Current Report Filing (8-k)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
Date of Report (Date of earliest event reported): April 30,
(Exact name of registrant as specified in its charter)
|(State or other jurisdiction
||(Commission File Number)
1560 Broadway, Suite 17-105, Denver, CO
|(Address of principal executive
|(Registrant’s telephone number,
including area code)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
||Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425)
||Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
Securities registered pursuant to Section 12(b) of the
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
||Entry into a Material Definitive
On April 30, 2021, MassRoots, Inc., a Delaware corporation (the
“Company”), entered into a settlement agreement (the “Settlement”)
with PowerUp Lending Group, Ltd. (“PowerUp”) by accepting an offer
communicated to the Company via electronic mail. In accordance with
the terms of the Settlement, PowerUp, the judgment creditor of a
judgment against the Company and Isaac Dietrich, the Company’s
Chief Executive Officer and director, in the total amount of
$350,551.10 entered in the Office of the Clerk of the County of
Nassau on February 23, 2021 (the “Judgement”), agreed to a
settlement and filing of a satisfaction of judgment in
consideration of receipt of the sum of $150,000.00 (the “Settlement
Amount”) on April 30, 2021. The Company accepted the aforementioned
offer by remitting the Settlement Amount timely and in full.
The foregoing summary of the material terms of the Settlement is
not complete and is qualified in its entirety by reference to the
text of the Settlement Agreement, a copy of which is filed herewith
as Exhibit 10.1, the terms of which are incorporated herein by
Item 8.01 Other Events.
Satisfaction of Judgment
The information set forth in Item 1.01 above is incorporated herein
by reference into this Item 8.01.
On April 30, 2021, the Company satisfied and discharged its
obligations with respect to the Judgment. Accordingly, a
satisfaction of Judgment was filed by PowerUp with the Office of
the Clerk of the County of Nassau on May 3, 2020.
Dismissal of Travis Trawick’s Lawsuit
As previously reported by the Company in its Annual Report on Form
10-K filed with the Securities and Exchange Commission on April 16,
2021, on or about January 25, 2021, Travis Trawick (“Trawick”)
filed a complaint (“Trawick’s Lawsuit”) against the Company and
Isaac Dietrich, the Company’s Chief Executive Officer and director,
in the Circuit Court for the City of Virginia Beach, Virginia (the
“Court”), asserting the Company’s failure to remit payments under
the certain promissory note, as subsequently amended and modified,
and ancillary documents thereto (collectively, the “Note”), and Mr.
Dietrich’s failure to fulfill its obligations, as the guarantor,
under the Note.
On May 4, 2021, Trawick requested that the Clerk of the Court files
for entry an order to dismiss Trawick’s Lawsuit with prejudice.
||Financial Statements and Exhibits.
||Exhibits: The following exhibits are filed as part of this
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
|Date: May 5, 2021
||Chief Executive Officer