Agritek Holdings Inc. (AGTK)

[vegasvic]

DATE HAS BEEN SET READ 10Q......
IF U CAN.T UNDERSTAND WHAT IT MEANS BETTER GET ENGLISH TEACHER TO EXPLAIN IT. THEY MADE IT VAGUE BUT EXPLICIT.
HAD LAWYERS EXPLAIN IT.
On October 11, 2012, the Board of Directors of the Company approved the distribution to shareholders on a pro-rata basis of the six million (6,000,000) shares of common of 800 Commerce, owned by the Company (the “Distribution”). 800 Commerce filed an S-1 Registration Statement on October 17, 2012 with the Securities and Exchange Commission (“SEC”). Upon approval from the SEC, the Company and other regulatory approvals required, the Company will announce a shareholder record date, whereby shareholders of the Company as of that date will be entitled to their pro-rata share of the Distribution.
On October 25, 2012, the holder of the Company’s convertible debt converted $15,000 of the April 2012 Note into 10,714,286 shares of common stock at approximately $0.0014 per share. As a result, the outstanding Series B preferred stock is convertible into an additional 5,892,857 shares of common stock, for an aggregate of 250,185,190 shares of common stock.
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.