MassRoots Inc (OTCMKTS:MSRT) Shows Resilience

After stumbling right above two dollars per share last week, MassRoots Inc (OTCMKTS:MSRT) retreated momentarily. However, the stock managed to end the week with a bang rather than a fizzle. On Friday MSRT closed up once again, pushing over the two-dollar mark and landing exactly where it tripped last time, at $2.04 per share by the bell.

The reason why MSRT swam up the cauldron of OTC pot stocks to make the top dollar volume movers once more is primarily a press release. On the last day of August the company announced filing an application to uplist to the NASDAQ. The market did not much care about the Aug 26 PR about MSRT “aggressively monetizing” its digital assets and going over 500,000 users, partly because this is all PR and there is no report to show how things panned out in the end.

What investors were much more excited about was the NASDAQ uplisting announcement that came a few days later. Predictably, when enough investors saw MSRT and NASDAQ appear in the same sentence, heads ran hot with excitement and interest in MassRoots went up in leaps and bounds. Obviously, traders did not really stop to think whether or not MassRoots is actually checking all the boxes needed to uplist and it really is not.

Here is the brief version of the balance sheet contained in MSRT‘s latest financial report, for the three months ended June 2015:

• $171 thousand in cash
• $481 thousand in current liabilities
• $2.1 thousand in Q2 revenues
• $1.5 million in Q2 net loss

Obviously enough people thought those were the numbers that should reside in a NASDAQ company’s balance sheet as they excitedly gobbled MSRT shares all the way up to $2.04 per share. Even after the pullback below $2 per share, MSRT remained overbought.

Where the company is headed is anyone’s guess, considering the price managed to push back up on Friday.