Xeriant (XERI) 10-Q 24 May 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Mar. 31, 2021	May 17, 2021
Cover [Abstract]
Entity Registrant Name	XERIANT, INC.
Entity Central Index Key	0001481504
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Mar. 31, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Entity Common Stock Shares Outstanding		287,807,041
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Current assets
Cash	$ 1,506,566	$ 38,893
Deposits	62,000	0
Prepaids	14,351	13,893
Total current assets	1,582,917	52,786
Operating lease right-of-use asset	178,786	206,111
Total assets	1,761,703	258,897
Current liabilities
Accounts payable and accrued liabilities	18,740	27,621
Accrued liabilities, related party	27,000	9,000
Convertible notes payable, net of discount	102,920	32,734
Lease liability, current	41,165	36,963
Total current liabilities	189,825	106,318
Lease liability, long-term	152,370	183,803
Total liabilities	342,195	290,121
Commitments and contingencies (Note 9)	0	0
Stockholders' deficit
Common stock, $0.00001 par value; 5,000,000,000 shares authorized; 283,875,576 and 69,584,149 shares issued and outstanding at March 31, 2021 and June 30, 2020, respectively	2,836	696
Common stock to be issued	298,000	372,397
Additional paid in capital	3,757,847	379,971
Accumulated deficit	(2,639,183)	(784,319)
Total stockholders' deficit	1,419,508	(31,224)
Total liabilities and stockholders' deficit	1,761,703	258,897
Series A Preferred Stock [Member]
Stockholders' deficit
Series A Preferred stock, $0.00001 par value; 100,000,000 authorized; 3,500,000 designated; 793,279 and 3,113,638 shares issued and outstanding at March 31, 2021 and June 30, 2020, respectively	$ 8	$ 31

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	Jun. 30, 2020
Stockholders' deficit
Common stock, shares par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	5,000,000,000	500,000,000
Common stock, shares issued	283,875,576	69,584,149
Common stock, shares outstanding	283,875,576	69,584,149
Series A Preferred Stock [Member]
Stockholders' deficit
Preferred stock, shares par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares designated	3,500,000	3,500,000
Preferred stock, shares issued	793,279	3,113,638
Preferred stock, shares outstanding	793,279	3,113,638

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Operating expenses:
Sales and marketing	$ 0	$ 0	$ 1,000,000	$ 0
General and administrative	141,897	73,409	242,445	141,945
Professional fees	32,160	48,250	67,397	114,668
Consulting fees - related party	54,500	0	132,500	0
Research and development	0	0	0	6,339
Total operating expenses	228,557	121,659	1,442,342	262,952
Operating loss	(228,557)	(121,659)	(1,442,342)	(262,952)
Other expenses:
Amortization of debt discount	(103,225)	(152,423)	(215,635)	(286,375)
Amortization of debt discount, related party	0	(12,977)	(5,000)	(27,242)
Interest expense	(2,661)	(4,545)	(4,857)	(8,609)
Interest expense, related party	0	(1,356)	(76)	(3,979)
Loss on settlement of debt	0	0	(186,954)	0
Total other (expense)	(105,886)	(171,301)	(412,522)	(326,205)
Net loss	$ (334,443)	$ (292,960)	$ (1,854,864)	$ (589,157)
Net loss per common share - basic and diluted	$ 0	$ 0	$ (0.01)	$ (0.01)
Weighted average number of common shares outstanding - basic and diluted	234,451,953	69,584,149	176,685,459	69,584,149

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT (UNAUDITED) - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Common Stock To Be Issued	Retained Earnings (Accumulated Deficit)
Balance, shares at Jun. 30, 2019
Balance, amount at Jun. 30, 2019	$ (33,849)	$ 0	$ 0	$ 50,907	$ 0	$ (84,756)
Effect of reverse merger, shares		3,113,637	69,584,149
Effect of reverse merger, amount	(49,902)	$ 31	$ 696	(50,629)	0
Net Loss	(19,166)	$ 0	$ 0	0	0	(19,166)
Balance, shares at Sep. 30, 2019		3,113,637	69,584,149
Balance, amount at Sep. 30, 2019	(102,917)	$ 31	$ 696	278	0	(103,922)
Balance, shares at Jun. 30, 2019
Balance, amount at Jun. 30, 2019	(33,849)	$ 0	$ 0	50,907	0	(84,756)
Net Loss	(589,157)
Balance, shares at Mar. 31, 2020		3,113,637	69,584,149
Balance, amount at Mar. 31, 2020	(169,976)	$ 31	$ 696	367,471	135,739	(673,913)
Balance, shares at Sep. 30, 2019		3,113,637	69,584,149
Balance, amount at Sep. 30, 2019	(102,917)	$ 31	$ 696	278	0	(103,922)
Net Loss	(277,031)	0	0	0	0	(277,031)
Fair value of beneficial conversion feature associated with convertible debt	318,543	$ 0	$ 0	318,543	0	0
Balance, shares at Dec. 31, 2019		3,113,637	69,584,149
Balance, amount at Dec. 31, 2019	(61,405)	$ 31	$ 696	318,821	0	(380,953)
Net Loss	(292,960)	0	0	0		(292,960)
Fair value of beneficial conversion feature associated with convertible debt	48,650	0	0	48,650		0
Convertible notes and accrued interest converted into common stock	135,739	$ 0	$ 0	0	135,739	0
Balance, shares at Mar. 31, 2020		3,113,637	69,584,149
Balance, amount at Mar. 31, 2020	(169,976)	$ 31	$ 696	367,471	135,739	(673,913)
Balance, shares at Jun. 30, 2020		3,113,638	69,584,149
Balance, amount at Jun. 30, 2020	(31,224)	$ 31	$ 696	379,971	372,397	(784,319)
Net Loss	(327,072)	0	0	0	0	(327,072)
Fair value of beneficial conversion feature associated with convertible debt	42,893	0	0	42,893	0	0
Convertible notes and accrued interest converted into common stock	51,145	$ 0	$ 0	0	51,145	0
Shares reclassed from common stock to be issued, shares			112,847,466
Shares reclassed from common stock to be issued, amount	0	$ 0	$ 1,127	371,270	(372,397)	0
Conversion of Series A Preferred to Common Stock, shares		(39,358)	39,358,000
Conversion of Series A Preferred to Common Stock, amount	0	$ 0	$ 393	(393)	0	0
Issuance of warrants with convertible notes	36,407	$ 0	$ 0	36,407	0	0
Stock issued for services, shares			4,090,909
Stock issued for services, amount	200,454	$ 0	$ 40	200,414	0	0
Balance, shares at Sep. 30, 2020		3,074,280	225,880,524
Balance, amount at Sep. 30, 2020	(27,397)	$ 31	$ 2,256	1,030,562	51,145	(1,111,391)
Balance, shares at Jun. 30, 2020		3,113,638	69,584,149
Balance, amount at Jun. 30, 2020	(31,224)	$ 31	$ 696	379,971	372,397	(784,319)
Net Loss	(1,854,864)
Balance, shares at Mar. 31, 2021		793,279	283,875,576
Balance, amount at Mar. 31, 2021	1,419,508	$ 8	$ 2,836	3,757,847	298,000	(2,639,183)
Balance, shares at Sep. 30, 2020		3,074,280	225,880,524
Balance, amount at Sep. 30, 2020	(27,397)	$ 31	$ 2,256	1,030,562	51,145	(1,111,391)
Net Loss	(1,193,349)	0	0	0	0	(1,193,349)
Fair value of beneficial conversion feature associated with convertible debt	6,612	0	0	6,612	0	0
Convertible notes and accrued interest converted into common stock	78,714	0	0	0	78,714	0
Issuance of warrants with convertible notes	6,388	$ 0	$ 0	6,388	0	0
Stock issued for services, shares			20,300,000
Stock issued for services, amount	1,013,200	$ 0	$ 203	1,012,997	0	0
Sale of common stock, shares			3,400,000
Sale of common stock, amount	51,000	$ 0	$ 34	50,966	0	0
Issuance of warrants for services	13,909	$ 0	$ 0	13,909	0	0
Balance, shares at Dec. 31, 2020		3,074,280	249,580,524
Balance, amount at Dec. 31, 2020	(50,923)	$ 31	$ 2,493	2,121,434	129,859	(2,304,740)
Net Loss	(334,443)	0	0	0	0	(334,443)
Fair value of beneficial conversion feature associated with convertible debt	122,453	$ 0	$ 0	122,453	0	0
Shares reclassed from common stock to be issued, shares			19,595,442
Shares reclassed from common stock to be issued, amount	(4)	$ 0	$ 195	129,660	(129,859)	0
Issuance of warrants with convertible notes	75,097	$ 0	$ 0	75,097	0	0
Stock issued for services, shares			150,000
Stock issued for services, amount	62,050	$ 0	$ 2	62,048	0	0
Sale of common stock, shares			9,991,667
Sale of common stock, amount	1,497,000	$ 0	$ 100	1,198,900	298,000	0
Issuance of warrants for services	24,422	$ 0	$ 0	24,422	0	0
Cancellation of Series A Preferred shares, shares		(2,240,000)
Cancellation of Series A Preferred shares, amount	0	$ (22)	$ 0	22	0	0
Cancellation of Series A Preferred shares, share		(41,001)
Cancellation of Series A Preferred shares, amount	0	$ (1)	$ 0	1	0	0
Conversion of convertible notes and accrued interest, shares			4,557,943
Conversion of convertible notes and accrued interest, amount	23,856	$ 0	$ 46	23,810	0	0
Balance, shares at Mar. 31, 2021		793,279	283,875,576
Balance, amount at Mar. 31, 2021	$ 1,419,508	$ 8	$ 2,836	$ 3,757,847	$ 298,000	$ (2,639,183)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows from Operating Activities
Net loss	$ (1,854,864)	$ (589,157)
Adjustments to reconcile net loss to net cash used by operating activities:
Stock compensation	1,113,583	0
Amortization of debt discount	215,635	286,375
Amortization of debt discount, related party	5,000	27,242
Loss on settlement of debt	186,954	0
Operating lease right of use asset	93	9,830
Changes in operating assets & liabilities
Deposits		(12,546)
Prepaid expenses	(62,458)	0
Accounts payable and accrued expenses	25,880	41,725
Accrued expenses, related parties	0	(1,143)
Net cash used by operating activities	(370,177)	(237,674)
Cash Flows from Financing Activities
Sale of common stock	1,548,000	0
Proceeds from convertible notes payable	289,850	339,950
Proceeds from convertible notes payable, related party	0	33,000
Net cash provided by financing activities	1,837,850	372,950
Increase in Cash	1,467,673	135,276
Cash at beginning of period	38,893	3,029
Cash at end of period	1,506,566	138,305
Supplemental Cash Flow Information
Cash paid for interest	0	0
Cash paid for income taxes	0	0
Non-cash investing and financing activities:
Conversion of convertible notes payable and accrued interest	130,410	135,739
Warrants issued with convertible notes payable	117,892	0
Beneficial conversion feature arising from convertible notes payable	$ 171,958	$ 48,650

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	9 Months Ended
	Mar. 31, 2021
ORGANIZATION AND NATURE OF BUSINESS
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS	Xeriant, Inc. (“Xeriant”) is a holding and operating company focused on acquiring, developing and commercializing revolutionary, eco-friendly technologies and advanced materials, with applications in aerospace, including innovative aircraft concepts, namely those capable of vertical takeoff and landing (VTOL). The Company is pursuing an active role in the “third wave of aeronautics,” which includes the electrification of aerial transport, advancements in structural design, propulsion systems, materials, sensors, artificial intelligence (AI), batteries, high-speed connectivity, and the development and integration of specialized aircraft with greatly reduced logistical footprints as well as the infrastructure needed to facilitate these aircraft. Xeriant is located at the Research Park at Florida Atlantic University in Boca Raton, Florida adjacent to the Boca Raton Airport, and trades on OTC Markets under the stock symbol, XERI. The Company was incorporated in Nevada on December 18, 2009. On April 16, 2019, Xeriant entered into a Share Exchange Agreement with American Aviation Technologies, LLC (“AAT”), an aircraft design and development company focused on the emerging segment of the aviation industry of autonomous and semi-autonomous vertical take-off and landing (VTOL) unmanned aerial vehicles (UAVs). On September 30, 2019, the acquisition of AAT closed and AAT became a wholly owned subsidiary of Xeriant. On June 22, 2020, the name of the Company was changed to Xeriant, Inc. in the State of Nevada and subsequently approved by FINRA effective July 30, 2020 for the name and symbol change.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Basis of Presentation The unaudited condensed consolidated financial statements of the Company and the accompanying notes included in this Quarterly Report are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the unaudited consolidated condensed financial statements have been included. Such adjustments are of a normal, recurring nature. The unaudited condensed consolidated financial statements, and the accompanying notes, are prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. These financial statements should be read in conjunction with the company’s latest annual financial statements. Principles of Consolidation The condensed consolidated unaudited financial statements include the accounts of Xeriant, Inc. and its wholly owned subsidiary American Aviation Technologies, LLC, collectively referred to as the Company. All material intercompany accounts, transactions and profits were eliminated in consolidation. These financial statements should be read in conjunction with the company’s latest annual financial statements. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant assumptions and estimates relate to the valuation of beneficial conversion features and warrants associated with convertible debt. Actual results could differ from these estimates. Fair Value Measurements and Fair Value of Financial Instruments The Company adopted ASC Topic 820, Fair Value Measurements. ASC Topic 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2: Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3: Inputs are unobservable inputs which reflect the reporting entity's own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. The estimated fair value of certain financial instruments, including all current liabilities are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. Deferred Taxes The Company follows Accounting Standards Codification subtopic 740-10, Income Taxes ("ASC 740-10") for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability during each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse and are considered immaterial. As of March 31, 2021 and June 30, 2020, there are no deferred tax assets. Cash and Cash Equivalents For purposes of the Statements of Cash Flows, the Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company has no cash equivalents. Accounts Receivable and Allowance for Doubtful Accounts The Company monitors outstanding receivables based on factors surrounding the credit risk of specific customers, historical trends, and other information. The allowance for doubtful accounts is estimated based on an assessment of the Company's ability to collect on customer accounts receivable. There is judgment involved with estimating the allowance for doubtful accounts and if the financial condition of the Company's customers were to deteriorate, resulting in their inability to make the required payments, the Company may be required to record additional allowances or charges against revenues. The Company writes-off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues its collection. The allowance for doubtful accounts is created by forming a credit balance, which is deducted from the total receivables balance in the balance sheet. As of March 31, 2021 and June 30, 2020 there are no accounts receivable. Revenue Recognition Revenue includes product sales. The Company recognizes revenue from product sales in accordance with Topic 606 "Revenue Recognition in Financial Statements" which considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the services have been rendered and all required milestones achieved, (iii) the sales price is fixed or determinable, and (iv) Collectability is reasonably assured. For the nine months ended March 31, 2021 and 2020, the Company had no revenue. Convertible Debentures If the conversion features of conventional convertible debt provide for a rate of conversion that is below market value at issuance, this feature is characterized as a beneficial conversion feature ("BCF"). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20 "Debt with Conversion and Other Options." In those circumstances, the convertible debt is recorded net of the discount related to the BCF, and the Company amortizes the discount to interest expense, over the life of the debt. During the nine months ended March 31, 2021, the Company recorded a BCF in the amount of $171,958. Fair Value of Financial Instruments Accounting Standards Codification subtopic 825-10, Financial Instruments ("ASC 825-10") requires disclosure of the fair value of certain financial instruments. The carrying value of cash, accounts payable and accrued liabilities as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. All other significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practicable the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed. The Company follows Accounting Standards Codification subtopic 820-10, Fair Value Measurements and Disclosures ("ASC 820-10") and Accounting Standards Codification subtopic 825-10, Financial Instruments ("ASC 825-10"), which permits entities to choose to measure many financial instruments and certain other items at fair value. Research and Development Expenses Expenditures for research and development are expensed as incurred. The Company incurred research and development expenses of $0 and $6,339 for the nine months ended March 31, 2021 and 2020, respectively. Advertising, Marketing and Public Relations The Company expenses advertising and marketing costs as they are incurred. There were no advertising costs during the nine months ended March 31, 2021 and 2020. Offering Costs Costs incurred in connection with raising capital by the issuance of common stock are recorded as contra equity and deducted from the capital raised. There were no offering costs during the nine months ended March 31, 2021 and 2020. The Company has adopted FASB ASC 740-10, Accounting for Income Taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually from differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In February 2016, FASB issued ASC 842 that requires lessees to recognize lease assets and corresponding lease liabilities on the balance sheet for all leases with terms of more than 12 months. The update, which supersedes existing lease guidance, will continue to classify leases as either finance or operating, with the classification determining the pattern of expense recognition in the income statement. The ASU will be effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted, and is applicable on a modified retrospective basis with various optional practical expedients. The Company has assessed the impact of this standard. The Company entered into a new lease agreement commencing on November 1, 2019 and implemented this guidance on November 1, 2019. In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This update addresses a diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. On June 20, 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the consolidated financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

DEPOSIT ON JOINT VENTURE

DEPOSIT ON JOINT VENTURE	9 Months Ended
	Mar. 31, 2021
DEPOSIT ON JOINT VENTURE
NOTE 3 - DEPOSIT ON JOINT VENTURE	On January 8, 2021, the Company entered into a binding memorandum of understanding with Xeriant Europe s.r.o. for a joint venture (“JV”). The Company paid a total of $62,000 in deposits to Xeriant Europe in February and March of 2021 for patent related fees. The purpose of the JV with Xeriant Europe is to generate revenue by sourcing and accelerating breakthrough technologies, primarily from Central Europe, that can be commercialized and introduced to new markets, such as the United States. As of March 31, 2021, the joint venture agreement had not been finalized.

CONCENTRATION OF CREDIT RISKS

CONCENTRATION OF CREDIT RISKS	9 Months Ended
	Mar. 31, 2021
CONCENTRATION OF CREDIT RISKS
NOTE 4 - CONCENTRATION OF CREDIT RISKS	The Company maintains accounts with financial institutions. All cash in checking accounts is non-interest bearing and is fully insured by the Federal Deposit Insurance Corporation (FDIC). At times, cash balances may exceed the maximum coverage provided by the FDIC on insured depositor accounts. The Company believes it mitigates its risk by depositing its cash and cash equivalents with major financial institutions. At March 31, 2021, the Company had $1,256,566 in excess of FDIC insurance.

OPERATING LEASE RIGHTOFUSE ASSE

OPERATING LEASE RIGHTOFUSE ASSET AND OPERATING LEASE LIABILITY	9 Months Ended
	Mar. 31, 2021
OPERATING LEASE RIGHTOFUSE ASSET AND OPERATING LEASE LIABILITY
NOTE 5 - OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY	The Company leases 2,911 square feet of office space located in the Research Park at Florida Atlantic University, Innovation Centre 1, 3998 FAU Boulevard, Suite 309, Boca Raton, Florida. The Company entered into a lease agreement commencing on November 1, 2019 through January 1, 2025 in which the first three months of rent were abated. The following table illustrates the base rent amounts over the term of the lease: Base Rent Periods Rent February 1, 2020 to October 1, 2020 $ 4,367 November 1, 2020 to October 1, 2021 $ 4,498 November 1, 2021 to October 1, 2022 $ 4,633 November 1, 2021 to October 1, 2022 $ 4,771 November 1, 2023 to October 1, 2024 $ 4,915 November 1, 2024 to January 1, 2025 $ 5,063 Operating lease right-of-use asset and liability are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value is our incremental borrowing rate, estimated to be 10%, as the interest rate implicit in most of our leases is not readily determinable. Operating lease expense is recognized on a straight-line basis over the lease term. Since the common area maintenance expenses are expenses that do not depend on an index or rate, they are excluded from the measurement of the lease liability and recognized in other general and administrative expenses on the statements of operations. At inception the Company paid prepaid rent in the amount of $4,659, which was netted against the operating lease right-of-use asset balance until it was applied in February 2020. Right-of-use asset is summarized below: March 31, 2021 Office lease $ 220,448 Less: accumulated amortization (41,662 ) Right-of-use asset, net $ 178,786 Operating lease liability is summarized below: March 31, 2021 Office lease $ 193,535 Less: current portion (41,165 ) Long term portion 152,370 Maturity of the lease liability is as follows: Fiscal year ending June 30, 2021 $ 14,370 Fiscal year ending June 30, 2022 58,635 Fiscal year ending June 30, 2023 60,392 Fiscal year ending June 30, 2024 62,201 Fiscal year ending June 30, 2025 37,112 232,710 Present value discount (39,175 ) Lease liability $ 193,535

EXCHANGE AGREEMENT

EXCHANGE AGREEMENT	9 Months Ended
	Mar. 31, 2021
EXCHANGE AGREEMENT
NOTE 6 - EXCHANGE AGREEMENT	On April 16, 2019, Xeriant, Inc., and the members of American Aviation Technologies, LLC (“AAT”) entered into a Share Exchange Agreement (“Agreement”). The agreement, which became effective on September 30, 2019, was pursuant to which the Company acquired 100% of the issued and outstanding membership units in exchange for the issuance of shares of the Company’s Series A Preferred Stock constituting 86.39% of the total voting power of the Company’s capital stock to be outstanding upon closing, after giving effect to the consummation of concurrent debt settlement and other capital stock issuances but before the issuance of shares of capital stock for investor relations purposes. As a result of the Exchange Agreement, AAT became a wholly owned subsidiary of the Company. On September 30, 2019 just prior to the exchange, Xeriant issued 170,000 shares of preferred stock as compensation and 193,637 shares of preferred stock in satisfaction of $2,608,224 in liabilities.

CONVERTIBLE NOTES PAYABLE

CONVERTIBLE NOTES PAYABLE	9 Months Ended
	Mar. 31, 2021
CONVERTIBLE NOTES PAYABLE
NOTE 7 - CONVERTIBLE NOTES PAYABLE	The carrying values of convertible notes payable, net of discount, as of March 31, 2021 and June 30, 2020 was $102,920 and $32,734, respectively, as summarized below. March 31, June 30, Convertible Notes Payable 2021 2020 Convertible notes payable issued March 2, 2020 (6% interest) $ - $ 22,000 Convertible notes payable issued March 3, 2020 (6% interest) - 10,000 Convertible notes payable issued March 7, 2020 (6% interest) - 1,650 Convertible notes payable issued March 10, 2020 (6% interest) - 15,000 Convertible notes payable issued April 9, 2020 (6% interest) - 1,000 Convertible notes payable issued April 23, 2020 (6% interest) - 2,000 Convertible notes payable issued May 11, 2020 (6% interest) - 1,500 Convertible notes payable issued December 2, 2020 (6% interest) 3,000 - Convertible notes payable issued January 4, 2021 (6% interest) 20,000 8,000 Convertible notes payable issued January 5, 2021 (6% interest) 25,000 8,000 Convertible notes payable issued January 11, 2021 (6% interest) 142,550 8,000 Convertible notes payable issued January 19, 2021 (6% interest) 10,000 - Total face value 200,550 61,150 Less unamortized discount (97,630 ) (28,416 ) Carrying value $ 102,920 $ 32,734 Notes issued between September 27, 2019 and July 20, 2020 Between September 27, 2019 and July 20, 2020, AAT issued convertible notes payable with an aggregate face value of $357,750 with a coupon rate of 6%. The notes have a maturity date of six months. The agreements provided that in the event AAT is merged into Xeriant (the “Company”), at any time prior to the Maturity Date, the holder has the option to convert the principal balance and any accrued interest to common stock of the Company at a conversion price of $.0033 per share. In the event the holder does not elect to convert the note prior to maturity, the note will automatically convert to common stock at a price of $.0033 per share. The Company evaluated the agreement under ASC 815 Derivatives and Hedging (“ASC 815”). ASC 815 generally requires the analysis embedded terms and features that have characteristics of derivatives to be evaluated for bifurcation and separate accounting in instances where their economic risks and characteristics are not clearly and closely related to the risks of the host contract. None of the embedded terms required bifurcation and liability classification. However, the Company was required to determine if the debt contained a beneficial conversion feature (“BCF”), which is based on the intrinsic value on the date of issuance. The Company recorded a beneficial conversion feature in the amount of $357,750 related to these notes. Between March 27, 2020 and November 10, 2020, holders of the convertible notes converted $344,450 in principal and $10,336 in accrued interest into 107,510,927 shares of common stock. Notes issued between August 10, 2020 and January 19, 2021 Between August 10, 2020 and January 19, 2021, the Company issued convertible notes payable with an aggregate face value of $284,550 with a coupon rate of 6%. The notes have a maturity date of three and six months. The agreements provided the holder has the option to convert the principal balance and any accrued interest to common stock of the Company. In the event the holder does not elect to convert the note prior to maturity, the note will automatically convert to common stock. Of the $284,550, $87,000 is convertible at $0.025 per share, $180,550 is convertible at $.03 per share, and the remaining $17,000 is convertible at $0.003 per share. The Company evaluated the agreement under ASC 815 Derivatives and Hedging (“ASC 815”). ASC 815 generally requires the analysis embedded terms and features that have characteristics of derivatives to be evaluated for bifurcation and separate accounting in instances where their economic risks and characteristics are not clearly and closely related to the risks of the host contract. None of the embedded terms required bifurcation and liability classification. In connection with the notes, the Company issued warrants indexed to an aggregate 8,498,333 shares of common stock. The warrants have a term of two years and an exercise price of $.025. The Company evaluated the warrants under ASC 815 Derivatives and Hedging (“ASC 815”) and determined that they did not require liability classification. The warrants were recorded in additional paid-in capital under their aggregate relative fair value of $156,225. The Company was required to determine if the debt contained a beneficial conversion feature (“BCF”), which is based on the intrinsic value on the date of issuance. After the allocation of $156,225 to the warrants, the remaining $169,956 in proceeds resulted in a beneficial conversion feature recorded in additional paid-in capital. Both the BCF and warrants resulted in a debt discount and are amortized over the life of the note. Amortization of debt discount and interest expense related to all notes For the nine months ended March 31, 2021 and 2020, the Company recorded $220,636 and $285,804 in amortization of debt discount related to the notes. For the nine months ended March 31, 2021 and 2020, the Company recorded $4,933 and $3,979 in interest expense related to the notes, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Mar. 31, 2021
RELATED PARTY TRANSACTIONS
NOTE 8 - RELATED PARTY TRANSACTIONS	Consulting fees During the nine months ended March 31, 2021, the Company paid Ancient Investments, LLC, a Company owned by the Company’s CEO, Keith Duffy and the Company’s Executive Director of Corporate Operations, Scott Duffy, $66,000 for consulting services. During the nine months ended March 31, 2021, the Company paid AMP Web Services, a Company owned by the Company’s CTO, Pablo Lavigna, $32,500 for consulting services. On August 26, 2020, the Company issued 4,090,909 shares of common stock for payment of $13,500 for services performed in May, June and July 2020. As of March 31, 2021, $4,500 is due for March services and recorded in accrued liabilities, as a related party. During the nine months ended March 31, 2021, the Company owed $22,500 to Keystone Business Development Partners, a Company owned by the Company’s CFO, Brian Carey. Of the amount owed, $22,500 is recorded in accrued liabilities, related party and the remaining $7,500 is recorded in accounts payable. Convertible notes On August 25, 2020, the Company issued a convertible note payable with a face value of $5,000 with a coupon rate of 6% to Keystone Business Development Partners, a Company owned by the Company’s CFO, Brian Carey. The note has a maturity date of three months. The agreement provides the holder has the option to convert the principal balance and any accrued interest to common stock of the Company at a conversion price of $.025 per share. In the event the holder does not elect to convert the note prior to maturity, the note will automatically convert to common stock at a price of $.025 per share. The note was converted into 203,025 common shares on November 25, 2020, which were issued on February 8, 2021. The Company evaluated the agreement under ASC 815 Derivatives and Hedging (“ASC 815”). ASC 815 generally requires the analysis embedded terms and features that have characteristics of derivatives to be evaluated for bifurcation and separate accounting in instances where their economic risks and characteristics are not clearly and closely related to the risks of the host contract. None of the embedded terms required bifurcation and liability classification. In connection with the note, the Company issued warrants indexed to an aggregate 200,000 shares of common stock. The warrants have a term of two years and an exercise price of $.025. The Company evaluated the warrants under ASC 815 Derivatives and Hedging (“ASC 815”) and determined that they did not require liability classification. The warrants were recorded in additional paid-in capital under their relative fair value of $2,461. The Company was required to determine if the debt contained a beneficial conversion feature (“BCF”), which is based on the intrinsic value on the date of issuance. After the allocation of $2,461 to the warrants, the remaining $2,539 in proceeds resulted in a beneficial conversion feature recorded in additional paid-in capital. Both the BCF and warrants resulted in a debt discount and are amortized over the life of the note. For the nine months ended March 31, 2021, the Company recorded $5,000 in amortization of debt discount related to the note. For the nine months ended March 31, 2021, the Company recorded $76 in interest expense related to the note. On November 25, 2020, Keystone Business Development Partners converted $5,000 in principal and $76 in accrued interest into 203,024 shares of common stock.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Mar. 31, 2021
COMMITMENTS AND CONTINGENCIES
NOTE 9 - COMMITMENTS AND CONTINGENCIES	During the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates the merits of the case in accordance with FASB ASC 450-20-50, Contingencies

EQUITY

EQUITY	9 Months Ended
	Mar. 31, 2021
EQUITY
NOTE 10 - EQUITY	Common Stock During the nine months ended March 31, 2021, the Company issued 112,847,466 shares of common stock for the conversion of $359,300 in principal and $13,097 in accrued interest. During the nine months ended March 31, 2021, the Company issued 24,153,385 shares of common stock for the conversion of $150,450 in principal and $3,260 in accrued interest. On August 26, 2020, the Company issued 4,090,909 shares of common stock for payment of $13,500 for services performed in May, June and July 2020. The shares were valued at $200,454 or $0.049 per share. As of result the Company recorded a loss on settlement in debt in the amount of $186,954. During the nine months ended March 31, 2021, certain holders of preferred stock converted 39,358 shares into 39,358,000 shares of common stock. On October 30, 2020, the Company issued 300,000 shares of common stock to an advisory board member for services. The shares were valued at $13,200 or $0.044 per share. On November 17, 2020, the Company sold 1,700,000 shares of common for $25,500, or $0.015 per share. On November 24, 2020, the Company sold 1,700,000 shares of common for $25,500, or $0.015 per share. On December 1, 2020, the Company issued 2,000,000 shares of common stock for investment relation services valued at $100,000, or $0.05 per share. On December 1, 2020, the Company issued 18,000,000 shares of common stock for investment relation services valued at $900,000, or $0.05 per share. On January 29, 2021, the Company issued 50,000 shares of common stock to an advisory board member for services. The shares were valued at $25,500 or $0.51 per share. On March 22, 2021, the Company issued 50,000 shares of common stock to an advisory board member for services. The shares were valued at $13,800 or $0.28 per share. On March 22, 2021, the Company issued 50,000 shares of common stock to an advisory board member for services. The shares were valued at $22,750 or $0.46 per share. On March 22, 2021, the Company issued 9,991,667 shares for $1,199,000, or $0.12 per share. Preferred Stock There are 100,000,000 shares authorized as preferred stock, of which 3,500,000 are designated as Series A Preferred Stock having a par value of $0.00001 per share. The Series A preferred stock has the following rights: · Voting · Dividends: · Conversion · The shares of Series A Preferred Stock are redeemable at the option of the Corporation at any time after September 30, 2022 upon not less than 30 days written notice to the holders. It is not mandatorily redeemable. During the nine months ended March 31, 2021, certain holders of preferred stock converted 39,358 shares into 39,358,000 shares of common stock. As of March 31, 2021 and June 30, 2020, the Company has 793,279 and 3,113,638 shares of Series A Preferred Stock issued and outstanding, respectively. On February 15, 2021, in accordance with Florida Law and conversations with counsel, the Board of Directors of the Company rescinded 990,000 Series A Preferred Shares, which represented all preferred shares issued to key man, Russell Randall, in the Share Exchange between American Aviation Technologies, LLC and Xeriant, Inc. entered into on April 19, 2019, due to breach of contract. During March of 2021, the remaining former members of American Aviation Technologies, LLC agreed to allow the Company to rescind an aggregate of 1,250,001 of their 1,760,000 Series A Preferred Shares issued pursuant to the Share Exchange between American Aviation Technologies, LLC and Xeriant, Inc., as a result of said breach. As a result of the cancellation, the Company reduced the investment in AAT by the value of these preferred shares. On March 25, 2021, the Certificate of Designation for the Series B Preferred was recorded by the State of Nevada. On March 27, 2021, Spider Investments, LLC returned 41,000 Series A Preferred Shares to the treasury of the Company.

GOING CONCERN MATTERS

GOING CONCERN MATTERS	9 Months Ended
	Mar. 31, 2021
GOING CONCERN MATTERS
NOTE 11 - GOING CONCERN MATTERS	The Company's financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. At March 31, 2021 and June 30, 2020, the Company had $1,506,566 and $38,893 in cash and $1,393,092 in working capital and $53,532 in negative working capital, respectively. For the nine months ended March 31, 2021 and 2020, the Company had a net loss of $1,854,864 and $334,443, respectively. Continued losses may adversely affect the liquidity of the Company in the future. Therefore, the factors noted above raise substantial doubt about our ability to continue as a going concern. The recoverability of a major portion of the recorded asset amounts shown in the accompanying balance sheets is dependent upon continued operations of the Company, which in turn is dependent upon the Company's ability to raise additional capital, obtain financing and to succeed in its future operations. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company’s existence is dependent upon management’s ability to develop profitable operations and resolve its liquidity problems.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Mar. 31, 2021
SUBSEQUENT EVENTS
NOTE 12 - SUBSEQUENT EVENTS	Common stock issuances On April 1, 2021, the Company issued 2,083,334 shares for $250,000, or $0.12 per share. The $250,000 proceeds were received in March 2021. On April 26, 2021, the Company issued 1,014,798 shares of common stock for the conversion of $30,000 in principal and $443 in accrued interest. AAT membership unit adjustment On May 12, 2021, on further advice of counsel and in good faith , AAT Subsidiary On May 12, 2021, the Company’s position in American Aviation Technologies, LLC was reduced to 64%, and therefore the subsidiary is now classified as majority owned. Subscription agreement On April 3, 2021, the Company entered into a subscription agreement for the sale of 833,333 shares for $100,000 or $0.12 per share. Trademark filings On May 5, 2021, Xeriant filed trademark applications with the U.S. Patent and Trademark Office under four services classes for each application, including the name “Xeriant,” the Xeriant Aerospace logo, and the tag line “Innovation Soaring.” On May 13, 2021, Xeriant filed trademark applications for the expressions “Evolution in Flight” and “Evolution of Flight” under the same classes for each application. Employment agreement On May 12, 2021, the Company executed an employment agreement with Keith Duffy to act as the Chief Executive Officer of the Company and AAT, with an annual base salary of $180,000 (subject to increases at the discretion of the Board of Directors) and the issuance of 1,000,000 Series B Preferred Shares. The Agreement provided that the term thereof commenced on May 12, 2021 and will end on December 31, 2022. Directors On May 12, 2021, the Company appointed Scott Duffy as director to fill a vacancy on the Board of Directors. On May 14, 2021, the Company appointed Michael Harper and Lisa Ruth as directors to fill two additional vacancies on the Board of Directors.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	The unaudited condensed consolidated financial statements of the Company and the accompanying notes included in this Quarterly Report are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the unaudited consolidated condensed financial statements have been included. Such adjustments are of a normal, recurring nature. The unaudited condensed consolidated financial statements, and the accompanying notes, are prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. These financial statements should be read in conjunction with the company’s latest annual financial statements.
Principles of Consolidation	The condensed consolidated unaudited financial statements include the accounts of Xeriant, Inc. and its wholly owned subsidiary American Aviation Technologies, LLC, collectively referred to as the Company. All material intercompany accounts, transactions and profits were eliminated in consolidation. These financial statements should be read in conjunction with the company’s latest annual financial statements.
Use of Estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant assumptions and estimates relate to the valuation of beneficial conversion features and warrants associated with convertible debt. Actual results could differ from these estimates.
Fair Value Measurements and Fair Value of Financial Instruments	The Company adopted ASC Topic 820, Fair Value Measurements. ASC Topic 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2: Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3: Inputs are unobservable inputs which reflect the reporting entity's own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. The estimated fair value of certain financial instruments, including all current liabilities are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.
Deferred Taxes	The Company follows Accounting Standards Codification subtopic 740-10, Income Taxes ("ASC 740-10") for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability during each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse and are considered immaterial. As of March 31, 2021 and June 30, 2020, there are no deferred tax assets.
Cash and Cash Equivalents	For purposes of the Statements of Cash Flows, the Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company has no cash equivalents.
Accounts Receivable and Allowance for Doubtful Accounts	The Company monitors outstanding receivables based on factors surrounding the credit risk of specific customers, historical trends, and other information. The allowance for doubtful accounts is estimated based on an assessment of the Company's ability to collect on customer accounts receivable. There is judgment involved with estimating the allowance for doubtful accounts and if the financial condition of the Company's customers were to deteriorate, resulting in their inability to make the required payments, the Company may be required to record additional allowances or charges against revenues. The Company writes-off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues its collection. The allowance for doubtful accounts is created by forming a credit balance, which is deducted from the total receivables balance in the balance sheet. As of March 31, 2021 and June 30, 2020 there are no accounts receivable.
Revenue Recognition	Revenue includes product sales. The Company recognizes revenue from product sales in accordance with Topic 606 "Revenue Recognition in Financial Statements" which considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the services have been rendered and all required milestones achieved, (iii) the sales price is fixed or determinable, and (iv) Collectability is reasonably assured. For the nine months ended March 31, 2021 and 2020, the Company had no revenue.
Convertible Debentures	If the conversion features of conventional convertible debt provide for a rate of conversion that is below market value at issuance, this feature is characterized as a beneficial conversion feature ("BCF"). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20 "Debt with Conversion and Other Options." In those circumstances, the convertible debt is recorded net of the discount related to the BCF, and the Company amortizes the discount to interest expense, over the life of the debt. During the nine months ended March 31, 2021, the Company recorded a BCF in the amount of $171,958.
Fair Value of Financial Instruments	Accounting Standards Codification subtopic 825-10, Financial Instruments ("ASC 825-10") requires disclosure of the fair value of certain financial instruments. The carrying value of cash, accounts payable and accrued liabilities as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. All other significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practicable the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed. The Company follows Accounting Standards Codification subtopic 820-10, Fair Value Measurements and Disclosures ("ASC 820-10") and Accounting Standards Codification subtopic 825-10, Financial Instruments ("ASC 825-10"), which permits entities to choose to measure many financial instruments and certain other items at fair value.
Research and Development Expenses	Expenditures for research and development are expensed as incurred. The Company incurred research and development expenses of $0 and $6,339 for the nine months ended March 31, 2021 and 2020, respectively.
Advertising, Marketing and Public Relations	The Company expenses advertising and marketing costs as they are incurred. There were no advertising costs during the nine months ended March 31, 2021 and 2020.
Offering Costs	Costs incurred in connection with raising capital by the issuance of common stock are recorded as contra equity and deducted from the capital raised. There were no offering costs during the nine months ended March 31, 2021 and 2020. The Company has adopted FASB ASC 740-10, Accounting for Income Taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually from differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.
Recent Accounting Pronouncements	In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In February 2016, FASB issued ASC 842 that requires lessees to recognize lease assets and corresponding lease liabilities on the balance sheet for all leases with terms of more than 12 months. The update, which supersedes existing lease guidance, will continue to classify leases as either finance or operating, with the classification determining the pattern of expense recognition in the income statement. The ASU will be effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted, and is applicable on a modified retrospective basis with various optional practical expedients. The Company has assessed the impact of this standard. The Company entered into a new lease agreement commencing on November 1, 2019 and implemented this guidance on November 1, 2019. In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This update addresses a diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. On June 20, 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the consolidated financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

OPERATING LEASE RIGHTOFUSE AS_2

OPERATING LEASE RIGHTOFUSE ASSET AND OPERATING LEASE LIABILITY (Tables)	9 Months Ended
	Mar. 31, 2021
OPERATING LEASE RIGHTOFUSE ASSET AND OPERATING LEASE LIABILITY
Schedule of rent periods	Base Rent Periods Rent February 1, 2020 to October 1, 2020 $ 4,367 November 1, 2020 to October 1, 2021 $ 4,498 November 1, 2021 to October 1, 2022 $ 4,633 November 1, 2021 to October 1, 2022 $ 4,771 November 1, 2023 to October 1, 2024 $ 4,915 November 1, 2024 to January 1, 2025 $ 5,063
Summary of Right-of-use assets, net	March 31, 2021 Office lease $ 220,448 Less: accumulated amortization (41,662 ) Right-of-use asset, net $ 178,786
Summary of Operating lease liability	March 31, 2021 Office lease $ 193,535 Less: current portion (41,165 ) Long term portion 152,370 Maturity of the lease liability is as follows: Fiscal year ending June 30, 2021 $ 14,370 Fiscal year ending June 30, 2022 58,635 Fiscal year ending June 30, 2023 60,392 Fiscal year ending June 30, 2024 62,201 Fiscal year ending June 30, 2025 37,112 232,710 Present value discount (39,175 ) Lease liability $ 193,535

CONVERTIBLE NOTES PAYABLE (Tabl

CONVERTIBLE NOTES PAYABLE (Tables)	9 Months Ended
	Mar. 31, 2021
CONVERTIBLE NOTES PAYABLE (Tables)
Schedule of convertible notes payable	March 31, June 30, Convertible Notes Payable 2021 2020 Convertible notes payable issued March 2, 2020 (6% interest) $ - $ 22,000 Convertible notes payable issued March 3, 2020 (6% interest) - 10,000 Convertible notes payable issued March 7, 2020 (6% interest) - 1,650 Convertible notes payable issued March 10, 2020 (6% interest) - 15,000 Convertible notes payable issued April 9, 2020 (6% interest) - 1,000 Convertible notes payable issued April 23, 2020 (6% interest) - 2,000 Convertible notes payable issued May 11, 2020 (6% interest) - 1,500 Convertible notes payable issued December 2, 2020 (6% interest) 3,000 - Convertible notes payable issued January 4, 2021 (6% interest) 20,000 8,000 Convertible notes payable issued January 5, 2021 (6% interest) 25,000 8,000 Convertible notes payable issued January 11, 2021 (6% interest) 142,550 8,000 Convertible notes payable issued January 19, 2021 (6% interest) 10,000 - Total face value 200,550 61,150 Less unamortized discount (97,630 ) (28,416 ) Carrying value $ 102,920 $ 32,734

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Research and development expenses	$ 0	$ 0	$ 0	$ 6,339
Debt instrument, convertible, beneficial conversion feature			$ 171,958

DEPOSIT ON JOINT VENTURE (Detai

DEPOSIT ON JOINT VENTURE (Details Narrative)	1 Months Ended
	Jan. 08, 2021USD ($)
Joint Venture [Member]
Cash deposit	$ 62,000

CONCENTRATION OF CREDIT RISKS (

CONCENTRATION OF CREDIT RISKS (Details Narrative)	9 Months Ended
	Mar. 31, 2021USD ($)
OPERATING LEASE RIGHTOFUSE ASSET AND OPERATING LEASE LIABILITY
FDIC insurance	$ 1,256,566

OPERATING LEASE RIGHTOFUSE AS_3

OPERATING LEASE RIGHTOFUSE ASSET AND OPERATING LEASE LIABILITY (Details)	9 Months Ended
	Mar. 31, 2021USD ($)
Base rent	$ 4,771
November 1, 2024 to January 1, 2025 [Member]
Base rent	5,063
November 1, 2021 to October 1, 2022 [Member]
Base rent	4,633
November 1, 2023 to October 1, 2024 [Member]
Base rent	4,915
November 1, 2020 to October 1, 2021 [Member]
Base rent	4,498
February 1, 2020 to October 1, 2020 [Member]
Base rent	$ 4,367

OPERATING LEASE RIGHTOFUSE AS_4

OPERATING LEASE RIGHTOFUSE ASSET AND OPERATING LEASE LIABILITY (Details 1) - USD ($)	Mar. 31, 2021	Jun. 30, 2020
OPERATING LEASE RIGHTOFUSE ASSET AND OPERATING LEASE LIABILITY
Office lease	$ 220,448
Less accumulated amortization	(41,662)
Right-of-use assets, net	$ 178,786	$ 206,111

OPERATING LEASE RIGHTOFUSE AS_5

OPERATING LEASE RIGHTOFUSE ASSET AND OPERATING LEASE LIABILITY (Details 2) - USD ($)	Mar. 31, 2021	Jun. 30, 2020
OPERATING LEASE RIGHTOFUSE ASSET AND OPERATING LEASE LIABILITY
Office lease	$ 193,535
Less: current portion	(41,165)
Long term portion	152,370	$ 183,803
Maturity of the lease liability is as follows:
Fiscal year ending June 30, 2021	14,370
Fiscal year ending June 30, 2022	58,635
Fiscal year ending June 30, 2023	60,392
Fiscal year ending June 30, 2024	62,201
Fiscal year ending June 30, 2025	37,112
Lease liability, Gross	232,710
Present value discount	(39,175)
Lease liability	$ 193,535

OPERATING LEASE RIGHTOFUSE AS_6

OPERATING LEASE RIGHTOFUSE ASSET AND OPERATING LEASE LIABILITY (Details Narrative)	9 Months Ended
	Mar. 31, 2021USD ($)
Borrowing, Interest Rate	10.00%
Prepaid rent	$ 4,659
Lease Agreement [Member]
Capital Leases, Description	The Company leases 2,911 square feet of office space located at Innovation Centre No. 1, 3998 FAU Boulevard, Boca Raton, Florida.

EXCHANGE AGREEMENT (Details Nar

EXCHANGE AGREEMENT (Details Narrative) - USD ($)	1 Months Ended
	Apr. 16, 2019	Mar. 31, 2021	Jun. 30, 2020	Sep. 30, 2019
Banjo & Matilda, Inc and American Aviation Technologies LLC [Member] | Exchange Agreement [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Business Combination, consideration transferred, Equity Interest of acquirer, series A preferred stock, Percentage	86.39%
Series A Preferred Stock [Member]
Preferred stock, shares issued		793,279	3,113,638
Series A Preferred Stock [Member] | Xeriant [Member]
Preferred stock, shares issued as compensation				170,000
Preferred stock, shares issued				193,637
Liabilities				$ 2,608,224

CONVERTIBLE NOTES PAYABLE (Deta

CONVERTIBLE NOTES PAYABLE (Details) - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Total face value	$ 200,550	$ 61,150
Less unamortized discount	(97,630)	(28,416)
Carrying value	102,920	32,734
Convertible Notes Payable [Member]
Total face value	0	22,000
Convertible Notes Payable One [Member]
Total face value	0	10,000
Convertible Notes Payable Two [Member]
Total face value	0	1,650
Convertible Notes Payable Three [Member]
Total face value	0	15,000
Convertible Notes Payable Four [Member]
Total face value	0	1,000
Convertible Notes Payable Five [Member]
Total face value	0	2,000
Convertible Notes Payable Six
Total face value	0	1,500
Convertible Notes Payable Seven [Member]
Total face value	3,000	0
Convertible Notes Payable Eight [Member]
Total face value	20,000	8,000
Convertible Notes Payable Nine [Member]
Total face value	25,000	8,000
Convertible Notes Payable Ten [Member]
Total face value	142,550	8,000
Convertible Notes Payable Eleven [Member]
Total face value	$ 10,000	$ 0

CONVERTIBLE NOTES PAYABLE (De_2

CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($)	3 Months Ended				9 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020
Debt Instrument, Convertible, Beneficial Conversion Feature remaining					$ 169,956
Convertible notes payable, net of discount	$ 102,920				102,920		$ 32,734
Amortization of debt discount	103,225			$ 152,423	215,635	$ 286,375
Interest expense, related party	0			1,356	76	3,979
Proceeds from convertible notes payable					289,850	339,950
Debt instrument converted principal amount		$ 78,714	$ 51,145	$ 135,739
Additional paid in capital	$ 3,757,847				$ 3,757,847		$ 379,971
Warrants [Member]
Term of warrants					2 years
Exercise price	$ 0.025				$ 0.025
Warrants issued					8,498,333
Additional paid in capital	$ 156,225				$ 156,225
Convertible Notes Payable [Member]
Amortization of debt discount					220,636	285,804
Interest expense, related party					285,804	$ 3,979
Convertible Notes Payable [Member] | Between September 27, 2019 and July 20, 2020 [Member]
Debt Instrument, Convertible, Beneficial Conversion Feature remaining					$ 357,750
Conversion price	$ 0.033				$ 0.033
Term of warrants					6 months
Interest rate	6.00%				6.00%
Proceeds from convertible notes payable					$ 357,750
Convertible Notes Payable [Member] | Between March 27, 2020 and November 10, 2020 [Member]
Debt instrument converted principal amount					344,450
Accrued interest	$ 10,336				$ 10,336
Common stock shares reserved for future issuance	107,510,927				107,510,927
Convertible Notes Payable, Related Party [Member] | August 10, 2020 and January 19, 2021 [Member]
Convertible notes payable, net of discount	$ 284,550				$ 284,550
Coupon rate	6.00%				6.00%
Maturity date description					The notes have a maturity date of three and six months.
Convertible Notes Payable, Related Party [Member] | August 10, 2020 and January 19, 2021 [Member] | Conversion price 1 [Member]
Convertible notes payable, net of discount	$ 87,000				$ 87,000
Conversion price	$ 0.025				$ 0.025
Convertible Notes Payable, Related Party [Member] | August 10, 2020 and January 19, 2021 [Member] | Conversion price 2 [Member]
Convertible notes payable, net of discount	$ 180,550				$ 180,550
Conversion price	$ 0.3				$ 0.3
Convertible Notes Payable, Related Party [Member] | August 10, 2020 and January 19, 2021 [Member] | Conversion price 3 [Member]
Convertible notes payable, net of discount	$ 17,000				$ 17,000
Conversion price	$ 0.003				$ 0.003

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	1 Months Ended						3 Months Ended				9 Months Ended
	Mar. 22, 2021	Dec. 01, 2020	Nov. 25, 2020	Oct. 30, 2020	Aug. 26, 2020	Aug. 25, 2020	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020
Stock issued during period, shares, issued for services	9,991,667	2,000,000		300,000	4,090,909
Amortization of debt discount, related party							$ 0			$ (12,977)	$ (5,000)	$ (27,242)
Interest expense, related party							0			1,356	$ 76	$ 3,979
Stock issued during period, value, issued for services	$ 1,199,000	$ 100,000		$ 13,200	$ 13,500		$ 62,050	$ 1,013,200	$ 200,454
Common stock shares issued							283,875,576				283,875,576		69,584,149
Debt instrument converted principal amount								$ 78,714	$ 51,145	$ 135,739
Keystone Business Development Partners [Member]
Related party consulting fees											$ 22,500
Related party debt recorded in accounts payable							$ 7,500				7,500
Coupon rate						6.00%
Price per share						$ 0.025
Conversion price						$ 0.025
Note converted into common stock			203,025
Accrued interest			$ 76
Common stock shares issued			203,024
Debt instrument converted principal amount						$ 5,000
Principle amount			$ 5,000
AMP Web Services [Member]
Stock issued during period, shares, issued for services					4,090,909
Stock issued during period, value, issued for services					$ 13,500
Related party consulting fees											32,500
Related party consulting fees due							$ 4,500				4,500
Ancient Investments, LLC [Member]
Related party consulting fees											$ 66,000
Warrants [Member]
Common stock shares issued							200,000				200,000
Term of warrants											2 years
Exercise price							$ 0.025				$ 0.025
Additional paid in capital under fair value							$ 2,461				$ 2,461
Allocation of warrants							$ 2,461				2,461
Beneficial conversion feature recorded in additional paid in capital											$ 2,591

EQUITY (Details Narrative)

EQUITY (Details Narrative) - USD ($)	1 Months Ended							3 Months Ended				9 Months Ended
	Mar. 22, 2021	Jan. 29, 2021	Dec. 01, 2020	Nov. 24, 2020	Nov. 17, 2020	Oct. 30, 2020	Aug. 26, 2020	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Mar. 27, 2021	Feb. 15, 2021	Jun. 30, 2020
Price per share			$ 0.05	$ 0.015	$ 0.015	$ 0.044	$ 0.049	$ 0.12				$ 0.12
Preferred stock, shares rescinded															990,000
Shares returned to treasury stock														41,000
Stock issued during period, shares, issued for services	9,991,667		2,000,000			300,000	4,090,909
Common stock shares sold				1,700,000	1,700,000
Stock issued during period, value, issued for services	$ 1,199,000		$ 100,000			$ 13,200	$ 13,500	$ 62,050	$ 1,013,200	$ 200,454
Shares value				$ 25,500	$ 25,500		200,454
Loss on settlement in debt							$ 186,954	$ 0			$ 0	$ 186,954	$ 0
Conversion of preferred to common stock, amount												$ 39,358
Conversion of preferred to common stock, shares												39,358,000
Debt instrument converted principal amount									$ 78,714	$ 51,145	$ 135,739
Series A Preferred Stock [Member]
Preferred stock, shares rescinded								1,760,000				1,760,000
Preferred stock, shares designated								3,500,000				3,500,000				3,500,000
Preferred stock, shares outstanding								793,279				793,279				3,113,638
Preferred stock, shares issued								793,279				793,279				3,113,638
Preferred stock voting description												The preferred shares shall be entitled to 100 votes to every one share of common stock.
Common stock, conversion description												Each share of Series A Preferred Stock is convertible, at the option of the holder thereof, at any time into shares of Common Stock on a 1:1,000 basis.
Common stock, Dividend description												The Series A Preferred Stockholders are treated the same as the Common Stock holders except at the dividend on each share of Series A Convertible Preferred Stock is equal to the amount of the dividend declared and paid on each share of Common Stock multiplied by the Conversion Rate.
Preferred stock, shares par value								$ 0.00001				$ 0.00001				$ 0.00001
Preferred stock, shares authorized								100,000,000				100,000,000				100,000,000
Series A Preferred Stock [Member] | Banjo & Matilda, Inc and American Aviation Technologies LLC [Member]
Stock issued during period, shares, issued for services		50,000
Stock issued during period, value, issued for services		$ 25,500
Common stock price per share		$ 0.51
Debt One [Member]
Common stock issued for prior period conversions of principal and interest												24,153,385
Debt instrument converted principal amount												$ 150,450
Accrued interest								$ 3,260				$ 3,260
Debt [Member]
Common stock issued for prior period conversions of principal and interest												112,847,466
Debt instrument converted principal amount												$ 359,300
Accrued interest								$ 13,097				$ 13,097
Spider Investments, LLC [Member]
Shares returned to treasury stock														41,000
December 1, 2020 [Member]
Price per share								$ 0.05				$ 0.05
Stock issued during period, shares, issued for services												18,000,000
Stock issued during period, value, issued for services												$ 900,000
American Aviation Technologies, LLC [Member]
Preferred stock, shares rescinded								1,250,001				1,250,001
Advisory Board [Member]
Stock issued during period, shares, issued for services	50,000	50,000
Stock issued during period, value, issued for services	$ 13,800	$ 25,500
Common stock price per share	$ 0.28	$ 0.51
Advisory Board One [Member]
Stock issued during period, shares, issued for services	50,000
Stock issued during period, value, issued for services	$ 22,750
Common stock price per share	$ 0.46

GOING CONCERN MATTERS (Details

GOING CONCERN MATTERS (Details Narrative) - USD ($)	3 Months Ended						9 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020
GOING CONCERN MATTERS
Cash	$ 1,506,566						$ 1,506,566		$ 38,893
Working capital deficit	(1,393,092)						(1,393,092)		$ (53,532)
Net loss	$ (334,443)	$ (1,193,349)	$ (327,072)	$ (292,960)	$ (277,031)	$ (19,166)	$ (1,854,864)	$ (589,157)

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	May 12, 2021	Apr. 03, 2021	Apr. 26, 2021	Mar. 22, 2021	Dec. 01, 2020	Oct. 30, 2020	Aug. 26, 2020	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Proceeds from issuance of common stock												$ 1,548,000	$ 0
Debt instrument converted principal amount									$ 78,714	$ 51,145	$ 135,739
Stock issued during period, value, issued for services				$ 1,199,000	$ 100,000	$ 13,200	$ 13,500	$ 62,050	$ 1,013,200	$ 200,454
Stock issued during period, shares, issued for services				9,991,667	2,000,000	300,000	4,090,909
April 1, 2021 [Member]
Common stock price per share								$ 0.12				$ 0.12
Stock issued during period, value, issued for services												$ 250,000
Stock issued during period, shares, issued for services												2,083,334
Subsequent Event [Member]
Proceeds from issuance of common stock		$ 100,000
Shares sold		833,333
Common stock price per share		$ 0.12
Subsequent Event [Member] | Subscription Agreement [Member]
Debt instrument converted principal amount			$ 30,000
Debt conversion converted instrument, shares issued			1,014,798
Debt conversion converted instrument, accrued interest			$ 443
Subsequent Event [Member] | AAT Membership Unit Adjustment [Member] | American Aviation Technologies, LLC [Member]
Returned membership units	3,600,000
Subsequent Event [Member] | Employment Agreement [Member]
Annual base salary	$ 180,000
Issuance of preferred shares	1,000,000