Xeriant Inc (XERI)

[StockItOut]

We have no public info from Xeriant that AAT was in breach of contract goals, whatever that itself means.

We know that Xeriant determined Russell Randall was in breach of contract.

Q1 2021 - 10-Q (issued May 24, 2021):

https://www.sec.gov/Archives/edgar/data/1481504/000147793221003525/xeri_10q.htm

On February 15, 2021, in accordance with Florida Law and conversations with counsel, the Board of Directors of the Company rescinded 990,000 Series A Preferred Shares, which represented all preferred shares issued to key man, Russell Randall, in the Share Exchange between American Aviation Technologies, LLC and Xeriant, Inc. entered into on April 19, 2019, due to breach of contract.

During March of 2021, the remaining former members of American Aviation Technologies, LLC agreed to allow the Company to rescind an aggregate of 1,250,001 of their 1,760,000 Series A Preferred Shares issued pursuant to the Share Exchange between American Aviation Technologies, LLC and Xeriant, Inc., as a result of said breach. As a result of the cancellation, the Company reduced the investment in AAT by the value of these preferred shares.

NOTE 12 – SUBSEQUENT EVENTS

AAT membership unit adjustment

On May 12, 2021, on further advice of counsel and in good faith, the Company returned 3,600,000 membership units of American Aviation Technologies, LLC to Russell Randall, which was his consideration provided in the Share Exchange between American Aviation Technologies, LLC and Xeriant, Inc. As a result, Mr. Randall was restored to his original shareholding position in American Aviation Technologies, LLC.