Xeriant (XERI) 10-Q 16 May 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Mar. 31, 2022	May 16, 2022
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, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		365,239,001
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-54277
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	27-1519178
Entity Interactive Data Current	Yes
Entity Address Address Line 1	Innovation Centre #1
Entity Address Address Line 2	3998 FAU Boulevard, Suite 309
Entity Address City Or Town	Boca Raton
Entity Address State Or Province	FL
Entity Address Postal Zip Code	33431
City Area Code	561
Local Phone Number	491-9595

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Current assets
Cash	$ 1,693,495	$ 962,540
Deposits	12,546	12,546
Prepaids	1,790	1,234
Total current assets	1,707,831	976,320
Property & equipment, net	19,658
Operating lease right-of-use asset	138,963	169,209
Total assets	1,866,452	1,145,529
Current liabilities
Accounts payable and accrued liabilities	33,962	73,224
Accrued liabilities, related party	30,000	25,000
Convertible notes payable, net of discount	2,319,738	158,196
Lease liability, current	34,785	42,643
Total current liabilities	2,418,485	299,063
Lease liability, long-term	117,585	141,160
Total liabilities	2,536,070	440,223
Stockholders' deficit
Common stock, $0.00001 par value; 5,000,000,000 shares authorized; 363,778,386 and 292,815,960 shares issued and outstanding at March 31, 2022 and June 30, 2021, respectively	$ 3,633	$ 2,925
Common stock to be issued	97,900	51,090
Additional paid in capital	$ 15,494,788	$ 4,138,194
Accumulated deficit	(12,826,977)	(3,270,235)
Total Xeriant stockholder's deficit	2,769,362	921,992
Non-controlling interest	(3,438,980)	(216,686)
Total stockholders' deficit	(669,618)	705,306
Total liabilities and stockholders' deficit	1,866,452	1,145,529
Series A Preferred Stock [Member]
Stockholders' deficit
Preferred stock value	8	8
Series B Preferred Stock [Member]
Stockholders' deficit
Preferred stock value	$ 10	$ 10

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Jun. 30, 2021
Common stock, shares par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	5,000,000,000	5,000,000,000
Common stock, shares issued	363,778,386	292,815,960
Common stock, shares outstanding	363,778,386	292,815,960
Series A Preferred Shares [Member]
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	781,132	793,279
Preferred stock, shares outstanding	781,132	793,279
Series B Preferred Shares [Member]
Preferred stock, shares par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares designated	1,000,000	1,000,000
Preferred stock, shares issued	1,000,000	1,000,000
Preferred stock, shares outstanding	1,000,000	1,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Sales and marketing expense	$ 25,771	$ 0	$ 670,989	$ 1,000,000
General and administrative expenses	799,521	141,897	3,120,772	242,445
Professional fees	102,646	32,160	234,671	67,397
Related party consulting fees	135,500	54,500	348,925	132,500
Research and development expense	7,587	0	5,207,806	0
Total operating expenses	1,071,025	228,557	9,583,163	1,442,342
Operating loss	(1,071,025)	(228,557)	(9,583,163)	(1,442,342)
Other expenses:
Amortization of debt discount	(1,598,683)	(103,225)	(3,012,642)	(215,635)
Amortization of debt discount, related party	0	0	0	(5,000)
Financing fees	0	0	(43,750)	0
Interest expense	(134,927)	(2,661)	(138,941)	(4,857)
Interest expense, related party	0	0	0	(76)
Gain on forgiveness of accounts payable	0	0	0	0
Loss on settlement of debt	(3)	0	(536)	(186,954)
Total other (expense)	(1,733,613)	(105,886)	(3,195,869)	(412,522)
Net loss attributable:
Non-controlling interest	(7,425)	0	(3,222,294)	0
Common stockholders	(2,797,213)	0	(9,556,738)	0
Net loss	$ (2,804,638)	$ (334,443)	$ (12,779,032)	$ (1,854,864)
Net loss per common share - basic and diluted	$ (0.01)	$ 0	$ (0.04)	$ (0.01)
Weighted average number of common shares outstanding - basic and diluted	362,872,609	234,451,953	339,759,839	176,685,459

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS DEFICIT (UNAUDITED) - USD ($)	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Stock	Accumulated Deficit	Preferred stock series A	Preferred Stock Series B	Noncontrolling Interest
Balance, shares at Jun. 30, 2020		69,584,149	3,113,637
Balance, amount at Jun. 30, 2020	$ (31,224)	$ 696	$ 31	$ 379,971	$ 372,397	$ (784,319)
Shares reclassed from common stock to be issued, shares		112,847,466
Shares reclassed from common stock to be issued, amount	0	$ 1,127	0	371,270	(372,397)	0
Conversion of convertible notes and accrued interest	51,145	$ 0	$ 0	0	51,145	0
Conversion of Series A Preferred to Common Stock, shares		39,358,000	(39,358)
Conversion of Series A Preferred to Common Stock, amount	0	$ 393	$ 0	(393)	0	0
Issuance of warrants with convertible notes	36,407	0	0	36,407	0	0
Fair value of beneficial conversion feature associated with convertible debt	42,893	$ 0	0	42,893	0	0
Stock issued for services, shares		4,090,909
Stock issued for services, amount	200,454	$ 40	0	200,414	0	0
Net Loss	(327,072)	$ 0	$ 0	0		(327,072)
Balance, shares at Sep. 30, 2020		225,880,524	3,074,279
Balance, amount at Sep. 30, 2020	(27,397)	$ 2,256	$ 31	1,030,562	51,145	(1,111,391)
Balance, shares at Jun. 30, 2020		69,584,149	3,113,637
Balance, amount at Jun. 30, 2020	(31,224)	$ 696	$ 31	379,971	372,397	(784,319)
Net Loss	(1,854,864)
Balance, shares at Mar. 31, 2021		283,875,576	3,074,279
Balance, amount at Mar. 31, 2021	1,409,355	$ 2,836	$ 31	3,757,824	298,000	(2,649,336)
Balance, shares at Sep. 30, 2020		225,880,524	3,074,279
Balance, amount at Sep. 30, 2020	(27,397)	$ 2,256	$ 31	1,030,562	51,145	(1,111,391)
Conversion of convertible notes and accrued interest	78,714	0	0	0	78,714	0
Issuance of warrants with convertible notes	6,388	0	0	6,388	0	0
Fair value of beneficial conversion feature associated with convertible debt	6,612	$ 0	0	6,612	0	0
Stock issued for services, shares		20,300,000
Stock issued for services, amount	1,013,200	$ 203	0	1,012,997	0	0
Net Loss	(1,193,349)	$ 0	0	0	0	(1,193,349)
Sale of common stock, shares		3,400,000
Sale of common stock, amount	51,000	$ 34	0	50,966	0	0
Issuance of warrants for services	13,909	$ 0	$ 0	13,909	0	0
Balance, shares at Dec. 31, 2020		249,580,524	3,074,279
Balance, amount at Dec. 31, 2020	(50,923)	$ 2,493	$ 31	2,121,434	129,859	(2,304,740)
Shares reclassed from common stock to be issued, shares		19,595,442
Shares reclassed from common stock to be issued, amount	(4)	$ 195		129,660	(129,859)
Issuance of warrants with convertible notes	75,097			75,097
Fair value of beneficial conversion feature associated with convertible debt	122,453			122,453
Stock issued for services, shares		150,000
Stock issued for services, amount	62,050	$ 2		62,048
Net Loss	(344,596)					(344,596)
Sale of common stock, shares		9,991,667
Sale of common stock, amount	1,497,000	$ 100	$ 0	1,198,900	298,000	0
Issuance of warrants for services	$ 24,422			$ 24,422
Conversion of convertible notes and accrued interest, shares	23,856	4,557,943		23,810
Conversion of convertible notes and accrued interest, amount		$ 46
Balance, shares at Mar. 31, 2021		283,875,576	3,074,279
Balance, amount at Mar. 31, 2021	$ 1,409,355	$ 2,836	$ 31	$ 3,757,824	298,000	(2,649,336)
Balance, shares at Jun. 30, 2021		292,815,960					788,270	1,000,000
Balance, amount at Jun. 30, 2021	705,306	$ 2,925		4,138,194	51,090	(3,270,235)	$ 8	$ 10	$ (216,686)
Conversion of convertible notes and accrued interest	173,070	$ 106		176,054	(3,090)	0	$ 0	0	0
Conversion of Series A Preferred to Common Stock, shares		4,000,000					(4,000)
Conversion of Series A Preferred to Common Stock, amount	0	$ 40		(40)	0	0	$ 0	0	0
Fair value of beneficial conversion feature associated with convertible debt	250,000	$ 0		250,000	0	0	0	0	0
Stock issued for services, shares		2,825,000
Stock issued for services, amount	541,100	$ 27		449,173	91,900	0	0	0	0
Net Loss	(4,447,915)	$ 0		0	0	(3,270,099)	0	0	(1,177,816)
Sale of common stock, shares		7,500,000
Sale of common stock, amount	1,668,500	$ 75		499,925	1,168,500	0	0	0	0
Issuance of common stock committed in prior period, shares		400,000
Issuance of common stock committed in prior period, amount	0	$ 4		47,996	(48,000)	0	0	0	0
Shares issued as equity kicker, shares		250,000
Shares issued as equity kicker, amount	43,753	$ 3		43,750	0	0	0	0	0
Exercise of warrants, shares		4,185,000
Exercise of warrants, amount	128,550	$ 41		125,509	3,000	0	0	0	0
Conversion of convertible notes and accrued interest, shares		10,598,544
Stock option compensation	1,060,324	$ 0		1,060,324	0	0	$ 0	$ 0	0
Balance, shares at Sep. 30, 2021		322,574,504					784,270	1,000,000
Balance, amount at Sep. 30, 2021	122,688	$ 3,221		6,790,885	1,263,400	(6,540,334)	$ 8	$ 10	(1,394,502)
Balance, shares at Jun. 30, 2021		292,815,960					788,270	1,000,000
Balance, amount at Jun. 30, 2021	705,306	$ 2,925		4,138,194	51,090	(3,270,235)	$ 8	$ 10	(216,686)
Net Loss	(12,779,032)
Balance, shares at Mar. 31, 2022		363,778,386					781,132	1,000,000
Balance, amount at Mar. 31, 2022	(669,618)	$ 3,633		15,494,788	97,900	(12,826,977)	$ 8	$ 10	(3,438,980)
Balance, shares at Sep. 30, 2021		322,574,504					784,270	1,000,000
Balance, amount at Sep. 30, 2021	122,688	$ 3,221		6,790,885	1,263,400	(6,540,334)	$ 8	$ 10	(1,394,502)
Conversion of convertible notes and accrued interest	$ 250,000	$ 0		0	250,000	0	$ 0	0	0
Conversion of Series A Preferred to Common Stock, shares	(3,138)	3,138,000					(3,138)
Conversion of Series A Preferred to Common Stock, amount	$ 0	$ 31		(31)	0	0	$ 0	0	0
Fair value of beneficial conversion feature associated with convertible debt	2,365,419	$ 0		2,365,419	0	0	0	0	0
Stock issued for services, shares		900,000
Stock issued for services, amount	116,104	$ 9		116,095	0	0	0	0	0
Net Loss	(5,526,483)	$ 0		0	0	(3,489,430)	0	0	(2,037,053)
Sale of common stock, shares		8,200,000
Sale of common stock, amount	410,000	$ 82		409,918	0	0	0	0	0
Issuance of common stock committed in prior period, shares		23,266,666
Issuance of common stock committed in prior period, amount		$ 233		1,162,267	(1,162,500)	0	0	0	0
Exercise of warrants, shares		123,600
Exercise of warrants, amount	0	$ 1		2,999	3,000	0	0	0	0
Stock option compensation	827,221	0		827,221	0	0	0	0	0
Fair value of warrants associated with convertible debt	2,777,081	$ 0		2,777,081	0	0	$ 0	$ 0	0
Balance, shares at Dec. 31, 2021		358,202,770					781,132	1,000,000
Balance, amount at Dec. 31, 2021	1,342,031	$ 3,577		14,451,855	347,900	(10,029,764)	$ 8	$ 10	(3,431,555)
Conversion of Series A Preferred to Common Stock, amount	0	$ 0		0	0	0	0	0	0
Stock issued for services, shares		500,000
Stock issued for services, amount	79,750	$ 5		79,745	0	0	0	0	0
Net Loss	(2,804,638)	$ 0		0	0	(2,797,213)	0	0	(7,425)
Issuance of common stock committed in prior period, shares		4,229,680
Issuance of common stock committed in prior period, amount	3,749	$ 42		253,707	(250,000)	0	0	0	0
Inducement of conversion - interest expense, shares		845,936
Inducement of conversion - interest expense, amount	134,927	$ 8		134,918	0	0	0	0	0
Stock option compensation, shares		0
Stock option compensation, amount	574,563	$ 0		574,563	0	0	$ 0	$ 0	0
Balance, shares at Mar. 31, 2022		363,778,386					781,132	1,000,000
Balance, amount at Mar. 31, 2022	$ (669,618)	$ 3,633		$ 15,494,788	$ 97,900	$ (12,826,977)	$ 8	$ 10	$ (3,438,980)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Operating Activities
Net Loss	$ (12,779,032)	$ (1,854,864)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and Amortization	332	0
Stock compensation expense	$ 2,462,108	1,113,583
Stock issued for services	736,954
Financing fees	$ 178,676	0
Loss on settlement of debt	0	186,954
Amortization of Debt Discount	3,012,642	215,635
Amortization of Debt Discount, Related Party	0	5,000
Changes in operating assets & liabilities
Operating lease right of use asset	30,246	93
Lease liabilities	(31,433)	0
Deposits and prepaids	(556)	(62,458)
Accounts payable and accrued liabilities	(35,513)	25,880
Accrued liability, related party	5,000	0
Accrued expenses	5,520	0
Net cash used by operating activities	(6,415,055)	(370,177)
Cash Flows from Investing Activities
Purchase of property and equipment	(19,990)	0
Net cash used in Investing activities	(19,990)	0
Cash Flows from Financing Activities
Sale of common stock	2,078,500	1,548,000
Cash from exercise of warrants	128,550	0
Proceeds from convertible notes payable	4,958,950	289,850
Net cash provided by financing activities	7,166,000	1,837,850
Increase in Cash	730,955	1,467,673
Cash at beginning of period	962,540	38,893
Cash at end of period	1,693,495	1,506,566
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	440,995	130,410
Warrants issued with convertible notes payable	2,894,974	117,892
Beneficial conversion feature arising from convertible notes payable	$ 2,787,376	$ 171,958

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	9 Months Ended
	Mar. 31, 2022
ORGANIZATION AND NATURE OF BUSINESS
ORGANIZATION AND NATURE OF BUSINESS	NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS Xeriant, Inc. (“Xeriant” or the “Company”) is an aerospace company dedicated to the emerging aviation market called Advanced Air Mobility (AAM), the transition to eco-friendly, on demand flight, making air transportation more accessible and a greater part of our daily lives. Xeriant is focused on the acquisition, development, and proliferation of next generation hybrid-electric and fully electric aircraft with vertical takeoff and landing (eVTOL) capabilities, performance enhancing aerospace technologies and advanced materials, as well as critical support infrastructure. 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, the Company 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 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 (XERI). On May 27, 2021, the Company entered into a Joint Venture Agreement with XTI Aircraft Company, to form a new company, called Eco-Aero, LLC, for purpose of completing the preliminary design of XTI’s TriFan 600, a 5-passenger plus pilot, hybrid electric, vertical takeoff and landing (eVTOL) fixed wing aircraft.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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., American Aviation Technologies, LLC, and Eco-Aero, LLC. 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, 2022 and June 30, 2021 there are no deferred tax assets. Going concern 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, 2022 and June 30, 2021, the Company had $1,693,495 and $962,540 in cash and $(710,654) and $677,257 in working capital, respectively. For the nine months ended March 31, 2022 and 2021, the Company had a net loss of $12,779,032 and $1,854,864, 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. 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, 2022 and June 30, 2021 there are no accounts receivable. 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. 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 $7,587 and $0 for the three months ended March 31, 2022 and 2021, respectively. The Company incurred research and development expenses of $5,207,806 and $0 for the nine months ended March 31, 2022 and 2021, respectively. Advertising, Marketing and Public Relations The Company expenses advertising and marketing costs as they are incurred. The Company recorded advertising expenses in the amount of $3,690 and $0 for the three months ended March 31, 2022 and 2021, respectively. The Company recorded advertising expenses in the amount of $168,403 and $0 for the nine months ended March 31, 2022 and 2021, respectively. These expenses are included within sales in marketing expenses in the statements of operations. 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 for the three and nine months ended March 31, 2022 and 2021, respectively. Income Taxes The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits as a component of general and administrative expenses. Our consolidated federal tax return and any state tax returns are not currently under examination. 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 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2024 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The adoption of ASU 2020-06 is expect to have material impact on the Company’s financial statements. 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.

JOINT VENTURE

JOINT VENTURE	9 Months Ended
	Mar. 31, 2022
JOINT VENTURE
JOINT VENTURE	NOTE 3 - JOINT VENTURE On May 31, 2021, the Company entered into a Joint Venture Agreement (the “Agreement”) with XTI Aircraft Company (“XTI”), a Delaware corporation, to form a new company, called Eco-Aero, LLC (the “JV”), a Delaware limited liability company, with the purpose of completing the preliminary design of XTI’s TriFan 600, a 5-passenger plus pilot, hybrid electric, vertical takeoff, and landing (eVTOL) fixed wing aircraft. Under the Agreement, Xeriant is contributing capital, technology, and strategic business relationships, and XTI is contributing intellectual property licensing rights and know-how. XTI and the Company each own 50 percent of the JV. The JV is managed by a management committee consisting of five members, three appointed by the Company and two by XTI. The Agreement was effective on June 4, 2021, with an initial deposit of $1 million into the JV. Xeriant’s financial commitment is $10 million, contributed over a period of less than one year, as required by the aircraft development timeline and budget. The Company analyzed the transaction under ASC 810 Consolidation

CONCENTRATION OF CREDIT RISKS

CONCENTRATION OF CREDIT RISKS	9 Months Ended
	Mar. 31, 2022
CONCENTRATION OF CREDIT RISKS
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. On March 31, 2022, the Company had $1,443,495 in excess of FDIC insurance.

OPERATING LEASE RIGHT-OF-USE AS

OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY	9 Months Ended
	Mar. 31, 2022
OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY
OPERATING LEASE RIGHT-OF-USE 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. Due to the COVID-19 pandemic, the Company decided to have all employees work from home and intends to build out the office space by the end of 2021 to allow employees to work from the office in January of 2022. 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: M arch 31, 2022 Office lease $ 220,448 Less: accumulated amortization (81,485 ) Right-of-use asset, net $ 138,963 Operating lease liability is summarized below: March 31, 2022 Office lease $ 152,370 Less: current portion (34,785 ) Long term portion 117,585 Maturity of the lease liability is as follows: Fiscal year ending June 30, 2022 $ 14,804 Fiscal year ending June 30, 2023 60,392 Fiscal year ending June 30, 2024 62,201 Fiscal year ending June 30, 2025 37,112 174,508 Present value discount (22,138 ) Lease liability $ 152,370

CONVERTIBLE NOTES PAYABLE

CONVERTIBLE NOTES PAYABLE	9 Months Ended
	Mar. 31, 2022
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE	NOTE 6 - CONVERTIBLE NOTES PAYABLE The carrying value of convertible notes payable, net of discount, as of March 31, 2022 and June 30, 2021 was $2,319,738 and $158,196, respectively, as summarized below: The following table illustrates the carrying values for the convertible notes payable as of March 31, 2022 and June 30, 2021: March 31, June 30, Convertible Notes Payable 2022 2021 Convertible notes payable issued January 5, 2021 (6% interest) $ - $ 25,000 Convertible notes payable issued January 11, 2021 (6% interest) - 142,550 Convertible notes payable issued August 9, 2021 (6% interest) - - Convertible notes payable issued August 10, 2021 (6% interest) - - Convertible notes payable issued October 27, 2021 (0% interest) – Auctus Fund LLC 6,050,000 - Total face value 6,050,000 167,550 Less unamortized discount (3,730,262 ) (9,354 ) Carrying value $ 2,319,738 $ 158,196 Between September 27, 2019 and August 10, 2021, the Company issued convertible notes payable with an aggregate face value of $892,300, of which $342,950 were issued by our subsidiary AAT. The notes have a coupon rate of 6% and maturity dates between 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 $892,300, $342,950 is convertible at $.0033 per share, $87,000 is convertible at $0.025 per share, $180,550 is convertible at $.03 per share, $31,800 is convertible at $0.003 per share, and the remaining $250,000 is convertible at $.06 per share. All these convertible notes payable have been converted as of March 31, 2021 and $167,550 principal balance remaining as of June 30, 2021. The Company evaluated these notes 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. In connection with the notes, the Company issued warrants indexed to an aggregate 8,848,333 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. Auctus Fund, LLC On October 27, 2021, the Company issued a convertible note payable with Auctus Fund, LLC (the “Auctus Note”) with the principal sum of $6,050,000, which amount is the $5,142,500 actual amount of the purchase price, hereof plus an original issue discount in the amount of $907,500 and to pay interest on the unpaid principal amount hereof at the rate of zero percent per annum from the issue date until the note becomes due and payable, and $433,550 for professional fees in completing the transactions. The note has a maturity date of twelve 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 lesser of (i) $0.1187 or (ii) 75% of the offering price per share divided by the number of shares of common stock. The Auctus Note is secured by the grant of a first priority security interest in the assets of the Company. In connection with the notes, the Company issued warrants indexed to an aggregate 50,968,828 shares of common stock. The warrants have a term of five years and an exercise price of $0.1187. The warrants were recorded at fair value of $2,777,081 to additional-paid-in-capital in accordance with ASC 815-10 based upon the allocation of the debt proceeds. The Company estimated the fair value of the warrants using a Black-Scholes option-pricing model, which is based, in part, upon subjective assumptions including but not limited to stock price volatility, the expected life of the warrants, the risk-free interest rate and the fair value of the common stock underlying the warrants. The Company estimates the volatility of its stock based on the average of three similar size public companies peer group historical volatility that is in line with the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon bond for a maturity similar to the expected remaining life of the warrants. The expected remaining life of the warrants is assumed to be equivalent to their remaining contractual term. 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 $2,365,419 conversion feature in additional paid-in capital. The BCF resulted in a debt discount and are amortized over the life of the note. For the nine months ended March 31, 2022, the Company recorded $3,730,262 amortization of debt discount related to the Auctus Note. The Company is in communication with Auctus Fund, LLC and is actively working on strategies to extinguish, extend or restructure the Senior Secured Promissory Note. No assurance can be made as to the results of such actions. For the nine months ended March 31, 2022 and 2021, the Company recorded $3,012,642 and $215,635 in amortization of debt discount related to the notes. For the nine months ended March 31, 2022 and 2021, the Company recorded $4,014 and $2,196 in interest expense related to the notes, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Mar. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 7 - RELATED PARTY TRANSACTIONS 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 $0.025 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 $0.025 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 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 $0.025. 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, 2022 and 2021, the Company recorded $0 and $5,000 in amortization of debt discount related to the note. For the nine months ended March 31, 2022 and 2021, the Company recorded $0 and $76 in interest expense related to the note, respectively. 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. Consulting fees During the nine months ended March 31, 2022 and March 31, 2021, the Company recorded $134,000 and $66,000 respectively, in consulting fees to Ancient Investments, LLC, a Company owned by the Company’s CEO, Keith Duffy and the Company’s Executive Director of Corporate Operations, Scott Duffy. As of March 31, 2022 and June 30, 2021, $15,000 and $0 was recorded in accrued liabilities related to Ancient Investments, LLC, respectively. During the nine months ended March 31, 2022 and March 31, 2021, the Company recorded $92,000 and $0 respectively, in consulting fees to Edward DeFeudis, a Director of the Company. As of March 31, 2022 and June 30, 2021, $10,000 and $0 was recorded in accrued liabilities related to Edward DeFeudis, respectively. During the nine months ended March 31, 2022 and March 31, 2021, the Company recorded $65,000 and $32,500 respectively, in consulting fees to AMP Web Services, a Company owned by the Company’s CIO, Pablo Lavigna. As of March 31, 2022 and June 30, 2021, $7,000 and $0 was recorded in accrued liabilities related to AMP Web Services, respectively. During the nine months ended March 31, 2022 and March 31, 2021, the Company recorded $22,500 and $22,500 respectively, in consulting fees to Keystone Business Development Partners, a Company owned by the Company’s CFO, Brian Carey. As of March 31, 2022 and June 30, 2021, $0 and $25,000 was recorded in accrued liabilities related to Keystone Business Development Partners, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Mar. 31, 2022
Commitments and contingencies (Note 9)
COMMITMENTS AND CONTINGENCIES	NOTE 8 - 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 Joint Venture In connection with the Eco-Aero, LLC Joint Venture, discussed in Note 3, the Company has the right to invest $10,000,000 into the joint venture. Financial Advisory Agreements On August 10, 2021, the Company entered into an Advisory Agreement with a firm to assist the Company with fundraising activities. In connection with the agreement, the Company has the following commitments: · to issue 500,000 shares payable at the date of the agreement, 500,000 shares payable three months from the date of the agreement, 500,000 shares payable nine months from the date of the agreement. · Pay a financing fee of 1.5% of gross proceeds received by the Company up to $100,000,000; a financing fee of 1.25% of gross proceeds received by the Company from $100,000,000-$200,000,000, and a financing fee of 1% of gross proceeds received by the Company over $200,000,000 · M&A fee of 1.5% of the value of a business or asset sold up to $50,000,000; an M&A fee of 1.25% of value of a business or asset sold from $50,000,000-$100,000,000, an M&A fee of 1% of value of a business or asset sold from $100,000,000-$200,000,000, and an M&A fee of 0.5% of value of a business or asset sold over $200,000,000 During the nine months ended March 31, 2022, the Company issued the initial 500,000 shares, second tranche of 500,000 shares, and the remaining 500,000 shares. On August 19, 2021, the Company entered into an Advisory Agreement with a firm to assist the Company with fundraising activities. In connection with the agreement, the Company has the following commitments: · Issue 2,225,000 common shares payable at the date of the agreement, and 2,225,000 common shares payable upon an uplisting of the Company’s common stock to a national exchange. · Pay a cash fee of seven percent 7% of the amount of capital raised, invested or committed; and deliver a warrant (the “Agent Warrant”) to purchase shares of the Common Stock equal to seven percent (7%) of the number of shares of Common Stock underlying the securities issued in the Financing. · Pay a cash fee for entering into a transaction including, without limitation, a merger, acquisition or sale of stock or assets equal to one and one half percent (1.5%), or in the event a transaction is consummated with a party that was in communication with the Company prior to the date of this contract, then the fee shall equal one half percent (0.5%). During the nine months ended March 31, 2022, the Company issued the initial 2,225,000 shares. Litigation On September 1, 2021, Xeriant Inc. brought a cause of action in the Southern District of Florida against a former shareholder for claims, including but not limited to, breach of contract, misrepresentation, and asserting claims to recoup monetary and in-kind distributions made to the shareholder by the Company. The defendant submitted an affirmative defense and counterclaim on October 29, 2021. Board of Advisors Agreements The Company has entered into advisor agreements with various advisory board members. The agreements provide for the following: On October 27, 2020, the Company agreed to issue 300,000 common shares immediately, 2-year cashless warrants to purchase 300,000 common shares at the current price, and $2,500 per meeting paid 50% in cash and 50% in common shares. On January 18, 2021, the Company agreed to issue 50,000 common shares, two-year cashless warrants to purchase 25,000 common shares at the current price, and $2,500 per meeting paid in cash, common shares, or a combination. On January 22, 2021, the Company agreed to issue 50,000 common shares, two-year cashless warrants to purchase 25,000 common shares at the current price, and $2,500 per meeting paid in cash, common shares, or a combination. On March 7, 2021 the Company paid an advisor $2,500 and issued 50,000 common shares. On July 1, 2021, the Company agreed to issue 100,000 common shares, and $2,500 per meeting paid in cash, common shares, or a combination, an additional bonus of $25,000 paid in common shares issued at the end of each year of service, an option to purchase 5,000,000 common shares at $0.12 per share, vesting quarterly over 24 months, and for each of the following three years (beginning July 1, 2022), an option to purchase an additional 1,000,000 common shares per year thereafter at a 25% discount to the average market price for the preceding 10 trading days. On July 6, 2021, provided an option to purchase 5,000,000 common shares at $0.12 per share, vesting quarterly over 24 months, a bonus of 250,000 common shares issued upon a strategic partnership with a major airline, $2,500 per formal meeting paid in common shares, and an additional bonus of $25,000 paid in common shares issued at the end of each year of service. On July 28, 2021, the Company agreed to issue 250,000 common shares immediately, an option to purchase 5,000,000 common shares at $0.12 per share, vesting quarterly over 24 months, a bonus of 5,000,000 common shares for bringing in a strategic partner that significantly strengthens the Company’s market position, $2,500 per formal meeting paid in cash, common shares or a combination, and an additional bonus of $25,000 paid in common shares issued at the end of each year of service On August 9, 2021, the Company agreed to issue 50,000 common shares, $2,500 per meeting paid in cash, common shares, or a combination, and an additional bonus of $25,000 paid in common shares issued at the end of each year of service. On August 20, 2021, the Company agreed to issue 100,000 common shares, and $2,500 per meeting paid in cash, common shares, or a combination, an additional bonus of $25,000 paid in common shares issued at the end of each year of service, an option to purchase 4,000,000 common shares at $0.12 per share, vesting quarterly over 24 months.

EQUITY

EQUITY	9 Months Ended
	Mar. 31, 2022
EQUITY
EQUITY	NOTE 9 - EQUITY Common Stock As of March 31, 2022 and June 30, 2021, the Company had 5,000,000,000 shares of common stock authorized with a par value of $0.00001. There were 363,778,386 and 292,815,960 shares issued and outstanding as of March 31, 2022 and June 30, 2021, respectively. During the three months ended September 30, 2021, the Company issued 400,000 shares of common stock related to a subscription agreement from the previous fiscal year, which were previously recorded in common stock to be issued at $48,000. During the three months ended September 30, 2021, the Company sold 2,500,000 shares of common stock for aggregate proceeds of $250,000, or $0.10 per share.\ During the three months ended September 30, 2021, the Company sold 5,000,000 shares of common stock for aggregate proceeds of $250,000, or $0.05 per share. In connection with one of the subscription agreements, the Company issued 250,000 shares as an equity kicker valued at $43,750, which has been expensed as a financing costs. During the three months ended September 30, 2021, the Company issued 4,185,000 shares of common stock as a result of warrant exercises in the aggregate proceeds of $125,550. During the three months ended September 30, 2021, the Company issued 4,000,000 shares of common stock in exchange for the conversion of 4,000 shares of Series A Preferred Stock. During the three months ended September 30, 2021, the Company issued 10,598,544 shares of common stock for the conversion of $167,550 in principal and $4,985 in accrued interest. This resulted in a loss on extinguishment of debt in the amount of $535. During the three months ended September 30, 2021, the Company issued 2,825,000 shares of common stock for services, valued at $449,200. During the three months ended December 31, 2021, the Company sold 8,200,000 shares of common stock for aggregate proceeds of $410,000, or $0.05 per share. During the three months ended December 31, 2021, the Company issued 23,266,667 shares of common stock for aggregate proceeds of $1,162,500, or $0.05 per share for the sale of common shares that has not been issued in the quarter ended September 30, 2021. During the three months ended December 31, 2021, the Company issued 4,305,000 shares of common stock for the $3,000 exercise of warrants in the quarter ended September 30, 2021. During the three months ended December 31, 2021, the Company issued 3,138,000 shares of common stock in exchange for the conversion of 3,318 shares of Series A Preferred Stock. During the three months ended December 31, 2021, the Company issued 900,000 shares of common stock for services, valued at $116,105. During the three months ended March 31, 2022, the Company issued 500,000 shares of common stock for services, valued at $79,750. During the three months ended March 31, 2022, the Company issued 4,229,680 shares of common stock for the conversion of $250,000 principal balance of convertible notes payable and $3,749 accrued interest that has not been issued in the quarter ended December 31, 2021. During the three months ended March 31, 2022, the Company issued 845,936 shares of common stock in exchange for the inducement to the convertible notes holders to convert at fair value of $134,927. Common Stock to be Issued During the three months ended September 30, 2021, the Company sold 200,000 shares of common stock for aggregate proceeds of $6,000, or $0.03 per share. As of March 31, 2022, these shares are categorized in common stock to be issued. During the three months ended September 30, 2021, the Company agreed to pay a consultant 250,000 shares in exchange to $45,500 in services. As of March 31, 2022, these shares are categorized in common stock to be issued. During the three months ended September 30, 2021, the Company agreed to issue advisory board members 250,000 shares in exchange for $46,400 in services. 200,000 shares vest on a quarterly basis over one year and 50,000 shares vest completely after a year. As of March 31, 2022, these shares are categorized in common stock to be issued. Series A 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. As of As of March 31, 2022 and June 30, 2021, the Company has 780,132 and 788,270 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 one of the shareholders 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. During the nine months ended March 31, 2022, the Company issued 4,138,000 shares of common stock in exchange for the conversion of 4,138 shares of Series A Preferred Stock. Series B Preferred Stock On March 25, 2021, the Certificate of Designation for the Series B Preferred was recorded by the State of Nevada. There are 100,000,000 shares authorized as preferred stock, of which 1,000,000 are designated as Series B Preferred Stock having a par value of $0.00001 per share. The Series B preferred stock is not convertible, does not have any voting rights and no liquidation preference. Stock Options In connection with certain advisory board compensation agreements, the Company issued an aggregate 19,000,000 options at an exercise price of $0.12 per share in July and August 2021. These options vest quarterly over twenty-four months and have a term of three years. The grant date fair value was $3,543,787. The Company recorded compensation expense in the amount of $2,462,108 for these options for the nine months ended March 31, 2022. As of March 31, 2022, there was $1,125,008 of total unrecognized compensation cost related to non vested portion of options granted. As of March 31, 2022, there are 19,000,000 options outstanding, of which 4,750,000 are exercisable. The weighted average remaining term is 2.31 years. Options A summary of the Company’s stock options activity is as follows: Number of Options Weighted- Average Exercise Price Weighted- Average Contractual Term (in years) Aggregate Intrinsic Value Outstanding at June 30, 2021 - $ - Granted 19,000,000 0.12 Exercised - - Canceled - - Outstanding at March 31, 2022 19,000,000 $ 0.12 2.3 $ - Vested and expected to vest at March 31, 2022 4,750,000 $ 0.12 2.3 $ - Exercisable at March 31, 2022 4,750,000 $ 0.12 2.3 $ - Significant inputs and results arising from the Black-Scholes process are as follows for the options: Quoted market price on valuation date $0.169 - $0.23 Exercise prices $0.12 Range of expected term 1.55 Years – 2.49 Years Range of market volatility: Range of equivalent volatility 215.12% - 275.73 % Range of interest rates 0.20% - 0.47 % Warrants As of March 31, 2022 and June 30, 2021, the Company had 55,512,161 and 8,848,333 warrants outstanding, respectively. The warrants were issued in connection with the Convertible Notes (See Note 6). The warrants have a term of two to five years and an exercise price range from $0.1187 to $0.025. 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 $2,933,305. During the nine months ended March 31, 2022, holders of warrants exercised warrants for 4,308,600 shares of common stock for aggregate proceeds of $128,550. As of March 31, 2022, the weighted average remaining useful life of the warrants was 0.83. A summary of the Company’s stock warrants activity is as follows: Number of Options (in thousands) Weighted- Average Exercise Price Weighted- Average Contractual Term (in years) Aggregate Intrinsic Value Outstanding at June 30, 2021 8,848,333 $ 0.03 0.94 - Granted 50,968,828 0.1187 4.6 - Exercised (4,305,000 ) - Canceled - - Outstanding at March 31, 2022 55,512,161 $ 0.111 4.3 $ - Vested and expected to vest at March 31, 2022 55,512,161 $ 0.111 4.3 $ - Exercisable at March 31, 2022 55,512,161 $ 0.111 4.3 $ -

NON-CONTROLLING INTEREST

NON-CONTROLLING INTEREST	9 Months Ended
	Mar. 31, 2022
NON-CONTROLLING INTEREST
NON-CONTROLLING INTEREST	NOTE 10 - NON-CONTROLLING INTEREST AAT membership unit adjustment On May 12, 2021, on further advice of counsel and in good faith, the Company returned 3,600,000 membership units of American Aviation Technologies, LLC to a former shareholder, which was his consideration provided in the Share Exchange between American Aviation Technologies, LLC and Xeriant, Inc. As a result, this former shareholder was restored to his original shareholding position in American Aviation Technologies, LLC. 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Mar. 31, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 11 - SUBSEQUENT EVENTS Joint Venture Effective April 2, 2022 (the “Effective Date”), the Company entered into a Joint Venture Agreement (the “Joint Venture Agreement”) with Movychem s.r.o., a Slovakian limited liability company (“Movychem”) setting forth the terms for the establishment of a joint venture (the “Joint Venture”) to develop applications and commercialize a series of flame retardant products in the form of polymer gels, powders, liquids and pellets derived from technology developed by Movychem under the name Retacell™. The Joint Venture is organized as a Florida limited liability company under the name Ebenberg, LLC and is owned 50% by each of the Company and Movychem. The management and control of the Joint Venture is exclusively vested in a management committee (the “Management Committee”) which consists of five members two of whom are appointed by the Company, two of whom are appointed by Movychem and one of whom (the “Independent Member”) is appointed by mutual agreement of the parties. The Independent Member serves for a period of six months for the first two terms with each of the subsequent terms to be for a period of 12 months. For its capital contribution to the Joint Venture, pursuant to a Patent and Exclusive License and Assignment Agreement (the “Patent Agreement”), Movychem is transferring to the Joint Venture all of its interest to the know-how and intellectual property relating to Retacell exclusive of all patents, and the Company is contributing the amount of $2,600,000 payable (a) $600,000 at the rate of $25,000 per month over a 24 month period and (b) $2,000,000 within five business days of a closing of a financing in which the Company receives net proceeds of at least $3,000,000 but in no event later than six months from the Effective Date. At such time as the Company makes its $2,000,000 payment (and assuming the Company is current with its then monthly capital contributions), pursuant to the Patent Agreement, Movychem will transfer all of its rights, title and interest to all of the patents related to Retacell for an amount equal to aggregate cash contributions of the Company to the Joint Venture plus 40% of all royalty payments received by the Joint Venture for the licensing of Retacell products. Pending assignment of the patents to the Joint Venture, pursuant to the Patent Agreement, Movychem has granted to the Joint Venture an exclusive worldwide license under the patents. Concurrently with the execution of the Joint Venture Agreement, the Joint Venture has entered into a Services Agreement (the “Services Agreement”) with the Company pursuant to which the Company will provide to the Joint Venture technical services related to the exploitation of the Retacell intellectual property and corporate, marketing. business development, communications and administrative services as requested by the Joint Venture in exchange for 40% of all royalty payments received by the Joint Venture for the licensing of Retacell products. Under the Joint Venture Agreement, the Company has agreed to grant to certain individuals affiliated with Movychem five-year warrants (the “Warrants”) to purchase an aggregate of 170,000,000 shares of the Company’s common stock at an exercise price of $0.01 per share with vesting depending on the satisfaction of various milestones as described therein. The Joint Venture Agreement grants to Movychem the right to dissolve the Joint Venture in the event that the Company fails to make any of its capital contributions in which case the Joint Venture will be required to grant back to Movychem all joint venture intellectual property and the assignment to Movychem of any outstanding licenses. Additionally, the Services Agreement will be amended to provide that the 40% of royalties to be paid by to the Company will be limited to licensees who were first introduced to the Joint Venture or Movychem, as the case may be. Board of Directors On May 12, 2022, Michael Harper and Lisa Ruth completed their one-year term serving as directors of the Company and have resigned from the board. Their resignations were anticipated and not as a result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Mar. 31, 2022
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., American Aviation Technologies, LLC, and Eco-Aero, LLC. 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, 2022 and June 30, 2021 there are no deferred tax assets.
Going concern	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, 2022 and June 30, 2021, the Company had $1,693,495 and $962,540 in cash and $(710,654) and $677,257 in working capital, respectively. For the nine months ended March 31, 2022 and 2021, the Company had a net loss of $12,779,032 and $1,854,864, 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.
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, 2022 and June 30, 2021 there are no accounts receivable.
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.
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 $7,587 and $0 for the three months ended March 31, 2022 and 2021, respectively. The Company incurred research and development expenses of $5,207,806 and $0 for the nine months ended March 31, 2022 and 2021, respectively.
Advertising, Marketing and Public Relations	The Company expenses advertising and marketing costs as they are incurred. The Company recorded advertising expenses in the amount of $3,690 and $0 for the three months ended March 31, 2022 and 2021, respectively. The Company recorded advertising expenses in the amount of $168,403 and $0 for the nine months ended March 31, 2022 and 2021, respectively. These expenses are included within sales in marketing expenses in the statements of operations.
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 for the three and nine months ended March 31, 2022 and 2021, respectively.
Income Taxes	The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits as a component of general and administrative expenses. Our consolidated federal tax return and any state tax returns are not currently under examination. 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 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2024 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The adoption of ASU 2020-06 is expect to have material impact on the Company’s financial statements. 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 ASSE

OPERATING LEASE RIGHTOFUSE ASSET AND OPERATING LEASE LIABILITY (Tables)	9 Months Ended
	Mar. 31, 2022
OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY
Summary of Operating lease liability	Fiscal year ending June 30, 2022 $ 14,804 Fiscal year ending June 30, 2023 60,392 Fiscal year ending June 30, 2024 62,201 Fiscal year ending June 30, 2025 37,112 174,508 Present value discount (22,138 ) Lease liability $ 152,370
Summary of Right-of-use assets, net	M arch 31, 2022 Office lease $ 220,448 Less: accumulated amortization (81,485 ) Right-of-use asset, net $ 138,963
Summary Of Operating lease liability	March 31, 2022 Office lease $ 152,370 Less: current portion (34,785 ) Long term portion 117,585
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

CONVERTIBLE NOTES PAYABLE (Tabl

CONVERTIBLE NOTES PAYABLE (Tables)	9 Months Ended
	Mar. 31, 2022
CONVERTIBLE NOTES PAYABLE (Tables)
Schedule of convertible notes payable	March 31, June 30, Convertible Notes Payable 2022 2021 Convertible notes payable issued January 5, 2021 (6% interest) $ - $ 25,000 Convertible notes payable issued January 11, 2021 (6% interest) - 142,550 Convertible notes payable issued August 9, 2021 (6% interest) - - Convertible notes payable issued August 10, 2021 (6% interest) - - Convertible notes payable issued October 27, 2021 (0% interest) – Auctus Fund LLC 6,050,000 - Total face value 6,050,000 167,550 Less unamortized discount (3,730,262 ) (9,354 ) Carrying value $ 2,319,738 $ 158,196

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Mar. 31, 2022
EQUITY
Summary of stock options activity	Number of Options Weighted- Average Exercise Price Weighted- Average Contractual Term (in years) Aggregate Intrinsic Value Outstanding at June 30, 2021 - $ - Granted 19,000,000 0.12 Exercised - - Canceled - - Outstanding at March 31, 2022 19,000,000 $ 0.12 2.3 $ - Vested and expected to vest at March 31, 2022 4,750,000 $ 0.12 2.3 $ - Exercisable at March 31, 2022 4,750,000 $ 0.12 2.3 $ -
Summary of significant inputs and results arising from the Black-Scholes Table Text Block	Quoted market price on valuation date $0.169 - $0.23 Exercise prices $0.12 Range of expected term 1.55 Years – 2.49 Years Range of market volatility: Range of equivalent volatility 215.12% - 275.73 % Range of interest rates 0.20% - 0.47 %
Summary of stock warrants activity	Number of Options (in thousands) Weighted- Average Exercise Price Weighted- Average Contractual Term (in years) Aggregate Intrinsic Value Outstanding at June 30, 2021 8,848,333 $ 0.03 0.94 - Granted 50,968,828 0.1187 4.6 - Exercised (4,305,000 ) - Canceled - - Outstanding at March 31, 2022 55,512,161 $ 0.111 4.3 $ - Vested and expected to vest at March 31, 2022 55,512,161 $ 0.111 4.3 $ - Exercisable at March 31, 2022 55,512,161 $ 0.111 4.3 $ -

ORGANIZATION AND NATURE OF BU_2

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative)	Sep. 30, 2019
Series A Preferred Shares [Member]
Equity method investment ownership interest acquired	100.00%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Research and development expenses	$ 7,587	$ 0	$ 5,207,806	$ 0
Cash	1,693,495		1,693,495		$ 962,540
Working capital	(710,654)		(710,654)		$ 677,257
Net loss	(2,804,638)	(334,443)	(12,779,032)	(1,854,864)
Advertising expenses	3,690	0	168,403	0
Offering costs	$ 0	$ 0	$ 0	$ 0
Income tax positions percentage description			greater than 50%

JOINT VENTURE (Details Narrativ

JOINT VENTURE (Details Narrative) - Joint Venture [Member]	9 Months Ended
	Mar. 31, 2022USD ($)
Joint venture own percentage rate	50 percent
Description of joint venture agreement	The Agreement was effective on June 4, 2021, with an initial deposit of $1 million into the JV. Xeriant’s financial commitment is $10 million, contributed over a period of less than one year, as required by the aircraft development timeline and budget
Right to invest	$ 10,000,000

CONCENTRATION OF CREDIT RISKS (

CONCENTRATION OF CREDIT RISKS (Details Narrative)	9 Months Ended
	Mar. 31, 2022USD ($)
OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY
Cash in excess of FDIC insurance	$ 1,443,495

OPERATING LEASE RIGHTOFUSE AS_2

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

OPERATING LEASE RIGHTOFUSE AS_3

OPERATING LEASE RIGHTOFUSE ASSET AND OPERATING LEASE LIABILITY (Details 1) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY
Office lease	$ 220,448
Less accumulated amortization	(81,485)
Right-of-use assets net	$ 138,963	$ 169,209

OPERATING LEASE RIGHTOFUSE AS_4

OPERATING LEASE RIGHTOFUSE ASSET AND OPERATING LEASE LIABILITY (Details 2) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY
Office lease	$ 152,370
Less current portion	(34,785)
Long term portion	117,585	$ 141,160
Maturity of the lease liability is as follows
Fiscal year ending June 30 2022	14,804
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	174,508
Present value discount	(22,138)
Lease liability	$ 152,370

OPERATING LEASE RIGHTOFUSE AS_5

OPERATING LEASE RIGHTOFUSE ASSET AND OPERATING LEASE LIABILITY (Details Narrative)	9 Months Ended
	Mar. 31, 2022USD ($)
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 in the Research Park at Florida Atlantic University, Innovation Centre 1, 3998 FAU Boulevard, Suite 309, Boca Raton, Florida

CONVERTIBLE NOTES PAYABLE (Deta

CONVERTIBLE NOTES PAYABLE (Details) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Total face value	$ 6,050,000	$ 167,550
Less unamortized discount	(3,730,262)	(9,354)
Carrying value	2,319,738	158,196
Convertible notes payable issued January 5, 2021
Total face value	0	25,000
Convertible notes payable issued January 11, 2021
Total face value	0	142,550
Convertible notes payable issued August 9, 2021
Total face value	0	0
Convertible notes payable issued August 10, 2021
Total face value	0	$ 0
Convertible notes payable issued October 27, 2021
Total face value	$ 6,050,000

CONVERTIBLE NOTES PAYABLE (De_2

CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended			9 Months Ended
	Oct. 27, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Total face value		$ 6,050,000			$ 6,050,000		$ 167,550
Carrying value of convertible notes payable, net of discount		2,319,738			2,319,738		$ 158,196
Amortization of debt discount	$ 907,500	1,598,683	$ 103,225		3,012,642	$ 215,635
Amortization of debt discount related to Auctus Note					3,730,262
Debt instrument converted principal amount	$ 6,050,000
Aggregate warrant issued of common stock	50,968,828
Warrant expired period	5 years
Fair value of warrant	$ 2,777,081
Fair value of beneficial conversion feature associated with convertible debt Additional paid in capital		2,365,419			2,365,419
Interest expenses				$ 892,300	4,014	2,196
Conversion price	$ 0.1187
Offering price per share	75.00%
Purchase price	$ 5,142,500
Professional fees	$ 433,550	102,646	$ 32,160	$ 342,950	234,671	$ 67,397
Debt Instrument Convertible Beneficial Conversion Feature remaining					2,539
Between September 27 2019 and July 20 2020 [Member] | February Two Thousand Twenty Two [Member]
Debt Instrument Convertible Beneficial Conversion Feature remaining					892,300
Convertible note payable issued by AAT		$ 342,950			$ 342,950
Conversion price description					Of the $892,300, $342,950 is convertible at $.0033 per share, $87,000 is convertible at $0.025 per share, $180,550 is convertible at $.03 per share, $31,800 is convertible at $0.003 per share, and the remaining $250,000 is convertible at $.06 per share
Term of warrant						6 years
Interest rate		6.00%			6.00%
Warrants [Member]
Warrants Issued					8,848,333
Exercise price		$ 0.025			$ 0.025		$ 0.025
Fair value					$ 156,225

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Oct. 27, 2021	Jun. 30, 2021	Nov. 25, 2020	Aug. 25, 2020
Amortization of debt discount related party			$ 0	$ 5,000
Debt Instrument Convertible Beneficial Conversion Feature remaining			2,539
Interest expense related party	$ 0	$ 0	0	76
Accrued liability	30,000		30,000			$ 25,000
Convertible note payable face value	$ 250,000		$ 250,000
Conversion price					$ 0.1187
Warrants [Member]
Common stock shares issued						200,000
Exercise price	$ 0.025		$ 0.025			$ 0.025
Additional paid in capital under the fair value						$ 2,461
Allocation of warrants						2,461
Keystone Business Development Partners [Member]
Consulting fees			$ 22,500	22,500
Accrued liability	$ 0		0			25,000	$ 5,000
Convertible note payable face value								$ 5,000
Common stock shares issued							203,024
Accrued interest							$ 76
Copon rate								6.00%
Price per share								$ 0.025
Conversion price								$ 0.025
Ancient Investments, LLC
Consulting fees			134,000	66,000
Accrued liability	15,000		15,000			0
Edward DeFeudis
Consulting fees			92,000	0
Accrued liability	10,000		10,000			0
AMP Web Services
Consulting fees			65,000	$ 32,500
Accrued liability	$ 7,000		$ 7,000			$ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	Mar. 07, 2021	Aug. 20, 2021	Aug. 09, 2021	Jul. 28, 2021	Jul. 06, 2021	Jan. 18, 2021	Oct. 27, 2020	Nov. 10, 2021	Mar. 31, 2022	Mar. 31, 2021
Common shares cash amount paid per meeting									$ 2,078,500	$ 1,548,000
Financial Advisory Agreements [Member]
Stock issued during priod shares new issues									500,000
Issued share payable								500,000	5,000,000
Financing fees description									Pay a financing fee of 1.5% of gross proceeds received by the Company up to $100,000,000; a financing fee of 1.25% of gross proceeds received by the Company from $100,000,000-$200,000,000, and a financing fee of 1% of gross proceeds received by the Company over $200,000,000
M A Description									M&A fee of 1.5% of the value of a business or asset sold up to $50,000,000; an M&A fee of 1.25% of value of a business or asset sold from $50,000,000-$100,000,000, an M&A fee of 1% of value of a business or asset sold from $100,000,000-$200,000,000, and an M&A fee of 0.5% of value of a business or asset sold over $200,000,000
Financial Advisory Agreements One [Member]
Stock issued during priod shares new issues									2,225,000
Issue common shares payable		2,225,000							2,225,000
Cash fee percent of amount capital raised									7.00%
Advisory Board [Member]
Common shares cash amount paid per meeting	$ 2,500	$ 2,500	$ 2,500	$ 2,500	$ 2,500	$ 2,500	$ 2,500
Stock issued during priod shares new issues	50,000	100,000	50,000	250,000		50,000	300,000	500,000	500,000
Issue of initial shares									500,000
Issue of second tranche shares									50,000
Issue of remaining shares									500,000
Additional bonus paid common shares issued for services		$ 25,000		$ 25,000	$ 25,000
Warrant options to common shares				5,000,000	5,000,000	100,000	300,000
Common stock shares issuedsold price per share				$ 0.12	$ 0.12
Common share opened a strategic bonus			25,000	5,000,000	250,000
Advisory Board [Member] | July 1 2020 [Member]
Common shares cash amount paid per meeting									$ 2,500
Stock issued during priod shares new issues						500,000			10,000,000
Additional bonus paid common shares issued for services									$ 25,000
Warrant options to common shares		4,000,000				25,000			1,000,000
Common stock shares issuedsold price per share		$ 0.12							$ 0.12
Average market price									25.00%
Option to purchase shares									$ 50,000,000

NONCONTROLLING INTEREST (Detail

NONCONTROLLING INTEREST (Details Narrative) - American Aviation Technologies LLC [Member]	May 12, 2021shares
Ownership reduced percentage	64.00%
Membership units returned to related party	3,600,000

EQUITY (Details)

EQUITY (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2022
Number of Shares
Outstanding, Beginning		0
Grants	19,000,000	19,000,000
Exercised		0
Canceled		0
Vested and expected to vest		4,750,000
Exercisable at Ending	4,750,000	4,750,000
Weighted Average Exercise Price
Outstanding, Beginning		$ 0
Grants		0.12
Expired		0
Vested and expected to vest		0.12
Exercisable at Ending	$ 0.12	$ 0.12
Weighted Average Remaining Contractual Term
Outstanding, Beginning		2 years 3 months 18 days
Vested and expected to vest		2 years 3 months 18 days
Outstanding at Ending		2 years 3 months 18 days
Exercisable at Ending		2 years 3 months 18 days
Aggregate Intrinsic Value
Outstanding, Beginning		$ 0
Outstanding at Ending	$ 0	0
Exercisable at Ending	$ 0	$ 0

EQUITY (Details 1)

EQUITY (Details 1) - $ / shares	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Aug. 31, 2021	Jul. 31, 2021
Quoted market price on valuation date		$ 0.03	$ 0.12	$ 0.12
Stock Option [Member]
Exercise price	$ 0.12
Minimum [Member] | Stock Option [Member]
Quoted market price on valuation date	$ 0.169
Range of expected term	1 year 6 months 18 days
Range of interest rate	0.20%
Range of equivalent volatility	215.12%
Maximum [Member] | Stock Option [Member]
Quoted market price on valuation date	$ 0.23
Range of expected term	2 years 5 months 26 days
Range of interest rate	0.47%
Range of equivalent volatility	275.73%

EQUITY (Details 2)

EQUITY (Details 2)	9 Months Ended
	Mar. 31, 2022$ / sharesshares
Weighted average contractual term [Member]
Weighted average contractual term, beginning	11 months 8 days
Weighted average contractual term, granted	4 years 7 months 6 days
Weighted average contractual term, Exercised	0 years
Weighted average contractual term, Canceled	0 years
Weighted average contractual term, ending	4 years 3 months 18 days
Weighted average contractual term, Vested and expected to vest	4 years 3 months 18 days
Weighted average contractual term, Exercisable	4 years 3 months 18 days
Weighted Average Exercise Price [Member]
Weighted average exercise price, beginning	$ 0.03
Weighted average exercise price, granted	0.1187
Weighted average exercise price, Exercised	0
Weighted average exercise price, Canceled	0
Weighted average exercise price, Ending	0.111
Weighted average exercise price, Vested and expected to vest	0.111
Weighted average exercise price, Exercisable	$ 0.111
Warrants [Member]
Outstanding, Beginning | shares	8,848,333
Granted | shares	50,968,828
Warrant Exercised | shares	(4,305,000)
Outstanding Ending | shares	55,512,161
Outstanding Vested and expected to vest | shares	55,512,161
Outstanding Exercisable | shares	55,512,161

EQUITY (Details Narrative1)

EQUITY (Details Narrative1) - USD ($)	3 Months Ended						9 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2022	Mar. 31, 2021	Aug. 31, 2021	Jul. 31, 2021	Jun. 30, 2021
Compensation expense	$ 2,462,108
Common stock authorized	5,000,000,000						5,000,000,000				5,000,000,000
Additional common shares issued as financing costs	845,936
Common stock shares par value	$ 0.00001						$ 0.00001				$ 0.00001
Fair value of stock option	$ 3,543,787						$ 3,543,787
Common stock issued upon exercise of warrant			4,185,000
Aggregate gross proceeds on exercise of warrant			$ 125,550
Common stock shares issued in exchange for services value			$ 46,400
Stock options issued	19,000,000						19,000,000
Stock options exercisable	4,750,000	815,351	818,006				4,750,000
Stock options weighted average remaining term	2 years 3 months 21 days
Conversion of Stock in Principle amount	$ 250,000		$ 167,550
Conversion of Stock in accured interest	3,749		4,985
Loss on settlement in debt	$ (3)		$ 535	$ 0			$ (536)	$ (186,954)
Common stock issued for prior period conversions of principal and interest	4,229,680		10,598,544
Conversion of convertible notes payable	$ 250,000						$ 250,000
Price per share			$ 0.03						$ 0.12	$ 0.12
Common stock shares issued	363,778,386						363,778,386				292,815,960
Common stock shares outstanding	363,778,386						363,778,386				292,815,960
Total unrecognized compensation	$ 1,125,008						$ 1,125,008
Conversion of Series A Preferred to Common Stock, shares		(3,138)
Inducment of conversion - interest expense, amount	134,927
Aggregate relative fair value	0	$ 795,115					0
Stock issued during period value issued for services	$ 79,750	$ 116,104	$ 541,100	$ 62,050	$ 1,013,200	$ 200,454
Common shares issued during period value							$ 2,078,500	$ 1,548,000
Tranche Two [Member]
Price per share		$ 0.05	$ 0.05
Common shares issued during period shares	5,000,000	23,266,667	5,000,000
Common shares issued during period value	$ 250,000	$ 1,162,500	$ 250,000
Tranche One [Member]
Price per share	$ 0.05	$ 0.05	$ 0.10				$ 0.05
Common shares issued during period shares		8,200,000	2,500,000
Common shares issued during period value	$ 410,000	$ 410,000	$ 250,000
Subscription Agreement [Member]
Common shares issued during period shares	400,000		400,000
Common shares issued during period value	$ 48,000		$ 48,000
Shares issued as an equity kicker shares			250,000
Shares issued as an equity kicker value			$ 43,750
American Aviation Technologies LLC [Member]
Preferred stock, shares rescinded				1,250,001				1,250,001
Advisory board Member;s
Common stock shares issued for services	500,000	900,000	2,825,000				4,138,000
Common stock shares issued for services value	$ 79,750	$ 116,105	$ 449,200				$ 4,138
Common stock shares vested on a quarterly basis over one year			200,000
Common stock shares vested completely after a year			50,000
Series A Preferred Stock [Member]
Conversion of Series A Preferred to Common Stock, shares		(3,138)	4,000,000
Preferred stock shares issued	780,132						780,132				788,270
Preferred stock shares outstanding	780,132						780,132				788,270
Preferred stock shares par value	$ 0.00001						$ 0.00001				$ 0.00001
Preferred stock shares authorized	100,000,000						100,000,000				100,000,000
Preferred stock shares designated	3,500,000						3,500,000				3,500,000
Preferred stock, shares rescinded	990,000						990,000
Fair value		$ 3,138,000	$ 4,000
Series A Preferred Shares [Member]
Preferred stock shares issued	781,132						781,132				793,279
Preferred stock shares outstanding	781,132						781,132				793,279
Preferred stock shares par value	$ 0.00001						$ 0.00001				$ 0.00001
Preferred stock shares authorized	100,000,000						100,000,000				100,000,000
Preferred stock shares designated	3,500,000						3,500,000				3,500,000
Series B Preferred Shares [Member]
Preferred stock shares issued	1,000,000						1,000,000				1,000,000
Preferred stock shares outstanding	1,000,000						1,000,000				1,000,000
Preferred stock shares par value	$ 0.00001						$ 0.00001				$ 0.00001
Preferred stock shares authorized	100,000,000						100,000,000				100,000,000
Preferred stock shares designated	1,000,000						1,000,000				1,000,000
Common Stock To Be Issued [Member]
Stock issued during period shares issued for services			250,000
Stock issued during period value issued for services			$ 45,500
Common Stock To Be Issued [Member] | Tranche One [Member]
Price per share			$ 0.03
Common shares issued during period shares		4,305,000	200,000
Common shares issued during period value		$ 3,000	$ 6,000
Common Stock To Be Issued [Member] | Subscription Agreement [Member]
Common shares issued during period shares			400,000
Common shares issued during period value			$ 48,000
Warrants [Member]
Aggregate gross proceeds on exercise of warrant	$ 128,550
Number of warrants Outstanding	55,512,161						55,512,161				8,848,333
Aggregate relative fair value	$ 2,933,305						$ 2,933,305
Number of warrants exercised	4,308,600
Wighted average remaining useful life of warrants	9 months 29 days
Fair value							$ 156,225
Warrants [Member] | Minimum [Member]
Warrant term	2 years
Warrant exercise price	$ 0.1187
Warrants [Member] | Maximum [Member]
Warrant term	5 years
Warrant exercise price	$ 0.025

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	Apr. 02, 2022USD ($)$ / sharesshares
Patent Agreement
Royalty payments percentage	40.00%
Net proceeds received	$ 3,000,000
Capital contributions payments	2,000,000
Contributing amount payable	$ 2,600,000
Contribution payable description	$600,000 at the rate of $25,000 per month over a 24 month period and (b) $2,000,000 within five business days of a closing of a financing in which the Company receives net proceeds of at least $3,000,000 but in no event later than six months from the Effective Date.
Services Agreement
Royalty payments percentage	40.00%
Joint Venture Agreement
Equity ownership percentage	50.00%
Royalty payments percentage	40.00%
Joint Venture Agreement | Warrants [Member]
Warrants term	5 years
Warrants purchase aggregate | shares	170,000,000
Exercise price | $ / shares	$ 0.01