Mimvi, Inc. (OTC:MIMV) Plunges Another 25%

Mimvi, Inc. (OTC:MIMV) Plunges Another 25%

Mimvi, Inc. (OTC:MIMV) gapped down this morning once again and plunged 28.50% after falling over 225 in the previous trading session.

The recent sell off has been largely on profit booking as the stock had jumped 150% from $0.20 to $0.51 on last Tuesday after the company announced the expansion of its search offerings to include social networking apps. This initiative—which initially includes Facebook apps–will be rolled out over time to encompass other social networks.

MIMVI, the global leader in volume and long tail search results for Mobile Apps, also provides search and recommendation services for iPhone, iPad, Android, Windows Phone, BlackBerry and Web Apps.

Financially, the company had revenue of $70,575 for the latest year ended December 31, 2011, compared to a year ago revenue of $18,600 for the year ended December 31, 2010.

For the year ended December 31, 2011, we incurred a loss of $4,126,458, or $0.11 per share basic compared to a loss of $3,199,355, or $0.10 per share basic for the year ended December 31, 2010. The increase was due to the increase in operations.

The company had total current liabilities of $1,010,630 consisting of accounts payable/accrued expenses of $910,248; a bank overdraft of $382; notes payable of $75,000 and note payable due to a related party of $25,000, which is in default. Moreover, the company had no cash.

Mimvi, Inc., formerly Fashion Net, Inc., is a development-stage technology company that develops algorithms and technology for personalized search, recommendation and discovery services to the consumer and enterprise. The Company focuses its technology in the area of search, recommendation and discovery results for mobile applications, Web applications, entertainment and educational videos. The Company has developed cognitive computing technology, which is the basis for its personalized search and recommendation platform. Mobile applications are the new Websites and mobile devices are the new browsers.