In 2000 – a boozy writer-friend secured a $160,000-a-year job as the CEO of “an on-line information portal devoted to silk ties”.

When we inquired how the website was going to make money, he admitted that he had “No f**king clue”.

Three weeks later, investors got spooked and the company keeled over dead.

MassRoots (MSRT.OTC) is the 2018 version of a “silk tie information portal.”

A “user-driven social media platform for marijuana consumers,” MassRoots wants to be “Yelp for pot users” – which sounds promising until you consider that pot users could just use Yelp.

MassRoots assures investors that its “financial model is not tied to the success of a particular location, brand or a particular ballot initiative.”

Good to know.

But its financial model is, presumably, tied to notion that someone, somewhere, eventually, will want to cut a cheque made out to “MassRoots”.

Financials released this week reveal heavy losses, shrinking sales and very little cash.

During the first 6 months of the fiscal year, MassRoots lost $8.4 million on $3,700 in revenue.

Twelve months ago, MassRoots lost $19 million on revenue of $277,600 for the same period.

In 2017, MassRoots lost $44 million.

Almost 50% of the 2017 loss was tied to stock-based compensation.

At the end of June, 2018 MassRoots had only $15,950 in cash on hand.

Read the full article here.