Company: XERI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001477932-25-003761
Chunk: 12

Company: XERIANT, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part II, Item 8
Chunk 12
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 University, Innovation Centre 1, 3998 FAU Boulevard, Suite 309, Boca Raton, Florida. The Company entered into a lease agreement commencing on November 1, 2019, through January 1, 2025, in which the first three months of rent were abated. The lease expired on January 1, 2025, and was not renewed. On February 13, 2025, the Company executed an agreement to lease 2,320 square feet of office space at 3651 FAU Boulevard, Suite 400, Boca Raton, FL 33431. The lease commencement date is March 1, 2025, and is a month-to-month term not to exceed twenty-four months. The rent is $399 per month. 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 nine months ended March 31, 2025 and 2024, the Company recorded $31,330 and $39,376 in rent expense, respectively, in general and administrative expenses on the condensed consolidated statements of operations. During the three months ended March 31, 2025 and 2024, the Company recorded $4,836 and $12,825 in rent expense, respectively, in general and administrative expenses on the condensed consolidated statements of operations.  Right-of-use asset is summarized below:   March 31,2025  June 30, 2024 Office lease $8,719  $220,448 Less accumulated amortization  (330)  (188,195 )Right of use assets, net $8,389  $32,253  Operating lease liability is summarized below:   March 31,2025  June 30, 2024 Office lease $8,389  $36,197 Less: current portion  (4,174)