750
|
-
|
18,750
|
7
|
%
|
5-Feb-17
|
c
|
)
|
17-Feb-15
|
102,135
|
-
|
102,135
|
8
|
%
|
17-Feb-16
|
b
|
)
|
17-Feb-15
|
5,000
|
-
|
5,000
|
8
|
%
|
17-Feb-16
|
b
|
)
|
27-Feb-15
|
37,500
|
-
|
37,500
|
8
|
%
|
27-Feb-16
|
b
|
)
|
19-Mar-15
|
53,551
|
-
|
53,551
|
8
|
%
|
19-Mar-16
|
b
|
)
|
19-Mar-15
|
8,000
|
-
|
8,000
|
8
|
%
|
19-Mar-16
|
b
|
)
|
11-May-15
|
50,000
|
-
|
50,000
|
8
|
%
|
11-May-16
|
b
|
)
|
2-Jun-15
|
29,500
|
-
|
29,500
|
8
|
%
|
2-Jun-16
|
b
|
)
|
2-Jun-15
|
45,966
|
-
|
45,966
|
8
|
%
|
2-Jun-16
|
b
|
)
|
2-Jun-15
|
10,000
|
-
|
10,000
|
8
|
%
|
2-Jun-16
|
b
|
)
|
2-Jun-15
|
58,540
|
-
|
58,540
|
8
|
%
|
2-Jun-16
|
b
|
)
|
2-Jun-15
|
35,408
|
-
|
35,408
|
8
|
%
|
2-Jun-16
|
b
|
)
|
2-Jun-15
|
20,758
|
-
|
20,758
|
8
|
%
|
2-Jun-16
|
c
|
)
|
11-Jun-15
|
50,000
|
-
|
50,000
|
8
|
%
|
27-Mar-16
|
b
|
)
|
19-Jun-15
|
30,464
|
-
|
30,464
|
8
|
%
|
19-Jun-16
|
b
|
)
|
19-Jun-15
|
30,000
|
-
|
30,000
|
8
|
%
|
19-Jun-16
|
b
|
)
|
19-Jun-15
|
35,408
|
-
|
35,408
|
8
|
%
|
19-Jun-16
|
b
|
)
|
24-Jun-15
|
37,500
|
-
|
37,500
|
8
|
%
|
27-Feb-16
|
b
|
)
|
24-Jun-15
|
35,000
|
-
|
35,000
|
8
|
%
|
12-Feb-16
|
b
|
)
|
24-Jun-15
|
37,500
|
-
|
37,500
|
8
|
%
|
12-Mar-16
|
b
|
)
|
7-Jul-15
|
75,000
|
-
|
75,000
|
8
|
%
|
7-Oct-15
|
b
|
)
|
1-Aug-15
|
17,408
|
-
|
17,408
|
8
|
%
|
4-Aug-16
|
b
|
)
|
1-Aug-15
|
30,000
|
-
|
30,000
|
8
|
%
|
1-Aug-16
|
b
|
)
|
1-Aug-15
|
35,408
|
-
|
35,408
|
8
|
%
|
1-Aug-16
|
b
|
)
|
21-Sep-15
|
64,744
|
-
|
64,744
|
8
|
%
|
21-Sep-16
|
b
|
)
|
3-May-16
|
50,000
|
-
|
50,000
|
8
|
%
|
3-May-17
|
b
|
)
|
3-May-16
|
50,000
|
-
|
50,000
|
8
|
%
|
11-May-16
|
b
|
)
|
3-May-16
|
29,500
|
-
|
29,500
|
8
|
%
|
2-Jun-16
|
b
|
)
|
3-May-16
|
45,965
|
-
|
45,965
|
8
|
%
|
2-Jun-16
|
b
|
)
|
24-May-16
|
61,571
|
-
|
61,571
|
8
|
%
|
24-May-17
|
b
|
)
|
24-May-16
|
30,464
|
-
|
30,464
|
8
|
%
|
19-Jun-16
|
b
|
)
|
26-May-16
|
157,500
|
-
|
157,500
|
8
|
%
|
26-May-17
|
b
|
)
|
15-Jun-16
|
5,000
|
-
|
5,000
|
8
|
%
|
15-Jun-17
|
d
|
)
|
3-Jun-16
|
160,000
|
-
|
160,000
|
7
|
%
|
8-Sep-17
|
d
|
)
|
3-Jun-16
|
4,000
|
-
|
4,000
|
7
|
%
|
8-Sep-17
|
d
|
)
|
15-Jun-16
|
50,000
|
-
|
50,000
|
7
|
%
|
8-Sep-17
|
d
|
)
|
15-Jun-16
|
1,250
|
-
|
1,250
|
7
|
%
|
8-Sep-17
|
d
|
)
|
17-May-16
|
100,000
|
-
|
100,000
|
7
|
%
|
8-Sep-17
|
d
|
)
|
17-May-16
|
2,500
|
-
|
2,500
|
7
|
%
|
8-Sep-17
|
d
|
)
|
20-May-16
|
110,000
|
-
|
110,000
|
7
|
%
|
8-Sep-17
|
d
|
)
|
20-May-16
|
2,750
|
-
|
2,750
|
7
|
%
|
8-Sep-17
|
d
|
)
|
27-Jan-16
|
250,000
|
-
|
250,000
|
7
|
%
|
27-Jul-17
|
d
|
)
|
8-Mar-16
|
110,000
|
-
|
110,000
|
7
|
%
|
8-Sep-17
|
d
|
)
|
27-Jan-16
|
18,750
|
-
|
18,750
|
7
|
%
|
27-Jul-17
|
d
|
)
|
8-Mar-16
|
5,000
|
-
|
5,000
|
7
|
%
|
8-Sep-17
|
d
|
)
|
8-Mar-16
|
90,000
|
-
|
90,000
|
8
|
%
|
8-Sep-17
|
b
|
)
|
8-Jul-16
|
50,000
|
-
|
50,000
|
7
|
%
|
8-Sep-17
|
b
|
)
|
4-Aug-16
|
110,000
|
-
|
110,000
|
7
|
%
|
8-Sep-17
|
d
|
)
|
15-Aug-16
|
157,000
|
-
|
157,000
|
7
|
%
|
8-Sep-17
|
d
|
)
|
12-Sep-16
|
83,000
|
-
|
83,000
|
7
|
%
|
8-Sep-17
|
d
|
)
|
8-Jul-16
|
1,250
|
-
|
1,250
|
7
|
%
|
8-Sep-17
|
d
|
)
|
4-Aug-16
|
2,750
|
-
|
2,750
|
7
|
%
|
8-Sep-17
|
d
|
)
|
15-Aug-16
|
3,925
|
-
|
3,925
|
7
|
%
|
8-Sep-17
|
d
|
)
|
12-Sep-16
|
2,075
|
-
|
2,075
|
7
|
%
|
8-Sep-17
|
d
|
)
|
4-Aug-16
|
110,000
|
-
|
110,000
|
8
|
%
|
4-Aug-17
|
b
|
)
|
15-Aug-16
|
157,500
|
-
|
157,500
|
8
|
%
|
15-Aug-17
|
b
|
)
|
8-Sep-16
|
80,000
|
-
|
80,000
|
8
|
%
|
8-Sep-17
|
b
|
)
|
11-Nov-16
|
80,000
|
-
|
80,000
|
8
|
%
|
11-Nov-17
|
b
|
)
|
5-Dec-16
|
88,000
|
-
|
88,000
|
8
|
%
|
5-Dec-17
|
b
|
)
|
9-Jan-17
|
84,000
|
-
|
84,000
|
8
|
%
|
6-Jan-18
|
b
|
)
|
13-Mar-17
|
32,000
|
-
|
32,000
|
8
|
%
|
13-Mar-18
|
c
|
)
|
2-Feb-17
|
90,198
|
-
|
90,198
|
8
|
%
|
2-Feb-18
|
c
|
)
|
15-Mar-17
|
96,000
|
-
|
96,000
|
8
|
%
|
15-Mar-18
|
d
|
)
|
7-Oct-16
|
465,000
|
-
|
465,000
|
7
|
%
|
7-Apr-18
|
d
|
)
|
7-Nov-16
|
295,000
|
-
|
295,000
|
7
|
%
|
7-May-18
|
d
|
)
|
12-Dec-16
|
295,000
|
-
|
295,000
|
7
|
%
|
12-Jun-18
|
d
|
)
|
18-Jan-17
|
295,000
|
-
|
295,000
|
7
|
%
|
7-Apr-18
|
b
|
)
|
7-Apr-17
|
25,000
|
-
|
25,000
|
8
|
%
|
7-Apr-18
|
b
|
)
|
3-May-17
|
27,000
|
-
|
27,000
|
8
|
%
|
3-May-18
|
c
|
)
|
5-May-17
|
30,000
|
-
|
30,000
|
8
|
%
|
5-May-18
|
b
|
)
|
2-Jun-17
|
27,000
|
-
|
27,000
|
8
|
%
|
2-Jun-18
|
s) d
|
)
|
21-Jul-17
|
790,965
|
-
|
790,965
|
10
|
%
|
21-Jul-18
|
s) d
|
)
|
14-Aug-18
|
30,000
|
-
|
30,000
|
10
|
%
|
31-Dec-18
|
s) d
|
)
|
21-Jul-17
|
24,000
|
-
|
24,000
|
10
|
%
|
21-Jul-18
|
|
|
|
|
|
|
|
|
|
|
|
|
6,299,407
|
-
|
6,299,407
|
|
|
|
|
Three
Months Ended June 30, 2019
$
|
Three
Months Ended June 30, 2018
$
|
Six
Months
Ended
June 30, 2019
$
|
Six Months
Ended
June 30, 2018
$
|
REVENUES
|
856
|
1,401
|
1,861
|
4,482
|
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
|
Accretion
and interest expense
|
131,905
|
529,268
|
264,557
|
1,396,829
|
App
hosting
|
767
|
139,970
|
15,767
|
279,425
|
Commissions
|
257
|
421
|
558
|
1,305
|
General
and administrative
|
193,711
|
193,247
|
390,253
|
411,185
|
Product
development
|
25,000
|
-
|
55,588
|
-
|
Sales
and marketing
|
17,925
|
1,097
|
24,136
|
1,587
|
|
|
|
|
|
|
|
|
|
|
TOTAL OPERATING
EXPENSES
|
369,565
|
864,003
|
750,859
|
2,090,331
|
|
|
|
|
|
LOSS FROM
OPERATIONS
|
(368,769)
|
(862,602)
|
(748,998)
|
(2,085,849)
|
|
June 30, 2019
|
December 31, 2018
|
|
(unaudited)
|
(audited)
|
Current
Assets
|
$263
|
$25,646
|
Current
Liabilities
|
9,736,790
|
10,263,543
|
Working Capital
(Deficiency)
|
$(9,736,527)
|
$(10,237,897)
|
|
Six
months
|
Six
months
|
|
Ended
|
Ended
|
|
June 30, 2019
|
June 30, 2018
|
Net Cash Used in
Operating Activities
|
$(276,014)
|
$(245,612)
|
Net Cash Used in
Investing Activities
|
-
|
-
|
Net Cash Provided
by Financing Activities
|
250,368
|
250,965
|
Net Increase
(Decrease) in Cash
|
$(25,646)
|
5,353
|
Exhibit Number
|
Description
|
(4)
|
Instruments defining the rights of security holders, including
indentures
|
4.1
|
|
|
|
(10)
|
Material Contracts
|
10.1
|
|
10.2
|
|
10.3
|
|
|
|
(31)
|
Rule 13a-14(a)/15d-14(a) Certification
|
31.1*
|
|
31.2*
|
|
(32)
|
Section 1350 Certification
|
32.1+
|
|
(101)
|
XBRL
|
101.INS*
|
XBRL
INSTANCE DOCUMENT
|
101.SCH*
|
XBRL
TAXONOMY EXTENSION SCHEMA
|
101.CAL*
|
XBRL
TAXONOMY EXTENSION CALCULATION LINKBASE
|
101.DEF*
|
XBRL
TAXONOMY EXTENSION DEFINITION LINKBASE
|
101.LAB*
|
XBRL
TAXONOMY EXTENSION LABEL LINKBASE
|
101.PRE*
|
XBRL
TAXONOMY EXTENSION PRESENTATION LINKBASE
|
|
FRIENDABLE, INC.
|
|
|||
|
|
|
|
|
|
Date:
August 23, 2019
|
By:
|
/s/
Robert Rositano,
Jr.
|
|
|
|
|
|
Name:
Robert Rositano,
Jr.
|
|
|
|
|
|
Title:
CEO, Secretary, and Director (Principal Executive
Officer)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date:
August 23, 2019
|
By:
|
/s/
Frank Garcia
|
|
|
|
|
|
Name:
Frank Garcia
|
|
|
|
|
|
Title:
Chief Financial Officer
(Principal
Financial Officer and Principal Accounting Officer)
|
|
|
|
|
|
|
|
|
|
1 Year Friendable (CE) Chart |
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