MassRoots Inc (OTCMKTS:MSRT) reported the firm has submitted its quarterly report with the SEC for the quarter closing March 31, 2017. With assets of over $5.6 million, the firm has its healthiest financials in corporate history and presently has no long-term debt.
During Q1 2017, the firm became cash-flow positive, with a net cash inflow of $1.8 million, and retired all due convertible debt. Additionally, the warrants exercise led in a significant decline in the firm’s derivative liabilities. MassRoots finalized a strategic relationship via an investment in the cannabis media livewire, High Times.
Isaac Dietrich, the CEO of MassRoots, said that they are delighted with the considerable improvement in the firm’s fundamentals they witnessed during the first quarter. The prime objective for the balance of 2017 is continuing to better monetize user-base and offer more value to their clients.
Apart from enhancements to its financial position, the company crossed 1 million registered customers in March 2017, becoming one of the largest online groups of cannabis enthusiasts. Also, the firm reported the launch of its celebrity influencer strategy to help accelerate user-growth towards 2 million customers and formed a strategic association with Whoopi & Maya.
Additionally, MassRoots reported data-oriented associations with notable cannabis technology firms, Grownetics and New Frontier Data, and could offer some of the most developed analytics and reporting accessible in the cannabis market. The firm introduced a web browser-based version of its prevalent application in March.
Throughout the imminent weeks, MassRoots intends to release a rebranded and updated version of its mobile app for both iOS and Android devices. This application update will be the outcome of considerable investment of resources in Q1 in improving company’s infrastructure to support a growing number of users and closing down technical debt. MassRoots CEO concluded that they thank their investors for their continued trust in company as they continue to execute on their strategic business objectives.
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