After a couple of mid-week gains, Vidable Inc (PINK:VIBE
, VIBE message board
) stock price froze up. On Friday, it remained $0.03 per share, while
traded volume of VIBE decreased. In any case, Vidable decided to act fast and to pump up its stock by promotions.
The records show that VIBE got promoted for a compensation of $20,000 and now everyone is waiting for the result, which is just about to be seen.
Meanwhile, there are no recent updates on Vidable and any information on its current activities is missing. The last news by the company was released on Feb 13 when VIBE announced they grew their video content by 237% and expected to reach 50,000 channels in two months which would capture the attention of Internet commerce. However, despite the positive announcement VIBE stock price did not move up.
Vidable is establishing a business model that will simplify the e-commerce marketplace that connects buyers and sellers. As of September 30, 2011 the company's liabilities were much higher than its total assets, and the net loss was not covered. At the same time, the accumulated deficit totaled $38.5 million, while the revenues kept pointing zero.
Historically, VIBE has financed its operations, debt service, and capital requirements through cash flows generated from operations and through issuance of debt and equity securities. However, as of last September, the company's working capital deficit was $87,642, and the cash only $2,007.
In the meantime, VIBE has incurred significant losses, had a negative capital, and negative current ratio. These factors, among others indicate that the company may not be able to continue as a going concern.