Michael James Con Man or Dumbest CEO Ever or both, you decide!
I mean Michael James has proven just how stupid he is as a CEO. He made a deal w/Martha Stewart for Martha Stewart Essentials that was so ridiculous that no company would want this idiot to be part of their management. Take a look and you will see why Martha Stewart Essentials failed. Here is the deal Michael James agreed to:
Minimum Guaranteed Annual Royalty. Licensee shall pay MSLO the minimum guaranteed annual royalties as follows:
Agreement Year 1 = $ 1,800,000.00
Agreement Year 2 = $ 2,100,000.00
Agreement Year 3 = $ 2,700,000.00
Agreement Year 4 = $ 3,200,000.00
Agreement Year 5 = $ 3,800,000.00
Total = $13,600,000.00
If that weren't bad enough, he thought a few FSI's w/coupons in a few select markets a few times a year would yield enough sales to justify the royalties he agreed to. He thought that just having the Martha Stewart name would be more than enough to produce big sales to warrant such outrageous royalties. It didn't take too long before Walgreens dumped the entire line and NRTI defaulted on their royalty payments to MSLO and the brand was discontinued.
Then after spending a ton of time and money creating an Advisory Board for their CBD Initiative and to create their Nulief CBD product, he dumps everything without a word to shareholders as he tried to con them into believing they actually launched the product into a test market, when they did not. Instead of trying to find a way around the new FDA position like most of the other CBD companies did, he decides fraud is a better avenue. When that didn't work he gets rid of everything to do with Nulief and their CBD project while not saying a word to shareholders or the market. He actually thought we wouldn't notice!
To make matters worse, he replaces their CBD Initiative by going into the Vitamin Whey category, despite it already being oversaturated w/big players, thinking that would suffice for the past 2 years work and millions of dollars spent on their CBD Initiative.
And it gets even worse when he decides to spend millions promoting Bikini Ready, that couldn't generate enough sales to surpass a few thousand. Yet he did it quarter after quarter.
It didn't matter what he touched, everything ended in disaster because he didn't have a clue as to what he was doing. He just liked acting like a big shot when they would pay big money to host Bikini Ready surfing events and sponsor women surfers that did hardly anything for sales. Eventually they had to get rid of all those women surfers they sponsored for big money and now they don't have the money to pay to host more events or pay for more expensive TV ads that also never generated much in sales.
Michael James bought the Bikini Ready & Slim Trim brands from Jim Kras a few years ago and then hired Kras at the same time to be president and CMO of the company. Needless to say, Kras spent all his time & energy working on his own brands and even produced a couple of his own commercials that were the laughing stock on message boards. They were so bad, they had to re-shoot the commercials using an outside agency shortly after his commercials first aired. Kras even produced a Nulief video that left you scratching your head and totally dumbfounded. It portrayed the company as some head shop in downtown LA. w/smoke circulating a room with his bald head appearing from the bottom of the screen, making it seem more like a cheap fright night video.
Yes, that is who James hired to run the company while he ran around acting like he was somebody, but making terrible deals one after another. Nowadays he spends all his time over at Terra Tech, where he is also their CFO. The sad part of this is that while he made sure Terra Tech's financials were on time, he had to file extensions for Inergetic's financials, the company for whom is the CEO. Currently, he has discontinued doing any financial reporting for Inergetics while remaining as its CEO & CFO, which caused the stock to be downgraded from QB status to the OTC Limited Information status. Yet he continues to provide timely financial reports for Terra Tech to this day. Does that make any sense to anyone?
I almost forgot to mention all his invaluable expertise as CFO when it came to financing deals for the company. Oh yes, he went to the absolute worst death spiral financier known in the entire market to finance the company's endeavors. Despite knowing how bad these financing deals w/Sason would be for the share price, he did deal after deal with this well known death spiral financier and even signed a contract with him to give him first refusal for all future financing through mid 2016. If you want to know what led to the complete collapse of the share price, this is it. The one area that he always bragged about was his experience with finance and he ends up doing a deal with absolute worst in all the markets, and who was well known for destroying a company's share price in the process.
How he escaped all the complaints filed with the SEC about his fraudulent Nulief launch is beyond comprehension and is a real slap in the face to us shareholders. Now tell me what kind of company would ever want to hire this guy? What a wonderful job it must be to be a CEO in the Pinks!
These are just a few of the highlights about Michael James tenure as CEO/CFO of Inergetics (NRTI). It would take me too long to mention everything, but I think you get the picture. If you think I may have exaggerated some of this, you would be wrong, it is actually worse when you really start digging. Us shareholders were defrauded by Michael James. While Michael James came out unscathed, shareholders lost everything. All this while professing to us all, his honesty and his impeccable integrity that is so very rare in the markets today. He conned us all real good & we lost everything.
This is who Michael James really is and I doubt he would think twice about doing it again, like he did to us here!
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