Sundance Strategies (SUND) 10-Q 17 Feb 15 2015 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Dec. 31, 2014	Feb. 17, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Entity Registrant Name	Sundance Strategies, Inc.
Entity Central Index Key	1171838
Current Fiscal Year End Date	-28
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2015
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		43,185,941

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Mar. 31, 2014
Current Assets
Cash and Cash Equivalents	$790,473	$375,212
Prepaid Expenses	3,750	2,000
Total Current Assets	794,223	377,212
Other Assets
Investment in Net Insurance Benefits	14,016,109	12,243,411
Advance for Investment in Net Insurance Benefits	3,575,186	3,584,862
Notes Receivable	361,000	861,000
Other	18,614	13,767
Total Other Long-term Assets	17,970,909	16,703,040
Total Assets	18,765,132	17,080,252
Current Liabilities
Accounts Payable	128,254	52,915
Accrued Expenses	163,458
Note Payable	1,326,876
Note Payable-Related Party	1,362,000	90,000
Total Current Liabilities	2,980,588	142,915
Notes Payable, including accrued interest		1,455,904
Total Liabilities	2,980,588	1,598,819
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; 43,185,941 and 43,015,941 shares issued and outstanding, respectively	43,186	43,017
Subscription Receivable		-1,500
Additional Paid In Capital	16,219,369	15,050,705
Additional Paid In Capital- Stock to be Issued		700,000
Accumulated Deficit	-478,011	-310,789
Total Stockholders' Equity	15,784,544	15,481,433
Total Liabilities and Stockholders' Equity	$18,765,132	$17,080,252

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2014	Mar. 31, 2014
Condensed Consolidated Balance Sheets [Abstract]
Preferred Stock, shares authorized	10,000,000	10,000,000
Preferred Stock, par value per share	$0.00	$0.00
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	$0.00	$0.00
Common Stock, shares issued	43,185,941	43,015,941
Common Stock, shares outstanding	43,185,941	43,015,941

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Condensed Consolidated Statements of Operations [Abstract]
Interest Income on Investment in Net Insurance Benefits	$616,547		$1,772,698
General and Administrative Expenses	526,797	354,434	1,726,169	1,699,108
Income (Loss) from Operations	89,750	-354,434	46,529	-1,699,108
Other Income (Expense)
Other, net		1,672,124	6,303	1,672,124
Interest Income	4,568	4,710	13,388	4,731
Interest Expense	-200,270	-31,020	-233,442	-91,802
Total Other Income (Expense)	-195,702	1,645,814	-213,751	1,585,053
Income (Loss) Before Income Taxes	-105,952	1,291,380	-167,222	-114,055
Income Tax Provision
Net Income (Loss)	($105,952)	$1,291,380	($167,222)	($114,055)
Basic and Diluted:
Basic and Fully Diluted Earnings (Loss) Per Share	($0.01)	$0.03	($0.01)	($0.01)
Weighted Average Number of Shares Outstanding	43,185,941	42,261,441	43,122,354	41,490,857

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Operating Activities
Net Loss	($167,222)	($114,055)
Adjustments to reconcile to cash from operating activities:
Gain on Extinguishment of Debt		-1,672,124
Share Based Compensation - Options	320,333	735,999
Deferred Income Taxes
Advance for Investments in Net Insurance Benefits	-794,598	-8,572,972
Refund of Advance for Investments in Net Insurance Benefits	904,274
Other Current Assets
Accrued Interest Income	-4,847	-4,710
Prepaid Expenses	-1,750
Accounts Payable	75,339	-61,382
Accrued Expenses	34,430	91,802
Investment in Net Insurance Benefits	-1,772,698
Net Cash from Operating Activities	-1,406,739	-9,597,442
Investing Activities
Issuance of Note Receivable	-150,000
Proceeds from Notes Receivables	550,000	-861,000
Net Cash from Investing Activities	400,000	-861,000
Financing Activities
Proceeds from Issuance of Common Stock - net of issuance costs		6,765,375
Proceeds from Issuance of Note Payable-Related Party	1,272,000
Common Stock Issued for Cash	150,000
Common Stock to be Issued		3,272,500
Net Cash from Financing Activities	1,422,000	10,037,875
Net Change in Cash	415,261	-420,567
Cash at Beginning of Period	375,212	545,417
Cash at End of Period	790,473	124,850
Non Cash Financing Activities
Cash Paid for Interest	81,621
Adjustments to Subscription Receivable and Additional Paid in Capital	1,500
Notes Receivables Exchanged for Advance for Investment in NIBs	100,000
Fair Value of Warrants Issued as Stock Issuance Costs		139,251
Gain on extinguishment of debt		$1,672,124

ORGANIZATION_AND_BASIS_OF_PRES

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Dec. 31, 2014
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, 2014, 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.
	On March 29, 2013, Sundance Strategies, Inc., a Nevada corporation (“Sundance Strategies”), its newly formed and wholly-owned subsidiary, Anew Acquisition Corp., a Utah corporation (“Merger Subsidiary”), and ANEW LIFE, completed an Agreement and Plan of Merger, whereby Merger Subsidiary merged with and into ANEW LIFE, and ANEW LIFE was the surviving company under the merger and became a wholly-owned subsidiary of Sundance Strategies on the closing of the merger (the “Merger”). The Merger has been treated as a reverse acquisition and a recapitalization of a public company. Accordingly, the historic financial statements of the Company are the historic financial statements of ANEW LIFE, which was incorporated on January 31, 2013.
	Sundance Strategies and subsidiary (the “Company” or “we”) is engaged in the business of directly purchasing from third parties and purchasing, acquiring and assisting third parties in assembling portfolios of high quality life insurance policies and residual interest in or financial products tied to life insurance policies, including notes, drafts, acceptances, open accounts receivable and other obligations from the secondary and tertiary marketplace often referred to as the “life settlements market.”  Currently, the Company is focused on the acquisition of Net Insurance Benefits (“NIB” or “NIBs”).   NIBs are residual interests in or financial products tied to life settlement policies.  The Company purchases NIBs on life settlement policies from third parties in pools of multiple policies, but does not typically take possession or control of the policies, other than the policies held as collateral for advances to third parties, of which the Company does take temporary possession until collateral is returned for NIBs.

NEW_ACCOUNTING_PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Dec. 31, 2014
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. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early adoption is not permitted and companies can transition to the new standard under the full retrospective method or the modified retrospective method. 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. The new standard provides guidance around management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's 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.

INVESTMENT_IN_NET_INSURANCE_BE

INVESTMENT IN NET INSURANCE BENEFITS	9 Months Ended
	Dec. 31, 2014
INVESTMENT IN NET INSURANCE BENEFITS [Abstract]
INVESTMENT IN NET INSURANCE BENEFITS	(3) INVESTMENT IN NET INSURANCE BENEFITS
	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. The investment in NIBs is a residual economic beneficial interest in a portfolio of life insurance policies that have been financed by an independent third party via a loan from a senior lender and insured via a mortality risk insurance product or mortality re-insurance (“MRI”).  Future expected cash flows are defined as the net insurance proceeds from death benefits after senior debt repayment, mortality risk repayment, and service provider or other third-party payments.  At the time of 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 cost basis. 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 quarterly 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.
	The Company is not responsible for maintaining premiums or other expenses related to maintaining the underlying life insurance contracts. Therefore, the investment in NIBs balance on the Company's balance sheet does not increase when premiums or other expenses are paid.  The face value of the underlying life insurance policies approximated $217 million (includes estimated return of premiums) as of December 31, 2014. The Company holds a 100% interest in the NIBs relating to the underlying life insurance policies as of December 31, 2014. The estimated fair value of the Company's investment in NIBs approximated carrying value at December 31, 2014, with fair value calculated using level 3 inputs. As of December 31, 2014 and March 31, 2014, investments in NIBs were as follows:
		December 31,  2014		March 31, 2014
	Beginning Balance	$	12,243,411	$	6,299,000
	Additional investments		-		5,436,000
	Accretion of interest income		1,772,698		508,411
	Distributions of investments		-		-
	Impairment of investments		-		-
	Total	$	14,016,109	$	12,243,411
	We evaluate the carrying value of our investment in NIBs for OTTI on a regular basis and, if necessary, adjust our carrying value in the investment in NIBs using new or updated information that affects our assumptions about remaining life expectancy, credit worthiness of the policy issuer, funds needed to maintain the asset until maturity, utilization of MRI, discount rates and potential return. We recognize OTTI on investment in NIBs if the expected discounted cash flows (using the effective yield) expected to be received are less than the carrying amount of the investment. OTTI of the investment in NIBs could be generally caused by the insured significantly exceeding the estimate of the original life expectancy, which causes the original policy costs and projected future premiums to exceed the estimated maturity value, a change in credit worthiness of the policy issuer, increased or changes to applicable regulation of the investment, counter party performance risk, shortage of funds needed to maintain the asset until maturity and changes in discount rates. There are also risks associated with the policy holder's ability to repay such financing and the occurrence of events of default under such financing. We have not recognized any OTTI from January 31, 2013 (inception) to the period ended December 31, 2014.

ADVANCE_FOR_INVESTMENT_IN_NET_

ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS	9 Months Ended
	Dec. 31, 2014
ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS [Abstract]
ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS	(4) 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”). The Del Mar ATA involved the purchase of certain life settlement assets consisting of 100% 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. The end result of the Del Mar ATA and the advance was not to purchase the NIBs provided as collateral, but instead to provide sufficient capital to Del Mar for the conversion of a portion of the NIBs and other potential NIBs into “Qualified NIBs” before the original due date of December 31, 2013 (which was subsequently extended to September 30, 2014, with a new extension agreement currently in negotiation), having a combined face amount of $400,000,000 (with “Qualified NIBs”under the Del Mar ATA having the meaning that the NIBs would have premium financing secured for up to five years; that any grouping of NIBs would have not less than 10 policies; that the average age of the insureds under the life insurance policies would be approximately 81 years; and that the NIBs would have mortality re-insurance coverage). All remaining NIBs that are not converted to “Qualified NIBs” and all other assets conveyed to the Company as collateral to assure delivery of the Qualified NIBs will be re-conveyed to Del Mar upon receipt of combined Qualified NIBs having a face amount equal to $400,000,000. In the event Del Mar is unable to provide the Qualified NIBs by the original date of December 31, 2013, (which was subsequently extended to September 30, 2014, with a new extension agreement currently in negotiation), the Company will have the option of selling any of the collateral assets acquired up to a liquidated damages settlement payment equal to 100% of any cash payments made under the Del Mar ATA. If the full balance of Qualified NIBs is provided by Del Mar, the Company will have paid $20,000,000 of consideration, $8,000,000 of which would be in cash and the remaining $12,000,000 in promissory notes. Promissory notes may be issued, pro rata, as Qualified NIBs are received. The promissory notes have no due date, but will be paid out of death benefits received, and incur interest of 4.0% per annum. Total interest and principal amounts are due upon maturity. Del Mar is continuing its efforts in delivering the Qualified NIBs. The Company has received $90,600,000 in Qualified NIBs under the Del Mar ATA.
	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 Company is required to pay a structuring fee of 1% of the face amount of the life insurance policies underlying all NIBs introduced by Europa and acquired by the Company, payable as follows: 50% of the fee on the delivery of the NIBs; and the remaining 50% being payable on the conversion of the NIBs to Qualified NIBs as defined in the Del Mar ATA. The total restructuring fee will be up to $4,000,000. In the event that any cash consideration by the Company under the Del Mar ATA exceeds the defined $8,000,000 cash threshold, the amount payable under the Europa Agreement will be reduced on a dollar for dollar basis for any such overage. The total purchase price will not exceed $24,000,000 under the Del Mar ATA, which is comprised of $12,000,000 in cash consideration and $12,000,000 in promissory notes.
	On October 29, 2013, the Company and Europa, with the agreement of Del Mar, amended the Europa Agreement and the Del Mar ATA to acknowledge that the total up-front cash payment due from the Company under the Del Mar ATA and Europa Agreement shall not exceed $12,000,000; that the Company would receive a credit on a dollar for dollar basis of the cash payment and all costs and expenses paid under the Del Mar ATA over $8,000,000, against all fees due Europa under the Europa Agreement or the Del Mar ATA. In the event the Qualified NIBs delivered are less than $300,000,000 in face value under the Del Mar ATA Agreement, Del Mar and Europa shall be jointly and severally liable for liquidated damages equal to the aggregate of the cash payment under the Del Mar ATA and all of the costs advanced, reduced by the pro rata percentage of the Qualified NIBs delivered and accepted by the Company, multiplied by two; and if at least $300,000,000 in Qualified NIBs are delivered and accepted, then the cash payment and all costs will not be doubled if they are paid within 90 days.
	Also on October 29, 2013, the Company entered into an Exclusivity Agreement with the consultant to Europa under the Europa Agreement under which the Company advanced $25,000 to such consultant for services related to the purchase of Qualified NIBs associated with the $400,000,000 in life insurance policies due under the Del Mar ATA.
	On January 14, 2014, the Company completed the closing of $90.6 million of Qualified NIBs. These Qualified NIBs are part of the $400 million transaction of additional NIBs in portfolios from the Company's second acquisition in June 7, 2013, related to the Del Mar ATA.
	Del Mar has been delayed, as mentioned above, in delivering the remaining portions of the $400 million commitment.  In addition, the Company has advanced monies to Del Mar in excess of the purchase price of Qualified NIBs received by the Company.  Therefore, on December 9, 2014, Del Mar refunded $904,274 advanced from the Company. The refund is recorded as a reduction of Advance for Investment in Net Insurance Benefits.

LETTER_OF_INTENT

LETTER OF INTENT	9 Months Ended
	Dec. 31, 2014
LETTER OF INTENT [Abstract]
LETTER OF INTENT	(5) LETTER OF INTENT
	On December 5, 2014, the Company signed a binding Letter of Intent (“LOI”) to memorialize the intent of HFII Assets Solutions, LLC (“HFII”) to enter into an asset purchase agreement with the Company involving the issuance of 1,130,000 shares of common stock of the Company in exchange for two portfolios of Qualified NIBs currently held by HFII in Hyperion Funds II plc. The life settlement policies underlying these Qualified NIBs have a combined face value at maturity of approximately $124,375,000. In addition, the LOI states that the collateral will be released relating to the $1,326,876 note payable on the balance sheet at December 31, 2014. Also, the LOI outlines that up to 187,500 shares of common stock issued in the proposed transaction will have a put right held by HFII that requires the Company to buy back the shares at $8 per share. Finally, the Company loaned HFII $150,000 at December 31, 2014, to help facilitate the proposed transaction. The loan will be paid out of the first proceeds generated by the exercise of the put options. The LOI contemplated a closing and share issuance by February 15, 2015, though no Asset Purchase Agreement has been executed by the parties. It is anticipated that the transactions contemplated by the LOI will be extended.
	The transaction proposed by the LOI will not close until HFII resolves certain structural issues relating the entities that will own, hold and fund the underlying life settlement contracts relating to these Qualified NIBs. HFII believes the issues will be resolved by March 31, 2015.

NOTE_PAYABLERELATED_PARTY

NOTE PAYABLE-RELATED PARTY	9 Months Ended
	Dec. 31, 2014
NOTE PAYABLE-RELATED PARTY [Abstract]
NOTE PAYABLE-RELATED PARTY	(6) NOTE PAYABLE-RELATED PARTY
	During the nine months ended December 31, 2014, the Company borrowed $1,272,000, net, from an entity which is a stockholder in the Company.  Prior to November 20, 2014, the various outstanding notes payable did not accrue interest and were payable on demand.  On November 20, 2014, the Company consolidated the various obligations into a single master loan agreement. The new note accrues interest at 7.5 percent plus origination fees, has a due date of December 31, 2015, or at the immediate time when the anticipated raise in equity funds is successful, and is collateralized by Investment in and Advances on NIBs.  During the three months ended December 31, 2014, the Company recorded approximately $170,000 of origination fees and other related expenses associated with the notes, which are included in interest expense on the statement of operations.  At December 31, 2014, the note payable-related party balance owing is $1,362,000, excluding accrued but unpaid interest.

STOCK_TRANSACTIONS

STOCK TRANSACTIONS	9 Months Ended
	Dec. 31, 2014
STOCK TRANSACTIONS [Abstract]
STOCK TRANSACTIONS	(7) STOCK TRANSACTIONS
	During July 2014, the Company issued 30,000 shares of common stock for $150,000 and issued 140,000 shares of common stock for $700,000.   The $700,000 in cash was received prior to March 31, 2014.

GOING_CONCERN

GOING CONCERN	9 Months Ended
	Dec. 31, 2014
GOING CONCERN [Abstract]
GOING CONCERN	(8) GOING CONCERN
	The Company's financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. At December 31, 2014, the Company had accumulated losses of $478,011, working capital deficit of $2,186,365, and has yet to receive cash payments on interest income on Investment in NIBS. These factors raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustment that might result from the outcome of this uncertainty.
	The Company's continued existence is dependent on its ability to generate sufficient cash flow to cover operating expenses and to invest in future operations. Management is actively pursuing opportunities to raise additional equity and debt capital. The Company does not anticipate having adequate revenues from operations until three to four years, and until a revenue stream has been established, the Company will require debt or equity funding to fund its current and intended business. If management is unsuccessful in these efforts, discontinuance of operations is a possibility.

NEW_ACCOUNTING_PRONOUNCEMENTS_

NEW ACCOUNTING PRONOUNCEMENTS (Policy)	9 Months Ended
	Dec. 31, 2014
NEW ACCOUNTING PRONOUNCEMENTS [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	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.

INVESTMENT_IN_NET_INSURANCE_BE1

INVESTMENT IN NET INSURANCE BENEFITS (Tables)	9 Months Ended
	Dec. 31, 2014
INVESTMENT IN NET INSURANCE BENEFITS [Abstract]
Schedule of Investments in NIBs		December 31,  2014		March 31, 2014
	Beginning Balance	$	12,243,411	$	6,299,000
	Additional investments		-		5,436,000
	Accretion of interest income		1,772,698		508,411
	Distributions of investments		-		-
	Impairment of investments		-		-
	Total	$	14,016,109	$	12,243,411

INVESTMENT_IN_NET_INSURANCE_BE2

INVESTMENT IN NET INSURANCE BENEFITS (Narrative) (Details) (USD $)	Dec. 31, 2014
In Millions, unless otherwise specified
INVESTMENT IN NET INSURANCE BENEFITS [Abstract]
Life settlement policies, face value	$217
Life Settlement Contracts Investment, Ownership Percentage	100.00%

INVESTMENT_IN_NET_INSURANCE_BE3

INVESTMENT IN NET INSURANCE BENEFITS (Summary of Investments in Net Insurance Benefit Contracts) (Details) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2014
INVESTMENT IN NET INSURANCE BENEFITS [Abstract]
Beginning Balance			$12,243,411	$6,299,000	$6,299,000
Additional investments					5,436,000
Accretion of interest income	616,547		1,772,698		508,411
Distributions of investments
Impairment of investments
Total	$14,016,109		$14,016,109		$12,243,411

ADVANCE_FOR_INVESTMENT_IN_NET_1

ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS (Details) (USD $)	0 Months Ended			1 Months Ended	9 Months Ended
	Dec. 09, 2014	Jan. 14, 2014	Jun. 07, 2013	Oct. 29, 2013	Dec. 31, 2014	Dec. 31, 2013
ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS [Abstract]
The face value of net insurance benefits purchased under asset transfer agreement			$400,000,000	$400,000,000
Total consideration that would be paid by the company if all net insurance benefits are provided under the asset transfer agreement with Del Mar Financial, S.a.r.l.			20,000,000
The total cash consideration that would be paid by the company if all net insurance benefits are provided under the asset transfer agreement with Del Mar Financial, S.a.r.l.			8,000,000	12,000,000
Face amount of promissory note that would be issued by the company if all net insurance benefits are provided under the asset transfer agreement with Del Mar Financial, S.a.r.l.			12,000,000
Interest rate			4.00%		7.50%
Restructuring charges accrued			4,000,000
Structuring and Consulting Agreement, terms			The Company is required to pay a structuring fee of 1% of the face amount of the life insurance policies underlying all NIBs introduced and acquired, payable as follows: 50% of the fee on the delivery of the NIBs; and the remaining 50% being payable on the conversion of the NIBs to Qualified NIBs as defined in the Del Mar ATA.	In the event the Qualified NIBs delivered are less than $300,000,000 in face value under the DMF Agreement, Del Mar and Europa shall be jointly and severally liable for liquidated damages equal to the aggregate of the cash payment under the Del Mar ATA and all of the costs advanced, reduced by the pro rata percentage of the Qualified NIBs delivered and accepted by the Company, multiplied by two; and if at least $300,000,000 in Qualified NIBs are delivered and accepted, then the cash payment and all costs will not be doubled if they are paid within 90 days.
Total purchase price			24,000,000
Maximum purchase price payable by promissory notes			12,000,000
Advance to consultant for services				25,000
Qualified net insurance benefits received		90,600,000
Refund of Advance for Investments in Net Insurance Benefits	$904,274				$904,274

LETTER_OF_INTENT_Narrative_Det

LETTER OF INTENT (Narrative) (Details) (USD $)	9 Months Ended		0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 05, 2014	Mar. 31, 2014	Oct. 29, 2013	Jun. 07, 2013
			item
LETTER OF INTENT [Line Items]
Face amount of Qualified NIBs required to be delivered to the company per the asset purchase agreement					$400,000,000	$400,000,000
Notes payable	1,326,876
Issuance of Note Receivable	150,000
HFII [Member]
LETTER OF INTENT [Line Items]
Shares of common stock issued			1,130,000
Number of portfolios of Qualified NIBs			2
Face amount of Qualified NIBs required to be delivered to the company per the asset purchase agreement			124,375,000
Notes payable	1,326,876
Number of shares authorized to be repurchased			187,500
Repurchase price per share			$8
Issuance of Note Receivable	$150,000

NOTE_PAYABLERELATED_PARTY_Deta

NOTE PAYABLE-RELATED PARTY (Details) (USD $)	3 Months Ended	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2014	Mar. 31, 2014	Jun. 07, 2013
NOTE PAYABLE-RELATED PARTY [Abstract]
Borrowings from related parties		$1,272,000
Interest rate	7.50%	7.50%		4.00%
Origination fees and other related expenses	170,000
Total notes payable-related party loan balance	$1,362,000	$1,362,000	$90,000

STOCK_TRANSACTIONS_Details

STOCK TRANSACTIONS (Details) (USD $)	1 Months Ended
	Jul. 31, 2014
First Issuance [Member]
Stockholders Equity [Line Items]
Shares of common stock issued	30,000
Value of shares of common stock issued	$150,000
Second Issuance [Member]
Stockholders Equity [Line Items]
Shares of common stock issued	140,000
Value of shares of common stock issued	$700,000

GOING_CONCERN_Details

GOING CONCERN (Details) (USD $)	Dec. 31, 2014	Mar. 31, 2014
GOING CONCERN [Abstract]
Accumulated losses	$478,011	$310,789
Working capital deficit	$2,186,365