quester614
52 minutes ago
WRONG the $5.4 mil had been paid by the end of DEC.2021 NOT over a 12 month period as stated in XTI filing. SHOW where the $6 mil Auctus loan taken in Nov 2021 is accounted for??????
Were F&F paid back like you stated before?? If so where is this buyback shown in filings. If so you lied about never selling shares. If F&F weren't compensated WTF happened to the $6 mil Auctus money??
Duffy is worse at remembering his LIES than you are.
Why does Duffy claim in the lawsuit that $2761006 had been paid while the XERI filings shows that only $2340575 was R&D cost. Does R&D truly represent the JV contributions , if so why the inconsistencies???? Which you contend is the JV contributions?????
XERI only contributed $5057429 to R&D through Dec 2021 when you take the MovyChem SCAM money. While XTI reported $5407508
31. At the conclusion of September 2021, Xeriant had invested $2,761,006 in the development of the TriFan 600, as outlined in the Joint Venture Agreement. Exhibit B, §§ 4.3.1, 4.3.2.
https://cdn.yahoofinance.com/prod/sec-filings/0001481504/000147793223009096/xeri_ex991.htm
Research and Development Expenses
Expenditures for research and development are expensed as incurred. The Company incurred research and development expenses of $2,340,575 and $0 for the three months ended September 30, 2021 and 2020, respectively.
https://www.sec.gov/ix?doc=/Archives/edgar/data/1481504/000147793221008723/xeri_10q.htm
Research and Development Expenses
Total research and development expenses were $5,200,219 for the six months ended December 31, 2021 compared to $0 for the six months ended December 31, 2020. The research and development costs were related to the development of an aircraft through our Eco-Aero joint venture and $142,790 expenditure to Movychem, a Slovakian limited liability company for research and development in advanced materials and chemicals.
https://www.sec.gov/ix?doc=/Archives/edgar/data/1481504/000147793222000865/xeri_10q.htm
1K from XTI 2021
(iv) May 31, 2023. As of December 31, 2021, the Company received $5,407,580 in funding from the JV.
https://www.sec.gov/Archives/edgar/data/1638850/000110465922079294/tm2213173d2_partii.htm
quester614
6 hours ago
If the Auctus loan was for the JV why is there no requirements concerning the JV. There are 2 clauses that will cause a default to occur. Both of which are related to the MERGER TERM SHEET that both parties signed. This makes the AUCTUS loan tied directly to the MERGER.
BTW there is no evidence that the Auctus money went toward the JV or the MERGER.
ARTICLE III. EVENTS OF DEFAULT
3.19 Failure to Uplist. If, at any time on or after the date that is eight (8) calendar months after the Issue Date, the Companyβs Common Stock ceases to be listed for trading on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, or any other national securities exchange (or any successors to any of the foregoing).
3.20 Failure to Acquire XTI. The Company fails to acquire 100% of the equity interests of XTI on or before the date that is eight (8) calendar months after the Issue Date.
https://www.sec.gov/Archives/edgar/data/1481504/000147793221007820/xeri_ex41.htm
quester614
3 days ago
That's really FUNNY!!!!! Of course you are correct because that is right out of the lawsuit.
What else that's in there is that XTI denies owing XERI any compensation. That's why XERI is suing XTI. DUH That would include the lost shares that you claim they are holding.
This is more proof that Duffy failed to deliver. We have been told that the Auctus loan was used for the JV. NOWHERE in XERI filings is there any record of this $5 mil payment toward the MERGER was made. The BEST BULLSHIT they had was that it was represented in the R&D which most of it came before the Auctus loan even had happened. That R&D money was always contended to be for the JV with NO MENTION of a merger payment because the Auctus loan was for the merger that at this point looks like XERI NEVER PAID meaning another DEFAULT from the BEGINNING
The best is that Duffy and CREW continued to lie saying the Auctus money went to the JV now saying he knew it was not viable but still took the $6 mil Auctus Note in Nov 2021 which has NO PROOF of it was allocated toward the MERGER. FACT Maybe Duffy and CREW Pocket change LOLOLOLOL
31. At the conclusion of September 2021, Xeriant had invested $2,761,006 in the development of the TriFan 600, as outlined in the Joint Venture Agreement. Exhibit B, §§ 4.3.1, 4.3.2.
32. By this juncture, it became evident that XTI lacked commercially viable engineering drawings or designs for the TriFan 600. The designs possessed by XTI were insufficient for implementation at any scale, let alone for the creation of a proper prototype capable of flight.
57. On September 9, 2021, XTI and Xeriant formalized their intention to merge by executing a Letter of Intent, which mandated a financing commitment of $5 million. See Exhibit C, Letter of Intent to Merge.
59. Maxim secured funding commitment from Auctus Fund, LP (βAuctusβ) to fulfill the funding obligation specified in the Letter of Intent.3
60. On December 5, 2021, XTI and Xeriant executed a Term Sheet regarding the merger.
https://cdn.yahoofinance.com/prod/sec-filings/0001481504/000147793223009096/xeri_ex991.htm