Xeriant (XERI) 10-K30 Sep 202020 FY Annual reportFinancial data

Company Profile

Cover

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Cover [Abstract]
Entity Registrant Name	XERIANT, INC.
Entity Central Index Key	0001481504
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--06-30
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Jun. 30, 2020
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Entity Common Stock Shares Outstanding		69,584,149
Entity Public Float			$ 1,152,295
Document Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Current assets
Cash	$ 38,893	$ 3,029
Deposits and prepaids	13,893	0
Total current assets	52,786	3,029
Operating lease right-of-use asset	206,111	0
Total assets	258,897	3,029
Current liabilities
Accounts payable and accrued liabilities	27,621	377
Accrued liability, related party	9,000	1,500
Convertible notes payable, net of discount	32,734	0
Convertible notes payable, related party, net of discount	0	35,000
Lease liability, current	36,963	0
Total current liabilities	106,318	36,877
Lease liability, long-term	183,803	0
Total liabilities	290,121	36,877
Commitments and contingencies (Note 7)	0	0
Stockholders' deficit
Common stock, $0.00001 par value; 100,000,000 shares authorized; 69,584,149 and 0 shares issued and outstanding at June 30, 2020 and 2019, respectively	$ 696	$ 0
Common stock to be issued	372,397
Additional paid in capital	$ 379,971	$ 50,907
Accumulated deficit	(784,319)	(84,755)
Total stockholders' deficit	(31,224)	(33,848)
Total liabilities and stockholders' deficit	258,897	3,029
Series A Preferred Stock [Member]
Stockholders' deficit
Series A Preferred stock, $0.00001 par value; 100,000,000 shares authorized; 3,500,000 designated; 3,113,637 and 0 shares issued and outstanding at June 30, 2020 and 2019, respectively	$ 31	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Jun. 30, 2019
Stockholders' deficit
Common stock, shares par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	69,584,149	0
Common stock, shares outstanding	69,584,149	0
Series A Preferred Stock [Member]
Stockholders' deficit
Preferred stock, shares par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares designated	3,500,000	3,500,000
Preferred stock, shares issued	3,113,637	0
Preferred stock, shares outstanding	3,113,637	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	11 Months Ended	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Jun. 30, 2019	Jun. 30, 2020
Operating expenses:
General and administrative expenses	$ 11,682	$ 94,013
Professional fees	64,311	137,250
Related party consulting fees	0	125,100
Research and development expense	8,384	6,376
Total operating expenses	84,377	362,739
Operating loss	(84,377)	(362,739)
Other income (expense):
Amortization of debt discount	0	(324,034)
Amortization of debt discount, related party	0	(27,242)
Interest expense	0	(9,722)
Interest expense, related party	(378)	(3,983)
Gain on forgiveness of accounts payable	0	28,156
Total other (expense)	(378)	(336,825)
Net loss	$ (84,755)	$ (699,564)
Net loss per common share - basic and diluted	$ 0	$ (0.01)
Weighted average number of common shares outstanding - basic and diluted		52,426,414

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS DEFICIT - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Common Stock To Be Issued	Accumulated Deficit
Balance, shares at Aug. 06, 2018
Balance, amount at Aug. 06, 2018	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Shareholder contribution	200	0	0	200	0	0
Sale of equity	50,000	0	0	50,000	0	0
Issuance of equity for services	707	0	0	707	0	0
Net Loss	(84,755)	$ 0	$ 0	0	0	(84,755)
Balance, shares at Jun. 30, 2019
Balance, amount at Jun. 30, 2019	(33,848)	$ 0	$ 0	50,907	0	(84,755)
Net Loss	(699,564)	$ 0	$ 0	0		(699,564)
Effect of reverse merger, shares		3,113,637	69,584,149
Effect of reverse merger, amount	(49,902)	$ 31	$ 696	(50,629)	0
Fair value of beneficial conversion feature associated with convertible debt	379,693	0	0	379,693	0	0
Convertible notes and accrued interest converted into common stock	300,035	0	0	0	300,035	0
Convertible notes and accrued interest, related party converted into common stock	72,362	$ 0	$ 0	0	72,362	0
Balance, shares at Jun. 30, 2020		3,113,637	69,584,149
Balance, amount at Jun. 30, 2020	$ (31,224)	$ 31	$ 696	$ 379,971	$ 372,397	$ (784,319)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	11 Months Ended	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2019	Jun. 30, 2020
Cash Flows from Operating Activities
Net Loss	$ (84,755)	$ (699,564)
Adjustments to reconcile net loss to net cash used by operating activities:
Stock compensation	707	0
Amortization of debt discount	0	324,034
Amortization of debt discount, related parties	0	27,242
Gain on forgiveness of accounts payable	0	(28,156)
Operating lease right-of-use asset	0	14,654
Changes in operating assets & liabilities	0
Deposits and prepaids	0	(13,893)
Accounts payable and accrued expenses	1,877	4,892
Accrued expenses, related parties	0	21,205
Net cash used by operating activities	(82,171)	(349,586)
Cash Flows from Financing Activities
Proceeds from convertible notes payable	35,000	352,450
Proceeds from convertible notes payable, related party	0	33,000
Proceeds from sale of equity	50,200	0
Net cash provided by financing activities	85,200	385,450
Increase in Cash	3,029	35,864
Cash at beginning of period	0	3,029
Cash at end of period	3,029	38,893
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	0	372,397
Beneficial conversion feature arising from convertible notes payable	$ 0	$ 379,693

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	12 Months Ended
ORGANIZATION AND NATURE OF BUSINESS	Jun. 30, 2020
ORGANIZATION AND NATURE OF BUSINESS
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS	Xeriant, Inc. (“Xeriant,” formerly known as “Banjo & Matilda, Inc.,” “Banjo,” “BANJ”) is a holding and operating company focused on acquiring, developing and commercializing technologies with applications in aerospace, including innovative aircraft concepts. The Company is located at the Research Park at Florida Atlantic University in Boca Raton, Florida. The Company was originally incorporated in Nevada on December 18, 2009 under the name Eastern World Group, Inc. The name changed to Banjo & Matilda, Inc. on September 24, 2013. Effective June 22, 2020 the Company changed its name from Banjo & Matilda, Inc. to Xeriant, Inc. On November 14, 2013, Eastern World Group, Inc. entered into a share exchange agreement (the “Exchange Agreement”) with Banjo & Matilda Pty Ltd, (“Banjo & Matilda”) and the shareholders of Banjo & Matilda (“B&M Shareholders”). Pursuant to the Exchange Agreement, 100% of the issued and outstanding capital stock of Banjo & Matilda was acquired, making it a wholly-owned subsidiary. In consideration for the purchase of 100% of the issued and outstanding capital stock of Xeriant, Inc. (f/k/a Banjo & Matilda) under the Exchange Agreement, the Company issued B&M Shareholders an aggregate of 24,338,872 restricted shares of common stock of the Company. On July 1, 2015, the operations of Banjo & Matilda Pty Ltd were transferred to Banjo & Matilda (Australia) Pty Ltd., a wholly owned subsidiary of Xeriant, Inc. (f/k/a Banjo & Matilda). Following the worldwide downturn of the retail clothing business model, in June of 2017, Xeriant (f/k/a Banjo) began to seek out additional businesses to acquire as subsidiaries to expand and refocus its operations to generate more revenue and profit. In June of 2017, Xeriant (f/k/a Banjo) began to seek out companies to acquire as additional subsidiaries to expand its business lines and generate more revenue and profit. On September 20, 2017, Xeriant (f/k/a Banjo) entered into a Memorandum of Understanding for the acquisition of Spectrum King, LLC as a wholly-owned subsidiary, a pioneer of full spectrum LED grow lights, specialized in designing, manufacturing and selling high-end LED grow lights for indoor/greenhouse applications with both the Agriculture and Horticulture industries. On March 19, 2018, Banjo entered into a Share Exchange Agreement with Spectrum King, LLC, however this transaction failed to close. On April 16, 2019, Xeriant (f/k/a Banjo) entered into a Share Exchange Agreement with American Aviation Technologies, LLC (“AAT”), an aircraft design and development company focused on the emerging segment of the aviation industry of autonomous and semi-autonomous vertical take-off and landing (VTOL) unmanned aerial vehicles (UAVs). On June 28, 2019, Xeriant (f/k/a Banjo) spun out two wholly-owned subsidiaries: Banjo & Matilda (USA), Inc. and Banjo & Matilda Australia Pty LTD. On September 30, 2019, the acquisition of AAT closed and AAT became a wholly-owned subsidiary of Xeriant, Inc. (f/k/a Banjo & Matilda, Inc.). On June 22, 2020, the name was changed from Banjo & Matilda, Inc. to Xeriant, Inc. The Company will be referred to as “Xeriant, Inc.” and or “Xeriant” throughout the document. Xeriant is a holding and operating company focused on acquiring, developing and commercializing revolutionary, eco-friendly technologies with applications in aerospace. These include innovative aircraft concepts targeting emerging opportunities within the aviation industry. The Company plans to take an active and disruptive role in the “third wave of aeronautics,” which includes the electrification of aerial transport and the development and integration of specialized aircraft with greatly reduced logistical footprints — allowing them to safely take-off and land significantly closer to (and even on top of) buildings. This will facilitate point-to-point on-demand and scheduled short-haul flights in congested urban environments, called urban air mobility (UAM). Advancements in structural design, propulsion systems, materials, sensors, artificial intelligence (AI), batteries and high-speed connectivity have dramatically enhanced energy efficiency, acoustics, emissions, safety and autonomy, making feasible a broad range of electrically-powered VTOL (vertical takeoff and landing) capable aircraft, and transitioning aviation into a new era. Many of Xeriant ’ s “ nextologies ” will make personal air travel (for 1-4 passengers) far more affordable — providing safe, practic al alternatives to traditional means of travel in a post-pandemic world. Xeriant intends to acqu ire strategic interests in the most promising of these technological breakthroughs and next-generation aircraft configurations, leveraging the collective expertise of its growing international network of industry partnerships to accelerate the development of economically viable products that address specific market demands. The Company will identify prospective synergies between complementary and related technologies under its umbrella and promote constructive interaction and collaboration. The Company is an OTC Markets publicly company trading under the stock symbol, XERI. As a holding company, Xe riant is positioned to own a portfolio of assets in a number of entities at various stages of maturity, including well-established revenue-generating enterprises. At this time, the Company is in active negotiations with several parties and performing due diligence. The holding and operating company structure has several advantages and will enable th e Company to grow rapidly, acquiring its assets primarily through acquisitions, joint ventures, strategic investments and licensing arrangements. As a publicly-traded holding company, Xeriant offers its subsidiaries such benefits as providing shareholder liquidity, improved access to capital, higher valuations and lower risk through the shared ownership of a diversified portfolio, while at the same time allowing these entities to maintain independence in their distinct operations to focus on their fields o f expertise. Cost savings and efficiencies may be realized from sharing non-operational functions such as finance, legal, tax, marketing, human resources, purchasing power, as well as investor and public relations. In addition, leveraging the breadth of resources in a holding company structure provides increased access to financial markets with more favorable terms, allowing for the ability to invest in large-scale projects. Xeriant is selecting investments and acquisitions based on the potential impact of a company ’ s technology, the strength of its patents and other IP, the quality of its management team, and a demonstrated commitment to its vision with a clear path to profitability.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Basis of Presentation The consolidated financial statements, which include the accounts of the Company and American Aviation Technologies, LLC, its subsidiary, are prepared in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP). All significant intercompany balances and transactions have been eliminated. The consolidated financial statements, which include the accounts of the Company and its wholly-owned subsidiary, and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements have been prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and presented in US dollars. The fiscal year end is June 30. Principles of Consolidation The consolidated financial statements include the accounts of Xeriant, Inc. and American Aviation Technologies, LLC. All significant intercompany balances and transactions have been eliminated. 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 (i) the valuation of beneficial conversion features associated with convertible debt and (ii) our incremental borrowing rate, estimated to be 10%, used to calculate the present value of our lease payments. 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 June 30, 2020 there are no deferred tax assets. Cash and Cash Equivalents For purposes of the Statements of Cash Flows, the Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company has no cash equivalents. Accounts Receivable and Allowance for Doubtful Accounts The Company monitors outstanding receivables based on factors surrounding the credit risk of specific customers, historical trends, and other information. The allowance for doubtful accounts is estimated based on an assessment of the Company’s ability to collect on customer accounts receivable. There is judgment involved with estimating the allowance for doubtful accounts and if the financial condition of the Company’s customers were to deteriorate, resulting in their inability to make the required payments, the Company may be required to record additional allowances or charges against revenues. The Company writes-off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues its collection. The allowance for doubtful accounts is created by forming a credit balance which is deducted from the total receivables balance in the balance sheet. As of June 30, 2020 and 2019 there are no accounts receivable. Revenue Recognition Revenue includes product sales. The Company recognizes revenue from product sales in accordance with Topic 606 “Revenue Recognition in Financial Statements” which considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the services have been rendered and all required milestones achieved, (iii) the sales price is fixed or determinable, and (iv) Collectability is reasonably assured. For the year ended June 30 , 2020 and for the period from inception (August 6, 2018) through June 30, 2019 , the Company has no revenue. Convertible Debentures If the conversion features of conventional convertible debt provide for a rate of conversion that is below market value at issuance, this feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20 “Debt with Conversion and Other Options.” In those circumstances, the convertible debt is recorded net of the discount related to the BCF, and the Company amortizes the discount to interest expense, over the life of the debt. During the year ended June 30, 2020, the Company recorded a BCF in the amount of $379,693. 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 $6,376 for the year ended June 30, 2020 and $8,384 for the period from inception (August 6, 2018) through June 30, 2019. Advertising, Marketing and Public Relations The Company expenses advertising and marketing costs as they are incurred. There Company recorded advertising expenses in the amount of $1,211 for the year ended June 30, 2020 and $4,882 for the period from inception (August 6, 2018) through June 30, 2019. 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 year ended June 30, 2020 and $4,882 for the period from inception (August 6, 2018) through June 30, 2019. 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 Topic 606. The new revenue recognition standard supersedes all existing revenue recognition guidance. Under this ASU, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2015-14, issued in August 2015, deferred the effective date of ASU 2014-09 to the first quarter of 2018, with early adoption permitted in the first quarter of 2017. In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This update addresses a diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. On June 20, 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the consolidated financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

OPERATING LEASE RIGHT-OF-USE AS

OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY	12 Months Ended
	Jun. 30, 2020
OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY
NOTE 3 - OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY	The Company leases 2,911 square feet of office space located at Innovation Centre No. 1, 3998 FAU Boulevard, 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 are abated. The following table illustrates the base rent amounts over the term of the lease: Base Rent Periods Rent February 1, 2020 to October 1, 2020 $ 4,367 November 1, 2020 to October 1, 2021 $ 4,498 November 1, 2021 to October 1, 2022 $ 4,633 November 1, 2021 to October 1, 2022 $ 4,771 November 1, 2023 to October 1, 2024 $ 4,915 November 1, 2024 to January 1, 2025 $ 5,063 Operating lease right-of-use asset and liability are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value is our incremental borrowing rate, estimated to be 10%, as the interest rate implicit in most of our leases is not readily determinable. Operating lease expense is recognized on a straight-line basis over the lease term. Since the common area maintenance expenses are expenses that do not depend on an index or rate, they are excluded from the measurement of the lease liability and recognized in other general and administrative expenses on the statements of operations. At inception the Company paid prepaid rent in the amount of $4,659, which was netted against the operating lease right-of-use asset balance until it was applied in February 2020. Right-of- use asset is summarized below: June 30, 2020 Office lease $ 220,448 Less accumulated amortization (14,337 ) Right-of-use asset, net $ 206,111 Operating lease liability is summarized below: June 30, 2020 Office lease $ 220,766 Less: current portion (36,963 ) Long term portion 183,803 Maturity of the lease liability is as follows: Fiscal year ending June 30, 2021 $ 56,920 Fiscal year ending June 30, 2022 58,635 Fiscal year ending June 30, 2023 60,392 Fiscal year ending June 30, 2024 62,201 Fiscal year ending June 30, 2025 37,112 275,260 Present value discount (54,494 ) Lease liability $ 220,766

EXCHANGE AGREEMENT

EXCHANGE AGREEMENT	12 Months Ended
EXCHANGE AGREEMENT	Jun. 30, 2020
EXCHANGE AGREEMENT
NOTE 4 - EXCHANGE AGREEMENT	On April 18, 2019, Xeriant, Inc. (f/k/a Banjo & Matilda, Inc.), and American Aviation Technologies, LLC entered into a Share Exchange Agreement (“Agreement”). The agreement, which was effective on September 30, 2019, was pursuant to which Banjo acquired 100% of our issued and outstanding membership units in exchange for the issuance of Banjo shares of its Series A Preferred Stock constituting 86.39% of the total voting power of Banjo 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, the Company became a wholly owned subsidiary of Banjo. The Exchange Agreement was subject to the satisfaction of certain conditions as set forth in the Exchange Agreement. Consummation of the Exchange Agreement was effective on September 30, 2019. Pursuant to the Exchange Agreement, the members of AAT received 2,750,000 shares of the Banjo & Matilda, Inc.’s Series A Preferred Stock to the members of AAT in exchange for the 10,000,000 member units. On September 30, 2019 just prior to the exchange, Banjo issued 170,000 shares of preferred stock as compensation and 193,637 shares of preferred stock in satisfaction of $2,608,224 in liabilities.

CONVERTIBLE NOTES PAYABLE

CONVERTIBLE NOTES PAYABLE	12 Months Ended
CONVERTIBLE NOTES PAYABLE	Jun. 30, 2020
CONVERTIBLE NOTES PAYABLE
NOTE 5 - CONVERTIBLE NOTES PAYABLE	The carrying value of convertible notes payable, net of discount, as of June 30, 2020 was $32,734 as summarized below: The following table illustrates the carrying values for the convertible notes payable as of June 30, 2020: June 30, June 30, Convertible Notes Payable, Related Party 2020 2019 Convertible notes payable issued March 2, 2020 (6% interest) $ 22,000 $ - Convertible notes payable issued March 3, 2020 (6% interest) 10,000 - Convertible notes payable issued March 7, 2020 (6% interest) 1,650 - Convertible notes payable issued March 10, 2020 (6% interest) 15,000 - Convertible notes payable issued April 9, 2020 (6% interest) 1,000 - Convertible notes payable issued April 23, 2020 (6% interest) 2,000 - Convertible notes payable issued May 11, 2020 (6% interest) 1,500 - Convertible notes payable issued June 29, 2020 (6% interest) 8,000 - Total face value 61,150 - Less unamortized discount (28,416 ) - Carrying value $ 32,734 $ - Between September 27, 2019 and June 30, 2020, AAT issued convertible notes payable with an aggregate face value of $352,450 with a coupon rate of 6%. The notes have a maturity date of six months. The agreements provided that in the event AAT is merged into Banjo (“Company”), at any time prior to the Maturity Date, the holder has the option to convert the principal balance and any accrued interest to common stock of the Company at a conversion price of $.0033 per share. In the event the holder does not elect to convert the note prior to maturity, the note will automatically convert to common stock at a price of $.0033 per share. The Company evaluated the agreement under ASC 815 Derivatives and Hedging (“ASC 815”). ASC 815 generally requires the analysis embedded terms and features that have characteristics of derivatives to be evaluated for bifurcation and separate accounting in instances where their economic risks and characteristics are not clearly and closely related to the risks of the host contract. None of the embedded terms required bifurcation and liability classification. However, the Company was required to determine if the debt contained a beneficial conversion feature (“BCF”), which is based on the intrinsic value on the date of issuance. The Company recorded a beneficial conversion feature in the amount of $352,450 related to these notes. Additionally, for the year ended June 30, 2020 the Company recorded $324,034 in amortization of debt discount related to the BCF. For the year ended June 30, 2020 the Company recorded $9,722 in interest expense. Between March 27, 2020 and June 30, 2020, holders of the convertible notes converted $291,300 in principal and $8,735 in accrued interest into 90,919,827 shares of common stock. Since the shares have not been issued as of June 30, 2020, these amounts were held in common stock to be issued.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2020
RELATED PARTY TRANSACTIONS
NOTE 6 - RELATED PARTY TRANSACTIONS	Convertible Notes Payable, Related Party The following table illustrates the carrying values for the convertible notes payable, related party as of June 30, 2020 and June 30, 2019: June 30, June 30, Convertible Notes Payable, Related Party 2020 2019 Convertible notes payable issued March 4, 2019 (8% interest) $ - $ 25,000 Convertible notes payable issued May 31, 2019 (8% interest) - 10,000 Total face value - 35,000 Less unamortized discount - - Carrying value $ - $ 35,000 Between March 4, 2019 and September 23, 2019, AAT issued convertible notes payable with an aggregate face value of $68,000 with a coupon rate of 8% to a related party. The agreements provided that in the event AAT is merged into Banjo (“Company”), at any time prior to the Maturity Date the holder has the option to convert the principal balance and any accrued interest to common stock of the Company at a conversion price of $.0033 per share. In the event the holder does not elect to convert the note prior to maturity, the note will automatically convert to common stock at a price of $.0033 per share. The Company evaluated the agreement under ASC 815 Derivatives and Hedging (“ASC 815”). ASC 815 generally requires the analysis embedded terms and features that have characteristics of derivatives to be evaluated for bifurcation and separate accounting in instances where their economic risks and characteristics are not clearly and closely related to the risks of the host contract. None of the embedded terms required bifurcation and liability classification. However, the Company was required to determine if the debt contained a beneficial conversion feature (“BCF”), which is based on the intrinsic value on the date of issuance. The Company recorded a beneficial conversion feature in the amount of $27,243 related to these notes. Additionally, for the year ended June 30, 2020 the Company recorded $27,242 in amortization of debt discount related to the BCF. For the year ended June 30, 2020 the Company recorded $3,983 in interest expense. Between March 27, 2020 and June 30, 2020, the holder of the convertible notes elected to convert $68,000 in principal and $4,361 in accrued interest into 21,927,636 shares of common stock. Since the shares have not been issued as of June 30, 2020, these amounts were held in common stock to be issued. Other Related Party Transactions During the year ended June 30, 2020, the Company paid Ancient Investments, LLC, a Company owned by the Company’s CEO, Keith Duffy and the Company’s Executive Director of Corporate Operations, $73,400 for consulting services. During the year ended June 30, 2020, the Company paid AMP Web Services, a Company owned by the Company’s CTO, Pablo Lavigna, $35,700 for consulting services. As of June 30, 2020, the Company accrued $9,000 owed for May and June 2020 services. During the year ended June 30, 2020, the Company paid Keystone Business Development Partners, a Company owned by the Company’s CFO, Brian Carey, $7,000 for consulting services.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2020
COMMITMENTS AND CONTINGENCIES
NOTE 7 - COMMITMENTS AND CONTINGENCIES	During the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates the merits of the case in accordance with FASB ASC 450-20-50, Contingencies

EQUITY

EQUITY	12 Months Ended
EQUITY	Jun. 30, 2020
EQUITY
NOTE 8 - EQUITY	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 June 30, 2020 and 2019, the Company has 3,113,637 and 0 shares of Series A Preferred Stock issued and outstanding, respectively. The balance of Preferred Stock at June 30, 2020 and 2019 was $31 and $0, respectively. Common Stock The Company currently has 100,000,000 common shares authorized with a par value of $0.00001 per share. The number of shares outstanding at June 30, 2020 and 2019 was 69,584,149 and 0, respectively. The balance of Common Stock at June 30, 2020 and 2019 was $696 and $0, respectively. Common Stock to be Issued Between March 27, 2020 and June 30, 2020, holders of the convertible notes elected to convert $359,300 in principal and $13,097 in accrued interest into 112,847,463 shares of common stock. Since the shares have not been issued as of June 30, 2020, these amounts were held in common stock to be issued.

GOING CONCERN MATTERS

GOING CONCERN MATTERS	12 Months Ended
GOING CONCERN MATTERS	Jun. 30, 2020
GOING CONCERN MATTERS
NOTE 9 - GOING CONCERN MATTERS	The Company’s financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. At June 30, 2020 and 2019, the Company had $38,893 and $3,029 in cash and $53,532 and $33,848 in negative working capital, respectively. For the year ended June 30, 2020 and from inception (August 6, 2018) through June 30, 2019, the Company had a net loss of $699,564 and $84,755, 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.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Jun. 30, 2020
INCOME TAXES
NOTE 10 - INCOME TAXES	The Company accounts for income taxes in accordance with the provisions of FASB ASC 740, Accounting for Uncertainty in Income Taxes. At June 30, 2020 and 2019, the significant components of the deferred tax assets are summarized below: 2020 2019 Deferred income tax asset Net operation loss carryforwards $ 2,929,710 $ 2,782,710 Book to tax differences in intangible assets (95 ) — Total deferred income tax asset 2,929,615 2,782,710 Less: valuation allowance (2,929,615 ) (2,782,710 ) Total deferred income tax asset $ — $ — Income tax expense reflected in the consolidated statements of income consist of the following for 2020 and 2019: 2020 2019 Current Federal $ — $ — State — — — — Deferred Federal — — State — — Income tax expense $ — $ — The Company periodically evaluates the likelihood of the realization of deferred tax assets, and adjusts the carrying amount of the deferred tax assets by the valuation allowance to the extent the future realization of the deferred tax assets is not judged to be more likely than not. The Company considers many factors when assessing the likelihood of future realization of its deferred tax assets, including its recent cumulative earnings experience by taxing jurisdiction, expectations of future taxable income or loss, the carryforward periods available to the Company for tax reporting purposes, and other relevant factors. Future changes in the unrecognized tax benefit will have no impact on the effective tax rate due to the existence of the valuation allowance. The Company estimates that the unrecognized tax benefit will not change significantly within the next twelve months. The Company will continue to classify income tax penalties and interest as part of general and administrative expense in its consolidated statements of operations. There were no interest or penalties accrued as of June 30, 2020.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2020
SUBSEQUENT EVENTS
NOTE 11 - SUBSEQUENT EVENTS	Note conversions Between September 2, 2020 and September 10, 2020, Notes with an aggregate principal balance of $49,650 plus $1,434 in accrued interest automatically converted into 15,480,000 shares of common stock. As of the date of the filing, these shares have not been issued and are classified in common stock to be issued. Share Issuances On August 26, 2020, the Company issued 4,090,909 shares of common stock for services valued at $13,500 or $0.033 per share. On July 31, 2020 and September 8, 2020, the Company issued an aggregate 112,847,466 shares of common stock for the conversion of $359,300 in principal plus $13,096 in accrued interest. This debt was converted during the year ended June 30, 2020 but the conversion were categorized in common stock to be issued as of June 30, 2020. On September 8, 2020, 63,249 shares of Series A Preferred Stock were converted into 36,358,000 shares of common stock.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	The consolidated financial statements, which include the accounts of the Company and American Aviation Technologies, LLC, its subsidiary, are prepared in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP). All significant intercompany balances and transactions have been eliminated. The consolidated financial statements, which include the accounts of the Company and its wholly-owned subsidiary, and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements have been prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and presented in US dollars. The fiscal year end is June 30.
Principles of Consolidation	The consolidated financial statements include the accounts of Xeriant, Inc. and American Aviation Technologies, LLC. All significant intercompany balances and transactions have been eliminated.
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 (i) the valuation of beneficial conversion features associated with convertible debt and (ii) our incremental borrowing rate, estimated to be 10%, used to calculate the present value of our lease payments. 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 June 30, 2020 there are no deferred tax assets.
Cash and Cash Equivalents	For purposes of the Statements of Cash Flows, the Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company has no cash equivalents.
Accounts Receivable and Allowance for Doubtful Accounts	The Company monitors outstanding receivables based on factors surrounding the credit risk of specific customers, historical trends, and other information. The allowance for doubtful accounts is estimated based on an assessment of the Company’s ability to collect on customer accounts receivable. There is judgment involved with estimating the allowance for doubtful accounts and if the financial condition of the Company’s customers were to deteriorate, resulting in their inability to make the required payments, the Company may be required to record additional allowances or charges against revenues. The Company writes-off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues its collection. The allowance for doubtful accounts is created by forming a credit balance which is deducted from the total receivables balance in the balance sheet. As of June 30, 2020 and 2019 there are no accounts receivable.
Revenue Recognition	Revenue includes product sales. The Company recognizes revenue from product sales in accordance with Topic 606 “Revenue Recognition in Financial Statements” which considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the services have been rendered and all required milestones achieved, (iii) the sales price is fixed or determinable, and (iv) Collectability is reasonably assured. For the year ended June 30 , 2020 and for the period from inception (August 6, 2018) through June 30, 2019 , the Company has no revenue.
Convertible Debentures	If the conversion features of conventional convertible debt provide for a rate of conversion that is below market value at issuance, this feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20 “Debt with Conversion and Other Options.” In those circumstances, the convertible debt is recorded net of the discount related to the BCF, and the Company amortizes the discount to interest expense, over the life of the debt. During the year ended June 30, 2020, the Company recorded a BCF in the amount of $379,693.
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 $6,376 for the year ended June 30, 2020 and $8,384 for the period from inception (August 6, 2018) through June 30, 2019.
Advertising, Marketing and Public Relations	The Company expenses advertising and marketing costs as they are incurred. There Company recorded advertising expenses in the amount of $1,211 for the year ended June 30, 2020 and $4,882 for the period from inception (August 6, 2018) through June 30, 2019.
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 year ended June 30, 2020 and $4,882 for the period from inception (August 6, 2018) through June 30, 2019.
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 Topic 606. The new revenue recognition standard supersedes all existing revenue recognition guidance. Under this ASU, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2015-14, issued in August 2015, deferred the effective date of ASU 2014-09 to the first quarter of 2018, with early adoption permitted in the first quarter of 2017. In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This update addresses a diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. On June 20, 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the consolidated financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

OPERATING LEASE RIGHTOFUSE ASSE

OPERATING LEASE RIGHTOFUSE ASSET AND OPERATING LEASE LIABILITY (Tables)	12 Months Ended
	Jun. 30, 2020
OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY
Schedule of rent periods	Base Rent Periods Rent February 1, 2020 to October 1, 2020 $ 4,367 November 1, 2020 to October 1, 2021 $ 4,498 November 1, 2021 to October 1, 2022 $ 4,633 November 1, 2021 to October 1, 2022 $ 4,771 November 1, 2023 to October 1, 2024 $ 4,915 November 1, 2024 to January 1, 2025 $ 5,063
Summary of Right-of-use assets, net	Right-of- use asset is summarized below: June 30, 2020 Office lease $ 220,448 Less accumulated amortization (14,337 ) Right-of-use asset, net $ 206,111
Summary of Operating lease liability	Operating lease liability is summarized below: June 30, 2020 Office lease $ 220,766 Less: current portion (36,963 ) Long term portion 183,803 Maturity of the lease liability is as follows: Fiscal year ending June 30, 2021 $ 56,920 Fiscal year ending June 30, 2022 58,635 Fiscal year ending June 30, 2023 60,392 Fiscal year ending June 30, 2024 62,201 Fiscal year ending June 30, 2025 37,112 275,260 Present value discount (54,494 ) Lease liability $ 220,766

CONVERTIBLE NOTES PAYABLE (Tabl

CONVERTIBLE NOTES PAYABLE (Tables)	12 Months Ended
CONVERTIBLE NOTES PAYABLE (Tables)	Jun. 30, 2020
Schedule of convertible notes payable	June 30, June 30, Convertible Notes Payable, Related Party 2020 2019 Convertible notes payable issued March 2, 2020 (6% interest) $ 22,000 $ - Convertible notes payable issued March 3, 2020 (6% interest) 10,000 - Convertible notes payable issued March 7, 2020 (6% interest) 1,650 - Convertible notes payable issued March 10, 2020 (6% interest) 15,000 - Convertible notes payable issued April 9, 2020 (6% interest) 1,000 - Convertible notes payable issued April 23, 2020 (6% interest) 2,000 - Convertible notes payable issued May 11, 2020 (6% interest) 1,500 - Convertible notes payable issued June 29, 2020 (6% interest) 8,000 - Total face value 61,150 - Less unamortized discount (28,416 ) - Carrying value $ 32,734 $ -

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Jun. 30, 2020
RELATED PARTY TRANSACTIONS
Schedule of convertible notes payable, related party	June 30, June 30, Convertible Notes Payable, Related Party 2020 2019 Convertible notes payable issued March 4, 2019 (8% interest) $ - $ 25,000 Convertible notes payable issued May 31, 2019 (8% interest) - 10,000 Total face value - 35,000 Less unamortized discount - - Carrying value $ - $ 35,000

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Jun. 30, 2020
INCOME TAXES
Schedule of components of deferred income tax assets	2020 2019 Deferred income tax asset Net operation loss carryforwards $ 2,929,710 $ 2,782,710 Book to tax differences in intangible assets (95 ) — Total deferred income tax asset 2,929,615 2,782,710 Less: valuation allowance (2,929,615 ) (2,782,710 ) Total deferred income tax asset $ — $ —
Income tax expense reflected	2020 2019 Current Federal $ — $ — State — — — — Deferred Federal — — State — — Income tax expense $ — $ —

ORGANIZATION AND NATURE OF BU_2

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - Share Exchange Agreement [Member] - B&M Shareholders [Member] - Banjo & Matilda Pty Ltd. [Member]	Nov. 14, 2013shares
Restricted shares of common stock	24,338,872
Ownership Percentage	100.00%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	11 Months Ended	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Research and development expenses	$ 8,384	$ 6,376
Income tax description		Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized.
Debt Instrument, Convertible, Beneficial Conversion Feature		$ 379,693
Offering Costs	4,882	0
Advertising expenses	$ 4,882	$ 1,211

OPERATING LEASE RIGHT-OF-USE _2

OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY (Details)	12 Months Ended
	Jun. 30, 2020USD ($)
November 1, 2024 to January 1, 2025 [Member]
Base rent	$ 5,063
November 1, 2023 to October 1, 2024 [Member]
Base rent	4,915
November 1, 2021 to October 1, 2022 [Member]
Base rent	4,771
November 1, 2021 to October 1, 2022 [Member]
Base rent	4,633
November 1, 2020 to October 1, 2021 [Member]
Base rent	4,498
February 1, 2020 to October 1, 2020 [Member]
Base rent	$ 4,367

OPERATING LEASE RIGHT-OF-USE _3

OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY (Details 1) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY
Office lease	$ 220,448
Less accumulated amortization	(14,337)
Right-of-use assets, net	$ 206,111	$ 0

OPERATING LEASE RIGHT-OF-USE _4

OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY (Details 2) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY
Office lease	$ 220,766
Less: current portion	(36,963)
Long term portion	183,803	$ 0
Maturity of the lease liability is as follows:
Fiscal year ending June 30, 2021	56,920
Fiscal year ending June 30, 2022	58,635
Fiscal year ending June 30, 2023	60,392
Fiscal year ending June 30, 2024	62,201
Fiscal year ending June 30, 2025	37,112
Lease liability, Gross	275,260
Present value discount	(54,494)
Lease liability	$ 220,766

OPERATING LEASE RIGHT-OF-USE _5

OPERATING LEASE RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITY (Details Narrative)	12 Months Ended
	Jun. 30, 2020USD ($)
Borrowing, Interest Rate	10.00%
Prepaid rent	$ 4,659
Lease Agreements [Member] \| November 1, 2019 through January 1, 2025 [Member]
Capital Leases, Description	The Company leases 2,911 square feet of office space located at Innovation Centre No. 1, 3998 FAU Boulevard, Boca Raton, Florida.

EXCHANGE AGREEMENT (Details Nar

EXCHANGE AGREEMENT (Details Narrative) - USD ($)	1 Months Ended
EXCHANGE AGREEMENT (Details Narrative) - USD ($)	Apr. 18, 2019	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019
Banjo & Matilda, Inc and American Aviation Technologies LLC [Member] \| Exchange Agreement [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Business Combination, consideration transferred, Equity Interest of acquirer, series A preferred stock, Percentage	86.39%
Series A Preferred Stock [Member]
Preferred stock, shares issued		3,113,637		0
Series A Preferred Stock [Member] \| Banjo & Matilda, Inc and American Aviation Technologies LLC [Member]
Preferred stock, shares issued as compensation			170,000
Preferred stock, shares issued			193,637
Liabilities			$ 2,608,224
Series A Preferred Stock [Member] \| Banjo & Matilda, Inc and American Aviation Technologies LLC [Member] \| Exchange Agreement [Member]
Preferred stock, shares received in exchange			2,750,000
Preferred stock, shares exchange units			10,000,000

CONVERTIBLE NOTES PAYABLE (Deta

CONVERTIBLE NOTES PAYABLE (Details)	Jun. 30, 2020USD ($)
Total face value	$ 61,150
Less unamortized discount	(28,416)
Carrying value	32,734
Convertible Notes Payable [Member]
Total face value	22,000
Convertible Notes Payable One [Member]
Total face value	10,000
Convertible Notes Payable Two [Member]
Total face value	1,650
Convertible Notes Payable Three [Member]
Total face value	15,000
Convertible Notes Payable Four [Member]
Total face value	1,000
Convertible Notes Payable Five [Member]
Total face value	2,000
Convertible Notes Payable Six [Member]
Total face value	1,500
Convertible Notes Payable Seven [Member]
Total face value	$ 8,000

CONVERTIBLE NOTES PAYABLE (De_2

CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($)	11 Months Ended	12 Months Ended
CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($)	Jun. 30, 2019	Jun. 30, 2020
Debt Instrument, Convertible, Beneficial Conversion Feature		$ 379,693
Interest expense	$ 0	9,722
Amortization of debt discount	0	324,034
Proceeds from convertible notes payable	$ 35,000	352,450
Convertible Notes Payable [Member]
Debt Instrument, Convertible, Beneficial Conversion Feature		352,450
Interest expense		9,722
Amortization of debt discount		324,034
Carrying value		$ 32,734
Convertible Notes Payable [Member] \| Between September 27, 2019 and June 30, 2020 [Member]
Interest rate		6.00%
Maturity period		6 months
Proceeds from convertible notes payable		$ 352,450
Conversion price		$ 0.033
Convertible Notes Payable [Member] \| Between March 27, 2020 and June 30, 2020 [Member]
Debt instrument converted principal amount		$ 291,300
Accrued interest		$ 8,735
Common stock shares reserved for future issuance		90,919,827

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Total face value	$ 0	$ 35,000
Less unamortized discount	0	0
Carrying value	0	35,000
Convertible Notes Payable, Related Party [Member]
Carrying value	0	25,000
Convertible Notes Payable, Related Party One [Member]
Carrying value	$ 0	$ 10,000

RELATED PARTY TRANSACTIONS (D_2

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	11 Months Ended	12 Months Ended
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Jun. 30, 2019	Jun. 30, 2020
Accrued liability, related party	$ 1,500	$ 9,000
Related party consulting fees	0	125,100
Debt Instrument, Convertible, Beneficial Conversion Feature		379,693
Interest expense, related party	$ 378	3,983
Convertible Notes Payable, Related Party [Member]
Amortization of debt discount, related party		27,242
Debt Instrument, Convertible, Beneficial Conversion Feature		27,243
Interest expense, related party		3,983
CFO, Brian Carey [Member]
Related party consulting fees		7,000
CTO, Pablo Lavigna [Member]
Related party consulting fees		35,700
CEO, Keith Duffy [Member]
Related party consulting fees		73,400
May and June 2020 services [Member]
Accrued liability, related party		9,000
March 4, 2019 and September 23, 2019 [Member] \| Convertible Notes Payable, Related Party [Member]
Face value		$ 68,000
Conversion price		$ 0.033
Interest rate		8.00%
March 27, 2020 and June 30, 2020 [Member]
Debt instrument converted principal amount		$ 359,300
Accrued interest		$ 13,097
Common stock shares reserved for future issuance		112,847,463
March 27, 2020 and June 30, 2020 [Member] \| Convertible Notes Payable, Related Party [Member]
Debt instrument converted principal amount		$ 68,000
Accrued interest		$ 4,361
Common stock shares reserved for future issuance		21,927,636

EQUITY (Details Narrative)

EQUITY (Details Narrative) - USD ($)	12 Months Ended
EQUITY (Details Narrative) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Common stock, shares par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	69,584,149	0
Common stock value	$ 696	$ 0
Series A Preferred Stock [Member]
Preferred stock, shares issued	3,113,637	0
Preferred stock, shares outstanding	3,113,637	0
Preferred stock voting description	The preferred shares shall be entitled to 100 votes to every one share of common stock.
Common stock, conversion description	Each share of Series A Preferred Stock is convertible, at the option of the holder thereof, at any time into shares of Common Stock on a 1:1,000 basis.
Preferred stock, shares designated	3,500,000	3,500,000
Common stock, Dividend description	The Series A Preferred Stockholders are treated the same as the Common Stock holders except at the dividend on each share of Series A Convertible Preferred Stock is equal to the amount of the dividend declared and paid on each share of Common Stock multiplied by the Conversion Rate.
Preferred stock, shares par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock value	$ 31	$ 0
March 27, 2020 and June 30, 2020 [Member]
Debt instrument converted principal amount	$ 359,300
Common stock shares reserved for future issuance	112,847,463
Accrued interest	$ 13,097

GOING CONCERN MATTERS (Details

GOING CONCERN MATTERS (Details Narrative) - USD ($)	11 Months Ended	12 Months Ended
GOING CONCERN MATTERS (Details Narrative) - USD ($)	Jun. 30, 2019	Jun. 30, 2020
GOING CONCERN MATTERS
Cash	$ 3,029	$ 38,893
Working capital deficit	(33,848)	(53,532)
Net Loss	$ (84,755)	$ (699,564)

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Deferred income tax asset
Net operation loss carryforwards	$ 2,929,710	$ 2,782,710
Book to tax differences in intangible assets	(95)	0
Total deferred income tax asset	2,929,615	2,782,710
Less: valuation allowance	(2,929,615)	(2,782,710)
Total deferred income tax asset	$ 0	$ 0

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	11 Months Ended	12 Months Ended
INCOME TAXES (Details 1) - USD ($)	Jun. 30, 2019	Jun. 30, 2020
Current
Federal	$ 0	$ 0
State	0	0
Total current	0	0
Deferred
Federal	0	0
State	0	0
Income tax expense	$ 0	$ 0

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	1 Months Ended		12 Months Ended
SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Sep. 08, 2020	Aug. 26, 2020	Jun. 30, 2020	Jun. 30, 2019
Series A Preferred Stock [Member]
Preferred stock, shares issued			3,113,637	0
Between September 2, 2020 and September 10, 2020 [Member]
Converted share of common stock, shares			15,480,000
Accrued interest			$ 1,434
Converted share of common stock, amount			$ 49,650
On July 31, 2020 and September 8, 2020 [Member]
Converted share of common stock, shares			112,847,466
Accrued interest			$ 13,096
Converted share of common stock, amount			$ 359,300
Subsequent Event [Member]
Stock issued during period, shares, issued for services		4,090,909
Stock issued during period, value, issued for services		$ 13,500
Common stock price per share		$ 0.033
Subsequent Event [Member] \| Series A Preferred Stock [Member]
Converted share of common stock, shares	36,358,000
Preferred stock, shares issued	63,249