Replies to post #10562 on Inergetics Inc (fka NRTI)

[Capt_Smith77]

Thanks, I found it.

Oddly, the way it's read it sounds like the required amount was paid off for the first three quarters. It isn't until the next page that states otherwise.

The Company entered into a license agreement with minimum royalty payments totaling $1,800,000, $2,100,000, $2,700,000, $3,200,000 and $3,800,000 for each of the years ended 2014, 2015, 2016, 2017 and 2018, respectively. $1,350,000 was paid as of September 30, 2014. Total royalties due through September 30, 2014 of $1,350,000 are to be paid quarterly on the first day of the quarter commencing April 1, 2014.


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During the third quarter, the Company was not able to make the payment that was due July 1, 2014 to Martha Stewart Living Omnimedia pursuant to our license agreement. While we are in discussions to work out terms of payment, we most likely will need to raise additional funds to meet our obligations under the license agreement.