Tue, May 14, 5:23 PM (73 days ago)
Xeriant, Inc.'s quarterly report for the period ending March 31, 2024, reveals several key financial and operational metrics. The company reported a net loss of $384,096 for Q1 2024, a slight decrease from $389,738 in Q1 2023. For the nine months ending March 31, 2024, the net loss was $1,933,003, significantly lower than the $6,501,621 loss in the same period in 2023, primarily due to a prior period's loss on debt extinguishment. Operating expenses were $352,964 in Q1 2024, down from $387,240 in Q1 2023, driven by reduced consulting and advisory fees. Revenue generation remains absent, and the company is heavily reliant on external financing, having raised $1,380,000 in convertible debt during the nine months. Cash flow from operations was negative, with $1,059,894 used during the nine months, and cash reserves stood at $373,568 as of March 31, 2024. The company faces substantial doubt about its ability to continue as a going concern due to its significant working capital deficit and ongoing legal proceedings. Future operations are contingent on raising additional capital and achieving revenue generation from its advanced materials and aerospace ventures.