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So stupid. Everyone already knew.
That's why they hated Duffy from the getgo.
And that the deal, they discovered, at $5.4M was already 9.3% of XTI Aircraft Company.
Duffy pulled that one. Did not relent when they balked after figuring it out, seems much more plausible than your nonesense.
You once again skipped addressing my specific points as support of your argument.
Again:
"This will surely be brought up in the lawsuit." Why?
You expect XTI to raise it as at issue as defense in the lawsuit, where XTI 1.) signed the JV Agreement contract anyway, 2.) did not issue default notice, 3.) took $Millions in dollars more from Xeriant, 4.) used those funds to hire a large workforce, 5.) completed the PDR, and 6.) maintained the JV for its entire 2 year term until the JV expired under it natural terms.
Knowing all this you expect the jury will find this of issue. Why?
(oh yeah, a jury).
.
Brody has an impressive background. I noticed 35 total years of practicing law. Duffy might have bit off more than he can chew.
Executive Officers
David Brody, founder and Chairman of XTI, and Director. Mr. Brody has had a life-long passion for aircraft, science and technology. Beginning in 2012, he developed the Tri-Fan configuration and basic performance objectives, organized XTI as a Delaware corporation, and filed for patents. After developing the company’s basic strategic plan, he recruited XTI’s Board members and executive and engineering team. Mr. Brody was also the founder of an advanced technology helicopter company in 2005 (AVX Aircraft Company), and served as Chairman and CEO of AVX, and remains on the AVX board. He has practiced law in Denver with Hogan Lovells US LLP from January 2013 to the present. Prior to that time he was a partner in Patton Boggs, LLP, another international law firm, for 14 years. He has several patents issued in his name for inventions in aircraft technology and other fields, and has written three books, including a national Book-of-the-Month Club best seller on science and technology, “The Science Class You Wish You Had, The Seven Greatest Scientific Discoveries in History and the People Who Made Them” (Putnam Berkeley, New York 1997, 2nd edition, 2013). The company has not yet determined whether, after the company receives financing under this Offering, Mr. Brody will become a full-time or part-time consultant or employee of the company.
https://www.sec.gov/Archives/edgar/data/1638850/000110465920052110/tm2017794d1_partii.htm
Who do you think fired LaBelle. Brody was the founder and Chairman of XTI. LaBelle was a part time CEO
As of the date of this report, David Brody, founder and chairman of the board of directors, owns the majority of shares of the Company’s
common stock, and his majority ownership might continue indefinitely. Therefore, Mr. Brody is NOW and could be in the future in a
POSITION to elect or change the members of the board of directors and to CONTROL XTI’s business and affairs and certain significant
corporate actions, including but not limited to acquisitions, the sale or purchase of assets and the issuance and sale of XTI’s shares.XTI
also may be prevented from entering into transactions that could be beneficial to the other holders of the shares without Mr. Brody’s
consent. Mr. Brody’s interests might differ from the interests of other shareholders.
https://www.sec.gov/Archives/edgar/data/1638850/000110465922079281/tm2219432d2_ar.pdf
What do you think this lawsuit is about. XTI is definitely fighting XERI getting anything from the JV. Of course I think this was a plan between Duffy and LaBelle to SCAM Brody/XTI. This lawsuit WON"T last much longer and the questions about this part of the XERI SCAM will be answered. How much faith will you have in Nexboard being a success if you still have any????
Brody will have a very dificult time trying to prove Labelle went around him. Besides, that's more of a internal issue. Brody hired him. Sounds like sour grrapes. I could give a lot of comparisons but it's not worth my time. Bottom line, Brody get's to live with his failures.
That's ridiculous! There was NOTHING to indicate that Brody (who had controlling interest in XTI) "wasn't aware of what transactions others were doing and hadn't given consent." That text simply pointed out that Brody's interests weren't necessarily aligned with those of the other shareholders.
Q, when XTI RECIEVED/TOOK Xeri's money that sealed the deal. If XTI didn't like the terms they should have walked away. Sometimes you can"t have it both ways.
You can't say LaBelle didn't have a banger last year. I just happened to notice this clause that was in Brody's description in the 2021 1K. Seems to back up my claim that Brody wasn't aware of what transactions others were doing and hadn't given consent.
XTI also may be prevented from entering into transactions that could be beneficial to the other holders of the shares without Mr. Brody’s
consent. Mr. Brody’s interests might differ from the interests of other shareholders.
https://www.sec.gov/Archives/edgar/data/1638850/000110465922079281/tm2219432d2_ar.pdf
Compensation of Mr. Labelle
Effective January 1, 2019, the Company entered into a new consulting agreement with Mr. Labelle providing for payments of $25,000 per month through December 31, 2019. This agreement was extended through December 31, 2020. For the fiscal year ended December 31, 2020, Mr. Labelle earned a bonus of $150,000 in cash and received options to purchase 347,518 shares of stock relating to the Company’s fundraising.
On June 14, 2022, Robert Labelle and Sarita Jha left the company.
https://www.sec.gov/Archives/edgar/data/1638850/000110465922077932/tm2213173d1_partii.htm
https://www.sec.gov/Archives/edgar/data/1638850/000110465923080673/tm2317519d2_partii.htm
The MM's know there's 400 million shares waiting in line.
Not into AI, but, wether we like it or not, AI is into us. Short term volume for XERI seems to be high, considering the past.
Short term on low volume. Not the first time it's been manipulated. Wait until the lawsuit is dismissed. Nexboard will stay a No SHOW. Time is running out.
My research only confirms to me the gut feeling I've had about this SCAM for years. PPL have lost sight of relying on instinct in the techno world. Let's have AI tell us how to live, NO THANKS.
Quester, as compelling as your research is, the market disagrees. The ship has pulled up it's anchor.
Couldn't be a LAME PR stunt like the other 60+ PRs. Lets not forget the blow out XTI Press Conference. All of which has produced NO REVENUE but did create FOMO to aid in dilution.
Xeri was at that plastics show for a reason. Whether it was just networking or maybe they needed to find something else to add to Nexboard in order for it to meet certification requirements? It would be nice to see some progress this month. It's half way through May and besides that flame resistance video the last we heard from them was about an MOU with a nameless company in January! Come on Xeri.
So why might the CEO & CFO be disgruntled?? LaBelle had been with XTI since Feb 2017. So if I read this correctly, LaBelle only became a full-time employee in August of 2021 along with the CFO. Before that they were considered long-term consultants. Who may have only recently received an actual cash payroll. Brody without a doubt had all the control. LaBelle being the FOX makes even more sense to me now. Brody probably thought LaBelle had done great by bringing XERI money into XTI. I don't think he saw any of this coming. Reason for the high priced law firm from XTIA
b]Significant Employees
Until June 2021 the Company utilized several full-time consultants and many part-time consultants to conduct its operations. Upon
securing financing in 2021, the Company hired a number of full-time employees in August 2021. Key employees include Robert
Labelle serving as CEO, Charlie Johns as COO and Sarita Jha serving as CFO, all previously were long-term consultants serving their
respective positions. In addition, the Company hired Michael Hinderberger as SVP Engineering and Technology.
Compensation of Directors
For the fiscal year ended December 31, 2021, we did not pay cash compensation to any of our non-executive directors for their
services as directors. Our non-executive directors have received equity in lieu of cash compensation for their board service. We
reimburse our officers and directors for reasonable expenses incurred during the course of their performance.
As of the date of this report, David Brody, founder and chairman of the board of directors, owns the majority of shares of the Company’s
common stock, and his majority ownership might continue indefinitely. Therefore, Mr. Brody is now and could be in the future in a
position to elect or change the members of the board of directors and to control XTI’s business and affairs and certain significant
corporate actions, including but not limited to acquisitions, the sale or purchase of assets and the issuance and sale of XTI’s shares. XTI
also may be prevented from entering into transactions that could be beneficial to the other holders of the shares without Mr. Brody’s
consent. Mr. Brody’s interests might differ from the interests of other shareholders.
https://www.sec.gov/Archives/edgar/data/1638850/000110465922079281/tm2219432d2_ar.pdf
Another mischaracterization based on your total obsession with proving your wacko conspiracy theories at the expense of the facts. You take a few lines of text out of context, ignore the rest, and then include links that are supposed to support your position -- but often provide evidence to the contrary. And then you try to deny that you were saying what you were clearly implying.
Duffy's batting average is 1000% on FTDs over his 4 year career at XERI. Yet some here talk like he should be in the CEO Hall Of FAME. More like the Grifters HOF. XERI is nothing but a SCAM from start to quickly approaching bottom of the 9th. Will Duffy strike out yet again. Redundant-----
BTW that's for the retail investors (opposing team). Duffy hit this out of the park for his team.
With xeri's track record it could easily be never.
I can't imagine it will be that long. It's been a while since they released that impressive flame test video (2000-3600 degrees F!) and revealed that they were going through a "lightweighting" process prior to final certification testing, How long could that take?
When is that happening? We have being hearing about that moment for years now.
How you're going to deal emotionally with NEXBOARD being certified? I can just picture you curled up in a fetal position, hiding in a closet for a week, as your entire reason for being comes crashing down around you.
Because the disgruntled CEO signed the JV agreement, the same CEO that modified the budget, the same CEO that didn't file a DEFAULT on XERI, that the same CEO that was no longer employed by XTI after June 2022 and the same CEO that could have paid himself with money from the JV making motive for doing all the things listed. Why wasn't the initial down payment amount to be paid immediately changed. IMO that would make an obvious change that others (BRODY) in XTI would become aware of. The redacted parts made it impossible for retail to question what was happening also. Nothing to bring attention to what the committee was doing. Like I said with the CFO part of it, that would have made this quick completion of the PDR meet ALL aspects of the JV so NO DEFAULT could be filed. Realizing that LaBelle was the fox in the hen house explains everything. If this was such an open shut case why didn't Duffy use 8.3 instead of the lawsuit?????
8.3 Mediation and Arbitration. Any Dispute that is not resolved through section 8.2 shall be, upon the demand of either Party,
The lawsuit won't last much longer and all of this BS will be settled.
Never did consider MovyChem legit. Always question the XERIANT SRO/MOVYCHEM SRO link. Never was able to prove any patent for Retacell or the circle R. MovyChem lawsuit would do the same stall and distraction for dilution.
"This will surely be brought up in the lawsuit." Why?
You expect XTI to raise it as at issue as defense in the lawsuit, where XTI 1.) signed the JV Agreement contract anyway, 2.) did not issue default notice, 3.) took $Millions in dollars more from Xeriant, 4.) used those funds to hire a large workforce, 5.) completed the PDR, and 6.) maintained the JV for its entire 2 year term until the JV expired under it natural terms.
Knowing all this you expect the jury will find this of issue. Why?
(oh yeah, a jury).
Why?, will the $310.880 initial payment paid rather than full $1M be any make or break (or any) issue to the jury, that you claim it a certain maybe that: "It may be the only thing that saves XTI from Duffy taking part of them like he tried to do to HALO."
Seems stupid to me.
But, like everything else you claim and then avoid any or any reasonable explanation, can you this time actually state why with any reasonable logical explanation?
Or do we continue to receive word from your massive cricket collection?
_____
Regarding "I am surprised MovyChem hasn't sued Duffy for trying to steal Retacell/Nexboard."
Why, I thought you stated it was all a scam anyway?
So actually then consider Movychem legit?
So Xeriant was punking Movychem the entire time, and apparently has stolen its Retacell IP.
_____
Of course, all this wwhhhaaaaaaaa wwwhhaaaa wwaayyy above JohnFakerDoe2024's capability to understand hence his default is he searching out crybabies whom he keeps looking for who sound just like him.
.
More stupid distractions. Where did I say that it did. You never answered how the BlueGreen subsidiary was created without filing an 8-K??????? How is it they were awarded From July 1, 2023, through October 12, 2023, a total of $461,000 in convertible notes. Plus $174,328 for R&D and there is STILL NO NEXBOARD CERTIFICATION. I remember that you bet it would happen before OCT. 31 2023. Of course you lost that bet LONG ago and still are here posting stupid BULLSHIT.
Please show us where patent applications have anything to do with certification testing. Pretty soon, NexBoard will not only have full patent protection but will far exceed certification standards -- and all the irrelevant links in the world won't save you from having to face reality.
Oh my, is .03 possible today? It's been a while.
More SP BS. You were talking about changing the NPP not the PPA which was for "tweaking" the formula. They haven't certified an original formula using the PPA yet. How can they modify the formula used in a NPP without amending the original which they NEVER established with the PPA. You contended the point of the PPA was that it would turn into a NPP which does happen. Why did Duffy let the window close on just converting the PPA TO THE NPP by getting the certification completed????. Now any changes done to the formula will require an amendment being approved to the original patent which is yet to be established.
"PPAs are filed to protect the IP while the product is under development! Non-Provisional Patents are filed once the product is much further along -- but that doesn't mean that product refinements / improvements can't be made, occasionally resulting in updates to the patent."
Yes, a provisional patent application can become a nonprovisional patent application if you file a nonprovisional application within one year of filing your provisional application and include a reference to it
https://www.google.com/search?q=do+provisional+patent+applications+become+nonprovisional+patent&sca_esv=e89bb2ca36dfcdc4&sca_upv=1&rlz=1CARGFB_enUS1061US1061&sxsrf=ADLYWIJ9YSjUT6WHY79jBC8TUzrmi4Qwvg%3A1715789239827&ei=t91EZoHwMeLJp84PprGdwAg&ved=0ahUKEwjBp5iBhZCGAxXi5MkDHaZYB4gQ4dUDCBA&uact=5&oq=do+provisional+patent+applications+become+nonprovisional+patent&gs_lp=Egxnd3Mtd2l6LXNlcnAiP2RvIHByb3Zpc2lvbmFsIHBhdGVudCBhcHBsaW
That's what I said previously! You're the one who said that the prior patent protection was a waste! Now you're totally contradicting yourself. Don't you even read your own posts?
More of your stupid BS. That's done through amendments filed to the original patent.
Yes, improved products can have amended patents, also known as improvement patents. Improvement patents are granted for modifications that improve the original invention or provide a new use, essentially forming a new version of the existing invention. Most patents granted today are improvement patents. These patents protect the differences between a new product and previously existing products and services of the same kind.
patents
https://www.google.com/search?q=do+new+and+improved+products+have+amended+patents&gs_ivs=1
PPAs are filed to protect the IP while the product is under development! Non-Provisional Patents are filed once the product is much further along -- but that doesn't mean that product refinements / improvements can't be made, occasionally resulting in updates to the patent. Haven't you ever seen a product being advertised as "New & Improved"? That doesn't mean all the previous patent protection was wasted. Or that the original patents are invalid.
So they diluted to get capital for the JV and then divvied up the toxic loan money.
So all this time wasted with all your BS about the PPA filed to protect the development of Nexboard. We see that a total of $174,328 was used during the PPA was in effect. Yet there is NO certification. How much of the cost of getting certified was R&D. Why was a subsidiary created just for R&D that had no 8-K filing?????
Yes, a Form 8-K must be filed when a subsidiary enters into a non-ordinary course definitive agreement that is material to the registrant. This is reported under Item 1.01, and the termination of such an agreement is reported under Item 1.02.
The purpose of the 8-K form is to communicate with investors about information that affects their handling of shares.
https://www.sec.gov/divisions/corpfin/form8kfaq.htm
On August 7, 2023, the Company established a wholly owned subsidiary, BlueGreen Composites, LLC, to better manage the business operations of the green building products business line. As of the date of this filing, no bank account was opened, no contracts or agreements were executed, and no business operations were undertaken.
On July 30, 2023, we filed the trademark BlueGreen for ecofriendly composite building products and “Durever” for the same categories on July 31, 2023.
From July 1, 2023, through October 12, 2023, a total of $461,000 in convertible notes were issued.
Expenditures for research and development are expensed as incurred. The Company incurred research and development expenses of $0 and $5,267,581 for the years ended June 30, 2023 and 2022,
Total research and development expenses were $26,982 and $0 for the three months ended September 30 2023 and 2022,
Total research and development expenses were $79,735 and $0 for the six months ended December 31 2023 and 2022
Total research and development expenses were $67,524 and $0 for the three months ended March 31 2024 and 2023,
Total= $174,328
Every once in a while, it would be nice if you had a clue about what you were talking about. When necessary, minor amendments are made to patent applications all the time. It doesn't require a new patent!
As for the XTI JV deposit, you are 100% WRONG!
They can file a non-provisional patent BEFORE their boards are certified. It's done all the time. In fact, it's USUALLY done that way!
Because they don't have a certified product. There is a need to establish that Nexboard has a certifiable working formula. If there is a need to modify the formula in order to pass, it would then require a new patent. This is the reason you gave for Duffy getting the PPA. It was in order to "tweek" the formula in order to obtain certification.
The $1 mil down payment that was due immediately is a problem since the committee could not change this. The contract should have reflected the down payment change to $310,880 since it was made before the signing. This will surely be brought up in the lawsuit. It may be the only thing that saves XTI from Duffy taking part of them like he tried to do to HALO. I am surprised MovyChem hasn't sued Duffy for trying to steal Retacell/Nexboard.
"They don't even have a fully patentable product?" How would you know? Are you a patent attorney? A patent inspector? Have you read their non-provisional application? NO, NO, N0 & NO!!!
They DID make a $1 million deposit...in 2 parts! $310,880 before June 30, 2021...The balance of the $1 million deposit was made soon after. There's no law or stipulation in the JV agreement that says deposits are comprised of single payments. XTI needed $$$$ IMMEDIATELY and XERI accommodated them with $310,880 ASAP
Further correction, as insiders are cashing-out by converting Series A Preferred shares:
Well, 37.6M in dilution shares recently made available to address debt concerns.
Wow! "On April 4, 2024, Auctus converted $227,067 in interest into 22,706,700 shares of common stock."
Looks like Xeriant through dilution raises about $1M-per-year.
That's some pretty good revenues. Good job Duffy.
24.6% dilution over the past just under 2 years. We still have May and June to make it full 24 months. XERI price is currently up. Odds good Duffy is again diluting XERI.
The intial payment was made in tranches of the whole $1M initial payment. Who cares what they call it? It's irrelevant, because there was no default, and they kept the JV Agreement active for the full two years it was written and created to exist for until it expired, and Xeriant kept funding, XTI Aircraft keep accepting and using the money to hire 25 engineers and outside firms. Get over it, it's irrelevant.
They don't even have a certifiable formula yet. Let alone a fully patentable product.
I see they still claim they made the $1 mil down payment. Which did not happen.
The Agreement was effective on May 27, 2021, with an initial deposit of $1 million into the XTI JV.
The most an initial payment (down payment) could have been is $310,880 according to filings.
As of June 30, 2021, the Company received $310,880 in funding from the JV. https://www.sec.gov/Archives/edgar/data/1638850/000110465922078856/tm2219481d1_1sa.htm
UPDATE ON XTI/XERI RELATIONSHIP AS PER 10-Q (page F-13)
...as of the date of this filing, Eco-Aero, LLC has not been dissolved and the distribution of the TriFan 600 design IP has not been executed. As per the Agreement, Xeriant is entitled to receive shares of XTI, the number of which is in the process of being determined by the parties involved.
On May 17, 2022, the Company executed a confidential Letter Agreement with XTI, the material terms of which are briefly delineated as follows:
Xeriant would be entitled to compensation for its role in introducing XTI to a Nasdaq-listed company, contingent upon the occurrence of any merger, combination, or transactional event between XTI and the Nasdaq company, which has since been identified as Inpixon.
XTI would assume the financial obligations related to the Senior Secured Note with Auctus Fund, LLC, including the $6.05 million principal balance of the note and warrant obligations. Additionally, Xeriant was to be granted a fully diluted equity interest amounting to 6% in XTI, issued immediately prior to any prospective combination with Inpixon.
On July 25, 2023, Inpixon filed an 8-K, announcing their intention to merge with XTI having executed an Agreement of Plan and Merger with XTI. The filing also showed that XTI had engaged in a transaction with Inpixon on March 10, 2023, receiving $300,000 in funding. Inpixon filed an S-4 registration statement on August 14, 2023, and subsequently filed an S-4/A amended registration statement on October 6, 2023.
On June 5, 2023, after suspecting that the obligations under the Letter Agreement were possibly being evaded, the Company transmitted a formal demand letter to XTI requesting compliance with the provisions outlined in the Letter Agreement, and in accordance with section 8 of the JV Agreement with XTI.
On December 6, 2023, the Company initiated legal proceedings against XTI in the Federal District Court for the Southern District of New York (Case no. 1:23-cv-10656-JPO), along with other unnamed defendants, alleging fraudulent acts, breach of contract and misappropriation of intellectual property. In the complaint, the Company contends that XTI, utilizing false promises, induced substantial investments from the Company, in terms of millions of dollars together with valuable intellectual property, for the development of the TriFan 600 vertical takeoff and landing (VTOL) aircraft.
The Company believes that the completed designs of the TriFan 600, a product of the Company’s significant investment, were integral to XTI’s merger with Inpixon. Despite the Company’s pivotal role in facilitating this merger, as memorialized in a formal agreement, XTI has publicly disclaimed any obligation to compensate the Company. In response to XTI’s alleged fraudulent conduct, deceptive maneuvers and intentional breaches, the Company is seeking a range of remedies. These include the recovery of losses, expenses, attorneys’ fees, punitive damages and a compensatory damage award exceeding $500 million. The legal action aims to address the alleged misconduct comprehensively and to protect the Company’s interests in the face of XTI’s actions. The foregoing description of the legal action does not purport to be complete and is subject in its entirety by the full text of the Complaint, a copy of which was filed in an 8-K on December 12, 2023, Exhibit 99.1.
The Company analyzed the transaction under ASC 810, Consolidation, to determine if the joint venture classifies as a Variable Interest Entity (“VIE”). The JV qualifies as a VIE based on the fact the JV does not have sufficient equity to operate without financial support from Xeriant. According to ASC 810-25-38, a reporting entity shall consolidate a VIE when that reporting entity has a variable interest (or combination of variable interests) that provides the reporting entity with a controlling financial interest on the basis of the provisions in paragraphs 810-10-25-38A through 25-38J. The reporting entity that consolidates a VIE is called the primary beneficiary of that VIE. According to the JV operating agreement, the ownership interests are 50/50. However, the agreement provides for a Management Committee of five members. Three of the five members are from Xeriant. Additionally, Xeriant had a right to invest up to $10,000,000 in the JV. As such, Xeriant has substantial capital at risk. Based on these two factors, the conclusion is that Xeriant is the primary beneficiary of the VIE. Accordingly, Xeriant has consolidated the VIE.
UPDATE ON NEXBOARD PATENT! "On April 1, 2024, the Company filed a non-provisional U.S. patent application claiming priority to the filing date of the 2023 related provisional patent application described herein” (Page 7-F of the 10-Q)
Sure, if you need to. Go for it. Do you need some burping too?
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