Company: XERI
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001477932-25-001010
Chunk: 104

Company: XERIANT, INC.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part II, Item 8
Chunk 104
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2.05  $- Exercisable at December 31, 2024  118,668,828  $0.09   2.05  $- 

NOTE 11 – SUBSEQUENT EVENTS Litigation Against XTI Aircraft Company On February 29, 2024, Xeriant, Inc. (the “Company”) filed an Amended Complaint in the United States District Court for the Southern District of New York against XTI Aircraft Co. (“XTI”), the wholly owned and principal operating subsidiary of XTI Aerospace Inc. (Nasdaq: XTIA). alleging that XTI, engaged over a period of time in (1) intentional fraudulent conduct against Xeriant, (2) fraudulent concealment, (3) breach of contract, (4) quantum meruit, (5) unjust enrichment, (6) unfair competition, and (7) misappropriation of confidential information, and sought, among other things, damages in excess of $500 million.  XTI moved before the Court on March 13, 2024, seeking to dismiss all Xeriant’s claims except for breach of contract.  Xeriant argued before the Court that all of these claims were legitimately alleged and should not be dismissed.  On January 14, 2025, the Court agreed with Xeriant’s position that its claims were validly alleged and denied all of XTI’s arguments in their entirety. The Court has ordered that XTI must file an Answer to the Amended Complaint, and Xeriant intends to proceed to take discovery.  On January 22, 2025, the Company issued a press release and an 8-K relating to the Court’s decision. 

F-23Table of Contents

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 

The following discussion of our financial condition and results of operations should be read in conjunction with the audited and unaudited financial statements and the notes to those statements included elsewhere in this Report. This discussion contains forward-looking statements that involve risks and uncertainties. You should specifically consider the various risk factors identified in this Report that could cause actual results to differ materially from those anticipated in these forward-looking statements.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements, including without limitation, statements related to our plans, strategies, objectives, expectations, intentions and adequacy of resources. Investors are cautioned that such