Sundance Strategies (SUND) 10-Q 9 Feb 16 2016 Q3 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	9 Months Ended
	Dec. 31, 2015	Feb. 05, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Entity Registrant Name	Sundance Strategies, Inc.
Entity Central Index Key	1,171,838
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		44,315,941

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Current Assets
Cash and Cash Equivalents	$ 74,114	$ 336,370
Prepaid Expenses	3,750	1,875
Total Current Assets	77,864	338,245
Other Assets
Investment in Net Insurance Benefits	$ 28,690,516	22,544,635
Advance for Investment in Net Insurance Benefits		3,596,386
Notes Receivable		211,000
Other		16,428
Total Other Long-term Assets	$ 28,690,516	26,368,449
Total Assets	28,768,380	26,706,694
Current Liabilities
Accounts Payable	279,128	255,361
Accrued Expenses	$ 826,665	181,917
Notes Payable		1,326,876
Note Payable-Related Party		$ 1,500,000
Redeemed Common Stock Payable	$ 750,000
Total Current Liabilities	1,855,793	$ 3,264,154
Long-Term Liabilities
Note Payable-Related Party	2,667,000
Convertible Debenture	700,000
Accrued Expenses	109,800
Total Long-Term Liabilities	3,476,800
Total Liabilities	$ 5,332,593	$ 3,264,154
Stockholders' Equity
Preferred Stock, authorized 10,000,000 shares, par value $0.001; -0- shares issued and outstanding
Common Stock, authorized 500,000,000 shares, par value $0.001; 44,222,191 and 43,185,941 shares issued and outstanding, respectively	$ 44,222	$ 43,186
Additional Paid In Capital	$ 24,260,505	16,316,882
Additional Paid In Capital- Stock to be Issued		7,540,000
Accumulated Deficit	$ (868,940)	(457,528)
Total Stockholders' Equity	23,435,787	23,442,540
Total Liabilities and Stockholders' Equity	$ 28,768,380	$ 26,706,694

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Mar. 31, 2015
Condensed Consolidated Balance Sheets [Abstract]
Preferred Stock, shares authorized	10,000,000	10,000,000
Preferred Stock, par value per share	$ 0.001	$ 0.001
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, shares authorized	500,000,000	500,000,000
Common Stock, par value per share	$ 0.001	$ 0.001
Common Stock, shares issued	44,222,191	43,185,941
Common Stock, shares outstanding	44,222,191	43,185,941

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Condensed Consolidated Statements of Operations [Abstract]
Interest Income on Investment in Net Insurance Benefits	$ 1,090,031	$ 616,547	$ 2,777,501	$ 1,772,698
General and Administrative Expenses	1,549,676	526,797	3,043,267	1,726,169
Income (Loss) from Operations	$ (459,645)	89,750	(265,766)	46,529
Other Income (Expense)
Interest Income		4,568	5,241	13,388
Interest Expense	$ (60,294)	$ (200,270)	$ (150,887)	(233,442)
Other, net				6,303
Total Other Expense	$ (60,294)	$ (195,702)	$ (145,646)	(213,751)
Loss Before Income Taxes	$ (519,939)	$ (105,952)	$ (411,412)	$ (167,222)
Income Tax Provision
Net Loss	$ (519,939)	$ (105,952)	$ (411,412)	$ (167,222)
Basic and Diluted:
Loss Per Share	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.01)
Weighted Average Number of Shares Outstanding	44,315,941	43,185,941	44,029,347	43,122,354

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating Activities
Net Loss	$ (411,412)	$ (167,222)
Adjustments to reconcile to cash from operating activities:
Share Based Compensation - Options	404,659	320,333
Accrued Interest on NIBs	(2,777,501)	(1,772,698)
Advance for Investments in Net Insurance Benefits	(626,914)	(794,598)
Refund of Advance for Investments in Net Insurance Benefits	854,920	904,274
Changes in Operating Assets and Liabilities
Accrued Interest Income	16,428	(4,847)
Prepaid Expenses	(1,875)	(1,750)
Accounts Payable	23,767	75,339
Accrued Expenses	927,672	34,430
Net Cash from Operating Activities	$ (1,590,256)	(1,406,739)
Investing Activity
Issuance of Note Receivable		(150,000)
Proceeds from Notes Receivable	$ 211,000	550,000
Net Cash from Investing Activity	211,000	400,000
Financing Activities
Proceeds from Issuance of Notes Payable and Lines-of-Credit, Related Party	1,167,000	$ 1,272,000
Proceeds from Issuance of Convertible Debenture	$ 700,000
Common Stock Issued for Cash		$ 150,000
Redemption of Temporary Equity	$ (750,000)
Net Cash from Financing Activities	1,117,000	$ 1,422,000
Net Change in Cash	(262,256)	415,261
Cash at Beginning of Period	336,370	375,212
Cash at End of Period	$ 74,114	790,473
Non Cash Financing & Investing Activities
Notes Receivables Exchanged for Advance for Investment in NIBs		100,000
Cash Paid for Interest		81,621
Adjustments to Subscription Receivable and Additional Paid in Capital		$ 1,500
Exchange Note Payable and Accrued Interest for Temporary Equity	$ 1,500,000
Advanced funds paid converted to Net Insurance Benefits	$ 3,368,380

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Dec. 31, 2015
ORGANIZATION AND BASIS OF PRESENTATION [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	(1) ORGANIZATION AND BASIS OF PRESENTATION The condensed consolidated unaudited interim financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated financial statements and notes are presented as permitted on Form 10-Q and do not contain information included in the Company's annual statements and notes. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed consolidated financial statements be read in conjunction with the March 31, 2015, audited consolidated financial statements and the accompanying notes thereto. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the Company's consolidated condensed financial statements and accompanying notes. Actual results could differ materially from those estimates. These condensed consolidated unaudited financial statements reflect all adjustments, including normal recurring adjustments which, in the opinion of management, are necessary to present fairly the operations and cash flows for the periods presented. Sundance Strategies, Inc. (formerly known as Java Express, Inc.) was organized under the laws of the State of Nevada on December 14, 2001, and engaged in the retail selling of beverage products to the general public until these endeavors ceased in 2006; it had no material business operations from 2006, until its acquisition of ANEW LIFE, INC. (“ANEW LIFE”), a subsidiary of Sundance Strategies, Inc. (“Sundance Strategies,” the “Company” or “we”). The Company is engaged in the business of purchasing or acquiring and selling life insurance policies and residual interests in or financial products tied to life insurance policies, including notes, drafts, acceptances, open accounts receivable and other obligations representing part or all of the sales price of insurance, life settlements and related insurance contracts being traded in the secondary marketplace, often referred to as the “life settlements market.” Currently, the Company is focused on the purchase and sale of net insurance benefit contracts (“NIB”) on life insurance policies between the sellers and purchasers, but does not take possession or control of the policies. The purchasers acquire the life insurance policies at a discount to their face value for investment purposes. The purchasers have available credit to pay premiums and expenses on the underlying policies until settlement. On settlement, the Company receives the NIB after all borrowings, interest and expenses have been paid out of the settlement proceeds.

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Dec. 31, 2015
NEW ACCOUNTING PRONOUNCEMENTS [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	(2) NEW ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09 – Revenue from Contracts with Customers, which provides a single, comprehensive revenue recognition model for all contracts with customers. The core principal of this ASU is that 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. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In July 2015, the FASB deferred the effective date of this standard. As a result, the standard and related amendments will be effective for the Company for its fiscal year beginning April 1, 2018, including interim periods within that fiscal year. Early application is permitted, but not before the original effective date of April 1, 2017. Entities are allowed to transition to the new standard by either retrospective application or recognizing the cumulative effect. The Company is currently evaluating the guidance, including which transition approach will be applied and the estimated impact it will have on our consolidated financial statements. The Company does not believe adoption of this ASU will have a material impact on its financial statements. In August 2014, the FASB issued ASU 2014-15 Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. In April, 2015, the FASB issued ASU 2015-03: Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30). This update requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. Under current standards, debt issuance costs are generally recorded as an asset and amortization of these deferred financing costs is recorded in interest expense. Under the new standard, debt issuance costs will continue to be amortized over the life of the debt instrument and amortization will continue to be recorded in interest expense. ASU 2015-03 is effective for the Company on April 1, 2016, and will be applied on a retrospective basis. In May 2015, the FASB issued ASU 2015-08, Business Combinations (Topic 805): Pushdown Accounting. This Accounting Standards Update amends various SEC paragraphs pursuant to the issuance of Staff Accounting Bulletin No.115. The Company notes the Update is effective immediately and will apply to the Company if the Company acquires a business. In August 2015, the FASB issued ASU 2015-15, Interest-Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. This Update was issued to make some fairly minor wording adjustments to ASC 835-30. The new wording, presented as paragraph 835-30-S45-1, recognizes that ASU 2015-13 does not address the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. As stated below, ASU 2015-13 requires companies to recognize debt issuance costs as a reduction of the carrying amount of the associated debt liability. ASU 2015-15 states that debt issuance costs related to line-of-credit arrangements may be recognized as an asset and amortized over the term of the line-of-credit arrangement, even if the line-of-credit does not carry a balance. The Company notes that this guidance does apply to its reporting requirements and will implement the new guidance accordingly. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This Update, which is part of the FASB's larger Simplification Initiative project aimed at reducing the cost and complexity of certain areas of the accounting codification, requires that an acquirer recognize adjustments to provisional amounts identified during the measurement period in the reporting period in which the adjustment amounts are determined. Furthermore, the acquirer should record in the same period's financial statements, the effect on earnings from any changes in depreciation, amortization or other items impacting income. These changes resulting from adjustments to provisional amounts should be calculated as if the accounting had been completed at the actual acquisition date. Lastly, the Update requires the acquirer to present separately on the face of the income statement or in the footnote disclosures the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the actual acquisition date. This Update is effective for fiscal years beginning after December 15, 2016. The amendments in this Update should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this Update, with earlier application permitted. The amendments are effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. All entities have the option of adopting the new requirements as of an earlier date for financial statements that have not been previously issued. Applicable disclosures for a change in an accounting principle are required in the year of adoption, including interim periods. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. The Company notes that this guidance may apply to its reporting requirements and will implement the new guidance accordingly. In November 2015, the FASB issued ASU 2015-17 regarding Balance Sheet Classification of Deferred Taxes, which simplifies the presentation of deferred income taxes by requiring all deferred income tax liabilities and assets be classified as noncurrent on the consolidated balance sheets. The guidance is effective for fiscal years and interim reporting periods within those years beginning after December 15, 2016, with early adoption permitted. The standard would be effective for the Company's fiscal year beginning April 1, 2017, however, we expect to early adopt the provisions of this standard effective January 1, 2016 on a prospective basis. The Company does not expect the early adoption of this guidance to have a material effect on our consolidated financial statements. The Company has reviewed all other recently issued, but not yet adopted, accounting standards, in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements.

ADVANCE FOR INVESTMENT IN NET I

ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS	9 Months Ended
	Dec. 31, 2015
ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS [Abstract]
ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS	(3) ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS On June 7, 2013, the Company entered into an Asset Transfer Agreement (the “Del Mar ATA”) with Del Mar Financial, S.a.r.l. (“Del Mar”). As part of the Del Mar ATA, the Company entered into a Structuring and Consulting Agreement with Europa Settlement Advisors Ltd. (respectively, the “Europa Agreement” and “Europa”). The Del Mar ATA involved the purchase of certain life settlement assets consisting of the legal and net beneficial ownership interest in a portfolio of life insurance policies (the “NIBs”), among other assets that are consideration and collateral for certain cash advances and expense payments made by the Company. According to the Del Mar ATA, Del Mar, with the assistance of Europa, was obligated to convert the NIBs and other newly acquired NIBs into “Qualified NIBS.” As soon as Del Mar met its obligation to provide Qualified NIBs to the Company, any remaining NIBs and any other consideration and collateral would be returned or released to Del Mar. The original due date for the conversion was December 31, 2013, which date was subsequently extended several times. On April 30, 2015, the Company finalized an amendment to the Del Mar ATA and the related Europa Agreement to extend the deadline until August 31, 2015. The remaining consideration and collateral under the Del Mar ATA, as of September 1, 2015, primarily consisted of approximately 81 94,000,000 10,000,000 84,000,000 As Del Mar was unable to provide the required amount of Qualified NIBs by the extended due date of August 31, 2015, effective September 1, 2015, the agreements with Del Mar and Europa were cancelled and the Company obtained full ownership and control of the collateral, which included the above mentioned approximately 81% of the NIBs associated with the $84,000,000 face value of life settlement policies and certain rights to net proceeds relating to the Matured Policy. The bulk of the $10,000,000 proceeds paid in connection with the Matured Policy were used to repay loans secured by such Matured Policy. However, on September 10, 2015, the Company received $ 1,094,335 239,415 547,308 307,612 On September 30, 2015, the Company transferred the remaining balance of advances and expense payments to Del Mar, totaling $ 3,368,380 In addition to obtaining full and unrestricted rights to the NIBs upon termination of the Del Mar ATA and Europa Agreement, the Company also is entitled to receive liquidated damages from Del Mar in an amount equal to 100 The liquidated damages are computed pro rata, based upon the percentage of Qualified NIBs delivered by Del Mar under the Del Mar ATA. 90,600,000 22.65 400,000,000 The liquidated damages claim is secured by all of the assets transferred to the Company under the Del Mar ATA and a Collateral Pledge Agreement executed by Del Mar on June 5, 2013, pledging all of Del Mar's remaining assets to the Company unless and until Del Mar completes all of its obligations under the Del Mar ATA. The Company is unsure what, if any, assets are currently held by Del Mar.

INVESTMENT IN NET INSURANCE BEN

INVESTMENT IN NET INSURANCE BENEFITS	9 Months Ended
	Dec. 31, 2015
INVESTMENT IN NET INSURANCE BENEFITS [Abstract]
INVESTMENT IN NET INSURANCE BENEFITS	(4) INVESTMENT IN NET INSURANCE BENEFITS Investment in NIBs for the nine months ended December 31, 2015, and the fiscal year ended March 31, 2015, were as follows: December 31, 2015 March 31, 2015 Beginning Balance $ 22,544,635 $ 12,243,411 Additional investments 3,368,380 7,846,746 Accr 2,777,501 2,454,478 Distributions of investments - - Impairment of investments - - Total $ 28,690,516 $ 22,544,635 As mentioned in Note 3, the Company transferred $3,368,380 from advance for investment in NIBs into investment in NIBs on September 30, 2015. 100 81 100 The Company accounts for its investment in NIBs at the initial investment value increased for interest income and decreased for cash receipts received by the Company. At the time of transfer or purchase of an investment in NIBs, we estimate the future expected cash flows and determine the effective interest rate based on these estimated cash flows and our initial investment. Based on this effective interest rate, the Company calculates accretable income, which is recorded as interest income on investment in NIBs in the statement of operations. Subsequent to the purchase and on a regular basis, these future estimated cash flows are evaluated for changes. If the determination is made that the future estimated cash flows should be significantly adjusted, a revised effective yield is calculated prospectively based on the current amortized cost of the investment, including accrued accretion. Any positive or adverse change in cash flows that does not result in the recognition of an “other-than-temporary impairment” (“OTTI”) results in a prospective increase or decrease in the effective interest rate used to recognize interest income. We have not recognized any significant adverse change in future estimated cash flows relating to our investment in NIBs from January 31, 2013 (inception) to the period ended December 31, 2015. 826,665

NOTES PAYABLE AND LINES-OF-CRED

NOTES PAYABLE AND LINES-OF-CREDIT, RELATED PARTY	9 Months Ended
	Dec. 31, 2015
NOTES PAYABLE AND LINES-OF-CREDIT, RELATED PARTY [Abstract]
NOTES PAYBALE AND LINES-OF-CREDIT, RELATED PARTY	(5) NOTES PAYABLE AND LINES-OF-CREDIT, RELATED PARTY As of December 31, 2015, the Company had borrowed $ 2,667,000 3,245,000 7.5 1,367,000 repaid $ 200,000

NOTES PAYABLE TRANSFERRED TO RE

NOTES PAYABLE TRANSFERRED TO REDEEMED COMMON STOCK PAYABLE	9 Months Ended
	Dec. 31, 2015
NOTES PAYABLE TRANSFERRED TO REDEEMED COMMON STOCK PAYABLE [Abstract]
NOTES PAYABLE TRANSFERRED TO REDEEMED COMMON STOCK PAYABLE	(6) NOTES PAYABLE TRANSFERRED TO REDEEMED COMMON STOCK PAYABLE March 31, 2014, the Company owed $ 1,455,904 37,350 4 April 2015 187,500 93,750 750,000 750,000

CONVERTIBLE DEBENTURE AGREEMENT

CONVERTIBLE DEBENTURE AGREEMENT	9 Months Ended
	Dec. 31, 2015
CONVERTIBLE DEBENTURE AGREEMENT [Abstract]
CONVERTIBLE DEBENTURE AGREEMENT	(7) CONVERTIBLE DEBENTURE AGREEMENT On June 2, 2015, the Company entered into an 8 3,000,000 The number of shares issuable at conversion shall be determined by the quotient obtained by dividing the outstanding principal and accrued and unpaid interest by 90% of the 90 day average closing price of the Company's common stock from the date the notice of conversion is received 1.00 As of December 31, 2015, the Company owed $ 700,000

LIQUIDITY AND CAPITAL REQUIREME

LIQUIDITY AND CAPITAL REQUIREMENTS	9 Months Ended
	Dec. 31, 2015
LIQUIDITY AND CAPITAL REQUIREMENTS [Abstract]
LIQUIDITY AND CAPITAL REQUIREMENTS	(8) Under the current business plan, the Company purchases life insurance policies and residual interests in or financial products tied to life insurance policies when they fit its model and its cash flows are sufficient to fund those purchases (with exception of the Del Mar ATA wherein the Company committed to purchase a certain number of Qualified NIBs as Del Mar made them available). The Company expects to finance NIB purchases, as well as its operating working capital requirements, with proceeds from planned public and/or private offerings of its securities and debt financing. There can be no assurance that the Company will be successful in the anticipated equity and debt offerings or that it will be successful in raising additional capital in the future on terms acceptable to the Company, or at all. If the Company is unable to raise sufficient capital through the planned securities and debt offerings or other alternative sources of financing, management will curtail NIB purchases. Under this plan, expenditures for NIBs will be curtailed. The Company believes that it will be able to fund its operating working capital requirements with existing lines-of-credit and debentures agreements. The accompanying financial statements have been prepared on a going concern basis under which the Company is expected to be able to realize its assets and satisfy its liabilities in the normal course of business. To continue as a going concern beyond the period ended December 31, 2016, and in order to continue to purchase NIBs, the Company will need to complete planned equity and debt offerings or obtain alternative sources of financing. Absent additional financing, the Company will not have the resources to execute its current business plan.

STOCK OPTIONS

STOCK OPTIONS	9 Months Ended
	Dec. 31, 2015
STOCK OPTIONS [Abstract]
STOCK OPTIONS	(9) STOCK OPT IONS On July 22, 2015, 400,000 0.001 5.00 five 11,111 98,655 73,202 78,728

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Dec. 31, 2015
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	(10) SUBSEQUENT EVENTS On February 4, 2016, the Notes Payable and Lines-of-Credit Agreement – Related Party (See Note 5) was amended to allow for increased borrowings of $ 1,985,000 3,245,000 5,230,000 On February 2, 2016, the Convertible Debenture Agreement (See note 7) was amended to extend the due date from June 2, 2016 to May 31, 2017. All other terms of the Agreement remain in effect.

INVESTMENT IN NET INSURANCE B16

INVESTMENT IN NET INSURANCE BENEFITS (Tables)	9 Months Ended
	Dec. 31, 2015
INVESTMENT IN NET INSURANCE BENEFITS [Abstract]
Summary of Investments in Net Insurance Benefits	December 31, 2015 March 31, 2015 Beginning Balance $ 22,544,635 $ 12,243,411 Additional investments 3,368,380 7,846,746 Accr 2,777,501 2,454,478 Distributions of investments - - Impairment of investments - - Total $ 28,690,516 $ 22,544,635

ADVANCE FOR INVESTMENT IN NET17

ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS (Narrative) (Details) - USD ($)	Sep. 10, 2015	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2015	Aug. 31, 2015	May. 31, 2015
ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS [Abstract]
Collateral as Percentage of NIBs			81.00%
Face Value Of Collateral Against Cash Advances					$ 3,368,380	$ 84,000,000	$ 94,000,000
Contracts that matured during the period		$ 10,000,000
Proceeds from matured policy	$ 1,094,335
Proceeds allocated to note receivable payoff	239,415
Proceeds allocated to reimbursement	547,308
Proceeds allocated to refund advance payments	$ 307,612
Proceeds allocated to reduce advance for Investments in NIBs			$ 854,920	$ 904,274
Advance for investments, cash advances, rate			100.00%
Net insurance benefits received			$ 90,600,000
Net insurance benefits, amount received, percentage			22.65%
Net insurance benefits, future amount			$ 400,000,000

INVESTMENT IN NET INSURANCE B18

INVESTMENT IN NET INSURANCE BENEFITS (Summary of Investments in Net Insurance Benefits) (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
INVESTMENT IN NET INSURANCE BENEFITS [Abstract]
Beginning Balance			$ 22,544,635	$ 12,243,411	$ 12,243,411
Additional investments			3,368,380		7,846,746
Accretion of interest income	$ 1,090,031	$ 616,547	$ 2,777,501	$ 1,772,698	$ 2,454,478
Distributions of investments
Impairment of investments
Total	$ 28,690,516		$ 28,690,516		$ 22,544,635
Transfers from Advance for Investment in NIBs			$ 3,368,380

INVESTMENT IN NET INSURANCE B19

INVESTMENT IN NET INSURANCE BENEFITS (Narrative) (Details) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Schedule of Investments [Line Items]
Ownership Percentage Interest In NIBs	100.00%
Accrued obligation related to ownership change	$ 826,665	$ 181,917
Minimum [Member]
Schedule of Investments [Line Items]
Ownership Percentage Interest In NIBs	81.00%
Maximum [Member]
Schedule of Investments [Line Items]
Ownership Percentage Interest In NIBs	100.00%

NOTES PAYABLE AND LINES-OF-CR20

NOTES PAYABLE AND LINES-OF-CREDIT, RELATED PARTY (Details) - Stockholder [Member]	9 Months Ended
	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Long-term Line of Credit	$ 2,667,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 3,245,000
Related party note interest rate	7.50%
Proceeds from Lines of Credit	$ 1,367,000
Repayments of Lines of Credit	$ 200,000

NOTES PAYABLE TRANSFERRED TO 21

NOTES PAYABLE TRANSFERRED TO REDEEMED COMMON STOCK PAYABLE (Details)	Jun. 09, 2015USD ($)shares	Jun. 30, 2015item	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Mar. 31, 2014USD ($)
Debt Instrument [Line Items]
Number of shares repurchased during the period | shares	93,750
Value of shares repurchased during the period	$ 750,000
Mandatorily Redeemable Common Stock liability				$ 750,000
NIB-Collateralized Note Payable [Member]
Debt Instrument [Line Items]
Notes Payable, including accrued interest					$ 1,455,904
Interest Payable			$ 37,350
Interest rate			4.00%
Maturity date			Apr. 1, 2015
Number of shares issued on conversion | item		187,500

CONVERTIBLE DEBENTURE AGREEME22

CONVERTIBLE DEBENTURE AGREEMENT (Details)	9 Months Ended
	Dec. 31, 2015USD ($)$ / shares
CONVERTIBLE DEBENTURE AGREEMENT [Abstract]
Convertible debenture interest rate	8.00%
Convertible debenture borrowing capacity	$ 3,000,000
Convertible debenture, terms of conversion	The number of shares issuable at conversion shall be determined by the quotient obtained by dividing the outstanding principal and accrued and unpaid interest by 90% of the 90 day average closing price of the Company's common stock from the date the notice of conversion is received
Convertible debenture, minimum conversion price per share | $ / shares	$ 1
Convertible debenture, amount borrowed	$ 700,000

STOCK OPTIONS (Narrative) (Deta

STOCK OPTIONS (Narrative) (Details) - USD ($)	Jul. 22, 2015	Sep. 30, 2015	Dec. 31, 2015	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, par value per share			$ 0.001	$ 0.001
Option expense amortized		$ 98,655
Quarterly amortization expense going forward		78,728
Scenario, Previously Reported [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Quarterly amortization expense going forward		$ 73,202
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted	400,000
Common Stock, par value per share	$ 0.001
Exercise price	$ 5
Stock option term	5 years
Shares vesting per month	11,111

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Stockholder [Member] - USD ($)	Feb. 04, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Maximum amount borrowed under line of credit		$ 3,245,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Increase in maximum borrowing capacity	$ 1,985,000
Maximum amount borrowed under line of credit	$ 5,230,000