MassRoots Inc (OTCMKTS:MSRT) Shrinks Further

After a couple of swings in both directions, MassRoots Inc (OTCMTKS:MSRT) is starting to cool down, charting bigger moves down the chart. In yesterday’s session MSRT dropped nearly 10%, stopping at $1.67 per share by the bell.

MSRT was trading at far lower prices throughout the summer months leading up to its late August news release and the price pop that followed. On Aug 31 the company announced submitting an application to uplist out of the OTC Markets QB tier and onto the NASDAQ.

Very understandably the price and volume got a massive jolt and MSRT roared up the charts. This is perhaps how things simply happen on the OTC – every pink sheet wants to be in the QB tier and every QB stock wants to peel off and move to the NASDAQ. It’s only natural that a similar announcement sends all eager investors into a buying frenzy.

If only those same investors had taken the time to acquaint themselves with the requirements a company has to meet before it can uplist to the NASDAQ, this visible spike in excitement would have been avoided. Indeed, MSRT does not meet any of the different sets of prerequisites a company should display before being upgraded to a NASDAQ stock. In fact, here is how MSRT‘s last financial report looks like in a nutshell:

• $171 thousand in cash
• $481 thousand in current liabilities
• $2 thousand in quarterly revenues
• $1.5 million in quarterly net loss

Those dismal figures cover the three months ended June 30. Since then MSRT put up a PR and an 8-K echoing it, informing the public that after the commencement of aggressive monetization of its digital properties, the company churned out $25,000 in revenues over a 10-day period. Whether this great performance continued beyond the 10-day stretch remains to be seen when MSRT puts up its next due report.