Denver-based marijuana social networking company MassRoots Inc. has laid off more than 40 percent of its staff and has defaulted on its debt, according to filings with the Securities and Exchange Commission this week.

Between July and September, MassRoots (OTC: MSRT) reduced its workforce from 33 to 19, according to a filing Monday, and implemented technology to cut another $146,000 in monthly expenses.

Another filing shows that on Sept. 14, a $996,384 promissory note came due, but the company was unable to make payments.

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Molly Armbrister ~ Denver Business Journal ~

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