Facebook is working on its own video-chat app after failing to purchase mobile messaging startup Snapchat.

The social-networking site has been working on a new app, which it has called Slingshot, for "several months" now, according to a report by the Financial Times this weekend.

The app would allow users to send short video messages just by using a touch-screen, according to the report, citing "people familiar with its plans."

Slingshot could launch as early as sometime this month, though Facebook may ultimately decide not to proceed with the launch of the app at all, according to one source.

Facebook CEO Mark Zuckerberg has been "overseeing" the secret project after the company wasn't able to purchase Snapchat from creators Evan Spiegel and Bobby Murphy for a proposed deal worth $3 billion. 

Facebook then purchased mobile messaging app Whatsapp for $19 billion, its largest acquisition ever.

Snapchat, which allows users to send smartphone pictures that automatically disappear after a predetermined time, is popular among teenagers and is easily one of the most downloaded apps currently available.

The company recently got into some trouble with the Federal Trade Commission over privacy issues.

Snapchat recently reached a settlement with the FTC after being charged with endangering user privacy.

The messaging service has yet to admit nor deny the accusations however, according to the Associated Press.

Violations of the agreement will cost the company approximately $16,000.

Make sure to check back once Facebook reaches a decision on its video-chat app.

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