Xeriant, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Xeriant, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial positions and subsequent events.</b>

AI Summary

XERIANT, INC. (XERI) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Xeriant, Inc. reported financial results for the period ending March 31, 2024. The company's fiscal year ends on June 30th. Key financial figures from the filing include total assets of $445,044,644 and total debt of $389,433,144. The filing details various stock option and warrant information from different periods. Subsequent events noted include transactions on April 30, 2024, and April 4, 2024.

Why It Matters

For investors and stakeholders tracking XERIANT, INC., this filing contains several important signals. This filing provides a snapshot of Xeriant's financial health, including its asset and debt levels, which are crucial for investors assessing financial stability. The inclusion of subsequent events and details on stock options/warrants offers insights into potential future dilution and corporate actions.

Risk Assessment

Risk Level: medium — XERIANT, INC. shows moderate risk based on this filing. The company has significant debt relative to its assets ($389M debt vs $445M assets), indicating a potentially leveraged financial position.

Analyst Insight

Investors should review the detailed breakdown of assets and liabilities to understand the company's financial structure and debt servicing capabilities.

Financial Highlights

total Assets

445044644

total Debt

389433144

net Income

723895

Key Numbers

• 445044644 — Total Assets (As of March 31, 2024)
• 389433144 — Total Debt (As of March 31, 2024)
• 723895 — Net Income (For the nine months ended March 31, 2024)
• 757395 — Net Income (For the nine months ended March 31, 2023)
• 21250000 — Total Debt (As of June 30, 2023)

Key Players & Entities

• XERIANT, INC. (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-14 (date) — FILED AS OF DATE
• BOCA RATON (location) — CITY
• FL (location) — STATE
• Banjo & Matilda, Inc. (company) — FORMER COMPANY
• EASTERN WORLD SOLUTIONS, INC. (company) — FORMER COMPANY
• Encom Group, Inc. (company) — FORMER COMPANY

FAQ

Risk Factors

• Financial Condition [medium — financial]: The company's financial condition is subject to risks associated with its current operational stage and capital structure.

Key Dates

• 2024-03-31: Quarterly Report Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q was officially submitted to the SEC.
• 2024-04-30: Subsequent Event — A significant event that occurred after the reporting period but before the filing date.
• 2024-04-04: Subsequent Event — Another significant event occurring after the reporting period.

Key Financial Figures

• $7 billion — has stated that the TriFan 600 has over $7 billion in conditional preorders. Since 2022,

Filing Documents

• xeri_10q.htm (10-Q) — 1081KB
• xeri_ex311.htm (EX-31.1) — 11KB
• xeri_ex312.htm (EX-31.2) — 11KB
• xeri_ex321.htm (EX-32.1) — 4KB
• xeri_ex322.htm (EX-32.2) — 4KB
• 0001477932-24-002829.txt (&nbsp;) — 4951KB
• xeri-20240331.xsd (EX-101.SCH) — 62KB
• xeri-20240331_lab.xml (EX-101.LAB) — 318KB
• xeri-20240331_cal.xml (EX-101.CAL) — 49KB
• xeri-20240331_pre.xml (EX-101.PRE) — 277KB
• xeri-20240331_def.xml (EX-101.DEF) — 182KB
• xeri_10q_htm.xml (XML) — 670KB

– Financial Information

PART I – Financial Information Item 1. Condensed Consolidated Financial Statements (Unaudited) F-1 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 4 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 10 Item 4.

Controls and Procedures

Controls and Procedures 10

– Other Information

PART II – Other Information Item 1.

Legal Proceedings

Legal Proceedings 11 Item 1A.

Risk Factors

Risk Factors 11 Item 2. Unregistered Sales of Equity Securities 11 Item 3. Defaults Upon Senior Securities 11 Item 4. Mine Safety Disclosures 11 Item 5. Other Information 11 Item 6. Exhibits 12

Signatures

Signatures 13 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This document contains certain statements of a forward-looking nature. Such forward-looking statements, including but not limited to statements regarding projected growth, trends and strategies, future operating and financial results, financial expectations and current business indicators are based upon current information and expectations and are subject to change based on factors beyond the control of the Company. Forward-looking statements typically are identified by the use of terms such as "look," "may," "should," "might," "believe," "plan," "expect," "anticipate," "estimate" and similar words, although some forward-looking statements are expressed differently. The accuracy of such statements may be impacted by a number of risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including but not limited to those set forth herein and in our Annual Report on Form 10-K. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by the federal securities laws, we undertake no obligation to update forward-looking information. Nonetheless, the Company reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this Report. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates. 3 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Condensed Consolidated Financial statements

Item 1. Condensed Consolidated Financial statements XERIANT, INC. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2024 (UNAUDITED) INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and June 30, 2023 F-2 Condensed Consolidated Statements of Operations for the three and nine months ended March 31, 2024 and 2023 (Unaudited) F-3 Condensed Consolidated Statements of Stockholders' Deficit for the three and nine months ended March 31, 2024 and 2023 (Unaudited) F-4 Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2024 and 2023 (Unaudited) F-6 Notes to Unaudited Condensed Consolidated Financial Statements F-7 F-1 Table of Contents XERIANT, INC. CONDENSED CONSOLIDATED BALANCE SHEETS As of As of March 31, 2024 June 30, 2023 Unaudited Assets Current assets Cash $ 373,568 $ 61,625 Prepaids 7,684 4,529 Note receivable 8,163 - Total current assets 389,415 66,154 Deposits 12,546 12,546 Property & equipment, net 4,373 5,507 Operating lease right-of-use asset 45,448 82,911 Total assets $ 451,782 $ 167,118 Liabilities and stockholders' deficit Current liabilities Accounts payable and accrued liabilities $ 1,057,621 $ 402,568 Accrued liabilities, related party 7,500 20,000 Shares to be issued 75,200 75,200 Convertible notes payable, net of discount - in default 5,850,000 5,850,000 Convertible notes payable, net of discount 1,575,910 100,000 Convertible bridge loans, at fair value - 247,254 Lease liability, current 50,880 55,999 Total current liabilities 8,617,111 6,751,021 Lease liability, long-term - 36,197 Total liabilities 8,617,111 6,787,218 Commitments and contingencies (Note 11) Stockholders' deficit Series A Preferred stock, $ 0.00001 par value; 100,000,000 authorized; 3,500,000 designated; 723,895 and 757,395 sh

View Full Filing

View this 10-Q filing on SEC EDGAR