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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowFishers-based Aggressively Organic Inc., an agricultural technology company that focuses on alleviating food insecurity, filed for Chapter 11 bankruptcy Tuesday, two years after the state offered it $2.7 million in incentives based on its ambitious growth plans.
President and CEO Jonathan Partlow founded Aggressively Organic in 2017. Three months later, he reached an incentives agreement with the state to invest $734,250 in the development of small-footprint, sustainable grow systems and create 200 jobs by the end of 2021.
In response to that workforce development plan, the Indiana Economic Development Corp. offered Aggressively Organic $2.5 million in conditional tax credits and up to $200,000 in training grants.
IEDC incentives are paid out only if a company meets its hiring goals. According to the IEDC’s Transparency Portal, Aggressively Organic has collected only $1,398 in tax credits and $26,951 in training grants under the 2017 agreement.
The company “graduated” from Launch Fishers and moved into a warehouse at 9160 Ford Circle in 2018 to produce pods filled with a nutrient-rich growth medium that allows plants to thrive on a fraction of the water used in traditional farming.
Partlow did not respond to requests for comment by phone or email. A crowdfunding offering statement filed with the Securities and Exchange Commission in February lists the company as having six employees.
Partlow indicated in Tuesday’s bankruptcy filing that Aggressively Organic would be able to pay off its unsecured debtors. It listed CKH Four LLC of Fishers as a creditor for the default on its lease.
The company listed both total assets and liabilities at less than $50,000.
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Writing was all over the wall on this one with the constant excuses on the Kickstarter and other efforts. Glad I got my refund when I did…