He’s a man who will not lie down or somebody who loves to be on permanent life help, a single or the other. Right after following his travails (that is our polite word for disaster management theory) for the previous couple of years we wonder what’s going to bring him back this time. MJ Biz has the lowdown.
MJ Biz write…
Denver-primarily based cannabis technologies corporation MassRoots’ web site has been offline for a quantity of days, raising fresh queries about the monetary well being of a corporation that has been in turmoil since at least 2017.
Isaac Dietrich, the company’s founder and chief executive officer, maintained in an e-mail to Marijuana Small business Daily that the cannabis social networking pioneer is nevertheless in operation, regardless of some reports to the contrary.
“Our web site will be back on line shortly,” Dietrich wrote. “We not too long ago encountered server difficulties that are in the course of action of getting resolved.”
MassRoots is late in filing its third-quarter report to the U.S. Securities and Exchange Commission.
Nevertheless, the company’s second-quarter report ended June 30 showed revenues of just $18,366 and operating costs of $793,004, resulting in a net loss of $774,638.
MassRoots ended the quarter with only $1,650 of money on hand.
Regulatory filings also show that 3 board members resigned in July.
Dietrich wrote in his e-mail that raising capital under no circumstances has been an problem, and MassRoots has raised extra than $750,000 given that July, primarily from 3 institutional investors.
John Fife, founder of a Chicago-primarily based investment banking firm that offered financing to MassRoots, stated this week he believes the corporation is nevertheless in operation but acknowledged: “I do not actually know.”
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Is cannabis technologies corporation MassRoots out of small business? CEO insists no