Anastas Gegov

Agritek Holdings, Inc. (OTCMKTS:AGTK) Returns Above The 10 Cent Mark

by Anastas Gegov October 28, 2014

Agritek Holdings, Inc. (OTCMKTS:AGTK, AGTK message board) was descending the charts for quite a while and it managed to drop below 10 cents per share in the first sessions of the month. Recently, however, there has been some good publicity surrounding the company that brought its stock above the $0.10 per share mark.

 

On October 21 it was announced that the company has entered into the first of several long term leases with tenants for its Colorado agricultural facility. The press release also contained information about negotiation for a $10 million financing agreement with an undisclosed private financing institution that would help further operations of AGTK.

 

This is important, since the last financial report of the company wasn’t exactly rosy. Here is what the numbers of prime interest contained in the balance sheet of AGTK for the second quarter looked like.

 

  • cash: $309 thousand
  • current assets: $1.62 million
  • total assets: $1.82 million
  • current liabilities: $1.93 million
  • quarterly revenues: $4,017
  • quarterly net loss: $396 thousand

 

When the news came the ticker was well below 10 cents, sitting at $0.073. Suddenly AGTK began to climb the charts and the investor interest increased as was seen by the daily volumes that are usually small. It made its biggest jump on October 23, when it gained 26.20% and crossed the $0.10 barrier. Still, the amount of shares that was traded was enough to generate only $161 thousand in dollar volume, the biggest in the last 2 months of trading.

 

After a good run throughout the past week AGTK started to hesitate and closed Friday’s session in the red. The start of the week, however, was better and the ticker gained 12.73%, but the volumes were quite small. We are awaiting news about a letter of intent for the $10 million dollars in funds, which might bring some more optimism to AGTK shareholders. We are yet, however, to know the identity of the financing entity which may turn out to be one of the toxic financing providers that we so often see companies in the OTC markets deal with.

 

There is also the matter of the upcoming votes for legalization in several states in the beginning of November so the MJ sector is becoming quite volatile once again. It is, however, a good thing that you always do your due diligence and weigh out the risks before making an investment decision.

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