$MSRT ~ 8K FILED
MassRoots Provides Shareholder Update on Key Objectives and Upcoming Events
Company focusing efforts to push business to cash-flow positive by leveraging its installed base of users and recent acquisitions
DENVER, CO-- MassRoots, Inc. (OTCQB: MSRT), a leading technology platform in the legal cannabis industry, has filed its quarterly report with the Securities and Exchange Commission (SEC) for the quarter ending September 30, 2017.
For the three months ended September 30, 2017 and 2016, MassRoots generated revenues of $11,516 and $209,003, respectively, a decrease of $197,487 over the prior year. Of the $11,516 generated in the three months ended September 30, 2017, all was made up of advertising revenue related to the MassRoots network. For the three months ended September 30, 2017 and 2016, MassRoots’ operating expenses were $7,533,530 and $2,094,211, respectively, an increase of $5,439,319, principally related to stock-based compensation. MassRoots also made a $300,000 investment in CannaRegs during the quarter along with the relaunch of its website and Dispensary Finder service.
“Moving forward we intend to focus our efforts to push the business to cash-flow positive as quickly as possible by maximizing revenue streams from the investments made over the last three years and continuing our cost-cutting efforts,” said Scott Kveton, MassRoots’ recently appointed interim CEO.
Three year MassRoots board member Vincent “Tripp” Keber stated,“The Q3 financial results do not reflect what we believe to be MassRoots’ potential, and reaffirms the board’s decision last month to make a leadership change. In this regard, we have asked our interim CEO Scott Kveton to refocus efforts with the plans he has put into motion for a direct-to-consumer & B2B play by leveraging our installed base of users and recent acquisitions.”
MassRoots’ 2017 acquisitions have focused on expanding its software offerings for licensed cannabis businesses. In January, MassRoots acquired Whaxy, a fully white labeled ordering software for licensed cannabis businesses for end-to-end transactional automation. In July 2017, MassRoots acquired Odava, a point-of-sale software for licensed dispensaries.
“We thank our shareholders for their continued support,” concluded Kveton. “We look forward to sharing some exciting developments and reporting back on our progress over the coming weeks.”
MassRoots management will be hosting a shareholder conference call to discuss MassRoots’ quarterly report:
What: MassRoots Shareholder Update and Q&A
Date: Thursday, November 16, 2017
Time: 4:30 pm Eastern Daylight Time
Dial-in Number: (888) 750-3467
Conference Code: 5289063
Questions for MassRoots’ management may be submitted prior to the call to ir@massroots.com .
MassRoots Provides Shareholder Update on Key Objectives and Upcoming Events
Company focusing efforts to push business to cash-flow positive by leveraging its installed base of users and recent acquisitions
DENVER, CO-- MassRoots, Inc. (OTCQB: MSRT), a leading technology platform in the legal cannabis industry, has filed its quarterly report with the Securities and Exchange Commission (SEC) for the quarter ending September 30, 2017.
For the three months ended September 30, 2017 and 2016, MassRoots generated revenues of $11,516 and $209,003, respectively, a decrease of $197,487 over the prior year. Of the $11,516 generated in the three months ended September 30, 2017, all was made up of advertising revenue related to the MassRoots network. For the three months ended September 30, 2017 and 2016, MassRoots’ operating expenses were $7,533,530 and $2,094,211, respectively, an increase of $5,439,319, principally related to stock-based compensation. MassRoots also made a $300,000 investment in CannaRegs during the quarter along with the relaunch of its website and Dispensary Finder service.
“Moving forward we intend to focus our efforts to push the business to cash-flow positive as quickly as possible by maximizing revenue streams from the investments made over the last three years and continuing our cost-cutting efforts,” said Scott Kveton, MassRoots’ recently appointed interim CEO.
Three year MassRoots board member Vincent “Tripp” Keber stated,“The Q3 financial results do not reflect what we believe to be MassRoots’ potential, and reaffirms the board’s decision last month to make a leadership change. In this regard, we have asked our interim CEO Scott Kveton to refocus efforts with the plans he has put into motion for a direct-to-consumer & B2B play by leveraging our installed base of users and recent acquisitions.”
MassRoots’ 2017 acquisitions have focused on expanding its software offerings for licensed cannabis businesses. In January, MassRoots acquired Whaxy, a fully white labeled ordering software for licensed cannabis businesses for end-to-end transactional automation. In July 2017, MassRoots acquired Odava, a point-of-sale software for licensed dispensaries.
“We thank our shareholders for their continued support,” concluded Kveton. “We look forward to sharing some exciting developments and reporting back on our progress over the coming weeks.”
MassRoots management will be hosting a shareholder conference call to discuss MassRoots’ quarterly report:
What: MassRoots Shareholder Update and Q&A
Date: Thursday, November 16, 2017
Time: 4:30 pm Eastern Daylight Time
Dial-in Number: (888) 750-3467
Conference Code: 5289063
Questions for MassRoots’ management may be submitted prior to the call to ir@massroots.com .
