XERIANT, INC. Releases Q4 2023 10-Q Report Highlighting Financial and Operational Developments
Bacaan 2 minit
XERIANT, INC., a company specializing in the development and commercialization of eco-friendly advanced materials and aerospace technologies, has released its Form 10-Q report for the quarter ending December 31, 2023. The report provides insights into the company's financial performance and operational progress, including advancements in sustainable construction materials and aerospace initiatives.
Financial Highlights
- Net Loss: $1,206,895 for the three months ended December 31, 2023, compared to $1,294,362 for the same period in 2022, indicating a decrease in net loss by $87,467.
- Net Loss: $1,548,907 for the six months ended December 31, 2023, compared to $6,111,883 for the same period in 2022, showing a significant reduction in net loss by $4,562,976.
- Net Loss Per Share - Basic and Diluted: $(0.00) for the three months ended December 31, 2023, and $(0.00) for the same period in 2022.
- Net Loss Per Share - Basic and Diluted: $(0.00) for the six months ended December 31, 2023, compared to $(0.02) for the same period in 2022.
Business Highlights
- Advanced Materials Development: Xeriant is focused on the development and commercialization of eco-friendly advanced materials under the DUREVER™ brand. This includes NEXBOARD™, a composite building panel made from recycled materials designed to replace traditional construction materials like drywall and plywood.
- New Product Launches: The company has completed development and testing of its proprietary eco-friendly flame retardant for use in NEXBOARD, enhancing its fire resistance as part of its strategy to offer sustainable construction solutions.
- Production Process Testing: In mid-2023, Xeriant began testing high-volume production processes for NEXBOARD to enable cost-effective manufacturing at an industrial scale in the United States, aimed at meeting demand from homebuilders and green building product companies.
- Future Manufacturing Plans: Subject to available capital, Xeriant plans to build manufacturing facilities in the U.S. for NEXBOARD production or alternatively license the technology. The company has identified potential sites and received bids for specialized manufacturing equipment.
- Aerospace and Defense Focus: Xeriant is actively pursuing opportunities in aerospace and defense, particularly in developing next-generation air and spacecraft technologies. This includes partnerships and acquisitions in areas like unmanned systems, AI, and advanced air mobility.
- Joint Venture with XTI Aircraft: The joint venture with XTI Aircraft aims to develop the TriFan 600, a hybrid electric VTOL aircraft. Despite the joint venture's termination, Xeriant is entitled to receive shares of XTI, which are currently being determined.
- Legal Proceedings: Xeriant has initiated legal action against XTI Aircraft for alleged fraudulent acts and breach of contract related to the TriFan 600 project. The company seeks compensation for its investments and intellectual property contributions.
- Research and Development Expansion: The formation of BlueGreen Composites, LLC in August 2023 marks an expansion in R&D efforts, focusing on producing and distributing sample NEXBOARDs to potential customers.
- Operational Challenges: The company faces significant operational challenges due to ongoing legal disputes and financial constraints, impacting its ability to continue as a going concern without additional capital.