Xeriant, Inc. is a development-stage company focused on the discovery, development, and commercialization of advanced materials and technology for next-generation air and spacecraft. As of September 30, 2024, the company reported an accumulated deficit of $27.1 million and a net loss of $372,222 for the three months ended September 30, 2024, compared to a net loss of $342,012 for the same period in 2023, reflecting an increase in loss of $30,210. Total operating expenses rose to $358,795 from $318,890 year-over-year.
The company has no sales and has incurred operating losses since its inception. It is developing eco-friendly advanced materials under the DUREVER™ brand, with its key product, NEXBOARD™, a composite building panel made from recycled materials, currently undergoing certification for use in the construction industry. Xeriant is exploring licensing arrangements and joint ventures to mitigate capital requirements and financial risks associated with production.
Xeriant's financial position remains precarious, with cash reserves decreasing to $300,002 from $653,117 on June 30, 2024. The working capital deficit was reported at $8.5 million, slightly improved from $8.7 million in the previous quarter. The company has indicated an immediate need for further working capital and is actively seeking financing options through debt and equity.
Strategically, Xeriant has engaged in joint ventures, notably with XTI Aircraft Company to develop the TriFan 600 hybrid electric VTOL aircraft. Xeriant invested approximately $5.5 million in this project, which has received around $7 billion in pre-orders. However, the joint venture was terminated on May 31, 2023, leading to legal disputes with XTI regarding compliance with prior agreements. Xeriant has initiated legal proceedings against XTI, alleging fraudulent acts and seeking damages exceeding $500 million.
In terms of operational expenses, consulting and advisory fees increased to $88,983 in Q3 2024 from $51,695 in Q3 2023, with related party consulting fees also rising. Research and development expenses remained relatively stable, totaling $26,561 compared to $26,982 in the prior year.
Overall, Xeriant's financial health is challenged by ongoing losses, a significant working capital deficit, and the need for additional funding to support its business operations and strategic initiatives.
About XERIANT, INC.
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