Xeriant Inc (XERI)

[quester614]

YOU DID. So just what did you mean by another $2 mil when there is NO PROOF they paid the first $2 MIL. It's clear that 2 mil was owed to the JV which was NOT PAID. Which would make XERI in DEFAULT on this DEAL also.


Smartypants2
Friday, May 05, 2023 10:42:28 AM
Post# 23680 of 23691
So XERI is supposed to pay another $2 million when Movychem failed to deliver on its end?

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.

TIC TOC