Company: XERI
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001477932-25-001010
Chunk: 102

Company: XERIANT, INC.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part II, Item 8
Chunk 102
---
 multiplied by the Conversion Rate.    ·Conversion: Each share of Series A Preferred Stock is convertible, at the option of the holder thereof, at any time into shares of Common Stock on a 1:1,000 basis.    ·The shares of Series A Preferred Stock are redeemable at the option of the Corporation upon not less than 30 days written notice to the holders. It is not mandatorily redeemable. As of December 31, 2024, and June 30, 2024, the Company had 682,216 and 705,895 shares of Series A preferred stock issued and outstanding, respectively. Series B Preferred Stock On March 25, 2021, the Certificate of Designation for the Series B Preferred was recorded by the State of Nevada. There are 100,000,000 shares authorized as preferred stock, of which 1,000,000 are designated as Series B Preferred Stock having a par value of $0.00001 per share. The Series B preferred stock is not convertible, grants 5,000 votes and no liquidation preference.

 F-21Table of Contents

Stock Options In connection with certain advisory board compensation agreements, the Company issued an aggregate 21,250,000 options at an exercise price of $0.12 per share for the year ended June 30, 2022. These options vest quarterly over twenty-four months and have a term of three years. The grant date fair value was $3,964,207. The Company recorded compensation expense in the amount of $0 and $515,917 for these options for the six months ended December 31, 2024 and 2023, respectively. As of June 30, 2024, there was $0 of total unrecognized compensation cost related to non-vested portion of options granted. As of December 31, 2024, there are 2,250,000 options outstanding, of which 2,250,000 are exercisable. The weighted average remaining term is 0.01 years. A summary of the Company’s stock options activity is as follows:   Number of Options   Weighted-Average Exercise Price  Weighted-Average Contractual Term(in years)  Aggregate Intrinsic Value Outstanding at June 30, 2024  21,250,000  $0.12   1.11    Granted  -            Exerc