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Xeriant Inc (XERI+4.60%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $372,222 compared to a net loss of $342,012 in the same quarter the previous year.
Operating expenses for the quarter were $358,795, up from $318,890 in the same quarter the previous year. The increase is attributed to higher consulting and advisory fees.
Professional fees decreased to $63,806 from $90,314, primarily due to lower auditing and legal costs.
The company reported total other expenses of $13,427, compared to $23,122 in the previous year, with the decrease attributed to a gain on extinguishment of debt.
Xeriant's cash position decreased to $300,022 as of September 30, 2024, from $653,117 as of June 30, 2024.
The company had a working capital deficit of $8,532,513 as of September 30, 2024.
Xeriant continues to focus on developing advanced materials and aerospace technologies, with ongoing efforts to commercialize its NEXBOARD™ product.
Xeriant is involved in legal proceedings against XTI Aircraft Company and Auctus Fund LLC, seeking enforcement of agreements and compensation for alleged breaches.
The company acknowledges its dependence on raising additional capital to continue operations and meet future obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Xeriant Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.