Company: XERI
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001477932-25-001010
Chunk: 20

Company: XERIANT, INC.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 expense is recognized on a straight-line basis over the lease term. Since the common area maintenance expenses are expenses that do not depend on an index or rate, they are excluded from the measurement of the lease liability and recognized in general and administrative expenses on the condensed consolidated statements of operations. During the six months ended December 31, 2024 and 2023, the Company recorded $26,494 and $26,550 in rent expense in general and administrative expenses on the condensed consolidated statements of operations. During the three months ended December 31, 2024 and 2023, the Company recorded $13,237 $13,266 in rent expense in general and administrative expenses on the condensed consolidated statements of operations. Right-of-use asset is summarized below:   December 31,2024  June 30, 2024 Office lease $220,448  $220,448 Less accumulated amortization  (215,710 )  (188,195 )Right of use assets, net $4,738  $32,253  Operating lease liability is summarized below:   December 31,2024  June 30, 2024 Office lease $5,392  $36,197 Less: current portion  (5,392 )  (36,197 )Long term portion $-  $- 

 F-15Table of Contents

Maturity of lease liabilities are as follows: Year ended June 30, 2025 $5,392 Total future minimum lease payments  5,392 Less: Present value discount  - Lease liability $5,392 

 NOTE 6 – CONVERTIBLE NOTES PAYABLE, IN DEFAULT The carrying value of convertible notes payable as of December 31, 2024, and June 30, 2024, was $5,900,000 and $5,850,000, respectively.   December 31,  June 30, Convertible Notes Payable 2024  2024 Convertible notes payable issued October 27, 2021 (0% interest) – Auctus Fund LLC $5,900,000  $5,850,000 Total face value $5,900,000  $5,850,000  Auctus Fund LLC Senior Secured Note Through Maxim Group, LLC, X