MassRoots CC Transcript (8.14.18) original cou
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MassRoots CC Transcript (8.14.18)
original courtesy of MoneyMaker111
Conference Call Transcript Here:
MassRoots Inc.'s (MSRT) CEO Isaac Dietrich on 2018 Quarterly Shareholder Update Call Results - Earnings Call Transcript
Aug. 14, 2018 6:36 PM ET | About: MassRoots, Inc. (MSRT)
: 08-12-18 Earnings Summary
News
MassRoots, Inc. (OTCQB:MSRT) 2018 Quarterly Shareholder Update Call August 14, 2018 4:30 AM ET
Executives
Isaac Dietrich - Chief Executive Officer
Jesus Quintero - Chief Financial Officer
Analysts
John Wallace - SEC Enforcement
Clay Chase - Torrey Hills Capital
Operator
Greetings and welcome to the MassRoots Quarterly Shareholder Update Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to Jesus Quintero. Please go ahead.
Jesus Quintero
Thank you. Remarks made on this call may contain certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified using the words could, believe, anticipate, intend, estimate, expect, may, continue, predict, potential, project and similar expressions are identified as forward-looking statements. You should not place undue reliance on these forward-looking statements, although we believe that our plans, objectives, expectations and intentions reflected in and as of suggested by the forward-looking statements are reasonable.
We give no assurance that these plans, objectives, expectations or intentions will be achieved. Except as required by law we undertake no obligation to update or revise publicly any forward-looking statements whether as a results of new information, future events or otherwise after the date of which the statements are made to reflect the occurrence of unanticipated events.
With that being said, I will now turn the call over to Mr. Isaac Dietrich, CEO of MassRoots. Isaac, please go ahead.
Isaac Dietrich
Good afternoon and thank you for joining MassRoots' shareholder update call. I'm pleased to report over the past few weeks MassRoots has signed some of the largest dispensary chains in the country as beta partners and clients of our Dispensary Finder and business portal. We are continuously adding new features and tools based on their feedback to drive more purchasing volume to their stores and increase their ROI.
For those of you who are not familiar with our business now, MassRoots connects consumers with the top-rated dispensaries and products in regulated markets. Our established user base of over 1 million registered cannabis consumers represents the demand side of the cannabis market that we believe drives significant traffic and purchasing volume to our clients, the dispensaries and brands to us on our platform.
Our primary business objective for the rest of 2018 is building a client base of several hundred dispensaries and ancillary businesses, paying MassRoots between $420 and $1000 per month. Obviously, our execution is critical to our success with this mark and if we fall short in that regards or if we encounter unforeseen roadblocks, MassRoots may not succeed in reaching this milestone.
However, recent developments and traction in the marketplace are positive indicators to management. A few weeks ago, MassRoots' registration statement on Form S1 was declared effective permitting the resale of shares of common stock and warrants the purchased shares of common stock issued as part of capital raised over the past year. We do not believe our current market capitalization is indicative of the underlying health or growth of MassRoots.
We continue to make progress on developing a digital instrument for MassRoots' Blockchain Technologies Inc. which could potentially be used as rewards currency to incentivize visits to dispensary clients, reviews of strengths and products and encourage our community to refer active users to our platform. Much like airline frequent flyer miles or hotel rewards points, we believe that a reward currency in the cannabis space could boost consumer loyalty and retention, perhaps creating a significant competitive advantage for MassRoots.
While MassRoots' Blockchain has raised over $930,000 in simple agreements for future tokens to explore the feasibility of developing new solutions, there can be no assurances that we will be successful in implementing this instrument or that it will be economically viable. However, we believe that this could be a powerful application of blockchain technology and could give MassRoots a significant competitive advantage.
We've recently re-launched our mobile applications and business portal to address the increasing needs of cannabis consumers and businesses across the country, while improving our network infrastructure to support for the growth. The final phase of these platform improvements is the re-launch of massroots.com which we expect to b completed in the coming weeks. This will give us a unified and cohesive platform which we expect will provide consumers with an easy connection to the top rated products and dispensaries in regulated markets.
The past few months have been frustrating for management and shareholders as improvements to our platform has taken longer to develop than anticipated while the market capitalization of our company has fallen to some of the lowest levels since we became a fully reported public company. However, we believe our core thesis remains intact. The technology platform that can best connect cannabis consumers with top-rated products and regulated markets will be a leading player in the multibillion dollar cannabis industry.
While some licensed producers of cannabis have had exponential growth in their valuations, technology platforms in this space are often overlooked. As the market for cannabis matures, we believe margins for companies that directly produce and sell cannabis will come under increasing pressure, while technology platforms have the potential to generate high margin revenue with sustainable long-term competitive advantage.
In the near future, California is expected to finalize regulations covering the sale of cannabis for adult use. Massachusetts is expected to begin adult use sales and the first medical cannabis dispensaries are expected to open in Florida. All of these developments present MassRoots with a significant opportunity to grow our user base and revenues.
MassRoots continues to partner with some of the leading brands in the cannabis industry with ownership positions and high HighTimes Holdings Corporation and CannaRegs, Inc., the latter of which continues to impressively scale its clientele and revenues in the California market. We are continuously evaluating opportunities to partner with best-in-class companies in the cannabis space, further building our footprint, and creating new revenue-generating channels for our business.
We believe these initiatives position MassRoots to become the preeminent player on the demand-side of the cannabis market and could build significant shareholder value. We greatly appreciate your continued support as we work to create a valuable, long-term enterprise for our shareholders.
Thank you for your time. And I would now like to open the floor to any questions from fellow shareholders.
Question-and-Answer Session
Operator
Thank you. [Operator Instructions] Our first question today is coming from John Wallace, SEC Enforcement. Your line is now live.
John Wallace
Hello, I'm sure you said a few, the state of the revenue of this company, looking at the reported financials we don't see too much.
Isaac Dietrich
Sure, so we recently re-launched our business portal in late June of this year and we are actively adding in dispensary clients. We're charging dispensaries anywhere from $420 to $1,000 per month for a listing on our platform and access to our business portal. So as the historical revenues may not be the most significant, we do believe that they will be improving in coming quarters.
John Wallace
So what has changed amongst the last four quarters and I believe the last quarter was less than $2,500?
Isaac Dietrich
Sure, so we recently re-launched our business portal in June and we've been actively signing up dispensary clients ever since. Our goal for this year is to get several hundred dispensaries paying us a monthly fee to list on our platform.
John Wallace
Okay and do you have any paying clients now?
Isaac Dietrich
Yes.
John Wallace
How many 10, 100, 1000?
Isaac Dietrich
Well we're not, we're not releasing that at this time, but that will be, we will be disclosing that in coming quarters and we anticipate that it will continue to grow.
Operator
Thank you. Our next question is coming from Cory Niles a Private Investor. Your line is now live.
Unidentified Analyst
Hi, I just wanted to know, what is our – I've seen you guys have had some major investments in the last little bit, et cetera, I just want to know what's going on with - what is our target market let's say in the next thirty days, do we have a goal of where we're looking for the stock price and what are we doing to ensure that we're not going to hit these all time lows again as an investor.
Isaac Dietrich
So we are laser focused on signing up dispensary clients right now and growing our book of business, growing our monthly recurring revenue, so that's what I'm spending my days doing talking to dispensary owners, finding out what they're looking to see in our products to deliver them more ROI. So I think the key to our success is building fundamentals, building up that monthly recurring revenue and I think we have a good product that's gaining traction.
And I think as we continue to add new features to it, as we continue to really gain traction within the marketplace that we can see some real improvement in the fundamentals. And I think that's what the market and investors are looking to see right now.
Unidentified Analyst
Okay, also do we - let’s say from last December when we had over a – but do we know, what was the cause of the massive sell off, was it a selloff, was it do to the fact that there's no new clients being signed up right now, is there because I see the investments coming in, but volume based to money coming in based to where it's at right now it's kind of I'm a little confused, just trying to get on the same page.
Isaac Dietrich
Sure, so back in December and January of last year we raised approximately $4.7 million and common stock offerings to fund the company and those had registration rights. So we filed an S1 with the SEC earlier this year. We went through the common process and it was declared effective in July. So when it was declared effective those shares became eligible for resale and I think that could potentially be why the price is under pressure today.
However, this entire time we've been focused on really getting the fundamentals of our business in place. So we don't have to perpetually raise money from the market. At the end of the day when we have to go to raise money and private offerings that creates more shares and it dilutes the shareholder base and I think that as we continue to develop the fundamentals of the business, hopefully that means we have to raise less money and then I think that would be a very positive thing for all shareholders of the company.
Unidentified Analyst
Right, and do we have a 30-day expectation right now or target employees that we're going for?
Isaac Dietrich
Our main objective for this year is to get several hundred paying dispensary clients on MassRoots by the end of the year. Unfortunately, I can't get into any more specifics at this time.
Operator
Thank you. Our next question is coming from Michael Atuca [ph] a Private Investor. Your line is now live.
Unidentified Analyst
Yes, hi. I was concerned about the CannaRegs deal that I’m not sure where we are with that, what happened with that, it’s done like a strategic marriage that would be very beneficial can you give us some type of update on that please?
Isaac Dietrich
So, we were still, I believe we're still the largest outside shareholder in CannaRegs. We invested in them last July. We did have a merger that was announced last year and definitive agreements; however, that merger was called off I believe last October. So we currently don't have any merger plans in place, but I might continue to talk with them and on a regular basis and we're synergistic companies and trying to help each other out as much as possible.
They continue to sign a number of government clients and campus related businesses, especially in California. So I do think that that is a very synergistic relationship and we're proud shareholders of CannaRegs and we look forward to them doing great things and I think everyone most importantly our shareholders can win as we continue to support each other.
Unidentified Analyst
Well, yes, that's great, but I think that there was tremendous amount of resources that were allocated to the purchase of that stock and there was no benefit financially to the upside of the relationship to-date. Are you able to release how much of the capital was spent by MassRoots to become the largest outside shareholder of CannaRegs and what's the return of investment on that to-date and what's the projections?
Isaac Dietrich
So we invested $300, 000 in CannaRegs last July. I believe we own about 5% of the company and I am not sure on the exact specifics, but I do know that we're one of the largest shareholders and that as they continue to mature and grow their monthly recurring revenues. I do think that MassRoots shareholders will see a return.
And I think it was a strategic move that was beneficial to our shareholders and quite frankly a large portion of the funds that were invested came from the sale of our stake in Flowhub and which we invested $175,000 back two years ago, were able to exit that for $250,000 and then we kind of rolled those proceeds over into CannaRegs transaction and I continue to be impressed with Amanda and think she's doing a great job in building the fundamentals of her business and I think it was the right move for MassRoots' shareholders.
Operator
Thank you. Our next question is coming from Michael Norty[Ph] a Private Investor. Your line is now live.
Unidentified Analyst
Hi, Isaac, just a couple questions, so I've been following now for a few years now and there's a lot of talk about things that the company is doing when it comes to acquisitions or attempted acquisitions product releases, and all this money spent in bad development and all those things.
And to the first gentleman's point about having a quarter where we're seeing $2500 in revenue in an entire quarter, and you mentioning this goal of signing on 100 to 200 new dispensary by the end, and I see a lot of money being sunk into the and business, but what's being done to actually bring on maybe new people or a real sales team to actually hit those numbers?
Because by the sounds of it, it seems to me that you're just carrying a bag and trying to do this yourself or running the business, so I guess to be more pointed and direct, are there any plans of building out a team to actually get us to these goals or are we just going to hope that revenue runs in or rolls in because $2,500 quarter is not very impressive?
Isaac Dietrich
Yes, I completely understand your point. We have three full time sales people right now who are spending all of their time on boarding dispensaries and getting them to come on board. We launched the revamped business portal in late June, 2018 and we are also recognizing revenue and accordance with GAAP standards in which we can only - if someone pays for a full month, we can only recognize revenue for that month. But that being said, we are building what I believe will be one of the preeminent technology platforms for the cannabis industry.
And in order to do so, we have had to make significant investments in our platform and in scaling our user base. We still have one of the highest rated those traffic cannabis websites. We still have a very large following. So I think that as our business products continue to mature, that for a dispensary there's call it 2,500 dispensaries in the United States right now, the advertising to our community of cannabis consumers, we have their target audience. We have the purchasers of cannabis. So I think it's kind of a must have if you will for these dispensaries, especially as we continue to add features that they're asking for.
Right now the most requested feature is menus. So people can see exactly what products dispensaries have in store and how much they cost. We anticipate that will be live very soon. And I think that that will be very well received amongst current and prospective clients and really help to accelerate our client base.
But I do think that once our platform is fully mature that it's we're going to have several hundred to several thousand potentially paying clients on our platform. It's very similar to the model that WeedMaps and Leafly have. I think WeedMaps did north of $20 million in revenue last year according to press reports, offers a very similar business model and I think that if we continue to execute that it will be a very powerful model for our shareholders.
Operator
Thank you. Our next question is coming from Clay Chase from Torrey Hills Capital. Your line is now live.
Clay Chase
Great. Hi Isaac, how are you?
Isaac Dietrich
I'm doing great, how about you?
Clay Chase
Good, hey can you give us an update on the June 30, Q filing? I believe it's due this week, do you expect that to be filed on time or…?
Isaac Dietrich
So we are working with our auditors now on the quarterly review and finalizing it. I don't have a date on when that will be filed, but I do know we are in the final stages of preparing that Q.
Clay Chase
Great thanks.
Operator
Thank you. We have reached end of our question-and-answer session. I'd like to turn the floor back for any further or closing comments.
Isaac Dietrich
Well, thank you all very much for your time and I'm looking forward to a very exciting couple weeks and months for MassRoots as we continue to grow our business. Thank you all very much for your time and if you have any other questions, my email is isaac@massroots.com. Thank you all.
Operator
Thank you. That does conclude today's teleconference. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.
original courtesy of MoneyMaker111
Conference Call Transcript Here:
MassRoots Inc.'s (MSRT) CEO Isaac Dietrich on 2018 Quarterly Shareholder Update Call Results - Earnings Call Transcript
Aug. 14, 2018 6:36 PM ET | About: MassRoots, Inc. (MSRT)
: 08-12-18 Earnings Summary
News
MassRoots, Inc. (OTCQB:MSRT) 2018 Quarterly Shareholder Update Call August 14, 2018 4:30 AM ET
Executives
Isaac Dietrich - Chief Executive Officer
Jesus Quintero - Chief Financial Officer
Analysts
John Wallace - SEC Enforcement
Clay Chase - Torrey Hills Capital
Operator
Greetings and welcome to the MassRoots Quarterly Shareholder Update Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to Jesus Quintero. Please go ahead.
Jesus Quintero
Thank you. Remarks made on this call may contain certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified using the words could, believe, anticipate, intend, estimate, expect, may, continue, predict, potential, project and similar expressions are identified as forward-looking statements. You should not place undue reliance on these forward-looking statements, although we believe that our plans, objectives, expectations and intentions reflected in and as of suggested by the forward-looking statements are reasonable.
We give no assurance that these plans, objectives, expectations or intentions will be achieved. Except as required by law we undertake no obligation to update or revise publicly any forward-looking statements whether as a results of new information, future events or otherwise after the date of which the statements are made to reflect the occurrence of unanticipated events.
With that being said, I will now turn the call over to Mr. Isaac Dietrich, CEO of MassRoots. Isaac, please go ahead.
Isaac Dietrich
Good afternoon and thank you for joining MassRoots' shareholder update call. I'm pleased to report over the past few weeks MassRoots has signed some of the largest dispensary chains in the country as beta partners and clients of our Dispensary Finder and business portal. We are continuously adding new features and tools based on their feedback to drive more purchasing volume to their stores and increase their ROI.
For those of you who are not familiar with our business now, MassRoots connects consumers with the top-rated dispensaries and products in regulated markets. Our established user base of over 1 million registered cannabis consumers represents the demand side of the cannabis market that we believe drives significant traffic and purchasing volume to our clients, the dispensaries and brands to us on our platform.
Our primary business objective for the rest of 2018 is building a client base of several hundred dispensaries and ancillary businesses, paying MassRoots between $420 and $1000 per month. Obviously, our execution is critical to our success with this mark and if we fall short in that regards or if we encounter unforeseen roadblocks, MassRoots may not succeed in reaching this milestone.
However, recent developments and traction in the marketplace are positive indicators to management. A few weeks ago, MassRoots' registration statement on Form S1 was declared effective permitting the resale of shares of common stock and warrants the purchased shares of common stock issued as part of capital raised over the past year. We do not believe our current market capitalization is indicative of the underlying health or growth of MassRoots.
We continue to make progress on developing a digital instrument for MassRoots' Blockchain Technologies Inc. which could potentially be used as rewards currency to incentivize visits to dispensary clients, reviews of strengths and products and encourage our community to refer active users to our platform. Much like airline frequent flyer miles or hotel rewards points, we believe that a reward currency in the cannabis space could boost consumer loyalty and retention, perhaps creating a significant competitive advantage for MassRoots.
While MassRoots' Blockchain has raised over $930,000 in simple agreements for future tokens to explore the feasibility of developing new solutions, there can be no assurances that we will be successful in implementing this instrument or that it will be economically viable. However, we believe that this could be a powerful application of blockchain technology and could give MassRoots a significant competitive advantage.
We've recently re-launched our mobile applications and business portal to address the increasing needs of cannabis consumers and businesses across the country, while improving our network infrastructure to support for the growth. The final phase of these platform improvements is the re-launch of massroots.com which we expect to b completed in the coming weeks. This will give us a unified and cohesive platform which we expect will provide consumers with an easy connection to the top rated products and dispensaries in regulated markets.
The past few months have been frustrating for management and shareholders as improvements to our platform has taken longer to develop than anticipated while the market capitalization of our company has fallen to some of the lowest levels since we became a fully reported public company. However, we believe our core thesis remains intact. The technology platform that can best connect cannabis consumers with top-rated products and regulated markets will be a leading player in the multibillion dollar cannabis industry.
While some licensed producers of cannabis have had exponential growth in their valuations, technology platforms in this space are often overlooked. As the market for cannabis matures, we believe margins for companies that directly produce and sell cannabis will come under increasing pressure, while technology platforms have the potential to generate high margin revenue with sustainable long-term competitive advantage.
In the near future, California is expected to finalize regulations covering the sale of cannabis for adult use. Massachusetts is expected to begin adult use sales and the first medical cannabis dispensaries are expected to open in Florida. All of these developments present MassRoots with a significant opportunity to grow our user base and revenues.
MassRoots continues to partner with some of the leading brands in the cannabis industry with ownership positions and high HighTimes Holdings Corporation and CannaRegs, Inc., the latter of which continues to impressively scale its clientele and revenues in the California market. We are continuously evaluating opportunities to partner with best-in-class companies in the cannabis space, further building our footprint, and creating new revenue-generating channels for our business.
We believe these initiatives position MassRoots to become the preeminent player on the demand-side of the cannabis market and could build significant shareholder value. We greatly appreciate your continued support as we work to create a valuable, long-term enterprise for our shareholders.
Thank you for your time. And I would now like to open the floor to any questions from fellow shareholders.
Question-and-Answer Session
Operator
Thank you. [Operator Instructions] Our first question today is coming from John Wallace, SEC Enforcement. Your line is now live.
John Wallace
Hello, I'm sure you said a few, the state of the revenue of this company, looking at the reported financials we don't see too much.
Isaac Dietrich
Sure, so we recently re-launched our business portal in late June of this year and we are actively adding in dispensary clients. We're charging dispensaries anywhere from $420 to $1,000 per month for a listing on our platform and access to our business portal. So as the historical revenues may not be the most significant, we do believe that they will be improving in coming quarters.
John Wallace
So what has changed amongst the last four quarters and I believe the last quarter was less than $2,500?
Isaac Dietrich
Sure, so we recently re-launched our business portal in June and we've been actively signing up dispensary clients ever since. Our goal for this year is to get several hundred dispensaries paying us a monthly fee to list on our platform.
John Wallace
Okay and do you have any paying clients now?
Isaac Dietrich
Yes.
John Wallace
How many 10, 100, 1000?
Isaac Dietrich
Well we're not, we're not releasing that at this time, but that will be, we will be disclosing that in coming quarters and we anticipate that it will continue to grow.
Operator
Thank you. Our next question is coming from Cory Niles a Private Investor. Your line is now live.
Unidentified Analyst
Hi, I just wanted to know, what is our – I've seen you guys have had some major investments in the last little bit, et cetera, I just want to know what's going on with - what is our target market let's say in the next thirty days, do we have a goal of where we're looking for the stock price and what are we doing to ensure that we're not going to hit these all time lows again as an investor.
Isaac Dietrich
So we are laser focused on signing up dispensary clients right now and growing our book of business, growing our monthly recurring revenue, so that's what I'm spending my days doing talking to dispensary owners, finding out what they're looking to see in our products to deliver them more ROI. So I think the key to our success is building fundamentals, building up that monthly recurring revenue and I think we have a good product that's gaining traction.
And I think as we continue to add new features to it, as we continue to really gain traction within the marketplace that we can see some real improvement in the fundamentals. And I think that's what the market and investors are looking to see right now.
Unidentified Analyst
Okay, also do we - let’s say from last December when we had over a – but do we know, what was the cause of the massive sell off, was it a selloff, was it do to the fact that there's no new clients being signed up right now, is there because I see the investments coming in, but volume based to money coming in based to where it's at right now it's kind of I'm a little confused, just trying to get on the same page.
Isaac Dietrich
Sure, so back in December and January of last year we raised approximately $4.7 million and common stock offerings to fund the company and those had registration rights. So we filed an S1 with the SEC earlier this year. We went through the common process and it was declared effective in July. So when it was declared effective those shares became eligible for resale and I think that could potentially be why the price is under pressure today.
However, this entire time we've been focused on really getting the fundamentals of our business in place. So we don't have to perpetually raise money from the market. At the end of the day when we have to go to raise money and private offerings that creates more shares and it dilutes the shareholder base and I think that as we continue to develop the fundamentals of the business, hopefully that means we have to raise less money and then I think that would be a very positive thing for all shareholders of the company.
Unidentified Analyst
Right, and do we have a 30-day expectation right now or target employees that we're going for?
Isaac Dietrich
Our main objective for this year is to get several hundred paying dispensary clients on MassRoots by the end of the year. Unfortunately, I can't get into any more specifics at this time.
Operator
Thank you. Our next question is coming from Michael Atuca [ph] a Private Investor. Your line is now live.
Unidentified Analyst
Yes, hi. I was concerned about the CannaRegs deal that I’m not sure where we are with that, what happened with that, it’s done like a strategic marriage that would be very beneficial can you give us some type of update on that please?
Isaac Dietrich
So, we were still, I believe we're still the largest outside shareholder in CannaRegs. We invested in them last July. We did have a merger that was announced last year and definitive agreements; however, that merger was called off I believe last October. So we currently don't have any merger plans in place, but I might continue to talk with them and on a regular basis and we're synergistic companies and trying to help each other out as much as possible.
They continue to sign a number of government clients and campus related businesses, especially in California. So I do think that that is a very synergistic relationship and we're proud shareholders of CannaRegs and we look forward to them doing great things and I think everyone most importantly our shareholders can win as we continue to support each other.
Unidentified Analyst
Well, yes, that's great, but I think that there was tremendous amount of resources that were allocated to the purchase of that stock and there was no benefit financially to the upside of the relationship to-date. Are you able to release how much of the capital was spent by MassRoots to become the largest outside shareholder of CannaRegs and what's the return of investment on that to-date and what's the projections?
Isaac Dietrich
So we invested $300, 000 in CannaRegs last July. I believe we own about 5% of the company and I am not sure on the exact specifics, but I do know that we're one of the largest shareholders and that as they continue to mature and grow their monthly recurring revenues. I do think that MassRoots shareholders will see a return.
And I think it was a strategic move that was beneficial to our shareholders and quite frankly a large portion of the funds that were invested came from the sale of our stake in Flowhub and which we invested $175,000 back two years ago, were able to exit that for $250,000 and then we kind of rolled those proceeds over into CannaRegs transaction and I continue to be impressed with Amanda and think she's doing a great job in building the fundamentals of her business and I think it was the right move for MassRoots' shareholders.
Operator
Thank you. Our next question is coming from Michael Norty[Ph] a Private Investor. Your line is now live.
Unidentified Analyst
Hi, Isaac, just a couple questions, so I've been following now for a few years now and there's a lot of talk about things that the company is doing when it comes to acquisitions or attempted acquisitions product releases, and all this money spent in bad development and all those things.
And to the first gentleman's point about having a quarter where we're seeing $2500 in revenue in an entire quarter, and you mentioning this goal of signing on 100 to 200 new dispensary by the end, and I see a lot of money being sunk into the and business, but what's being done to actually bring on maybe new people or a real sales team to actually hit those numbers?
Because by the sounds of it, it seems to me that you're just carrying a bag and trying to do this yourself or running the business, so I guess to be more pointed and direct, are there any plans of building out a team to actually get us to these goals or are we just going to hope that revenue runs in or rolls in because $2,500 quarter is not very impressive?
Isaac Dietrich
Yes, I completely understand your point. We have three full time sales people right now who are spending all of their time on boarding dispensaries and getting them to come on board. We launched the revamped business portal in late June, 2018 and we are also recognizing revenue and accordance with GAAP standards in which we can only - if someone pays for a full month, we can only recognize revenue for that month. But that being said, we are building what I believe will be one of the preeminent technology platforms for the cannabis industry.
And in order to do so, we have had to make significant investments in our platform and in scaling our user base. We still have one of the highest rated those traffic cannabis websites. We still have a very large following. So I think that as our business products continue to mature, that for a dispensary there's call it 2,500 dispensaries in the United States right now, the advertising to our community of cannabis consumers, we have their target audience. We have the purchasers of cannabis. So I think it's kind of a must have if you will for these dispensaries, especially as we continue to add features that they're asking for.
Right now the most requested feature is menus. So people can see exactly what products dispensaries have in store and how much they cost. We anticipate that will be live very soon. And I think that that will be very well received amongst current and prospective clients and really help to accelerate our client base.
But I do think that once our platform is fully mature that it's we're going to have several hundred to several thousand potentially paying clients on our platform. It's very similar to the model that WeedMaps and Leafly have. I think WeedMaps did north of $20 million in revenue last year according to press reports, offers a very similar business model and I think that if we continue to execute that it will be a very powerful model for our shareholders.
Operator
Thank you. Our next question is coming from Clay Chase from Torrey Hills Capital. Your line is now live.
Clay Chase
Great. Hi Isaac, how are you?
Isaac Dietrich
I'm doing great, how about you?
Clay Chase
Good, hey can you give us an update on the June 30, Q filing? I believe it's due this week, do you expect that to be filed on time or…?
Isaac Dietrich
So we are working with our auditors now on the quarterly review and finalizing it. I don't have a date on when that will be filed, but I do know we are in the final stages of preparing that Q.
Clay Chase
Great thanks.
Operator
Thank you. We have reached end of our question-and-answer session. I'd like to turn the floor back for any further or closing comments.
Isaac Dietrich
Well, thank you all very much for your time and I'm looking forward to a very exciting couple weeks and months for MassRoots as we continue to grow our business. Thank you all very much for your time and if you have any other questions, my email is isaac@massroots.com. Thank you all.
Operator
Thank you. That does conclude today's teleconference. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.
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