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The company had also indicated that it lacked existing cash or cash from operations to repay a .5 million debt that was due July 31.
It has cautioned that, unless it can repay or restructure its obligation, it will face “a material deficiency in our short term liquidity.” With these shortfalls in mind, the company again announced an intention to make an initial public offering of stock, representing a 49% stake in the company, with plans to use the proceeds to pay down its debt and become listed on the New York Stock Exchange.
The contemplated public offering, scheduled to reach the market on January 27, 2010 was delayed by FFN.
Friend Finder had not turned a net profit since at least 2008.
These sites also include an abundance of basic personal information, romantic information and financial information.Much of the company's growth without investment capital has been attributed to its affiliate program, with more than 500,000 affiliates to date.As of January 17, 2010, Friend Finder Networks had a negative net worth equal to 8 million, million in cash on hand and 0 million in liabilities.On November 13, 2016, it was reported that a database of over 412 million accounts, including usernames, e-mails, and passwords, had been breached and leaked from several Friend Finder Networks websites.The breach included account data from Adult Friend Finder (which constituted over 339 million accounts), Cams.com, and Penthouse, including accounts that had supposedly been deleted.The personal and romantic information of 4 million individuals has been exposed following the hack of Adult Friend Finder, an adult-oriented online dating site.Adult Friend Finder advertises itself as the leading Internet “hook-up” site and boasts more than 60 million members worldwide.Ezra Shashoua, the company's chief financial officer, blamed the lower revenue on a drop in membership and increased advertising costs for affiliates, according to court documents.Shashoua also said credit card companies had refused to process transactions for the company's Internet businesses.By comparison, the Ashley Madison hack that took place in July 2015 revealed 32 million accounts, although that attack was also accompanied by a more aggressive extortion campaign.According toa security researcher going by the name Revolver uncovered Local File Inclusion vulnerabilities on the site in October.