Company: XERI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001477932-25-003761
Chunk: 24

Company: XERIANT, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part II, Item 8
Chunk 24
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,300,000 )            Outstanding at March 31, 2025  103,668,828  $0.10   2.07  $- Vested at March 31, 2025  103,668,828  $0.10   2.07  $- Exercisable at March 31, 2025  103,668,828  $0.10   2.07  $- 

 F-22Table of Contents

NOTE 11 – INCOME TAXES The Company did not provide any current or deferred US federal income tax provision or benefit for the three or nine months ending March 31, 2025 and 2024, as they incurred tax losses during both periods. When it is more likely than not that a tax asset cannot be realized through future income, the Company must record an allowance against any future potential future tax benefit. The Company has provided a full valuation allowance against the net deferred tax asset, consisting of net operating loss carry forwards, because management has determined that it is more likely than not that the Company will not earn income sufficient to realize the deferred tax assets during the carry forward periods. The Company has not taken a tax position that, if challenged, would have a material effect on the condensed consolidated financial statements for the three and nine months ended March 31, 2025 and 2024 as defined under ASC 740, "Accounting for Income Taxes." The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences for the periods presented are as follows:   Three and Nine Months Ended    March 31, 2025  March 31, 2024 U.S. statutory federal income tax rate  21%  21%State income taxes, net of federal income tax  4%  4%Change in valuation allowance (25%)  (25%) Effective income tax rate  0%  0% A reconciliation of the income taxes computed at the statutory rate is as follows:   Nine Months Ended   March 31, 2025  March 31, 2024        Tax credit (expense) at statutory rate (25%)  $329,940  $483,251 Increase in valuation