Company: XERI
Filing Date: 2025-10-02
Form Type: 10-K
Source: 0001477932-25-007303
Chunk: 525

Company: XERIANT, INC.
Filing Date: 2025-10-02
Form: 10-K
Item: Item 5
Chunk 525
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2024, the Company recorded $1,070,729 in default interest related to the note. On October 6, 2023, Auctus converted $200,115 in interest into 20,011,500 shares of common stock and on April 5, 2024, Auctus converted $227,067 in interest into 22,706,700 shares of common stock. As of June 30, 2025, and 2024, the balance of accrued interest of this note was $643,546, which is recorded in the accounts payable and accrued liabilities section of the consolidated balance sheets.

NOTE 6 – CONVERTIBLE NOTES PAYABLE The carrying value of convertible notes payable, net of discount at June 30, 2025 and 2024, was as follows:   June 30,  June 30, Convertible Notes Payable 2025  2024 Convertible notes payable (10% interest) $1,885,000  $2,180,000 Less unamortized discount  (31,677 )  (47,471 )Total face value $1,853,323  $2,132,529  Between January 13, 2023 and December 16, 2024, the Company issued convertible bridge loans with an aggregate face value of $2,746,000. The notes have a coupon rate of 10% and a maturity date of one year. The Notes are convertible at a fixed price of $0.01 per share. In connection with the Notes, holders of $150,000 in principal were issued 15,000,000 warrants during the fiscal year ended June 30, 2024. These warrants have an exercise price of $0.01 per share and have a three-year expiration date.   During the year ended June 30, 2025, $971,000 in principal and $97,050 in accrued interest was converted into 105,538,888 shares of common stock. During the years ended June 30, 2025 and 2024, the Company recorded $225,566 and $113,156 in interest expense related to these notes, respectively. As of June 30, 2025 and 2024, the balance of accrued interest related to these loans was $230,241 and $101,724, respectively. The Company evaluated the detachable warrants under the requirements of