Company: XERI
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001477932-25-001010
Chunk: 108

Company: XERIANT, INC.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part II, Item 8
Chunk 108
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 along with other unnamed defendants, on February 29, 2024, and on March 13, 2024, XTI filed a partial Motion to Dismiss. On April 10, 2024, the Company filed a Memorandum of Law in Opposition to XTI’s Motion to Dismiss the Company’s Second Amended Complaint and is waiting for the court to rule on the matter. 

See Note 11, Subsequent Events for additional information on Litigation occurring subsequent to December 31, 2024. 

There is no pending litigation against the Company and to our knowledge no litigation is contemplated or threatened. To our knowledge, none of our directors, officers, 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.

 5Table of Contents

Six months ended December 31, 2024, Results of Operations Compared with six months ended December 31, 2023 

  For the six months ended     December 31,    Variance   2024  2023  $           Operating expenses:         Consulting and advisory fees $125,120  $154,345  $(29,225)Related party consulting fees  251,000   174,500   76,500 General and administrative expenses  202,066   125,248   76,818 Professional fees  89,616   125,005   (35,389)Research and development expense  26,576   79,735   (53,159)Total operating expenses  694,378   658,833   35,545 Operating loss  (694,378)  (658,833)  (35,545)             Other expenses:            Amortization of debt discount  (42,274)  -   (42,274)Interest expense  (112,996)  (867,328)  754,332 Loss on extinguishment of debt  (4,835)  (20,298)  15,463 Gain on extinguishment of debt  64,992   -   64,992 Change in fair value of convertible bridge loans  -   (2,448)  2,448 Total other (expense)