MassRoots Inc (OTCMKTS:MSRT) Slips on Heavy Volume
As PR silence settled in, the share price of MassRoots Inc (OTCMKTS:MSRT) took a double-digit blow in Friday’s session. The stock dropped some 11% in the last market session, on its heaviest share and dollar volume for the past month.
MSRT has been keeping very quiet after its loud and proud Aug 31 announcement of an application to uplist to the NASDAQ. The excitement fuel this news release provided ran out in less than two weeks and after a heady climb to over $2 per share, MSRT took a nose dive. After recovering some ground and drifting sideways for a while, the stock took a new plunge and scraped to a stop near its 50-day moving average.
MSRT put up an 8-K informing that CFO Quintero’s tenure has been extended for another year. Barring that, the company has been very quiet both in terms of filings and press announcements. Given the lack of news, it’s no wonder the stock is dropping, as MSRT‘s last financial report is not exactly stellar. Here is a brief summary:
- $171 thousand in cash a/o June 2015
- $481 thousand in current liabilities
- $2 thousand in quarterly revenues
- $1.5 million in quarterly net loss
The revenue figure has hopefully changed dramatically in Q3. MSRT reported generating $25 thousand in revenues within the space of 10 days over the summer, after what the company described as an aggressive start of its monetization campaign. How well things went beyond those initial 10 days is not clear, but it will all become evident in less than a month, when the next quarterly comes through.
As far as MSRT‘s ambitions to uplist to the NASDAQ, it should be abundantly obvious that the company has quite a way to go before it meets any of the multiple NASDAQ listing criteria.
