Xeriant, Inc. Reports Q1 2024 Financial and Business Performance

Xeriant, Inc., a company specializing in the development and commercialization of eco-friendly advanced materials, has released its Form 10-Q report for the first quarter of 2024. The report highlights significant strides in both financial performance and business operations, reflecting the company's ongoing commitment to innovation and sustainability.

Financial Highlights

• Net Loss: $(1,933,003) million, a reduction from $(6,501,621) million for the same period in 2023.
• Net Loss Per Common Share - Basic and Diluted: $(0.00), compared to $(0.02) for the same period in 2023.
• Consulting and Advisory Fees: $193,995 million, down from $904,187 million in the prior year period.
• Related Party Consulting Fees: $264,000 million, a decrease from $296,000 million in the prior year period.
• General and Administrative Expenses: $189,151 million, slightly down from $207,997 million in the prior year period.
• Professional Fees: $212,986 million, a decrease from $231,073 million in the prior year period.
• Research and Development Expenses: $147,259 million, incurred for the production and distribution of sample NEXBOARDs.
• Advertising and Marketing Expenses: $4,406 million, down from $22,987 million in the prior year period due to the cancellation of a marketing program.

Business Highlights

• Advanced Materials Development: Xeriant is focused on eco-friendly advanced materials under the DUREVER™ brand. The company has developed NEXBOARD™, a composite building panel made from recycled materials designed to replace traditional construction materials like drywall and plywood.
• New Product Launches: Completion of development and testing of a proprietary eco-friendly flame retardant for NEXBOARD construction panels, enhancing their fire resistance for various construction applications.
• Production and Manufacturing Plans: Plans to build manufacturing facilities in the United States for NEXBOARD production to meet market demand. Potential sites for contract manufacturing have been identified, and licensing of the technology and process is being considered.
• Joint Venture with XTI Aircraft: Entered into a joint venture with XTI Aircraft Company to develop the TriFan 600 hybrid electric VTOL aircraft. Although the joint venture was terminated, Xeriant is entitled to receive shares of XTI as part of the agreement.
• Legal Proceedings: Initiated legal proceedings against XTI Aircraft Company for alleged fraudulent acts and breach of contract related to the TriFan 600 aircraft development. The company seeks remedies including recovery of losses and damages.
• Future Outlook: Continued focus on advanced materials and aerospace technologies with an emphasis on eco-friendly solutions and strategic partnerships to accelerate commercialization efforts.

SEC Filing: Xeriant, Inc. Reports Q1 2024 Financial and Business Performance [ OTC:XERI ] - 10-Q - May. 14, 2024