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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2014
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 13 – SUBSEQUENT EVENTS

 

On July 11, 2014, the Company signed a ten year lease agreement for an additional 40 acres in Pueblo, Colorado, now bringing total land holdings in the country's first recreational cannabis state to over 120 acres zoned for its planned agricultural and cultivation facilities located in Pueblo County, Colorado. The lease requires monthly rent payments of $10,000 during the first year and is subject to a 2% annual increase over the life of the lease. The lease also provides rights to 50 acres of certain tenant water rights for $50,000 annually plus cost of approximately $2,400 annually. The water rights ensure the Company’s non-interruption of operations on behalf of new tenants qualified as fully registered and licensed grow and manufacturing operations.

 

On July 22, 2014, the Company announced the addition of Mr. Neal Bartoletta to its’ advisory board and will compensate Mr. Bartoletta up to 150,000 shares of Company common stock per quarter. Mr. Bartoletta or a Company he controls plan to acquire certain real estate in Clark County, Nevada to build a 40,000 sq. ft. facility dedicated to Nevada’s canna-businesses. Agritek will lease back the property exclusively to such entity or Mr. Bartoletta, upon the entity receiving a state license for its new cultivation and conversion facility.

 

On July 26, 2014, the Company executed a Real Property Purchase Agreement to acquire approximately 3.5 acres for $224,000, in the Apex Industrial Park Complex, otherwise known as Nevada “Green Zone”. The closing of the property is expected to occur within 90 days and is subject to Mr. Bartoletta’s entity receiving a license from the State of Nevada to cultivate, produce and test medicinal marijuana.

 

On August 6, 2014, the Company issued 625,978 shares of common stock upon the conversion of $100,000 of the 2014 Company Note. The shares were issued at approximately $0.16 per share.

 

On August 8, 2014, the Company received a payment of $200,000 on notes receivable issued in exchange for convertible promissory note.

 

The Company’s Management performed an evaluation of the Company’s activity through the date these financials were issued to determine if they must be reported. The Management of the Company determined that there were no other reportable subsequent events to be disclosed.