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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.
Being a site that openly focuses on sexual and mature content, Adult Friend Finder became the social networking site for adult couples and individuals.
The site is heavily populated with adult men who are looking for women or couples who are down for hookups.
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.
Majority of its members provide and share sexual content to the site.
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.Originated in the United States, this dating platform helps its users find suitable sex partners through its many contacting features and functionality.Adult Friend Finder is open to all types of arrangements, from couple share, polygamy, fuck buddies, monogamy, and many more.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.It is almost like adult heaven for couples and singles who are looking for ways to spice up their sex life.The website focuses on providing an avenue for its members to find casual hookups, so this might not be the best site to find a romantic relationship or something alike.Once you have completed the registration process, you will automatically be redirected to a page where you will see the latest activities of all active Adult Friend Finder users.From there, you can start looking for a potential mate.However, the adult site fell in disgrace over the years for having lots of fake members and data hacking.Thus, we donned our investigative coat and took a closer look at Adult Friend Finder to know if this site is worth the time and money or if it is just one big scam.