Company: XERI
Filing Date: 2025-10-02
Form Type: 10-K
Source: 0001477932-25-007303
Chunk: 278

Company: XERIANT, INC.
Filing Date: 2025-10-02
Form: 10-K
Item: Item 1C
Chunk 278
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12, 2025, XTI filed a Memorandum of Law in Opposition to Xeriant’s Motion to Dismiss XTI’s Second Amended Counterclaim. On May 20, 2025, the Company filed a Memorandum of Law in Support of its Motion to Dismiss XTI’s Second Amended Answer with Counterclaims. The foregoing descriptions of the legal actions do not purport to be complete and are subject in their entirety by the full text of the court filings. On July 2, 2025, the Company was served with a complaint from Midland Compounding for breach of contract in the payment of an invoice in the amount of $57,600 related to a purchase order for consulting services related to improving the Company’s intumescent fire-retardant layer for NEXBOARD.  On August 20, 2025, the Company filed an Answer and Affirmative Defenses, essentially stating that Midland Compounding had not performed the services it was contracted to provide.  To our knowledge, none of our directors, officers, five (5%) shareholders or affiliates are party to any legal proceedings that would have a material adverse effect on our business, financial condition, or operating results.

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Fiscal Year 2025 Results of Operations Compared with Fiscal Year 2024 

  For the years ended     June 30, 2025  June 30, 2024  $            Operating expenses:         Consulting and advisory fees $327,991  $731,128  $(403,137 )Related party consulting fees  438,000   388,000   50,000 General and administrative expenses  309,107   282,249   26,858 Professional fees  221,119   308,109   (86,990 )Research and development expense  69,274   196,422   (127,148 )Total operating expenses  1,365,491   1,905,908   (540,417 )Operating loss  (1,365,491 )  (1,905,908 )  540,417              Other expenses:            Amortization of debt discount  (51,006 )  (19,189 )  31,817 Interest expense  (225,566 )  (1,183,