I said I'm not an accountant but I think you're the one that doesn't understand. I can agree that $310,880 was the amount paid as the down payment that was recorded as paid by June 2021. This is the total amount of XTI stock XERI paid for in 2021. I have showed that since the full down payment wasn't made but a clause gave Duffy the ability on his SOLE decision to freely continue to contribute and the ability to fully fund the JV in order to get the 10% of XTI stock. Since the full amount of $10 mil wasn't achieved those freely contributed payments don't apply toward the JV.
Kind of reminds me of the land contract SCAM used to take advantage of PPL. Miss one payment and forfeit all. Car loan repo same way.
So if XERIs original amount paid in year ending 2021 and we know As of June 30, 2021, the Company received $310,880 in funding from the JV. It states an adjustment resulting from loss of income bringing the obligation to $309,672. This downturn is the from the small bit of equity XERI owns that decreased in value. Since no more equity was acquired the amount the company recorded at the of the first year of the JV when all payment was due the increase to $330,501 is from a slight increase in share price of the SMALL amount of equity owned by XERI for 2022
I have also addressed multiple times that NO STOCK will be exchanged. Meaning SP couldn't have won the bet to start with.
5.2.???????????Further Contributions, Interest on Capital, JV Percentages and Withdrawal of Capital Contributions. There shall be no required capital contributions other than as expressly set forth in this Agreement. No Party shall have the right to make voluntary capital contributions to the JV, other than as expressly set forth in this Agreement, without the prior written consent of the other Party. There shall be no interest payable on any capital contributions made to the JV. No Party shall have the right or power to (a) withdraw or reduce such capital contribution except as a result of the dissolution of the JV or as otherwise provided by law, or (b) demand or receive property other than cash in return for its contribution.
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
