This app is close to dead. I found this about the company:
Viggle (
VGGL.PK), formerly known as Function {X** (FNCX.PK), is an interactive media company with nominal revenues, losing $27M in the last quarter alone, investors filing to sell over 7M shares, an employee leaving amidst a sexual harassment suit against the founder and the company (which was just settled according to a June 27th 8-K filing), the CEO recently leaving the company, but still maintaining a current market cap of $352M. Function {X** unsuccessfully tried other media businesses before embarking on Viggle over the past year.
Viggle is a loyalty program that rewards its users for watching television. Users receive points for interacting with their favorite TV shows, and can then redeem these points for items such as movie tickets and music. While the concept has attracted some users, there are a few problems. Viggle currently does not have any agreements with advertisers or vendors whereby the advertisers or vendors issue rewards when the users redeem their points. So the company is currently burning more cash to purchase gift cards from vendors so that users can redeem their points. Secondly, the company is running out of money again, and cannot continue much longer without incurring substantial debt or share dilution. Founder and majority owner, Robert Sillerman, just lent the company $2.5M at 9%, as part of a $10M line of credit (and even that will not last more than 3 to 4 months at Viggle's current cash burn rate). Finally, in case Viggle manages to survive at a lower-valuation, there is an egregious compensation scheme where Robert Sillerman receives $85M in stock compensation and a change-of-control pay-out of $64.4M inclusive of gross-up payments, according to a June 8th S-1/A filing.
Viggle was hyped to the market reaching a ridiculous peak-valuation of $1.4B in January, and has been falling ever since. Once these OTCBB/Pink Sheets flame-out, they usually go to zero. Given the huge overvaluation that still exists today, lack of revenues, high cash burn, dysfunctional business model, questionable management practices/departures, selling shareholders, etc. it is very likely that Viggle will spiral towards zero as well.