Sundance Strategies (SUND) 10-Q 10 Aug 15 2016 Q1 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	3 Months Ended
	Jun. 30, 2015	Aug. 10, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		44,128,441

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Current Assets
Cash and Cash Equivalents	$ 21,951	$ 336,370
Prepaid Expenses		1,875
Total Current Assets	$ 21,951	338,245
Other Assets
Investment in Net Insurance Benefits	23,368,665	22,544,635
Advance for Investment in Net Insurance Benefits	3,834,033	3,596,386
Notes Receivable	211,000	211,000
Other	27,875	16,428
Total Other Long-term Assets	27,441,573	26,368,449
Total Assets	27,463,524	26,706,694
Current Liabilities
Accounts Payable	349,351	255,361
Accrued Expenses	$ 4,296	181,917
Notes Payable		1,326,876
Note Payable-Related Party		1,500,000
Total Current Liabilities	$ 353,647	$ 3,264,154
Long-term Liabilities
Note Payable-Related Party	1,875,000
Convertible Debenture	700,000
Accrued Expenses	50,444
Total Long-Term Liabilities	2,625,444
Total Liabilities	2,979,091	$ 3,264,154
Temporary Equity
Contingently Redeemable Common Stock	$ 750,000
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; 44,128,441 and 43,185,941 shares issued and outstanding, respectively	$ 44,222	$ 43,186
Additional Paid In Capital	$ 23,954,163	16,316,882
Additional Paid In Capital- Stock to be Issued		7,540,000
Accumulated Deficit	$ (263,952)	(457,528)
Total Stockholders' Equity	23,734,433	23,442,540
Total Liabilities and Stockholders' Equity	$ 27,463,524	$ 26,706,694

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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
	Jun. 30, 2015	Jun. 30, 2014
Condensed Consolidated Statements of Operations [Abstract]
Interest Income on Investment in Net Insurance Benefits	$ 824,030	$ 563,498
General and Administrative Expenses	595,954	616,366
Income (Loss) from Operations	228,076	(52,868)
Other Income (Expense)
Interest Income	4,702	4,342
Interest Expense	(39,202)	(16,141)
Other, net		6,303
Total Other Expense	(34,500)	(5,496)
Income (Loss) Before Income Taxes	$ 193,576	$ (58,364)
Income Tax Provision
Net Income (Loss)	$ 193,576	$ (58,364)
Basic and Diluted:
Basic Earnings (Loss) Per Share		$ (0.01)
Diluted Earnings (Loss) Per Share		$ (0.01)
Basic Weighted Average Number of Shares Outstanding	43,433,750	43,015,941
Diluted Weighted Average Number of Shares Outstanding	44,826,040	43,015,941

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating Activities
Net Income (Loss)	$ 193,576	$ (58,364)
Adjustments to reconcile to cash from operating activities:
Advance for Investments in Net Insurance Benefits	(237,647)	(553,557)
Share Based Compensation - Options	98,317	104,150
Accrued Interest Income	(11,447)	$ 4,198
Prepaid Expenses	1,875
Accounts Payable	93,990	$ 47,053
Accrued Expenses	45,947	1,298
Investment in Net Insurance Benefits	(824,030)	(563,498)
Net Cash from Operating Activities	$ (639,419)	$ (1,018,720)
Investing Activities
Proceeds from Notes Receivable
Net Cash from Investing Activities		$ 550,000
Financing Activities
Proceeds from Issuance of Notes Payable-Related Party	$ 375,000	$ 100,000
Proceeds from Issuance of Convertible Debenture	700,000
Redemption of Temporary Equity	(750,000)
Net Cash from Financing Activities	325,000	$ 100,000
Net Change in Cash	(314,419)	(368,720)
Cash at Beginning of Period	336,370	375,212
Cash at End of Period	$ 21,951	$ 6,492
Non Cash Financing Activities
Cash Paid for Interest
Notes Receivables Exchanged for Advance for Investment in NIBs		$ 100,000
Exchange Note Payable and Accrued Interest for Temporary Equity	$ 1,500,000

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Jun. 30, 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 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 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

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Jun. 30, 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. 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. 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 effe ctive for the Company on January 1 , 2016, and will be applied on a retrospective basis. The Company is currently evaluating the impact this guidance will have 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.

INVESTMENT IN NET INSURANCE BEN

INVESTMENT IN NET INSURANCE BENEFITS	3 Months Ended
	Jun. 30, 2015
INVESTMENT IN NET INSURANCE BENEFITS [Abstract]
INVESTMENT IN NET INSURANCE BENEFITS	(3) INVESTMENT IN NET INSURANCE BENEFITS As of the three months ended June 30, 2015 and the fiscal year ended March 31, 2015 , investments in NIBs were as follows: June 30, 2015 March 31, 2015 Beginning Balance $ 22,544,635 $ 12,243,411 Additional investments - 7,846,746 Accretion of interest income 824,030 2,454,478 Distributions of investments - - Impairment of investments - - Total $ 23,368,665 $ 22,544,635 The investment in NIBs is a residual economic beneficial interest in a portfolio of life insurance contracts 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 flow is defined as the net insurance proceeds from death benefits after senior debt repayment, mortality risk repayment and service provider or other third-party payments. 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 Company holds a 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 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 periods ended June 30, 2015. We evaluate the carrying value of our investment in NIBs for impairment on a regular basis and, if necessary, adjust our total basis in the NIBs using new or updated information that affects our assumptions. We recognize impairment on a NIB contract if the expected discounted cash flows are less than the carrying amount of the investment, plus anticipated undiscounted future premiums and direct external costs, if any. We have not recognized any impairment on our investment in NIBs from January 31, 2013 (inception), to the periods ended June 30, 2015. In estimating these cash flows for purposes of interest income and impairment calculations, there are a number of assumptions that are subject to uncertainties and contingencies. These include the amount and timing of projected net cash receipts, expected maturity events, counter party performance risk, changes to applicable regulation of the investment, shortage of funds needed to maintain the asset until maturity, changes in discount rates, life expectancy estimates and their relation to premiums, interest and other costs incurred, among other items. These uncertainties and contingencies are difficult to predict and are subject to future events that may impact our estimates and interest income. As a result, actual results could differ significantly from those estimates.

ADVANCE FOR INVESTMENT IN NET I

ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS	3 Months Ended
	Jun. 30, 2015
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 original 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.” The original due date for the conversion was December 31, 2013, which date has subsequently been extended several times, with the most recent extension to August 31, 2015. The conversion can be accepted by the Company upon receipt of a combined face amount of $ 400,000,000 During January 2014, the Company completed with Del Mar the closing of Qualified NIBs with associated death benefits of $ 90.6 5,436,000 During December 2014, Del Mar refunded $ 904,274 On April 30, 2015, the Company finalized an amendment to the Del Mar ATA and the related “Europa Agreement” (as defined below) to extend the deadline until August 31, 2015. The extension is intended to give the Company time to work towards a settlement agreement with Del Mar, as it appears unlikely that Del Mar will be able to fulfill its obligation to deliver the remaining $ 309,400,000 At June 30, 2015, the Company held collateral against the cash advances and expense payments made by the Company to Del Mar. The collateral includes NIBs associated with life settlement policies with a face value that originally totaled $ 94,000,000 10,000,000 84,000,000 In the likely event Del Mar is unable to provide the Qualified NIBs by the extended due date of August 31, 2015, the Company will have the option of selling collateral 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 two 4.0 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 8,000,000 24,000,000 12,000,000 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 $ 12,000,000 300,000,000 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

NOTE PAYABLE AND LINE-OF-CREDIT

NOTE PAYABLE AND LINE-OF-CREDIT RELATED PARTY	3 Months Ended
	Jun. 30, 2015
NOTE PAYABLE AND LINE-OF-CREDIT RELATED PARTY [Abstract]
NOTE PAYBALE AND LINE-OF-CREDIT RELATED PARTY	(5) NOTE PAYABLE AND LINE-OF-CREDIT RELATED PARTY As of June 30, 2015, the Company has borrowed $ 1,500,000 2,130,000 7.5 During the three months ended June 30, 2015, the Company borrowed $ 375,000

NOTES PAYABLE TRANSFERRED TO TE

NOTES PAYABLE TRANSFERRED TO TEMPORARY EQUITY	3 Months Ended
	Jun. 30, 2015
NOTES PAYABLE TRANSFERRED TO TEMPORARY EQUITY [Abstract]
NOTES PAYABLE TRANSFERRED TO TEMPORARY EQUITY	(6) NOTES PAYABLE TRANSFERRED TO TEMPORARY EQUITY At March 31, 2014, the Company owed $ 1,455,904 37,350 4 April, 2015 187,500 93,750 Company's redemption payment of $ 750,000 93,750

CONVERTIBLE DEBENTURE AGREEMENT

CONVERTIBLE DEBENTURE AGREEMENT	3 Months Ended
	Jun. 30, 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. 700,000

LIQUIDITY AND CAPITAL REQUIREME

LIQUIDITY AND CAPITAL REQUIREMENTS	3 Months Ended
	Jun. 30, 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 year ended March 31, 2016, and in order to continue to purchase NIBs, the Company will need to complete planned securities 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jun. 30, 2015
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	(9) SUBSEQUENT EVENT S On July 22, 2015, the Board of Directors approved an amendment to modify the vesting schedule for stock options issued to an executive. 400,000 0.001 5.00 five 11,111 528,023 452,443 2.3 On July 22, 2015 the Company entered into a Line-of-Credit agreement with a related party, stockholder and Board member that allows for borrowings of up to $ 1,115,000 7.5 375,000 190,000 565,000 During July, 2015, a group of persons located in the United States (the “Purchasers”) acquired the entities that owned all of the portfolios of life insurance contracts underlying the Company's NIBs. During July, 2015, the Company amended the 8 1.00

INVESTMENT IN NET INSURANCE B15

INVESTMENT IN NET INSURANCE BENEFITS (Tables)	3 Months Ended
	Jun. 30, 2015
INVESTMENT IN NET INSURANCE BENEFITS [Abstract]
Summary of Investments in Net Insurance Benefits	June 30, 2015 March 31, 2015 Beginning Balance $ 22,544,635 $ 12,243,411 Additional investments - 7,846,746 Accretion of interest income 824,030 2,454,478 Distributions of investments - - Impairment of investments - - Total $ 23,368,665 $ 22,544,635

INVESTMENT IN NET INSURANCE B16

INVESTMENT IN NET INSURANCE BENEFITS (Summary of Investments in Net Insurance Benefits) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015
INVESTMENT IN NET INSURANCE BENEFITS [Abstract]
Beginning Balance	$ 22,544,635	$ 12,243,411	$ 12,243,411
Additional investments		5,436,000	7,846,746
Accretion of interest income	$ 824,030	$ 563,498	$ 2,454,478
Distributions of investments
Impairment of investments
Total	$ 23,368,665		$ 22,544,635

INVESTMENT IN NET INSURANCE B17

INVESTMENT IN NET INSURANCE BENEFITS (Narrative) (Details)	1 Months Ended
	Jun. 30, 2015USD ($)
INVESTMENT IN NET INSURANCE BENEFITS [Abstract]
Contracts that matured during the period	$ 10,000,000

ADVANCE FOR INVESTMENT IN NET18

ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS (Narrative) (Details) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015	May. 31, 2015	Apr. 30, 2015
ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS [Abstract]
Face value of net insurance benefits purchased under asset transfer agreement	$ 400,000,000		$ 400,000,000				$ 309,400,000
Face amount of net insurance benefits required to be delivered to the company per the asset transfer agreement	300,000,000		300,000,000
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		20,000,000
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		8,000,000
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		$ 12,000,000
Interest rate	4.00%		4.00%
Note term			2 years
Face Value Of Collateral Against Cash Advances	$ 84,000,000		$ 84,000,000			$ 94,000,000
Restructuring charges accrued			4,000,000
Total purchase price			24,000,000
Maximum purchase price payable by promissory notes	12,000,000		$ 12,000,000
Additional investments				$ 5,436,000	$ 7,846,746
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
Life Settlement Contracts Matured During Period	$ 10,000,000

NOTE PAYABLE AND LINE-OF-CRED19

NOTE PAYABLE AND LINE-OF-CREDIT RELATED PARTY (Details) - Jun. 30, 2015 - USD ($)	Total
Director [Member]
Related Party Transaction [Line Items]
Proceeds from Lines of Credit	$ 375,000
Stockholder [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	2,130,000
Proceeds from Lines of Credit	$ 375,000
Related party note interest rate	7.50%
Long-term Line of Credit	$ 1,500,000

NOTES PAYABLE TRANSFERRED TO 20

NOTES PAYABLE TRANSFERRED TO TEMPORARY EQUITY (Details)	Jun. 09, 2015USD ($)shares	Jun. 30, 2015USD ($)item	Mar. 31, 2015USD ($)
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
Number of shares repurchased during the period | shares	93,750
Value of shares repurchased during the period	$ 750,000

CONVERTIBLE DEBENTURE AGREEME21

CONVERTIBLE DEBENTURE AGREEMENT (Details) - Jun. 30, 2015 - USD ($)	Total
CONVERTIBLE DEBENTURE AGREEMENT [Abstract]
Convertible debenture interest rate	8.00%
Convertible debenture borrowing capacity	$ 3,000,000
Convertible debenture, amount borrowed	$ 700,000
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.

STOCK TRANSACTIONS (Details)

STOCK TRANSACTIONS (Details) - USD ($)	Jun. 09, 2015	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015
STOCK TRANSACTIONS [Abstract]
Payments to Acquire Investments			$ 5,436,000	$ 7,846,746
Number of shares repurchased during the period	93,750

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Jul. 22, 2015	Jul. 31, 2015	Jul. 22, 2015	Jun. 30, 2015	Jul. 22, 2015	Mar. 31, 2015
Subsequent Event [Line Items]
Common Stock, par value per share				$ 0.001		$ 0.001
Option expense amortized				$ 452,443
Director [Member]
Subsequent Event [Line Items]
Borrowings under line of credit				$ 375,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Convertible debenture conversion price per share		$ 1
Subsequent Event [Member] | Director [Member]
Subsequent Event [Line Items]
Maximum amount borrowed under line of credit	$ 1,115,000		$ 1,115,000		$ 1,115,000
Interest rate on line of credit	7.50%		7.50%		7.50%
Borrowings under line of credit			$ 190,000		$ 565,000
Subsequent Event [Member] | Employee Stock Option [Member]
Subsequent Event [Line Items]
Stock options granted	400,000
Common Stock, par value per share	$ 0.001		$ 0.001		$ 0.001
Exercise price	$ 5		$ 5		$ 5
Stock option term	2 years 3 months 18 days			5 years
Shares vesting per month	11,111		11,111		11,111
Fair value of options outstanding	$ 528,023		$ 528,023		$ 528,023