Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
According to the Letter Agreement between XERI and XTI, XTI agreed to assume the Auctus debt if their merger with INPX went forward.
XTI's former CEO and CFO didn't scam XTI. If anything, they scammed XERI!
Once again, XERI met its financial obligations to XTI prior to the Auctus loan via investments by F&F! I know this for a fact, as I participated in that funding round -- as I did in priuor and subsequent funding rounds! How many times do we have go over the same ground?
That's right and you still think XERI will get millions of shares of XTI. Like that will even XERI make a success. How much of that will go right to Auctus. You agree that they owe them $6 mil plus penalties. There just weren't enough WARNING signs for you to accept it was time to cut your losses. Soon there will be more loss to what little is left when the XTI case is dismissed. You already accept that Nexboard is fake. You think Duffy will try one more shiny thing??? LOLOLOL
XTI got SCAMMED by the CEO & CFO and was left with the bILL. I said that the $5.4 R&D money wasn't paid to XTI but to committee members. I have said from the beging that LaBelle and CFO were compensated. SP pointed out the high price law firm needed to get XTI out of the mess left by the corrupt ECO JV. You somehow accept everything about XERI was SCAM, Except the XTI JV was real and on the up&up.
I didn't end up with any of your money Duffy did. You were the whiner saying that I SCAMMED you way back when I got out. Just won't take responsibility for your own failures. I did WARN YOU. GROW UP.
"So there is a way I can see your idea of the committee making the budget changes and filing no default."
So the only way you're able to see facts is if they meet with your conspiring explanation befitting scammers.
The other facts when presented , you simply ignore.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174376115
Other day you stated it was you who parted me from my money. Sure, Duffy, you, and SmartyPants2.
No, blue collar turned into parasitic trader.
"I still contend the $5.4 R&D money was contributed but little made it to XTI."
"Thus completing requirements of the JV and paying themselves handsomely."
Doesn't matter who, what matters is that no default was issued by XTI Aircraft. Thus no JV Agreement default, and/or if there was, not an issue without an issuance of a default notice.
Yup, "could have." You sound exactly like SmartyPants2. You make it up and demand it is fact. Good little fascist.
No, you say that as an evasive gaslighting maneuver, I don't say Xeriant will get shares. I say XTI Aerospace says it has a $5.4M liability to Xeriant, which it calculated as 3.33M pre-merger XTI Aircraft shares. You're so whacked in the head you won't even acknowledge existence of XTI's self-proclaimed $5.4M liability. And if you did, your explanation on how this fits into and supports your theory conclusion that Xeriant will get no XTI Aircraft common stock, or just $330K in cash.
Just who would have made the decision to move forward for XTI to file the default on XERI. Certainly not the CEO or CFO of XTI because they were the ones in charge of the committee for XTI. The same committee that could have modified the down payment and budget schedule only to approve the PDR being completed. Thus completing requirements of the JV and paying themselves handsomely. If the committee approved the budget change and declared the PDR completed there is NO basis for default. Leaving XTI holding the bag when the CEO & CFO split.
So there is a way I can see your idea of the committee making the budget changes and filing no default.
These are professional Grifters. I still maintain this was a SCAM from the start. There is double talk throughout the agreement. I still contend the $5.4 R&D money was contributed but little made it to XTI.
BTW it's Yea me the hardworking blue collar man that got lucky with XERI. That's extremely glad not to be a parasitic lawyer living off the misery of others.
Duffy easily parted you from your MONEY?? That's right you still think XERI will get millions of shares of XTI. Like that will even XERI make a success. How much of that will go right to Auctus. You agree that they owe them $6 mil plus penalties. There just weren't enough WARNING signs for you to accept it was time to cut your losses. Soon there will be more loss to what little is left when the XTI case is dismissed. You already accept that Nexboard is fake. You think Duffy will try one more shiny thing??? LOLOLOL
Gaudy you're tiring. 1.) "As and when required," as JV payments from Xeriant.
The money was mostly to pay salaries. What do you not think it went to?
The cash clause means that under designated circumstance, then only, may cash be withdrawn. The cash clause does not negate the Xeriant capital contribution in exchange for XTI Aircraft stock. The cash clause gives Xeriant an additional option to take/withdraw cash from Eco Aero, LLC, should the JV dissolve. Currently, Xeriant has right to XTI Aircraft stock or cash (or a combination) in equivalent valuation to the amount it funded Eco Aero, LLC.
Silly conclusion! : "I have said before that if the $1mil down payment wasn't made then technically all contributions made by XERI were voluntary (sole discretion)."
To which technicality do you refer?
I don't think Duffy is part of any fraudulent activity. I'm glad they distanced themselves from them and HALO. The deal with MOVYCHEM didn't work out, if they couldn't deliver on certain things why stick with them? Sounds to me like Duffy is trying to get the job done. I hope the NEXBOARD is the golden egg.
Q, I figure Duffy had enough sense to end the XTI partnership when he saw the wasteful spending. That's going with what your claiming. If XERI coughed up the additional 4.6 million he new they wouldn't be anywhere near a viable merger. Look at XTIA now, their PPS keeps going lower. They haven"t even given and update to it's shareholders.
That's being descriptive of the money they leached out of the $5.4 mil supposedly paid into the JV. I showed where committee members could vote themselves compensation.
XTI's CEO and CFO were given severence packages. Were they given cash or shares? If they were given cash that would be worth looking into. XTI didn't have 2 nickels to rub together until XERI came along.
You're right they may have a big reason. All along I considered LaBell as PRO XTI and protecting them with the cash clause, which still keeps XERI from acquiring any XTI stock because it was in the signed by both in the JV agreement not what's in a one side filing. What if he was the disgruntled CEO that knew XTI wasn't going to develop just like Duffy had concluded. So this whole JV was over basically in 6 months with the PDR approval. BTW this only took 1 Eco committee member from each company to declare. Another hidden gem within the redacted 2.2!!
I do remember saying how CEO & CFO got severance pay out of the JV. Meaning this was designed to fill their pockets too not just Duffy & CREW.
Combine that with the Chief Financial Officer going out the door exactly when the 1 year for all payment to be made was up. Maybe XTI had no idea what these 2 were up to. Could they be involved in fraud??? Leaving XTI in a real jam. Why didn't XTI just declare a breach of contract from the beginning when XERI couldn't even meet what was agreed upon??? Could the CFO have kept that concealed. Could the quick completion of the PDR ending the JV meaning no default could be filed???? I guess only the CEO and CFO can answer that
Why does Hinderberger continue to promote the $100 mil merger a year later. When XERI couldn't come up with $10 mil. Really stuck in a bind and it might just take a high priced lawyer to get them out of it.
if both the JV has failed for any reason to make a scheduled payment under the Services Agreement and XTI’s Board of Directors has determined that the continued existence of the JV would threaten XTI’s ability to finance its business (an “XTI Termination”) or upon a determination that the purpose of the JV has been completed made by a majority of the Management Committee of the Joint Venture including at least one member designated by each Party (a “Mutual Termination”) (each of an Xeriant Termination, an XTI Termination and a Mutual Termination being a “Completion Event”).
https://www.sec.gov/Archives/edgar/data/1638850/000110465922078856/tm2219481d1_ex6-20.htm
August 2022
Michael Hinderberger, confirmed the delay during an August 3 press conference held by Xeriant Aerospace, with which it still aims to merge on the basis of a joint venture announced back in June 2021.
According to Hinderberger, who recently replaced Robert LaBelle as head of XTI, the company has completed a preliminary design review of the six-passenger TriFan 600.
https://www.ainonline.com/aviation-news/business-aviation/2022-08-04/xti-pushes-back-trifan-600-service-entry
You're the one going to turn out to be the real fool.
At the end of June 2021 they owed the JV over $1.9 mil. They did not get the Auctus toxic loan of $6 mil until Nov 8 2021. Duffy signed a $10 mil agreement having no way to complete his obligations. Just another FTD for DUFFY. THOSE ARE THE FACTS.
Looks like they might have used the same CPA in order to cover this SCAM.
You don't think the Borgers didn't know what the financial status of XERI was when he started working for XTI. LOLOLOL
Once again, you're ignoring the facts in order to support your baseless accusations! The $1 million deposit was made in two parts because XTI needed money ASAP. They raised some funding from F&F investors and arranged with Maxim and Auctus to raise the additional funds. Get your facts straight!
Too bad the SEC didn't go back to 2021. Maybe we could have found out just how the XERI R&D money was applied pertaining to the Eco-Ero JV. Hey JD you might want to point this out. LOLOLOL
I would think the SEC might be interested in the fact that these 2 companies are involved in a lawsuit dispute over the terms of the JV agreement and how the stock exchange conversion is calculated. How did XERI expect to complete the terms of a $10 mil JV contract. Duffy couldn't even meet the $1 mil down payment. It's evident they didn't have the ability to even finance the $10 mil JV let alone the $100 mil they PRed they needed for the merger. Seems Duffy didn't have the ability to complete any of that from the start.
WARNING
XERI-XTI=SCAM
I see that the SEC is requiring XTI to file Financials for 2022 & 2023. I see that The audited consolidated financial statements of Legacy XTI for the fiscal year ended December 31, 2022 (the “2022 Audited Financial Statements”) were audited by BF Borgers CPA, PC (“Borgers”).
It looks like XTI started using Borgers around the time when the JV started with XERI. While XERI started using them in 2019. Seems very coincidental to me.
What are the odds that 2 companies that form a JV and talks of merger have the same CPA . Why did XERI let their CPA go that they had used from the start. Only to dismiss them when this audit occurred?? Yet XTIA kept them in order to complete financials for the SEC audit. XERI had used the same one for their audits since 2020-2023. Just the kind of things that me go HUMMMMMMMMM
I'm sure the replacement was planned and didn't have anything to do with the SEC. LOLOLOL
BF Borgers CPA PC
We have served as the Company's auditor since 2021
Lakewood, CO July 7, 2022
https://www.sec.gov/Archives/edgar/data/1638850/000110465922077932/tm2213173d1_partii.htm
/s/ BF Borgers CPA PC
BF Borgers CPA PC
Served as Auditor since 2019
Lakewood, CO September 30, 2020
https://www.sec.gov/Archives/edgar/data/1481504/000147793220005677/banj_10k.htm
8-K CURRENT REPORT August 28, 2023
XERIANT, INC.
(a) Dismissal of Registered Public Accounting Firm
Effective August 28, 2023, the Company dismissed BF Borgers CPA PC (“Borgers”) as the Company’s independent registered public accounting firm. The decision to dismiss Borgers was approved by the Company’s Board of Directors.
Effective August 28, 2023, the Company engaged Accell Audit & Compliance, PA (“Accell”), as the Company’s new independent registered public accounting firm. The engagement was approved by the Company’s board of directors.
During the two most recent fiscal years ended June 30, 2021 and 2022, and through the subsequent interim period preceding the Company’s appointment of Accell, neither the Company nor anyone on its behalf, consulted Accell regarding either (i) the application of accounting principles to any specified transaction, either completed or proposed; (ii) the type of audit opinion that might be rendered on the Company’s financial statements, and no written report or oral advice was provided to the Company by Accell that was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue; or (iii) any matter that was either the subject of a disagreement (as defined in Item 304(o)(1)(iv)) or a reportable event (as defined in Item 304(a)(1)(v) of Regulation S-K).
https://www.sec.gov/Archives/edgar/data/1481504/000147793223006565/xeri_8k.htm
The way you make it up is comical.
No, I did not read the JV Agreement.
Yeah, but your explanation sucks as foundation of your argument and claims.
Oh, you mean Xeriant.
posting replies is all screwed up on this ihub board at the moment. I reply to one post which gets assigned as a reply to another.
I know how to understand what I'm reading, that we are discussing. If that is like an accountant, ok, thank you.
When I don't know, or am attempting to work out an understanding I say so, and often inquire with others. It's this cry baby thing that's called 'discussing the ideas and information.' You know, Johnny Boy Doe-a-Deer 2024 is the true expert aficionado.
You didn't answer my question.
At 100X the price.
But based upon XTI's merger deal with Inpixon, Xeriant's $5.4M valuation owed could not be met at those number of shares.
Do you understand that a 1:100 reverse would cut (divide) the total overall share count by 100, yet would concurrently increase each and every share price by a factor of 100. Same basis. Same valuation. If the stock then tanks, as it did, that is another matter. Per the JV Agreement, Xeriant would have had to be provided the XTI Aircraft share prior to enactment if the merger and reverse split.
Likely another reason XTI Aircraft doesn't like Duffy. But XTI Aircraft with Xeriant moved forward none the less. Fact!
You do if the agreement was changed. Changed agreement before, or accepted after, the signing. The evidence clearly shows a change in budget payment was made and accepted by the JV's Mngt Committee. That is what occurred. XTI Aircraft in effect states so. Xeriant in effect states so. Even Inpixion in effect states so.
OK, whatever you say.
You may want to consider "ancillary agreements" to the original JV Agreement.
As I pointed out yesterday
Too many secrets! I don't think we'll ever know the whole story. Transparency is what's needed with all these pink sheets.
Why did Duffy opt for a lawsuit instead of Mediation/Arbitration??? Once started it would be completed. Much more control of what is disclosed in a lawsuit. I said the back and forth references muddle the understanding of the JV. I'm here waiting for the lawsuit to settle like everybody else. If it settles that will answer lots of questions. If it's dismissed we may only know the truth if XERI ever received anything. If it's not court ordered I expect they won't. Does anybody know what the conversion rate is used or when this conversion date of the R&D money was established??? Surely this would have happened by June 4 2022
The Agreement was effective on June 4, 2021, with an initial deposit of $1 million into the JV. Xeriant’ financial commitment is $10 million, contributed over a period of less than one year, as required an aircraft development timeline and budget.
https://www.sec.gov/Archives/edgar/data/1481504/000147793221003919/xeri_8k.htm
Right here says they can contribute at their sole discretion any shortfall to the full 10%.
Did you read the JV agreement ???? So far I had to catch you up on the fact LaBell and the CFO could have been paid through the JV. That only CASH can be awarded to XERI for contributions. LOLOLOL
4.3.2 and the Budget, then Xeriant, at its sole discretion, may contribute to the JV any shortfall in the full Intended Contribution, in which case, Xeriant shall be entitled to the full 10%. The resulting interest of Xeriant in XTI is referred to herein as the Pro Rata Share. If the triggering event under this Section 9.2.2 is a Financing Transaction and if such Financing Transaction was not a single closing but a series of closings, then the date on which the Company’s fully diluted common stock shall be calculated is the date just before the first closing of such Financing Transaction.
This is the way I see things and I don't think after the lawsuit is dismissed anything will change. Both are SCAM companies that worked together. This lawsuit has just about run its course which will end this part of the SCAM. Nexboard won't last much longer.
Where does the original $309,672 come from??? Not saying what the difference between the 2 years is.
Accordingly, the Company recorded a $330,501 fair value adjustment (resulting in an income gain) to the obligation for the year ended December 31, 2022. The Company also recorded a fair value adjustment (resulting in an income loss) to the obligation of $309,672 for the year ended December 31, 2021. https://www.sec.gov/Archives/edgar/data/1638850/000110465923080673/tm2317519d2_partii.htm
But you'll make conclusions like one any way.
Yes, you did say you're not an accountant.
So you are saying that, "No Party shall have the right to (b) demand or receive property other than cash in return for its contribution,"
overrides
"In satisfaction of its obligations the Company will issue 5.4% of its fully diluted shares to Xeriant in exchange for Xeriant’s interest in the joint venture." ?
So you are saying that Xeriant will receive no stock and cash at around $300,000, even though The Balance Sheet, page 2, says, "Current liabilities: Xeriant obligation, 2022 $5,386,751; 2021 $5,717,252."
Hey, what's that yearly difference when you do the basic subtraction math? Not $330,501 is it?
I see how you maganuts do it. you wallow in and relish in angry ignorance, and demand that your fabrication, your incorrectly composed narrative story, is the ultimate truth, 'specially easy when and 'cause you can blame it on immigrants.
Followers
|
99
|
Posters
|
|
Posts (Today)
|
14
|
Posts (Total)
|
31788
|
Created
|
12/26/12
|
Type
|
Free
|
Moderators SurgeGuy2.0 |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |