TMCnet News
MassRoots Provides Shareholder Update on Key Objectives and Upcoming EventsDENVER, Nov. 14, 2017 /PRNewswire/ -- 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 Janury, 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 Questions for MassRoots' management may be submitted prior to the call to [email protected]. About MassRoots MassRoots, Inc. is one of the leading technology platforms for the regulated cannabis industry. Powered by more than one million registered users, the Company's mobile apps empower consumers to make educated cannabis purchasing decisions through community-driven reviews. Its compliance and point-of-sale system, MassRoots Retail, enables cannabis-related businesses to streamline their retail operations and manage compliance reporting to state regulators. With a significant market share of medical cannabis patients in certain markets and more than 25,000 shareholders, the Company believes it is uniquely positioned to best serve the needs of the cannabis industry. For more information, please visit MassRoots.com/Investors and MassRoots, Inc.'s filings with the U.S. Securities and Exchange Commission. Forward-Looking Statements
View original content with multimedia:http://www.prnewswire.com/news-releases/massroots-provides-shareholder-update-on-key-objectives-and-upcoming-events-300556100.html SOURCE MassRoots, Inc. |