Company: XERI
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001477932-25-001010
Chunk: 92

Company: XERIANT, INC.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part II, Item 8
Chunk 92
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 from the office beginning in January of 2024. The following table illustrates the base rent amounts over the term of the lease: Base Rent Periods November 1, 2019 to October 31, 2020 $4,367 November 1, 2020 to October 31, 2021 $4,498 November 1, 2021 to October 31, 2022 $4,633 November 1, 2022 to October 31, 2023 $4,772 November 1, 2023 to October 31, 2024 $4,915 November 1, 2024 to January 31, 2025 $5,063  Operating lease right-of-use asset and liability are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value is the Company’s incremental borrowing rate, estimated to be 10%, as the interest rate implicit in most of the Company’s leases is not readily determinable. Operating lease expense is recognized on a straight-line basis over the lease term. 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 condensed consolidated statements of operations. During the six months ended December 31, 2024 and 2023, the Company recorded $26,494 and $26,550 in rent expense in general and administrative expenses on the condensed consolidated statements of operations. During the three months ended December 31, 2024 and 2023, the Company recorded $13,237 $13,266 in rent expense in general and administrative expenses on the condensed consolidated statements of operations. Right-of-use asset is summarized below:   December 31,2024  June 30, 2024 Office lease $220,448  $220,448 Less accumulated amortization  (215,710 )  (188,195 )Right of use assets, net $4,738  $32,253  Operating lease liability is summarized below:   December 31,2024  June 30, 2024 Office lease $5,392  $36,197 Less: current portion  (5,392 )  (36,197 )Long term portion $