He’s a man who won’t lie down or somebody who loves to be on permanent life support, one or the other. After following his travails (that’s our polite word for disaster management theory) for the past few years we wonder what’s going to bring him back this time. MJ Biz has the lowdown.
MJ Biz write…
Denver-based cannabis technology company MassRoots’ website has been offline for a number of days, raising fresh questions about the financial health of a company that has been in turmoil since at least 2017.
Isaac Dietrich, the company’s founder and chief executive officer, maintained in an email to Marijuana Business Daily that the cannabis social networking pioneer is still in operation, despite some reports to the contrary.
“Our website will be back online shortly,” Dietrich wrote. “We recently encountered server issues that are in the process of being resolved.”
MassRoots is late in filing its third-quarter report to the U.S. Securities and Exchange Commission.
However, the company’s second-quarter report ended June 30 showed revenues of just $18,366 and operating expenses of $793,004, resulting in a net loss of $774,638.
MassRoots ended the quarter with only $1,650 of cash on hand.
Regulatory filings also show that three board members resigned in July.
Dietrich wrote in his email that raising capital never has been an issue, and MassRoots has raised more than $750,000 since July, mainly from three institutional investors.
John Fife, founder of a Chicago-based investment banking firm that provided financing to MassRoots, said this week he believes the company is still in operation but acknowledged: “I don’t really know.”
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