UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
June 7, 2017 (May 24, 2017)
Date of Report (Date of earliest event reported)
MassRoots, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
000-55431 |
46-2612944 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 1624 Market Street, Denver, CO, Suite 201 | 80202 | |
(Address of principal executive offices) |
(Zip Code) |
| (720) 442-0052 |
| (Registrant’s telephone number, including area code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
As used in this Current Report, all references to the terms “we”, “us”, “our”, “MassRoots” or the “Company” refer to MassRoots, Inc., unless the context clearly requires otherwise.
Item 8.01
Other Events
On May 24, 2017, the Company issued a press release titled, “MassRoots Provides Shareholder Update on Strategic Initiatives and Upcoming Events.” A copy of the press release is filed as Exhibit 99.1 hereto and incorporated herein by reference.
On June 7, 2017, the Company issued a press release titled, “MassRoots Schedules Conference Call After Market Close on June 7, 2017.” A copy of the press release is filed as Exhibit 99.2 hereto and incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
| 99.1 | Press Release titled “MassRoots Provides Shareholder Update on Strategic Initiatives and Upcoming Events,” dated May 24, 2017. |
| 99.2 | Press Release titled “MassRoots Schedules Conference Call After Market Close on June 7, 2017,” dated June 7, 2017. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MassRoots, Inc. | |||
| Date: June 7, 2017 | By: | /s/ Isaac Dietrich | |
| Isaac Dietrich | |||
| Chief Executive Officer | |||
MassRoots Provides Shareholder Update on Strategic Initiatives and Upcoming Events
Company has strongest balance sheet in corporate history, as it continues to expand its user base and market share in the rapidly growing medical cannabis industry
DENVER, CO-- MassRoots, Inc. (OTCQB: MSRT), a leading technology platform for the medical cannabis industry, is pleased to announce the Company has filed its quarterly report with the Securities and Exchange Commission (SEC) for the quarter ending March 31, 2017. With more than $5.6 million in assets, the Company has its strongest balance sheet in corporate history and currently has no long-term debt.
During the first quarter of 2017, the Company achieved cash-flow positive status, with a net cash inflow of $1.8M, and retired all outstanding convertible debt. Additionally, the exercise of warrants resulted in a significant reduction in the Company’s derivative liabilities. MassRoots also formed a strategic relationship through an investment in the cannabis media powerhouse, High Times.
“We’re pleased with the significant improvement in the Company’s fundamentals we experienced during the first quarter,” stated MassRoots CEO Mr. Isaac Dietrich. “Our core objective for the balance of the year is continuing to better monetize our user-base and deliver more value to our clients.”
Apart from improvements to its financial position, MassRoots crossed one million registered users in March 2017, making it one of the largest online communities of cannabis enthusiasts. Shortly after reaching this milestone, the Company announced the launch of its celebrity influencer program to help accelerate MassRoots’ user-growth towards 2 million users and formed a strategic partnership with Whoopi & Maya, co-founded by the legendary Whoopi Goldberg.
Additionally, MassRoots announced data-oriented partnerships with notable cannabis technology companies, New Frontier Data and Grownetics, and could provide some of the most advanced analytics and reporting available in the cannabis industry. The Company launched a web browser-based version of its popular application in March. Throughout the coming weeks, MassRoots plans to launch an updated and rebranded version of its mobile application for both Android and iOS devices. This app update will be the result of significant investment of resources during the first quarter in improving MassRoots’ infrastructure to support an increasing number of users and paying down technical debt.
“We thank our shareholders for their continued trust in MassRoots as we continue to execute on our strategic business objectives,” concluded Mr. Dietrich. “We look forward to sharing some exciting developments and reporting back on our progress over the coming weeks.”
For more information, please refer to the Company’s Quarterly Report on Form 10-Q, as amended, for the quarter ended March 31, 2017, filed with the U.S. Securities and Exchange Commission on May 22, 2017 www.sec.gov.
About MassRoots
MassRoots is one of the largest technology platforms for the regulated cannabis industry. The Company's mobile apps enable consumers
to make educated cannabis purchasing decisions through community-driven reviews. MassRoots is proud to be affiliated with the
leading businesses and organizations in the cannabis industry, including the ArcView Group and National Cannabis Industry Association.
For more information, please visit MassRoots.com/Investors.
Forward-looking Statements
Certain matters discussed in this announcement contain statements, estimates and projections about the growth of MassRoots' business,
potential partnerships, new features, and related business strategy. Such statements, estimates and projections may constitute
forward-looking statements within the meaning of the federal securities laws. Factors or events that could cause our actual results
to differ may emerge from time to time. MassRoots undertakes no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. The recipient of this information is cautioned not to place
undue reliance on forward-looking statements.
For Press Only
Contact: Isaac Dietrich
Isaac@MassRoots.com
Source: MassRoots, Inc.
MassRoots Schedules Conference Call After Market Close on June 7, 2017
DENVER, June 7, 2017 -- MassRoots, Inc. (OTCQB:MSRT), one of the leading technology platforms for the cannabis industry, announced today that MassRoots Chairman and Chief Executive Officer Mr. Isaac Dietrich will host a shareholder update call on Wednesday, June 7, 2017 at 4:15 pm EST. During the call, management will provide insight on recent and upcoming developments at the Company and within the evolving cannabis marketplace.
In order to participate in the conference call, please dial (toll free) (877) 407-8293 Please use conference pass code 13664219. For international callers, please dial (201) 689-8349.
An audio replay of the conference call will be available in the investor relations section of the Company's website following completion of the call for approximately 2 weeks. To listen to the replay, please dial (toll free) (877) 660-6853 or (international) (201) 612-7415.
About MassRoots
MassRoots is one of the largest technology platforms for the regulated cannabis industry. The Company's mobile apps enable consumers
to make educated cannabis purchasing decisions through community-drive reviews. MassRoots is proud to be affiliated with the leading
businesses and organizations in the cannabis industry, including the ArcView Group and National Cannabis Industry Association.
For more information, please visit MassRoots.com/Investors.
Forward-looking Statements
Certain matters discussed in this announcement contain statements, estimates and projections about the growth of MassRoots' business,
potential partnerships, new features, and related business strategy. Such statements, estimates and projections may constitute
forward-looking statements within the meaning of the federal securities laws. Factors or events that could cause our actual results
to differ may emerge from time to time. MassRoots undertakes no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. The recipient of this information is cautioned not to place
undue reliance on forward-looking statements.