Xeriant Inc (XERI)

[StockItOut]

10-Q was Feb. 16th, 2023. Default-is-stated-to-be March 15th, 2023, one month in the future should the Auctus Note conditions not be met.

It is 100% certain Note conditions were not met.

Therefore as this Feb. 16th, 2023 SEC-filed 10-Q states, Xeriant will and thus did default on the Auctus Note on March 15th, 2023.

10-Q

(the “Note”) issued to Auctus. The Amendment (i) extended the maturity date of the Note to March 15, 2023 and (ii) extended the dates for the completion of the acquisition of XTI Aircraft and the uplist of the Company’s common stock to a national securities exchange to March 15, 2023.

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Then there is the other concurrent Default, on the Movychem/Xeriant JV, called Ebenberg, LLC:

The Feb. 16th, 2023 10-Q is clear, that without a $2M payment to Movychem, and/or an extension to Ebenberg, LLC Movychem/Xeriant JV that, Xeriant will be in Default of the Movychem JV as well on March 15th, 2023:

For its capital contribution to the Joint Venture, pursuant to a Patent and Exclusive License and Assignment Agreement (the “Patent Agreement”), Movychem is transferring to the Joint Venture all of its interest to the know-how and intellectual property relating to Retacell exclusive of all patents, and the Company is contributing the amount of $2,600,000 payable (a) $600,000 at the rate of $25,000 per month over a 24 month period and (b) $2,000,000 within five business days of a closing of a financing in which the Company receives net proceeds of at least $3,000,000 but in no event later than six months from the Effective Date (Amended to February 15, 2023, as per Amended Agreement).

As of December 31, 2022, the Company had two payments pending of $25,000 each, subject to satisfaction by Movychem of the terms of the Amendment to Joint Venture Agreement with Movychem.

The Company is currently in discussions with Movychem with the intent of extending the February 15, 2023 date. At such time as the Company makes its $2,000,000 payment (and assuming the Company is current with its then monthly capital contributions), pursuant to the Patent Agreement, Movychem will transfer all of its rights, title and interest to all of the patents related to Retacell for an amount equal to aggregate cash contributions of the Company to the Joint Venture plus 40% of all royalty payments received by the Joint Venture for the licensing of Retacell products. Pending assignment of the patents to the Joint Venture, pursuant to the Patent Agreement, Movychem has granted to the Joint Venture an exclusive worldwide license under the patents.

It is 100% certain Movychem JV Note conditions were not met. There has been no 8-K informing shareholders that $3M was secured, or that $2M was paid by Xeriant to Movychem.

The Feb. 16th, 2023 10-Q is clear about what occurs a month in the future on March 15th, 2023: Defaults on both the Auctus Note, and the Movychem JV.

Fact!

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