XERI & Auctus have renegotiated 2 DEFAULTS already. The first DEFAULT happened July 27th and was renegotiated OUT OF DEFAULT on Aug 1st 2022 4 days after the 8 month deadline for the uplist / merger. The third DEFAULT happened actually on Jan 15th when the S-1 failed to be filed by Jan 15th but now is in clear DEFAULT after Mar 15th 2023 since there has been NO UPDATED 8-K showing ongoing negotiation is in progress as before even after 5 weeks of being in 3rd DEFAULT. Auctus might want their pound of flesh ($10 mil+) and be done with the $50,000 chump change to give another extension.
1. Effective August 1, 2022 (the “Effective Date”), Xeriant, Inc. (the “Company”) entered into an Amendment to Senior Secured Promissory Note (the “Amendment”) with Auctus Fund, LLC (“Auctus”) pursuant to which the parties agreed to amend the Company’s Senior Secured Convertible Promissory Note in the principal amount of $6,050,000 dated October 27, 2021
Effective December 27, 2022 (the “Effective Date”), Xeriant, Inc. (the “Company”) entered into a Second Amendment to Senior Secured Promissory Note (the “Second Amendment”) with Auctus Fund, LLC (“Auctus”) pursuant to which the parties agreed to amend the Company’s Senior Secured Convertible Promissory Note in the principal amount of $6,050,000 dated October 27, 2021 (the “Note”) issued to Auctus. The Amendment (i) extended the maturity date of the Note, the obligation to uplist to a national securities exchange and the acquisition of XTI Aircraft Company to March 15, 2023, and (ii) extended the date to file an S-1 registration statement to uplist the Company’s common stock to a national securities exchange to January 15, 2023. In consideration of the Amendment, the Company agreed to (i) grant to Auctus a new Warrant to purchase 25,000,000 shares of Common Stock dated December 27, 2022 (the “New Warrant”) at an exercise price of $0.09 per share; and (ii) make two pre-payment installments of $50,000 on January 15, 2023 and February 15, 2023.
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