Agritek Holdings, Inc. (OTCMKTS:AGTK) has announced the filing of its 2018 third quarter financial reports for the period ending in September. The filling of the financial statement is good news for the company as it is expected to return to reporting status.

Settlement of arbitration

Agritek was pleased to report that they had extended their position into a confidential and appealing arbitration settlement in the long term. However, the decision and arbitration were subject to explicit terms and conditions of interested parties and stakeholders who were part of the confidential settlement agreement. The company is also committed to working towards the reduction of overall liabilities as well as reducing their convertible debt when comparing the same to 2017.

Return to reporting status

The CEO, Suneil Singh Mundie stated that they were pleased to announce Agritek’s filing of their quarterly report as it was a move that was aimed at returning the company into compliance as well as into their fully reporting position. He also indicated that they were happy with the settlement of arbitration and they were now focusing on monetizing most of their assets. The focus being those company assets that have been dormant during the period of arbitration in which the previous management was not entirely permitted to raise funds from by the arbitration court. Similarly, they will have to deal with those where there was limited spending regarding equity and funds because of the limitations of having to go through a judicial process.

As a result of the arbitration settlement, the CEO indicates that the company is now free to move forward with the number of assets as they look forward to getting new funding partners that can help transform the company’s agenda. Mundie stated that they have high expectations because of this and it will have a positive impact on their common market in addition to the ratification of the 2018 Farm Bill that legalizes hemp.