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Xeriant Inc (XERI). has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing operating expenses of $694,378, compared to $658,833 in the same period the previous year. The increase is attributed to higher related party consulting fees and general and administrative expenses.
Consulting and advisory fees decreased to $125,120 from $154,345, while related party consulting fees increased to $251,000 from $174,500 in the previous year.
General and administrative expenses rose to $202,066 from $125,248, primarily due to increased expenses related to the subsidiary BlueGreen Composites, LLC.
Professional fees decreased to $89,616 from $125,005, attributed to lower auditing fees and legal costs.
Research and development expenses decreased to $26,576 from $79,735, with the decline attributed to reduced testing and related travel costs.
The company reported a net loss of $789,491 for the six months ended December 31, 2024, compared to $1,548,907 in the previous year. The decrease in net loss is primarily due to the recording of Auctus default interest in the prior period.
Xeriant's cash balance as of December 31, 2024, was $254,195, down from $653,117 at the end of June 2024. The company had a working capital deficit of $8,697,454.
The company continues to face substantial doubt about its ability to continue as a going concern, with plans to raise capital through the issuance of common stock and debt to fund operations.
Xeriant is involved in ongoing litigation with XTI Aircraft Company, seeking to enforce the terms of a Letter Agreement and alleging fraudulent acts. The company also has an appeal pending against Auctus Fund LLC regarding contested contractual agreements.
The filing notes that Xeriant's operations have been funded primarily through private investors, with discussions ongoing with broker-dealers for additional funding to execute the company's business plan.
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 February 14, 2025. To report an error, please email earnings@qz.com.