FriendFinder Networks (NYSE: FFN), Bizingo (OTC: BIZZ) and Quepasa Corporation (AMEX: QPSA) are three social networking stocks that have aspirations to be like Linkedin Corporation (NYSE: LNKD) or Facebook but are they really Linkedin of Facebook material? After all, Linkedin seems to be crushing other professional networking sites just as Facebook is doing the same for the more social of the social networking sites. However, not even Linkedin and Facebook seem to have nailed down a solid business or revenue model just yet. Hence, is it really worth the time to consider other social networking stocks like FFN, BIZZ and QPSA? Here is a closer look at all three to help you decide:

FriendFinder Networks (NYSE: FFN) Settles a Litigation Matter for $15 Million

FriendFinder Networks is an internet-based social networking and technology company that operates AdultFriendFinder.com, Amigos.com, AsiaFriendFinder.com, BigChurch.com, Cams.com, FriendFinder.com and SeniorFriendFinder.com and publishes Penthouse Magazine. Last Thursday, FriendFinder Networks announced that it had reached a settlement with Broadstream Capital Partners for $15.0 million where it will pay Broadstream in three installments of $8.0 million, $5.0 million and $2.0 million due on July 13, 2011, September 29, 2011 and January 2, 2012 respectively. FFN noted that the settlement puts the Broadstream litigation matter to rest so that the company can now focus on business growth. Hence and on Friday, FriendFinder Networks rose 16.41% to $4.54 (FFN has a 52 week trading range of $3.61 to $10.01 a share). It should be noted that for 1Q2011, FriendFinder Networks had revenue of $83.5 million and a net loss of $3.7 million verses $8.3 million for 1Q2010 – decrease of $4.6 million or 55.4%. FFN also ended the quarter with cash and cash equivalents of $40.9 million but it also had outstanding debt of $543.5 million. And while FFNFriendFinder Networks has repaid $65.3 million in outstanding debt since December 31, 2010 – its debt level is still worrisome for an industry as fickle as social networking.

Bizingo (OTC: BIZZ) Jumped 18.18% on Friday But….

Bizingo, formerly Phreadz, is a development-stage company that focuses on Internet and mobile phone user multimedia social networking forums. On Friday, Bizingo rose 18.18% and the stock has a 52 week trading range of $0.50 to $1.50 a share. However and at the end of June, Bizingo announced that it had entered into consulting agreements with two officers of the company where it agreed to pay them a base salary of no less than $180 thousand per year and at least 1 million shares of BIZZ stock plus stock options on 3 million more shares. The announcement put investors in a bearish mood and sent the stock down 10%. Something else that should put investors in a bearish mood: Bizingo has no revenues and losses of $1,433k, $196k, $618k and $12,101k for each of the last four quarters respectively.

Quepasa Corporation (AMEX: QPSA) Operates a Networking Site That Targets Young Hispanics

Quepasa Corporation operates Quepasa.com, an Internet social networking site that targets the fast growing young Hispanic market in the USA as well as Latin America. Near the end of June, it was announced that Quepasa Corporation would be included in the Russell 3000, Russell Global and Russell Microcap Indexes as a part of reconstitution of the Russell’s indices for the year. In addition and for 1Q2011, Quepasa Corporation reported a 600% increase in revenues from $322,000 for 1Q2010 to $2.2 million and a 21% increase over 4Q2010 revenues of $1.9 million. However, Quepasa Corporation still reported a net loss of $1.5 million – a sequential improvement from a net loss of $1.8 million for the prior quarter and a net loss of $2.7 million for 1Q2010. QPSA also ended the quarter with $12.3 million in cash and cash equivalents. On Friday, Quepasa Corporation fell 3.51% to $7.43 and the stock has a 52 week trading range of $3.25 to $15.45 a share.

The Bottom Line. I would have concerns over FFN’s debt levels and BIZZ’s continual losses and lack of revenue but QPSA looks like an interesting social networking stock that could become the Facebook of Latin American and the Hispanic demographic.