Replies to post #23988 on Xeriant Inc (XERI)

[quester614]

Reading between the lines again. Show where it is cited that MovyChemis the one's who failed to meet agreement obligations? XERI are the one's who failed to meet the $2 mil payment. MovyChem kept giving Duffy extensions even though payments to the JV were MISSED. Duffy is even ASSUMING (not denying) that MovyChem fulfilled it's obligations and have the right to dissolve the JV. PPL who assume make an ass of PPL

Assuming that Movychem has fulfilled its obligations, the Joint Venture Agreement grants to Movychem the right to dissolve the Joint Venture in the event that the Company fails to make any of its capital contributions in which case the Joint Venture will be required to grant back to Movychem all joint venture intellectual property and the assignment to Movychem of any outstanding licenses. Additionally, the Services Agreement will be amended to provide that the 40% of royalties to be paid by to the Company will be limited to licensees who were first introduced to the Joint Venture or Movychem, as the case may be. The Company’s position is that Movychem has not met its obligations under the Joint Venture Agreement and has notified Movychem of same. It is uncertain whether or not the Joint Venture will move forward as it is currently organized

https://www.sec.gov/ix?doc=/Archives/edgar/data/1481504/000147793223003889/xeri_10q.htm

LAME BS
YOU WERE WARNED
TIC TOC