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They did in their press release stating they would receive $3,051,000 in CASH NON DILUTIVE and without adding debt to the Company.
CN made a mistake in his positing. I hope he calls Mr James and hears for himself that there is no PAYBACK to the State for the funds received.
CN-- Call Mr James and I am sure he will set the story straight for you. I know I am correct in what I posted and do think you are misleading the board by your assumptions. The Company does not have to payback the money they receive from selling the awarded TAX CERTIFICATE TRANSFER they received. It comes with no strings attached to them.
You do a lot of good DD but in some cases that I have pointed out , you get things confused and post things that are not true.
CN-
I am sorry if my posts upset you but,you are not telling the true story about the NJEDA program.
There is no Payback ever from what I have read. The funds are free and clear to Inergetics after fees are taken out from the awarded amounts which in this case is $3,351,000 and $3,051,000 after fees.
The Program is called Tax Certificate Transfer Program.
I have read the facts and requirements concerning the NJEDA Program and how and why NJ offers it. It helps Companies who are losing money in certain areas of business to receive working capital based on their NJ State Tax loss carry forward at a time when they really need the funds to move forward. Once the Company turns profitable, it pays tax on the profits just like profitable companies and cannot use any of the Tax Loss Carry forward they were awarded and used up in the program again.
Your posts lately fall short in accuracy and may make posters confused as to what the awarded amounts translate into. Calling it a Tax Credit infers they won't have to pay the tax but the Tax Loss Transfer is that they transfer their State Tax Loss carry forward to a profitable company for CASH.
There is NO PAYBACK EVER!!! from what I have read.
CN---Please stop calling the NJEDA program TAX CREDITS; it is a TAX TRANSFER PROGRAM meaning the Company ( Inergetics ) who receives the TAX TRANSFER allotment ( $3,300,000 less fees) can sell the amount awarded to a profitable NJ Company.
Calling it a TAX CREDIT program makes people think no money changes hands. Nothing could be further from the truth as INERGETICS will receive about $3,050,000 in CASH , with no strings attached in January.
I do respect your DD and hard work but calling the program a TAX CREDIT PROGRAM is completely wrong.
TAX TRANSFER is what it is.
Capt....A profitable NJEDA Company buys the tax loss from Inergetics and offsets the tax loss against their taxes. It is a no win or lose for event for the profitable Company but is Great for the Company who sells their tax loss carryover.
NONE!!!! There are no strings attached. The program is spelled out on the NJEDA site and you can read the requirements that Companies that apply have to conform to.
Inergetics met all the requirements to participate in the program and has been awarded the right to sell their
$ 3,357,000 State Tax Loss carryover to a profitable NJEDA Company and only has to pay a fee for doing so.
It is a great program that benefits Companies and the State as well.
I posted from the fed filing and another poster also showed the letter the Company received from the
State stating the award.
Capt-- This is non dilutive no payback free and clear cash injection to the Company.
Yes, sales are important but these funds will help the Company greatly in moving forward to being flow positive as it allows them funds to promote and manufacture their product lines.
Brookswashere--- I hope got my explanation of why Inergetics Inc is receiving $3,357,115 minus fees for a net total of $3,051,000 in NON DILUTIVE CASH that they will use for fueling the Company's growth in 2014.
From Fed Filing by INERGETICS
On December 20, 2013 Millennium Biotechnologies, Inc., the wholly-owned subsidiary of Inergetics, Inc. (collectively, the “Company”) was notified by the New Jersey Economic Development Authority that the Company has been preliminarily approved for the Technology Business Tax Certificate Transfer Program. The Company has been preliminarily approved for State Fiscal Year 2014 to transfer $3,357,144 of total available New Jersey State tax benefits of $3,357,144. The transfer should close in January, 2014.
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The Press release also stated:
Inergetics, which employs twelve full time employees of which eleven are located in New Jersey, relocated to the Innovation Zone of Newark, NJ in 2013 and expects to receive cash after fees of $3.055 million in January of 2014. The state funding is non-dilutive and does not add shares or debt to the capital structure of the company.
The $1.1 Million you are talking about is what all the 54 Companies will get at least guaranteed as long as their state loss carry forward applied for equals the $1.1 Million number.
The Economic Zone Companies which Inergetics is in that applied get up to the first $10,000,000 of the $60,000,000 in the program. Apparently Inergetics is getting 100% ($3,357,000 less commission) of the amount the applied for since they were awarded the whole amount by the NJEDA.
Last year Inergetics received $2,200,000 less commission from what they applied for that year which was $5,200,000 in state tax loss carry forward. The Companies last year received a minimum guaranteed of 21% less than this years guaranteed minimum as you reported.
I hope this explains for you about the 2013 program.
Wrong, Wrong, Wrong-Inergetics will receive $3,000,000 plus in Cash in January 2014.
They were approved for $3,357.000 to transfer to a profitable NJ Company
Merry Christmas MR SCROOGE!!!!
I respect your opinion CN and we all want the best for Inergetics and shareholders alike.
My point was that sometimes projections of posters as well as from Companies do not pan out as hoped for and then the reaction is usually very negative to the underlying stock price.
In this case we received the very best news from the NJEDA that we could and the news fell on deaf ears. Expectations were high by you and you posted these feelings over and over relentlessly. I doubt if you were the cause of the dismal reaction but I still would rather hear the news from the Company rather than a poster.
I do believe we will see higher prices in the future as the Company continues to grow.
Best wishes as well to you and your family and may the New Year be Inergetics Year as well.
( Yessir, I think in the early part of of next year we should hear some news on a respectable IR firm that NRTI has employed to make investors aware of how new management is turning this company around in a big hurry! )
CN, I wish you would stop trying to outguess the Company as to timing news items. It makes others hang onto your predictions as gospel. I appreciate your DD but do think you go overboard at times.
When and whom they hire to do PR is important but I would rather hear from the Company rather than a shareholder to timing. The NJEDA news is terrific but I do think your constant hyping about the money over the past month has taken the edge off the announcement.
Just think of what the stock would have done if they received nothing or just a little from the program.
Please do not think I am trashing you in any way but positive surprises are received much better than anticipation of those that promote in advance of an event.
Stocks don't always react to good news at first but usually respond in the coming days after an event like this.
The buy on rumor - sell on news seems to prevail again., but in this case someone bought 1,746,000 shares at the ASK on the open. I view this as smart money coming into the stock.
Is this volume correct this morning????? 1,745,384 Shares????
NRTI - INERGETICS INC (NASDAQ - OTC)
Symbol: NRTI Last: 0.11 Change: 0.00 0.0000%
Prices are as of 12/23/2013 09:30 ET
l
Bid N/A Bid Size N/A
Ask N/A Ask Size N/A
Previous Close 0.11 EPS -0.1236
Open 0.11 P/E Ratio N/A
Days High 0.11 Dividend N/A
Days Low 0.11 Yield N/A
Volume 1,745,384
MERRY CHRISTMAS and a HAPPY INERGETICS NEW YEAR
I believe the Tax Credit news would have to be reported in a fed filing once the decision is made on what they will receive.
I am sure those who want to wait and see how much the receive before buying will do so. I do not think there will be selling on the news action unless the news is bad. The stock is selling at a very low valuation for a Company that is in the growing phase. A market cap of around $6 Million on outstanding shares and about 10 Million fully diluted is very low for a Company about to show a hockey stick rise in sales from 2012 and before.
I agree totally with your assumptions Focused and the selling of the past few days looks like tax selling for year end.
If you recall , Inergetics did a 1 for 80 reverse split in 2011 and all the common shareholders from that period of time are deep under water so they may be taking losses against profits in other stocks. The new buyers are getting into the stock at a time where growth is actually happening and the future looks brighter than ever.It's too bad the sellers lost their money but the buyers may well reap large profits as the Company ramps up sales and hopefully turns cash flow positive in the coming year. 2014 looks like the true test for Inergetics and time will tell if the wait was worth it.
I view this news as terrific for it represents penetration of a house brand deep into the retail market. The packaging of the Bikini Ready line is ULTRA ATTRACTIVE and is very inviting. Looks like a real winner for Inergetics.
Here is Bikini Ready Web Site with the news and pictures of the products.
http://www.bikinireadylifestyle.com
I just saw on Bikini Ready site news that starting in January the full line of Bikini Ready products will be available at Winn-Dixie Stores.
Capt- No reviews at this point is positive news. The Martha Stewart foes would love to find fault with her products.
Since Inergetics is being super careful testing all products in her line to the max, there are no negative reviews being offered.
Her competitors would love to knock the products but they cannot , due to the Inergetics careful testing of the products for accuracy in their claims.
I believe that the USA made Supplement lines offered by Inergetics will be big sellers in 2014.
Zekester, then you will be happy if they don't receive the NEJDA funds.
I cannot believe anyone could be so negative to what Mr James has done to save this Company from failure. I
Jasper, order a magic jack plus and connect it to your router or computer and pick an area code in USA (212 for NY) 201 for NJ and then you can call anywhere in USA, Canada , or Puerto Rico for free. The cost of a magic jack plus including 1 year service is around $45 USD.
I heard the radio interview and I must say the both Carl Germano and Martha Stewart treated the supplement subject very objectively and did a fantastic job explaining both Carl's background in the nutritional supplement industry and why he was made Inergetics chief science officer. He also explained the Martha Stewart Essential line and reasons for the formulation of the 6 products in the line.
A woman with breast cancer called in and asked if she estrogen was in the supplements due to fear of estrogen concerns that many breast cancer women must avoid. Carl explained the situation with regard to her concerns and thought she might benefit taking the Martha Stewart bone health supplement. Martha then added that she should also speak to her doctor before taking the product and show her doctor the ingredients to get his approval and opinion.
I was totally impressed by the professionalism both Martha and Carl handled todays radio interview.
Bravo!!!!!!!
Couldn't have said it better CN!!!!
Here is the web site you mentioned with the MSE priced $14.37
http://www.familyotc.com/Women-s-Health-s/2513.htm
How much more PRO-ACTIVE can anyone expect from our CEO Michael James???
He has done a fabulous job in transforming Inergetics from a failing entity to a multi product Company with a top Celebrity (Martha Stewart) on board with the MSE line.
The Bikini Ready line looks like a winner in the making along with Slim Trim and the Surgex Fix product lines as well.
Hyping without substance only leads to failure in the long run but base building followed by sales ramping then PR reaps huge rewards for those who play the Long Term approach.
In and Outers miss the big runs.
New FSI in Yesterday's (SUNDAY) Newspaper about Martha Stewart Essentials and Walgreen's and HyVee where to buy. $2.00 Off Coupons
It isn't in the report but some time ago I asked that about new common shares issued by the Company and was told that all new common shares issued by the Company are restrictive shares that carry a 6 month restriction before the restriction can be removed.
The Company did not sell stock on the open market. The statement you made
"Selling 656K in shares to raise capital flys directly in the face of what was reported that no selling is going on. " is wrong. Any shares issued by the Company are restricted shares that have a 6 month restriction attached to them before the shareholder can take the restriction off.
The $85 Million number is the federal tax loss carry over ( accumulated deficit ). It is not debt but an asset as when they turn profitable , the loss goes against profits for tax purposes.
Also did you all see the cash on hand at end of 3rd quarter of $975,000 verses $8,800 the prior period?
Walgreens chose Martha Stewart Essentials Hair Skin And Nails as 1 of 4 products out of the hundreds of items in the category to feature in this ad. That is BIG for a new product that has been on the market less than 2 months.
Walgreens chose Marthe Stewart Essentials as 1 of 4 products out of the hundreds of items in the category to feature in this ad. That is BIG for a new product that has been on the market less than 2 months.
I'm surprised none of you commented on Walgreen's putting Martha Stewart Essentials ; Hair Skin and Nails on front page of their online web site.
This is BIG in my opinion as they put it with 3 other top sellers.
http://www.walgreens.com
Walgreen's is featuring Martha Stewart Hair Skin and Nails in their online ad. 10% off promotion........
http://www.walgreens.com
MAXM in my opinion is acting as selling agent to some big seller, The after hour postings are as I have stated before the sum total of sales during the day or day before they accumulated for the seller and then posts the results in a lump sum.
This practice is very common when you have a large seller in a thin market.
Crooked Neck- Jim Kras is a Marketing expert and certainly knows what advertising avenues drives sales. Sending them your wish list is insulting in my opinion and would not create any good will on your part.
If you look at the Balance sheet ; the Company is not cash rich and advertising dollars even though are a high priority for sure come second to getting the retail chains to pick up the lines which is more important at this point . Once the lines of distribution are established , advertising plays a major role in getting the word out.
I feel Michael James and Jim Kras and the rest of their team are doing a fantastic job.
You all seem very impatient and want a home run right out of the gate. This should be looked at as a long term play with huge potential to be as CN says a 10 Bagger or more.
From Martha Stewart Earnings release this morning as to Highlights of the Quarter:
Martha Stewart Essentials, a new line of six supplements created specifically for women, which have been produced in partnership with nutritional supplement developer Inergetics, launched in Walgreen stores nationwide in September.