Company: XERI
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001477932-25-008494
Chunk: 55

Company: XERIANT, INC.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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 have been included in the diluted net income per share for the three months ended September 30, 2025. For the three months ended September 30, 2024, the Company had a net loss. As a result, those shares have been excluded from the diluted net loss per share calculations for the three months ended September 30, 2024, because the effect of including them would be anti-dilutive. Segment Reporting The Company has determined that they had one reportable segment, which includes discovery, development and commercialization of transformative technologies, including advanced materials, which can be successfully integrated and deployed across multiple industrial sectors. The single segment was identified based on how the Chief Operating Decision Maker, who we have determined to be our Chief Executive Officer, manages and evaluates performance and allocates resources. Recent Accounting Pronouncements All other recent accounting pronouncements issued by the Financial Accounting Standards Board, did not or are not believed by management to have a material impact on the Company’s present or future unaudited condensed consolidated financial statements.  

 F-13Table of Contents

NOTE 3 – JOINT VENTURE Joint Venture with XTI Aircraft Effective May 31, 2021, Xeriant entered into a Joint Venture with XTI Aircraft Company (“XTI”), named Eco-Aero, LLC, with the purpose of completing the preliminary design review (“PDR”) of XTI’s eVTOL fixed wing aircraft. XTI and the Company each own 50 percent of the XTI JV, and it is managed by a management committee consisting of five members, three appointed by Xeriant and two by XTI. The Company invested approximately $5.5 million into the joint venture after borrowing the funds from Auctus Fund LLC (“Auctus”) through a Senior Secured Promissory Note, through an introduction from Maxim Group, LLC, the Company’s investment banker at the time. The borrowed funds from Auctus were intended to be a bridge loan that would be resolved through an IPO (Initial Public Offering) and uplist to Nasdaq in a merger with XTI, which did not occur because XTI refused to move forward with the merger. The PDR was completed during the first quarter of 2022 according to XTI, which was the purpose of the joint venture.   On May 17, 2022, Xeriant signed a Letter Agreement with XTI related to the introduction of XTI to Inpixon,