Business Context and Reporting Period
This Form 8-K is filed by MassRoots, Inc. (not Greenwave Technology Solutions, Inc.) on October 6, 2015, reporting events occurring on October 1, 2015. The filing discloses the entry into a material definitive agreement regarding executive compensation.
Key Financial Metrics
The filing does not provide standard financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial data disclosed relates to a specific executive compensation arrangement:
- Compensation: $4,000 per month.
- Role: Chief Financial Officer and financial consultant.
- Employment Status: Independent contractor.
- Term: One year.
- Benefits: No retirement plan, health insurance, or employee benefits awarded.
Material Changes
The material change reported is the formalization of an independent contractor agreement with Jesus Quintero to continue serving as CFO. This replaces or supplements previous arrangements, establishing a fixed monthly fee and a 90-day termination notice period for both parties.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, market outlook, or discussion of general business risks. The primary contingency noted is the termination clause, which allows either party to end the agreement with 90 days' written notice without cause. Upon termination, the contractor is entitled only to earned but unpaid compensation.
Investor Verification Checklist
- Verify the discrepancy between the requested company name (Greenwave Technology Solutions, Inc.) and the actual registrant (MassRoots, Inc.).
- Confirm the total annual cost of the new CFO arrangement ($48,000) against the company's current cash position.
- Review the attached Exhibit 10.1 for any additional clauses not summarized in the 8-K text.
- Assess the impact of the 90-day termination notice on financial planning stability.