Company: XERI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001477932-25-003761
Chunk: 95

Company: XERIANT, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 95
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 Expenses

Total research and development expenses were $30,224 and $67,524 for the three months ended March 31 2025 and 2024, respectively, a decrease of $37,300. The primary reason for the decrease was reduced research and development expenses relating to BlueGreen Composites, LLC, during the current quarter.

Other Income (Expenses)  

Total other expenses consist of amortization of debt discount and interest expense related to convertible notes. Total other expenses were $71,350 for the three months ended March 31, 2025, compared to $31,132 for the three months ended March 31, 2024. The increase of $40,218 was primarily due to interest expense in the current period related to additional convertible debt.

Net loss

Total net loss was $530,268 for the three months ended March 31, 2025, compared to $384,096 for the three months ended March 31, 2024. The increase of $146,172 was primarily due to increased consulting and advisory fees in the current period.

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Liquidity and Capital Resources

The Company’s condensed consolidated financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. On March 31, 2025, and June 30, 2024, the Company had $53,587 and $653,117 in cash, respectively, and $8,598,180 and $8,661,248 in negative working capital, respectively. On March 31, 2025, the principal balance of the Auctus Senior Secured Promissory Note was $5,900,000. The Note matured on March 15, 2023, and the company has been in discussions with Auctus to resolve the liability. For the three months ended March 31, 2025 and 2024, the Company had a net loss of $530,268 and $384,096, respectively. For the nine months ended March 31, 2025 and 2024, the Company had a net loss of $1,319,759 and $1,933,033, respectively. Continued losses may adversely affect the liquidity of the Company in the future. Therefore, the factors noted above raise substantial doubt about our ability to continue as a going concern. The recoverability of a major portion of the recorded asset