Company: XERI
Filing Date: 2025-10-02
Form Type: 10-K
Source: 0001477932-25-007303
Chunk: 70

Company: XERIANT, INC.
Filing Date: 2025-10-02
Form: 10-K
Item: Item 1
Chunk 70
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. 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 consolidated statements of operations. During the years ended June 30, 2025 and 2024, the Company recorded $47,800 and $52,632 in rent expense, respectively, in general and administrative expenses on the consolidated statements of operations.  Right-of-use asset is summarized below:   June 30,2025  June 30, 2024 Office lease $8,719  $220,448 Less accumulated amortization  (1,335 )  (188,195 )Right of use assets, net $7,384  $32,253  Operating lease liability is summarized below:   June 30,2025  June 30, 2024 Office lease $7,384  $36,197 Less: current portion  (4,279 )  (36,197 )Long term portion $3,105  $- 

 F-14Table of Contents

NOTE 5 – CONVERTIBLE NOTES PAYABLE, IN DEFAULT The carrying value of convertible notes payable in default as of June 30, 2025 and 2024 is as follows.   June 30,  June 30, Convertible Notes Payable 2025  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, the Company was introduced to Auctus Fund LLC (“Auctus”) for the purpose of providing bridge loan funding to satisfy the requirements of a pending merger with XTI Aircraft under a letter of intent signed in September 2021.  On October 27, 2021, the Company issued a convertible note payable with Auctus with the principal of $6,050,000, consisting of $5,142,500, which was the actual amount funded, plus an original issue discount in the amount of $907,500 for interest on the unpaid principal amount at the rate of zero percent per annum from the issue date