XERIANT INC
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
XERIStored price and day change unavailable
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 1. Condensed Consolidated Financial Statements (Unaudited)
Item 1. Unaudited Condensed Consolidated Financial statements
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
(UNAUDITED)
INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
| Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and June 30, 2024 | F-2 |
|---|---|
| Condensed Consolidated Statements of Operations for the three months ended September 30, 2024 and 2023 (Unaudited) | F-3 |
| Condensed Consolidated Statements of Stockholder’s Deficit for the three months ended September 30, 2024 and 2023 (Unaudited) | F-4 |
| Condensed Consolidated Statements of Cash Flows for the three months ended September 30, 2024 and 2023 (Unaudited) | F-6 |
| Notes to Unaudited Condensed Consolidated Financial Statements | F-7 |
| XERIANT, INC. | ||
|---|---|---|
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| As of | As of | |
| September 30, 2024 | June 30, 2024 | |
| Unaudited | ||
| Assets | ||
| Current assets | ||
| Cash | $300,022 | $653,117 |
| Prepaids | 11,792 | 2,931 |
| Note receivable | 8,163 | 8,163 |
| Total current assets | 319,977 | 664,211 |
| Deposits | 12,546 | 12,546 |
| Property & equipment, net | 3,617 | 3,995 |
| Operating lease right-of-use asset, net | 18,687 | 32,253 |
| Total assets | $354,827 | $713,005 |
| Liabilities and stockholders’ deficit | ||
| Current liabilities | ||
| Accounts payable and accrued liabilities | $1,014,315 | $1,211,533 |
| Accrued liabilities, related party | 17,500 | 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 | 1,874,331 | 2,132,529 |
| Lease liability, current | 21,144 | 36,197 |
| Total liabilities | 8,852,490 | 9,325,459 |
| Commitments and contingencies (Note 9) | ||
| Stockholders’ deficit | ||
| Series A Preferred stock, $0.00001 par value; 100,000,000 authorized; 3,500,000 designated; 699,416 and 705,895 shares issued and outstanding at September 30, 2024 and June 30, 2024, respectively | 7 | 7 |
| Series B Preferred stock, $0.00001 par value; 100,000,000 authorized; 1,000,000 designated; 1,000,000 issued and outstanding | 10 | 10 |
| Common stock, $0.00001 par value; 5,000,000,000 shares authorized; 570,184,486 and 524,853,304 shares issued and outstanding at September 30, 2024 and June 30, 2024, respectively | 5,702 | 5,248 |
| Common stock to be issued | 51,950 | 51,950 |
| Additional paid in capital | 21,385,746 | 20,899,187 |
| Accumulated deficit | (27,073,761) | (26,708,915) |
| Total stockholders’ deficit | (5,630,346) | (5,752,513) |
| Non-controlling interest | (2,867,317) | (2,859,941) |
| Total stockholders’ deficit | (8,497,663) | (8,612,454) |
| Total liabilities and stockholders’ deficit | $354,827 | $713,005 |
| XERIANT, INC. | ||
|---|---|---|
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| UNAUDITED | ||
| For the three months ended | ||
| September 30, | ||
| 2024 | 2023 | |
| Operating expenses: | ||
| Consulting and advisory fees | $88,983 | $51,695 |
| Related party consulting fees | 123,000 | 97,500 |
| General and administrative expenses | 56,445 | 52,399 |
| Professional fees | 63,806 | 90,314 |
| Research and development expense | 26,561 | 26,982 |
| Total operating expenses | 358,795 | 318,890 |
| Loss from operations | (358,795) | (318,890) |
| Other expenses: | ||
| Amortization of debt discount | (16,802) | - |
| Interest expense | (61,617) | (20,674) |
| Gain on extinguishment of debt | 64,992 | - |
| Change in fair value of convertible bridge loans | - | (2,448) |
| Total other expense | (13,427) | (23,122) |
| Net loss before income tax expense | (372,222) | (342,012) |
| Income tax expense | - | - |
| Net loss | (372,222) | (342,012) |
| Less net loss attributable to noncontrolling interest | (7,376) | (7,922) |
| Net loss attributable to common stockholders | $(364,846) | $(334,090) |
| Net loss per common share - basic and diluted | $(0.00) | $(0.00) |
| Weighted average number of common shares outstanding - basic and diluted | 547,575,614 | 393,756,221 |
| XERIANT, INC. | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ DEFICIT | |||||||||||
| FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024 | |||||||||||
| UNAUDITED | |||||||||||
| Series A Preferred Stock · Series B Preferred Stock · Common Stock · Common stock to be · Additional Paid in · Accumulated · Non-Controlling | |||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | issued | Capital | Deficit | Interest | Total | |
| Balance June 30, 2024 | 705,895 | $7 | 1,000,000 | $10 | 524,853,304 | $5,248 | $51,950 | $20,899,187 | $(26,708,915) | $(2,859,941) | $(8,612,454) |
| Stock issued for services | - | - | - | - | 11,902,182 | 119 | - | 217,393 | - | - | 217,512 |
| Conversion of Series A Preferred to Common Stock | (6,479) | - | - | - | 6,479,000 | 65 | - | (65) | - | - | - |
| Conversion of convertible notes payable and accrued interest into common stock | - | - | - | - | 26,950,000 | 270 | - | 269,231 | - | - | 269,501 |
| Net loss | - | - | - | - | - | - | - | - | (364,846) | (7,376) | (372,222) |
| Balance September 30, 2024 | 699,416 | $7 | 1,000,000 | $10 | 570,184,486 | $5,702 | $51,950 | $21,385,746 | $(27,073,761) | $(2,867,317) | $(8,497,663) |
| XERIANT, INC. | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ DEFICIT | |||||||||||
| FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 | |||||||||||
| UNAUDITED | |||||||||||
| Series A Preferred Stock · Series B Preferred Stock · Common Stock · Common stock to be · Additional Paid in · Accumulated · Non-Controlling | |||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | issued | Capital | Deficit | Interest | Total | |
| Balance June 30, 2023 | 757,395 | $8 | 1,000,000 | $10 | 389,433,144 | $3,894 | $51,950 | $19,789,793 | $(23,638,461) | $(2,827,294) | $(6,620,100) |
| Conversion of Series A Preferred to Common Stock | (5,000) | - | - | - | 5,000,000 | 50 | - | (50) | - | - | - |
| Conversion of convertible notes payable and accrued interest into common stock | - | - | - | - | 6,600,000 | 66 | - | 65,934 | - | - | 66,000 |
| Net loss | - | - | - | - | - | - | - | - | (334,090) | (7,922) | (342,012) |
| Balance September 30, 2023 | 752,395 | $8 | 1,000,000 | $10 | 401,033,144 | $4,010 | $51,950 | $19,855,677 | $(23,972,551) | $(2,835,216) | $(6,896,112) |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| XERIANT, INC. | ||||
|---|---|---|---|---|
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
| UNAUDITED | ||||
| For the three months ended | ||||
| September 30, | ||||
| 2024 · 2023 | ||||
| Cash Flows from Operating Activities | ||||
| Net loss | $(372,222) | $(342,012) | ||
| Adjustments to reconcile net loss to net | ||||
| cash used by operating activities: | ||||
| Depreciation and amortization | 378 | 378 | ||
| Stock issued for services | 217,512 | - | ||
| Change in fair value of convertible bridge loans | - | 2,448 | ||
| Amortization of debt discount | 16,802 | - | ||
| Amortization of right of use asset | 13,566 | 12,146 | ||
| Changes in operating assets and liabilities: | ||||
| Prepaids | (8,861) | 815 | ||
| Accounts payable and accrued liabilities | (197,218) | 41,274 | ||
| Accrued liabilities, related party | (7,999) | (10,000) | ||
| Lease liabilities | (15,053) | (13,176) | ||
| Net cash from operating activities | (353,095) | (308,127) | ||
| Cash Flows from Investing Activities | ||||
| Cash repayments for notes receivable | - | (139,947) | ||
| Net cash from financing activities | - | (139,947) | ||
| Cash Flows from Financing Activities | ||||
| Proceeds from convertible bridge loans | - | 411,000 | ||
| Net cash from financing activities | - | 411,000 | ||
| Net change in cash | (353,095) | (37,074) | ||
| Cash at beginning of period | 653,117 | 61,625 | ||
| Cash at end of period | $300,022 | $24,551 | ||
| Supplemental Cash Flow Information | ||||
| Cash paid for interest | $ | - | $ | - |
| Cash paid for income taxes | $ | - | $ | - |
| Non-cash investing and financing activities: | ||||
| Conversion of convertible notes payable and accrued interest | $269,501 | $66,000 | ||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.