Xeriant, Inc. Files 2024 10-K: Assets and Liabilities Detailed

TL;DR

XERI's 2024 10-K is out. Big asset numbers, but watch those liabilities. Stock options and warrants detailed.

AI Summary

Xeriant, Inc. filed its 10-K for the fiscal year ending June 30, 2024, reporting significant changes in its financial structure. The company's total assets were $52,485,330,400, with liabilities totaling $100,000,000. Key figures include $3,500,000 in current liabilities and $1,000,000 in long-term debt. The filing also details stock option activity and warrant information for the period.

Why It Matters

This 10-K filing provides a comprehensive overview of Xeriant, Inc.'s financial health and operational status for the fiscal year 2024, crucial for investors and stakeholders to assess the company's performance and future prospects.

Risk Assessment

Risk Level: medium — The filing indicates substantial assets but also significant liabilities and debt, requiring careful investor due diligence.

Key Numbers

• $52.49B — Total Assets (As of June 30, 2024)
• $100.00M — Total Liabilities (As of June 30, 2024)
• $3.50M — Current Liabilities (As of June 30, 2024)
• $1.00M — Long-Term Debt (As of June 30, 2024)
• $757,395 — Stock Options (Exercised value for the year ended June 30, 2024)

Key Players & Entities

• XERIANT, INC. (company) — Filer of the 10-K
• 2024-06-30 (date) — Fiscal year end
• 524853304 (dollar_amount) — Total assets
• 100000000 (dollar_amount) — Total liabilities
• 3500000 (dollar_amount) — Current liabilities
• 1000000 (dollar_amount) — Long-term debt

FAQ

Key Financial Figures

• $0.00001 — ction 12(g) of the Act: Common Stock, $0.00001 par value Indicate by check mark if t
• $5.5 million — ircraft. Xeriant invested approximately $5.5 million into the joint venture after borrowing
• $300,000 — xon issued a note receivable to XTI for $300,000, a "Transaction" as defined by the Lett
• $6,050,000 — le to Auctus in the principal amount of $6,050,000, consisting of $5,142,500, which was th
• $5,142,500 — pal amount of $6,050,000, consisting of $5,142,500, which was the net amount funded due to
• $907,500 — d due to the original issue discount of $907,500 for interest on the unpaid principal am
• $308,550 — 022, plus closing costs, which included $308,550 paid to Maxim Group, LLC. Xeriant was i
• $7 billion — ouncements that the TriFan 600 has over $7 billion in conditional preorders. On March 12,

Filing Documents

• xeri_10k.htm (10-K) — 1308KB
• xeri_ex311.htm (EX-31.1) — 12KB
• xeri_ex312.htm (EX-31.2) — 12KB
• xeri_ex321.htm (EX-32.1) — 5KB
• xeri_ex322.htm (EX-32.2) — 5KB
• xeri_10kimg11.jpg (GRAPHIC) — 4KB
• xeri_10kimg9.jpg (GRAPHIC) — 3KB
• xeri_10kimg8.jpg (GRAPHIC) — 7KB
• xeri_10kimg10.jpg (GRAPHIC) — 6KB
• xeri_10kimg1.jpg (GRAPHIC) — 1KB
• 0001477932-24-006252.txt ( ) — 5431KB
• xeri-20240630.xsd (EX-101.SCH) — 63KB
• xeri-20240630_lab.xml (EX-101.LAB) — 327KB
• xeri-20240630_cal.xml (EX-101.CAL) — 50KB
• xeri-20240630_pre.xml (EX-101.PRE) — 291KB
• xeri-20240630_def.xml (EX-101.DEF) — 190KB
• xeri_10k_htm.xml (XML) — 635KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 32 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 39 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 40 Item 9A.

Controls and Procedures

Controls and Procedures. 40 Item 9B. Other Information. 41 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 41 PART III. Item 10. Directors, Executive Officers and Corporate Governance. 42 Item 11.

Executive Compensation

Executive Compensation. 45 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 47 Item 13. Certain Relationships and Related Transactions, and Director Independence. 48 Item 14. Principal Accounting Fees and Services. 48 PART IV. Item 15. Exhibits, Financial Statement Schedules. 50 Item 16 Form 10-K Summary 50 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Report") contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions, or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "anticipate," "believes," "can," "could," "may," "predicts," "potential," "should," "will," "estimate," "plans," "projects," "continuing," "ongoing," "expects," "intends," and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions, and uncertainties that could cause actual results to differ materially from those expressed in them. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of several factors more fully described in Item 1A of this Report under the caption "Risk Factors" and elsewhere in this Report, including the exhibits hereto. All forward-looking statements are only estimates of future results, and actual results may differ materially from expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates, or expectations contemplated by us wil

Business

Item 1. Business Xeriant, Inc. is dedicated to the discovery, development and commercialization of advanced materials and technology related to next generation air and spacecraft, which can be successfully integrated and commercialized for deployment across multiple industrial sectors. We seek to partner with and acquire strategic interests in visionary companies that accelerate this mission. Xeriant's advanced materials line will be marketed under the DUREVER brand, and includes NEXBOARD, an eco-friendly, patent-pending composite building panel made from plastic and cellulose waste and a proprietary flame retardant, primarily designed to be a replacement for traditional building materials such as drywall, plywood, OSB, MDF, MgO board and other materials used in construction. Xeriant is located at the Research Park at Florida Atlantic University in Boca Raton, Florida adjacent to the Boca Raton Airport. Corporate History Formation of Company The Company was originally incorporated in Nevada on December 18, 2009, under the name Eastern World Solutions, Inc. The name was changed to Banjo & Matilda, Inc. on September 24, 2013. Effective June 22, 2020, the Company changed its name from Banjo & Matilda, Inc. to Xeriant, Inc. Share Exchange with American Aviation Technologies On April 16, 2019, the Company entered into a Share Exchange Agreement with American Aviation Technologies, LLC ("AAT"), an aircraft design and development company focused on the emerging segment of the aviation industry of autonomous and semi-autonomous vertical take-off and landing (VTOL) and unmanned aerial vehicles (UAVs). On June 28, 2019, the Company spun out two wholly owned subsidiaries: Banjo & Matilda (USA), Inc. and Banjo & Matilda Australia Pty LTD. On September 30, 2019, the acquisition of AAT closed, and AAT became a wholly owned subsidiary of the Company. XTI Aircraft Joint Venture On May 31, 2021, the Company entered into a 50/50 Joint Venture Agreement with XTI Aircraf

View Full Filing

View this 10-K filing on SEC EDGAR