steadykickin
3 years ago
May 5, 2020, the Company entered into a securities purchase agreement (the “SPA”) with a lender, pursuant to which the Company issued and sold a promissory note in the aggregate principal amount of up to $565,556 (“May 2020 Note”) to be funded in several tranches, subject to the terms, conditions and limitations set forth in the May 2020 Note and five-year warrants (the “May 2020 Warrants”) to purchase up to 10,282,828 shares of the Company’s common stock at an exercise price equal to 110% of the VWAP of the common stock on the trading day immediately prior to the funding date of the respective tranche, (subject to adjustments under certain conditions as defined in the May 2020 Warrants). The May 2020 Note accrues interest at a rate of 9% per year (which shall be increased to 18% per year upon the occurrence of an Event of Default (as defined in the May 2020 Note). The aggregate principal amount of up to $565,555 consists of OID of up to $55,556 and $10,000 legal fees, with net proceeds of up to $500,000 to be funded in tranches. The maturity date of each tranche funded shall be six months from the effective date of each tranche. The lender has the right at any time to convert all or any part of the funded portion of the May 2020 Note into shares of the Company’s common stock at a conversion price equal to 58% of the lowest trading price during the twenty-five trading day period ending on either (i) the last complete trading day prior to the conversion date or (ii) the conversion date (subject to adjustment as provided in the May 2020 Note), at the Lender’s sole discretion. The Company received the; (i) first tranche on May 5, 2020 with the Company receiving net proceeds of $26,667, net of $16,667 OID and legal fees and issued 477,213 warrants; (ii) second tranche on June 1, 2020, with the Company receiving net proceeds of $40,000, net of $4,445 OID and issued 1,171,132 warrants; (iii) third tranche on June 25, 2020, with the Company receiving net proceeds of $5,000, net of $556 OID and issued 114,784 warrants; (iv) fourth tranche on July 6, 2020, with the Company receiving net proceeds of $25,000, net of $2,778 OID and issued 786,683 warrants; (v) fifth tranche on July 24, 2020, with the Company receiving net proceeds of $25,000, net of $2,778 OID and issued 598,401 warrants; and (vi) sixth tranche on August 5, 2020, with the Company receiving net proceeds of $10,000, net of $1,111 OID and issued 286,148 warrants.
TOXIC DEBT!! Mmmm mmm good!! LOL
steadykickin
3 years ago
As reflected in the accompanying consolidated financial statements contained elsewhere in this Annual Report on Form 10-K, the Company had net loss of $8,045,888 and $1,412,278 for the years ended December 31, 2019 and 2018, respectively. The net cash used in operations were $1,448,001 and $1,260,492 for the years ended December 31, 2019 and 2018, respectively. Additionally, the Company had an accumulated deficit of $35,036,243 and $26,990,355 at December 31, 2019 and December 31, 2018, respectively, had a working capital deficit of $5,355,872 at December 31, 2019, had no revenues from operations in 2019 and 2018 and we defaulted on our debt. Management believes that these matters raise substantial doubt about the Company’s ability to continue as a going concern for twelve months from the issuance date of this report.
Good stuff there. LMAO!
jjr04001
3 years ago
Agritek Holdings Inc. Announces Filing Of Its Annual Report On Form 10-K As First Benchmark In Returning To Fully Reporting Status And Proposed Uplisting To OTCQB Exchange
8:31 AM ET 3/3/21 | Dow Jones
LOS ANGELES, CA / ACCESSWIRE / March 3, 2021 / Agritek Holdings, Inc. (OTC PINK:AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor and provider of popular hemp brands including RehabRx (TM), today announced that the Company has filed with the Securities and Exchange Commission (SEC) on March 2, 2021 its Annual Report on Form 10-K for the year ending December 31, 2019 ("The Annual Report'). The consolidated financial statements contained in the Annual Report consist of the consolidated balance sheets of the Company as of December 31, 2019 and 2018, and the related consolidated statements of operations, consolidated statements of changes in stockholders' equity (deficit), and consolidated statements of cash flows for the years ended December 31, 2019 and 2018, and related notes.
Additionally, the Company is pleased to announce the acceptance and approval by our auditing firm and legal advisors of the acquisition of Full Spectrum Biosciences Inc. as a wholly owned subsidiary of Agritek Holdings Inc., which was not consummated until April 2020, noted within the filing and will be more fully detailed in the Quarterly Reports to follow this month. The Company expects to file the 2020 Annual Report on Form 10-K during the extension period, completing its filing delinquencies, returning to fully reporting compliance and allowing eligibility for uplisting.
"This filing of our annual report and completing the balance of our filings to bring Agritek Holdings in full compliance in order to complete our proposed uplisting is the first of many significant milestones taking place to provide complete transparency to our investment audience. As we move forward in completing our financial reporting obligations, apply for uplisting and announce additional members to our experienced management team in moving our business strategy forward, we will seek to capitalize on a year for undervalued companies within the cannabis sector with continued favorable legislation for our industry", stated B. Michael Friedman, CEO of Agritek Holdings Inc.
The Company's filings and Annual Report on Form 10-K may be accessed by the following link:
https://www.otcmarkets.com/stock/AGTK/disclosure
The Company recently announced it has executed a joint venture agreement through its wholly owned subsidiary Full Spectrum Biosciences with Biomedican and its' biosynthesis platform for the production of CBG/CBGA cannabis compounds. Biomedican, is a California based biotech company designing patented low-cost methods of growing high-value compounds at scale with proprietary yeasts. The Company recently announced it has successfully biosynthesized rare cannabinoid CBG/CBGA and is setting up large-scale production of its pharmaceutical-grade CBG/CBGA compounds, containing zero toxins and contaminants, and is 75-90% less expensive than current wholesale prices. Full Spectrum Biosciences through its agreement with Biomedican will be ready to ship in bulk orders CBG/CBGA material starting in Q3 or Q4 2021.
CBG naturally occurs at such trace amounts during the standard agricultural or cultivation process that remains challenging to manufacture economically with high purity levels. The Company's will now seek to produce high-purity, pharmaceutical-grade, toxin- and contaminant-free, low-cost CBG/CBGA at scale via biosynthesis. This process results in products that are high-quality, consistent, and bioidentical to the molecules found in nature, which is crucial to large-scale distribution.
CBG/CBGA is a non-psychoactive cannabinoid, with early research suggests it has a range of bioactive properties in the body, including anti-inflammatory, antimicrobial and antioxidant functions. The known health benefits of CBG/CBGA include fighting inflammation, pain and nausea, as well as working to slow the proliferation of cancer cells. There is a significant amount of evidence that CBG/CBGA will be as impactful to the health and wellness market as CBD has become around the world.
Neither Full Spectrum Biosciences or Biomedican touch the plant or produce THC or any other psychoactive ingredients at any point in time during its biosynthesis process. According to legal opinion, Biomedican is outside of federal regulations, since the current regulations center around touching the plant or producing THC. This will allow the company to distribute CBG/CBGA into a wide variety of channels, including nutraceuticals, food/beverage, personal care/lotions, and cosmetics.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), is a fully integrated, active real estate investor and advisor of white label brands in the legal cannabis sector. Specifically, Agritek Holdings provides strategic capital and functional expertise to accelerate the commercialization of its diversified portfolio of cannabis related real estate holdings. Agritek Holdings recently acquired Full Spectrum Biosciences as a wholly owned subsidiary which manufactures and distributes its hemp-derived CBD products under the Rehab Rx, MD Vapes, Hemp Pops and Higher Society trademarked brands. Full Spectrum brands are currently sold online (www.RehabRx.com) as well as approved for sale on Amazon (www.Amazon.com) currently being sold in the United States and parts of Canada. Agritek Holdings Inc. does not directly grow, harvest, or distribute or sell cannabis or any substances that violate or contravene United States law or the Controlled Substances Act.
FORWARD-LOOKING DISCLAIMER:
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Agritek Holdings, Inc. to be materially different from the statements made herein. Agritek Holdings Inc. undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and AGTK's actual results could differ materially from those anticipated in these forward-looking statements.
CONTACT:
Agritek Holdings, Inc.
www.AgritekHoldings.com
305.721.2727
SOURCE: Agritek Holdings, Inc.
View source version on accesswire.com:
https://www.accesswire.com/633154/Agritek-Holdings-Inc-Announces-Filing-Of-Its-Annual-Report-On-Form-10-K-As-First-Benchmark-In-Returning-To-Fully-Reporting-Status-And-Proposed-Uplisting-To-OTCQB-Exchange
jjr04001
3 years ago
Agritek Holdings Inc. Announces Immediate Plan for Return to Fully Reporting Status and Additions to Management Team
8:30 AM ET 2/9/21 | Dow Jones
LOS ANGELES, CA / ACCESSWIRE / February 9, 2021 / Agritek Holdings, Inc. (OTC PINK:AGTK), a fully-integrated, active real estate investor and provider of popular hemp brands including RehabRx(TM), today announced that the Company is expected to complete required filings of its 10K Annual Report and Quarterly reports for 2019 and 2020 this month after final review and approval by its auditing firm, M&K CPAS PLCC. The Company has retained both legal and strategic advisors within the last month to ensure that it returns to up-listed status of a fully reporting company as soon as possible.
"Upon returning and up-listing as a fully reporting company, I believe Agritek Holdings will have multiple opportunities to grow our existing businesses within the cannabis sector and potentially entertain larger acquisitions with the help of our newly appointed advisory counsel and additions to our Board of Directors to be announced shortly. With a new majority Democratic Congress and recent legislative proposals favorable to the cannabis sector in the pipeline, we are excited to continue our renewed business strategy with increased transparency and credibility," stated B. Michael Friedman, CEO of Agritek Holdings. "It took a tremendous amount of time and all of our effort and attention to complete our delinquent filings due to multiple corporate actions both proposed and pending, the COVID pandemic and limited access to corporate operations, and we are now ready and able to fully focus on our return to up-listed status and new deals in front of us," continued Friedman.
The Company recently announced it has executed a joint venture agreement through its wholly owned subsidiary Full Spectrum Biosciences with Biomedican and its biosynthesis platform for the production of CBG/CBGA cannabis compounds. Biomedican, is a California-based biotech company designing patented low-cost methods of growing high-value compounds at scale with proprietary yeasts. The Company recently announced it has successfully biosynthesized rare cannabinoid CBG/CBGA and is setting up large-scale production of its pharmaceutical-grade CBG/CBGA compounds, containing zero toxins and contaminants, and is 75-90% less expensive than current wholesale prices. Full Spectrum Biosciences, through its agreement with Biomedican, will be ready to ship in bulk orders CBG/CBGA material starting in Q3 or Q4 2021.
CBG naturally occurs at such trace amounts during the standard agricultural or cultivation process that it remains challenging to manufacture economically with high purity levels. The Company will now seek to produce high-purity, pharmaceutical-grade, toxin- and contaminant-free, low-cost CBG/CBGA at scale via biosynthesis. This process results in products that are high-quality, consistent, and bioidentical to the molecules found in nature, which is crucial to large-scale distribution.
CBG/CBGA is a non-psychoactive cannabinoid, with early research suggests it has a range of bioactive properties in the body, including anti-inflammatory, antimicrobial and antioxidant functions. The known health benefits of CBG/CBGA include fighting inflammation, pain and nausea, as well as working to slow the proliferation of cancer cells. There is a significant amount of evidence that CBG/CBGA will be as impactful to the health and wellness market as CBD has become around the world.
Neither Full Spectrum Biosciences or Biomedican touch the plant or produce THC or any other psychoactive ingredients at any point in time during its biosynthesis process. According to legal opinion, Biomedican is outside of federal regulations, since the current regulations center around touching the plant or producing THC. This will allow the company to distribute CBG/CBGA into a wide variety of channels, including nutraceuticals, food/beverage, personal care/lotions, and cosmetics.
About Agritek Holdings, Inc.
Agritek Holdings, Inc., is a fully integrated, active real estate investor and advisor of white label brands in the legal cannabis sector. Specifically, Agritek Holdings provides strategic capital and functional expertise to accelerate the commercialization of its diversified portfolio of cannabis related real estate holdings. Agritek Holdings recently acquired Full Spectrum Biosciences as a wholly owned subsidiary which manufactures and distributes its hemp-derived CBD products under the Rehab Rx, MD Vapes, Hemp Pops and Higher Society trademarked brands. Full Spectrum brands are currently sold online as well as approved for sale on Amazon, currently being sold in the United States and parts of Canada. Agritek Holdings Inc. does not directly grow, harvest, or distribute or sell cannabis or any substances that violate or contravene United States law or the Controlled Substances Act.
FORWARD-LOOKING DISCLAIMER:
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Agritek Holdings, Inc. to be materially different from the statements made herein. Agritek Holdings Inc. undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and AGTK's actual results could differ materially from those anticipated in these forward-looking statements.
Contact:
Agritek Holdings, Inc.
www.AgritekHoldings.com
305.721.2727
SOURCE: Agritek Holdings, Inc.
View source version on accesswire.com:
https://www.accesswire.com/628522/Agritek-Holdings-Inc-Announces-Immediate-Plan-for-Return-to-Fully-Reporting-Status-and-Additions-to-Management-Team
> Dow Jones Newswires
February 09, 2021 08:30 ET (13:30 GMT)
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