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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
|
16
|
|
|
ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
|
23
|
|
|
ITEM 4.
CONTROLS AND PROCEDURES
|
23
|
|
|
PART II
- OTHER INFORMATION
|
24
|
|
|
ITEM 1.
LEGAL PROCEEDINGS
|
24
|
|
|
ITEM
1A. RISK FACTORS
|
25
|
|
|
ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS
|
25
|
|
|
ITEM 3.
DEFAULTS UPON SENIOR SECURITIES
|
25
|
|
|
ITEM 4.
MINE SAFETY DISCLOSURES
|
25
|
|
|
ITEM 5.
OTHER INFORMATION
|
25
|
|
|
ITEM 6.
EXHIBITS
|
26
|
|
|
SIGNATURES
|
27
|
|
|
|
|
|
Consolidated Balance Sheets as of September 30, 2019 and December
31, 2018
|
|
2
|
|
|
|
Consolidated Statements of Comprehensive Loss for the three and
nine months ended September 30, 2019 and 2018
|
|
3
|
|
|
|
Consolidated Statements of Stockholders’ Deficiency for the
period from December 31, 2017 to September 30, 2019
|
|
4
|
|
|
|
Consolidated Statements of Cash Flows for the nine months ended
September 30, 2019 and 2018
|
|
5
|
|
|
|
Notes to the Consolidated Financial Statements
|
|
6-15
|
|
Three
Months Ended September 30, 2019
$
|
Three
Months Ended September 30, 2018
$
|
Nine
months Ended
September 30, 2019
$
|
Nine months Ended September 30, 2018
$
|
REVENUES
|
118,801
|
1,227
|
120,662
|
5,709
|
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
|
Accretion
and interest expense (Note 9, 10)
|
189,117
|
478,102
|
453,674
|
1,874,931
|
App
hosting (Note 7)
|
2,301
|
141,000
|
18,068
|
420,425
|
Commissions
|
61
|
368
|
619
|
1,673
|
General
and administrative (Note 7)
|
187,352
|
186,090
|
577,605
|
597,275
|
Product
development (Note 7)
|
100,500
|
549
|
156,088
|
549
|
Sales
and marketing
|
28,788
|
598
|
52,924
|
2,185
|
|
|
|
|
|
|
|
|
|
|
TOTAL OPERATING
EXPENSES
|
508,119
|
806,707
|
1,258,978
|
2,897,038
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM
OPERATIONS
|
(389,318)
|
(805,480)
|
(1,918,316)
|
(2,891,329)
|
OTHER EXPENSES
|
|
|
|
|
Provision
for settlement of lawsuit (Note 12)
|
(780,000)
|
-
|
(780,000)
|
-
|
|
|
|
|
|
NET LOSS AND COMPREHENSIVE LOSS
|
(1,169,318)
|
(805,480)
|
(1,918,316)
|
(2,891,329)
|
|
|
|
|
|
BASIC LOSS PER SHARE
|
(3.72)
|
(6.44)
|
(6.10)
|
(9.50)
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
|
314,726
|
125,074
|
314,726
|
304,194
|
|
Common # Stock
|
Common Stock Amount
|
Preferred #
|
Preferred Stock Amount
|
Additional Paid-in Capital
|
Common Stock Subscriptions
|
Deficit
|
Total
|
|
|
|
|
|
|
|
|
|
Balance
December 31, 2017
|
284,559
|
$28
|
21,267
|
$2
|
$11,658,781
|
$(4,500)
|
$(19,138,469)
|
$(7,484,158)
|
Conversion
of convertible notes (Note 9)
|
30,167
|
3
|
—
|
—
|
60,297
|
—
|
—
|
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
|
314,726
|
$31
|
21,267
|
$2
|
$12,027,043
|
$(4,500)
|
$(22,260,473)
|
$(10,237,897)
|
Common
stock subscriptions received (Note 3)
|
—
|
—
|
—
|
—
|
—
|
325,368
|
—
|
325,368
|
|
|
|
|
|
|
|
|
|
Debt
forgiveness (Note 7, 11)
|
—
|
—
|
—
|
—
|
1,000,000
|
—
|
—
|
1,000,000
|
|
|
|
|
|
|
|
|
|
Net
loss for the period
|
—
|
—
|
—
|
—
|
—
|
—
|
(1,918,316)
|
(1,918,316)
|
|
|
|
|
|
|
|
|
|
Balance
September 30, 2019
|
314,726
|
$31
|
21,267
|
$2
|
$13,027,043
|
$320,868
|
$(24,178,789)
|
$(10,830,845)
|
|
|
Weighted
Average
|
|
|
Exercise
|
|
Number
of Warrants
|
Price
$
|
Balance,
December 31, 2018
|
60,908
|
79.16
|
|
|
|
Balance,
September 30, 2019
|
60,908
|
79.16
|
|
|
|
|
|
$
|
|
|
|
Employment Agreements (1)
|
|
100,000
|
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 September 30, 2019
$
|
Three
Months Ended September 30, 2018
$
|
Nine
months Ended September 30, 2019
$
|
Nine
months Ended September 30, 2018
$
|
REVENUES
|
118,801
|
1,227
|
120,662
|
5,709
|
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
|
Accretion
and interest expense (Note 9, 10)
|
189,117
|
478,102
|
453,674
|
1,874,931
|
App
hosting (Note 7)
|
2,301
|
141,000
|
18,068
|
420,425
|
Commissions
|
61
|
368
|
619
|
1,673
|
General
and administrative (Note 7)
|
187,352
|
186,090
|
577,605
|
597,275
|
Product
development (Note 7)
|
100,500
|
549
|
156,088
|
549
|
Sales
and marketing
|
28,788
|
598
|
52,924
|
2,185
|
|
|
|
|
|
|
|
|
|
|
TOTAL OPERATING
EXPENSES
|
508,119
|
806,707
|
1,258,978
|
2,897,038
|
|
|
|
|
|
LOSS FROM
OPERATIONS
|
(389,318)
|
(805,480)
|
(1,138,316)
|
(2,891,329)
|
|
September 30, 2019
|
December 31, 2018
|
|
(unaudited)
|
(audited)
|
Current
Assets
|
$79
|
$25,646
|
Current
Liabilities
|
10,830,924
|
10,263,543
|
Working
Capital (Deficiency)
|
$(10,830,845)
|
$(10,237,897)
|
|
Nine months
|
Nine months
|
|
Ended
|
Ended
|
|
September 30, 2019
|
September
30, 2018
|
Net
Cash Used in Operating Activities
|
$(350,935)
|
$(307,542)
|
Net
Cash Used in Investing Activities
|
-
|
-
|
Net
Cash Provided by Financing Activities
|
325,368
|
310,965
|
Net
Increase (Decrease) in Cash
|
$(25,567)
|
3,423
|
Exhibit
Number
|
Description
|
|
FRIENDABLE, INC.
|
|
|||
|
|
|
|
|
|
Date:
November 19, 2019
|
By:
|
/s/
Robert Rositano,
Jr.
|
|
|
|
|
|
Name:
Robert Rositano,
Jr.
|
|
|
|
|
|
Title:
CEO, Secretary, and Director (Principal Executive
Officer)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date:
November 19, 2019
|
By:
|
/s/
Frank Garcia
|
|
|
|
|
|
Name:
Frank Garcia
|
|
|
|
|
|
Title:
Chief Financial Officer
(Principal
Financial Officer and Principal Accounting Officer)
|
|
|
|
|
|
|
|
|
|
1 Year Friendable (CE) Chart |
1 Month Friendable (CE) Chart |
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