Sundance Strategies (SUND) 10-Q 19 Feb 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2019	Feb. 19, 2020
Document And Entity Information
Entity Registrant Name	Sundance Strategies, Inc.
Entity Central Index Key	0001171838
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,828,441
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Current Assets
Cash and cash equivalents	$ 241,614	$ 579
Prepaid expenses and other assets	8,133	5,108
Total Current Assets	249,747	5,687
Current Liabilities
Accounts payable	430,866	306,871
Stock repurchase payable	400,000	400,000
Total Current Liabilities	830,866	706,871
Long-Term Liabilities
Notes payable, related parties	2,127,008	1,672,008
Accrued expenses	275,077	240,163
Total Long-Term Liabilities	2,402,085	1,912,171
Total Liabilities	3,232,951	2,619,042
Stockholders' Deficit
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; 37,828,441 shares issued and outstanding	37,829	37,829
Additional paid in capital	24,191,224	24,191,224
Accumulated deficit	(27,212,257)	(26,842,408)
Total Stockholders' Deficit	(2,983,204)	(2,613,355)
Total Liabilities and Stockholders' Deficit	$ 249,747	$ 5,687

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Mar. 31, 2019
Statement of Financial Position [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	37,828,441	37,828,441
Common stock, shares outstanding	37,828,441	37,828,441

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Interest Income on Investment in Net Insurance Benefits
General and Administrative Expenses	282,978	352,550
Loss from Operations	(282,978)	(352,550)
Other Expense
Interest expense	(36,871)	(15,931)
Financing expense	(50,000)	(521,607)
Total Other Income (Expense)	(86,871)	(537,538)
Loss Before Income Taxes	(369,849)	(890,088)
Income Tax Provision (Benefit)
Net Loss	$ (369,849)	$ (890,088)
Basic and Diluted:
Basic and diluted loss per share	$ (0.01)	$ (0.02)
Basic and diluted weighted average number of shares outstanding	37,828,441	44,128,441

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Mar. 31, 2018	$ 44,129	$ 24,547,014	$ (24,786,290)	$ (195,147)
Balance, shares at Mar. 31, 2018	44,128,441
Net loss			(890,088)	(890,088)
Balance at Jun. 30, 2018	$ 44,129	24,547,014	(25,676,378)	(1,085,235)
Balance, shares at Jun. 30, 2018	44,128,441
Balance at Mar. 31, 2019	$ 37,829	24,191,224	(26,842,408)	(2,613,355)
Balance, shares at Mar. 31, 2019	37,828,441
Net loss			(369,849)	(369,849)
Balance at Jun. 30, 2019	$ 37,829	$ 24,191,224	$ (27,212,257)	$ (2,983,204)
Balance, shares at Jun. 30, 2019	37,828,441

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating Activities
Net Loss	$ (369,849)	$ (890,088)
Changes in operating assets and liabilities
Prepaid expenses and other assets	(3,025)	(2,582)
Accounts payable	123,995	(15,304)
Accrued expenses	34,914	15,930
Net Cash used in Operating Activities	(213,965)	(892,044)
Financing Activities
Proceeds from issuance of notes payable, related party	455,000
Net Cash provided by Financing Activities	455,000
Net Change in Cash and Cash Equivalents	241,035	(892,044)
Cash and Cash Equivalents at Beginning of Period	579	936,902
Cash and Cash Equivalents at End of Period	241,614	44,858
Supplemental disclosure of cash flow information:
Cash paid for interest
Cash paid for income taxes

Basis of Presentation, Organiza

Basis of Presentation, Organization and Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation, Organization and Summary of Significant Accounting Policies	(1) BASIS OF PRESENTATION, ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and reflect the financial position, results of operations and cash flows of the Company. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2019, which was filed with the SEC on January 16, 2020. The results from operations for the three-month period ended June 30, 2019, are not necessarily indicative of the results that may be expected for the fiscal year ended March 31, 2020. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the Company’s financial statements and the accompanying notes. Actual results could materially differ from those estimates. Organization and Nature of Operations 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”, “we” or “our”). The Company is engaged in the business of purchasing or acquiring 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.” Since the Company’s inception its operations have been primarily financed through sales of equity, debt financing from related parties and the issuance of notes payable and convertible debentures. Currently, the Company is focused on the purchase of net insurance benefit contracts (“NIBs”) based on life settlements or life insurance policies. Significant Accounting Policies There have been no changes to the significant accounting policies of the Company from the information provided in Note 2 of the Notes to Consolidated Financial Statements in the Company’s most recent Form 10-K, except as discussed below. Accounting Treatment When the Company Holds NIBs The Company accounted for its investment in NIBs at the initial investment value increased for interest income and decreased for cash receipts received by the Company and impairment losses. At the time of transfer or purchase of an investment in NIBs, we estimated the future expected cash flows and determined the effective interest rate based on these estimated cash flows and our initial investment. Based on this effective interest rate, the Company calculated accretable income, which was recorded as interest income on investment in NIBs in the statement of operations. Our projections were based on various assumptions that are subject to uncertainties and contingencies including, but not limited to, 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 these projections. Therefore, subsequent to the purchase and on a regular basis, these future estimated cash flows were evaluated for changes. If the determination was made that the future estimated cash flows should be adjusted to the point of a material change in revenue, a revised effective yield was calculated prospectively based on the current amortized cost of the investment, including accrued accretion. Any positive or adverse change in cash flows would result in a prospective increase or decrease in the effective interest rate used to recognize interest income. Any significant adverse change in the cash flows that may have resulted in the recognition of an “other-than-temporary impairment” (“OTTI”), and would be evaluated by the Company accordingly. We evaluate the carrying value of our investment in NIBs for impairment on a regular basis and adjust our total basis in the NIBs using new or updated information that affects our assumptions. We recognized impairment on a NIB contract when the fair value of the beneficial interest was less than the carrying amount of the investment, plus anticipated undiscounted future premiums and direct external costs, if any, and if there are adverse changes in cash flow. Basic and Diluted Net Income (Loss) Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the periods presented using the treasury stock method. Diluted net loss per common share is computed by including common shares that may be issued subject to existing rights with dilutive potential, when applicable. Dilutive common stock equivalents are primarily comprised of stock options. Potentially dilutive shares resulting from convertible debt agreements are evaluated using the if-converted method, and such amounts were not dilutive. As of June 30, 2019 and 2018, -0- and 400,000 options were outstanding, respectively. These common stock equivalents were excluded from net loss per share because their effect would be anti-dilutive. New Accounting Pronouncements Adopted During the Three Months Ended June 30, 2019 In February 2016, the FASB issued ASU 2016-02 related to the accounting for leases. This pronouncement requires lessees to record most leases on their balance sheet, while expense recognition on the income statement remains similar to current lease accounting guidance. The guidance also eliminates real estate-specific provisions and modifies certain aspects of lessor accounting. Under the new guidance, lease classification as either a finance lease or an operating lease will determine how lease-related revenue and expense are recognized. The pronouncement is effective for the Company’s fiscal year beginning April 1, 2019, and for interim periods within that fiscal year. The adoption of this standard did not have an impact on the consolidated financial statements because leases are month-to-month and not material to the Company’s financial statements. Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures relating to significant estimates and judgments used in estimating credit losses, as well as the credit quality. The amendments are effective for the Company’s fiscal year beginning April 1, 2020, including interim periods within that fiscal year. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and results of operations. 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.

Liquidity Requirements

Liquidity Requirements	3 Months Ended
	Jun. 30, 2019
Liquidity Requirements
Liquidity Requirements	(2) LIQUIDITY REQUIREMENTS 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. Due to the fact that the Company is in the process of seeking NIB investments to acquire as mentioned above, the Company has no current source of operating revenues. In order to purchase NIBs, the Company will need to raise additional capital or secure alternative sources of debt financing. Since the Company’s inception on January 31, 2013, its operations have been primarily financed through sales of equity, debt financing from related parties and the issuance of notes payable and convertible debentures. As of June 30, 2019, the Company had $241,614 of cash assets, compared to $579 as of March 31, 2019. As of June 30, 2019, the Company had access to draw an additional $5,137,992 on the notes payable, related party (see Note 5) and $3,000,000 on the Convertible Debenture Agreement (See Note 6). For the three months ended June 30, 2019, the Company’s average monthly operating expenses were approximately $94,000, which includes salaries of our employees, consulting agreements and contract labor, general and administrative expenses and legal and accounting expenses. In addition to the monthly operating expenses, the Company continues to pursue other debt and equity financing opportunities, and as a result, a financing expense of $50,000 was incurred during the three months ended June 30, 2019. As management continues to explore additional financing alternatives, the Company is expected to spend an additional $100,000 to $400,000 over the next 12 months related to these efforts. Outstanding Accounts Payable as of June 30, 2019 totaled $430,866, and other accrued liabilities totaled $675,077. Management has concluded that its existing capital resources and availability under its existing convertible debentures and debt agreements with related parties will be sufficient to fund its operating working capital requirements for at least the next 12 months from the issuance of these financial statements. Related parties have given assurance that their continued support, by way of either extensions of due dates, or increases in lines-of-credit, can be relied on. As mentioned above, the Company also continues to evaluate other debt and equity financing opportunities.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	(3) FAIR VALUE MEASUREMENTS As defined by ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also requires the consideration of differing levels of inputs in the determination of fair values. Those levels of input are summarized as follows: ● Level 1: Quoted prices in active markets for identical assets and liabilities. ● Level 2: Observable inputs other than Level 1 quoted prices, such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. ● Level 3: Unobservable inputs that are supported by little or no market activity. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques as well as instruments for which the determination of fair value requires significant management judgment or estimation. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Between May 2018 and July 2018, the Holders entered into agreements that completed a strict foreclosure transaction that transferred the underlying life insurance policies relating to the Company’s NIBs to the lenders in full satisfaction of the loan obligation. As a result of the foreclosure, the Company has lost its position in the residual benefits of the policies and has reduced both the fair value and the carrying value of the NIBs at March 31, 2019 to zero. The Company did not have any transfers of assets and liabilities between Levels 1, 2 and 3 of the fair value measurement hierarchy during the three months ended June 30, 2019. Other Financial Instruments The Company’s recorded values of cash and cash equivalents, prepaid expenses and other assets, accounts payable and accrued liabilities approximate their fair values based on their short-term nature. The recorded values of the notes payable and convertible debenture approximate the fair values as the interest rate approximates market interest rates.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Stockholders' Equity	(4) STOCKHOLDERS’ EQUITY Effective December 6, 2018, three existing stockholders have contributed to the Company a portion of their common shares held at a repurchase price to the Company of $0.05 per share. The Company has cancelled the acquired shares, which decreased the outstanding common shares on the books of the Company. The total number of common shares canceled/retired was 8,000,000. The total liability related to the repurchase of these shares is $400,000, with repayment contingent on a major financing event. On July 11, 2018, the Company issued 800,000 common shares in return for obtaining the remaining 27.8% ownership of certain NIBs. The transaction was recorded at $17,840, the estimated fair value of the common stock issued (which management believes approximated the fair value of the NIBs received on the date of the transaction). The additional NIBs acquired were reflected as an increase to the Investment in NIBs account, and the NIBs were immediately impaired on the date of the transaction, bringing the total impairment recognized on the NIBs to $22,967,966 plus $1,936,311 of impairment on accrued interest receivable.

Notes Payable, Related Party

Notes Payable, Related Party	3 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Notes Payable, Related Party	(5) NOTES PAYABLE, RELATED PARTY As of June 30, 2019, and March 31, 2019, the Company had borrowed $2,127,008 and $1,672,008 respectively, excluding accrued interest, from related parties. As of June 30, 2019, and March 31, 2019, the Company owed $535,000 and $450,000, respectively, under the unsecured promissory note from Mr. Glenn S. Dickman, a stockholder and member of the Board of Directors. This promissory note bears interest at a rate of 8% annually and is due November 30, 2021 (see Note 7 for detail on the due date extensions). During the three months ended June 30, 2019 the Company borrowed $85,000 of principal under this agreement and made no repayments. As of June 30, 2019, accrued interest on this note totaled $27,965. In the event the Company completes a successful equity raise, all principal and interest on this note are due in full at that time. As of June 30, 2019, and March 31, 2019, the Company owed $762,500 and $392,500, respectively, exclusive of accrued interest, under the note payable and line of credit agreement with the Chairman of the Board of Directors and a stockholder. The agreement allows for borrowings of up to $4,600,000. Subsequent to June 30, 2019 the note and the line of credit was extended from November 30, 2020 to August 31, 2021 (see Note 7 for detail on the due date extension). The note payable incurs interest at 7.5% per annum. During the three months ended June 30, 2019 the Company borrowed $370,000 of principal under this agreement and made no repayments. As of June 30, 2019, accrued interest on this note totaled $25,365. In the event the Company completes a successful equity raise, all principal and interest on this note are due in full at that time. As of June 30, 2019, and March 31, 2019, the Company owed $829,508, exclusive of accrued interest, under the note payable and lines of credit agreement with Radiant Life, LLC, an entity partially owned by the Chairman of the Board of Directors. The agreement allows for borrowings of up to $2,130,000. Subsequent to June 30, 2019, the note and the line of credit was extended from November 30, 2020 to August 31, 2021 (see Note 7 for detail on the due date extensions). The note payable incurs interest at 7.5% per annum. During the three months ended June 30, 2019 the Company neither borrowed nor repaid any principal under this agreement. As of June 30, 2019, accrued interest on this agreement totaled $97,522. In the event the Company completes a successful equity raise, all principal and interest on this note are due in full at that time. The interest associated with the Notes Payable, Related Party of $150,852 and $113,981 is recorded on the balance sheet as an Accrued Expense obligation at June 30, 2019 and March 31, 2019, respectively. There are no covenants associated with any of these three agreements.

Convertible Debenture Agreement

Convertible Debenture Agreement	3 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Convertible Debenture Agreement	(6) CONVERTIBLE DEBENTURE AGREEMENT The Company has entered into an 8% convertible debenture agreement with Satco International, Ltd., that allows for borrowings of up to $3,000,000. The holder originally had the option to convert the outstanding principal and accrued interest to unregistered, restricted common stock of the Company on June 2, 2016. Per the agreement, 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; and the price at which the Debenture may be converted will be no lower than $1.00 per share. The original maturity date was June 2, 2016, but was later extended, through a series of extensions, to August 31, 2019. Subsequent to June 30, 2019, the Company agreed to amend the 8% Convertible Debenture Agreement and extended the due date and conversion rights to December 1, 2020 (see Note 7 for detail on the due date extension). As of June 30, 2019 and March 31, 2019, the Company owed $0 under the agreement, excluding accrued interest. The associated interest of $124,225 is recorded on the balance sheet as an Accrued Expense obligation at June 30, 2019 and March 31, 2019.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	(7) SUBSEQUENT EVENTS Subsequent to June 30, 2019, the following events transpired: On October 22, 2019, the Company agreed to amend the 8% convertible debenture agreement with Satco International, Ltd., to extend the due date and conversion rights from August 31, 2019 to December 1, 2020. On November 5, 2019, the Company agreed to amend the agreement to extend the due dates on all existing promissory notes with Glenn S. Dickman from August 31, 2020 to November 30, 2021 or at the immediate time when alternative financing or other proceeds are received. In addition, the Company agreed to provide Mr. Dickman warrants for 450,000 shares of common stock at an exercise price of $0.05 per share. The warrants have a 5-year exercise window from the date of the extension agreement. On December 19, 2019, the Company agreed to amend the agreement to extend the due date on the note payable and line of credit agreement with Radiant Life, LLC from November 30, 2020 to August 31, 2021 or at the immediate time when alternative financing or other proceeds are received. On January 8, 2020, the Company agreed to amend the agreement to extend the due date on the note payable and line of credit agreement with the Chairman of the Board of Directors and a stockholder. The due date was extended from November 30, 2020 to August 31, 2021 or at the immediate time when alternative financing or other proceeds are received. In addition, the Company agreed to provide the Chairman with warrants for 500,000 shares of common stock at an exercise price of $0.05 per share. The warrants have a 5-year exercise window from the date of the extension agreement. On February 4, 2020, the Company borrowed $230,000 in conjunction with an additional promissory note agreement entered into with Glenn S. Dickman. In addition, the Company agreed to provide Mr. Dickman warrants for 752,000 shares of common stock at an exercise price of $0.05 per share. The warrants have a 5-year exercise window from the date of the extension agreement. Subsequent to June 30, 2019, the Company has borrowed an additional $323,500 (inclusive of the $230,000 borrowed on February 4, 2020, mentioned above) on the Notes Payable, Related Party lines of credit agreements and promissory notes. As of February 19, 2020, the outstanding principal balances of all Notes Payable, Related Party totaled $2,450,508 and the outstanding principal balance of the Convertible Debenture is zero. $1,624,508 of the outstanding principal is currently due on August 31, 2021 and the remaining $826,000 is due on November 30, 2021. In the event the Company completes a successful equity raise, all principal and interest on these notes is due at that time.

Basis of Presentation, Organi_2

Basis of Presentation, Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and reflect the financial position, results of operations and cash flows of the Company. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2019, which was filed with the SEC on January 16, 2020. The results from operations for the three-month period ended June 30, 2019, are not necessarily indicative of the results that may be expected for the fiscal year ended March 31, 2020. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the Company’s financial statements and the accompanying notes. Actual results could materially differ from those estimates.
Organization and Nature of Operations	Organization and Nature of Operations 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”, “we” or “our”). The Company is engaged in the business of purchasing or acquiring 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.” Since the Company’s inception its operations have been primarily financed through sales of equity, debt financing from related parties and the issuance of notes payable and convertible debentures. Currently, the Company is focused on the purchase of net insurance benefit contracts (“NIBs”) based on life settlements or life insurance policies.
Significant Accounting Policies	Significant Accounting Policies There have been no changes to the significant accounting policies of the Company from the information provided in Note 2 of the Notes to Consolidated Financial Statements in the Company’s most recent Form 10-K, except as discussed below.
Accounting Treatment When the Company Holds Nibs	Accounting Treatment When the Company Holds NIBs The Company accounted for its investment in NIBs at the initial investment value increased for interest income and decreased for cash receipts received by the Company and impairment losses. At the time of transfer or purchase of an investment in NIBs, we estimated the future expected cash flows and determined the effective interest rate based on these estimated cash flows and our initial investment. Based on this effective interest rate, the Company calculated accretable income, which was recorded as interest income on investment in NIBs in the statement of operations. Our projections were based on various assumptions that are subject to uncertainties and contingencies including, but not limited to, 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 these projections. Therefore, subsequent to the purchase and on a regular basis, these future estimated cash flows were evaluated for changes. If the determination was made that the future estimated cash flows should be adjusted to the point of a material change in revenue, a revised effective yield was calculated prospectively based on the current amortized cost of the investment, including accrued accretion. Any positive or adverse change in cash flows would result in a prospective increase or decrease in the effective interest rate used to recognize interest income. Any significant adverse change in the cash flows that may have resulted in the recognition of an “other-than-temporary impairment” (“OTTI”), and would be evaluated by the Company accordingly. We evaluate the carrying value of our investment in NIBs for impairment on a regular basis and adjust our total basis in the NIBs using new or updated information that affects our assumptions. We recognized impairment on a NIB contract when the fair value of the beneficial interest was less than the carrying amount of the investment, plus anticipated undiscounted future premiums and direct external costs, if any, and if there are adverse changes in cash flow.
Basic and Diluted Net Income (Loss) Per Common Share	Basic and Diluted Net Income (Loss) Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the periods presented using the treasury stock method. Diluted net loss per common share is computed by including common shares that may be issued subject to existing rights with dilutive potential, when applicable. Dilutive common stock equivalents are primarily comprised of stock options. Potentially dilutive shares resulting from convertible debt agreements are evaluated using the if-converted method, and such amounts were not dilutive. As of June 30, 2019 and 2018, -0- and 400,000 options were outstanding, respectively. These common stock equivalents were excluded from net loss per share because their effect would be anti-dilutive.
New Accounting Pronouncements	New Accounting Pronouncements Adopted During the Three Months Ended June 30, 2019 In February 2016, the FASB issued ASU 2016-02 related to the accounting for leases. This pronouncement requires lessees to record most leases on their balance sheet, while expense recognition on the income statement remains similar to current lease accounting guidance. The guidance also eliminates real estate-specific provisions and modifies certain aspects of lessor accounting. Under the new guidance, lease classification as either a finance lease or an operating lease will determine how lease-related revenue and expense are recognized. The pronouncement is effective for the Company’s fiscal year beginning April 1, 2019, and for interim periods within that fiscal year. The adoption of this standard did not have an impact on the consolidated financial statements because leases are month-to-month and not material to the Company’s financial statements. Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures relating to significant estimates and judgments used in estimating credit losses, as well as the credit quality. The amendments are effective for the Company’s fiscal year beginning April 1, 2020, including interim periods within that fiscal year. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and results of operations. 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.

Basis of Presentation, Organi_3

Basis of Presentation, Organization and Summary of Significant Accounting Policies (Details Narrative) - shares	Jun. 30, 2019	Jun. 30, 2018
Accounting Policies [Abstract]
Number of options outstanding during period	0	400,000

Liquidity Requirements (Details

Liquidity Requirements (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019
Cash assets	$ 241,614		$ 579
Additional borrowing capacity from related party notes payable	5,137,992
Additional borrowing capacity from convertible debenture agreement	3,000,000
Monthly operating expenses	94,000
Financing expenses	50,000	$ 521,607
Accounts payable	430,866		$ 306,871
Other accrued liabilities	675,077
Minimum [Member]
Expected to spend additional financial expense	100,000
Maximum [Member]
Expected to spend additional financial expense	$ 400,000

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - USD ($)	Dec. 06, 2018	Jul. 11, 2018
Net Insurance Benefit Contracts [Member]
Stock issued during period, shares, acquisitions		800,000
Equity method investment, ownership percentage		27.80%
Stock issued during period, value, acquisitions		$ 17,840
Impairment of investment in net insurance benefits		22,967,966
Impairment of accrued interest receivable		$ 1,936,311
Three Existing Shareholders [Member]
Stock repurchase, price per share	$ 0.05
Number of shares cancelled/retired	8,000,000
Number of stock value repurchased	$ 400,000

Notes Payable, Related Party (D

Notes Payable, Related Party (Details Narrative) - USD ($)	3 Months Ended	8 Months Ended	12 Months Ended
	Jun. 30, 2019	Feb. 16, 2020	Mar. 31, 2019	Feb. 19, 2020
Notes payable, related parties	$ 2,127,008		$ 1,672,008
Accrued expense obligation	150,852		113,981
Subsequent Event [Member]
Notes payable, related parties				$ 2,450,508
Notes Payable and Lines of Credit Agreement [Member]
Notes payable, related parties	$ 762,500		$ 392,500
Debt interest rate	7.50%		7.50%
Additional principal amount borrowed	$ 370,000
Accrued interest	25,365
Line of credit facility, maximum borrowing capacity	4,600,000
Notes Payable and Lines of Credit Agreement [Member] | Radiant Life, LLC [Member]
Notes payable, related parties	$ 829,508		$ 829,508
Debt interest rate	7.50%		7.50%
Accrued interest	$ 97,522
Line of credit facility, maximum borrowing capacity	2,130,000
Notes Payable and Lines of Credit Agreement [Member] | Subsequent Event [Member]
Debt maturity date, description		The note and the line of credit was extended from was extended from November 30, 2020 to August 31, 2021 (see Note 7 for detail on the due date extension).
Notes Payable and Lines of Credit Agreement [Member] | Subsequent Event [Member] | Radiant Life, LLC [Member]
Debt maturity date, description		November 30, 2020 to August 31, 2021
Unsecured Promissory Note [Member] | Mr. Glenn S. Dickman [Member]
Notes payable, related parties	$ 535,000		$ 450,000
Debt interest rate	8.00%		8.00%
Debt due date	Nov. 30, 2021		Nov. 30, 2021
Additional principal amount borrowed	$ 85,000
Accrued interest	$ 27,965

Convertible Debenture Agreeme_2

Convertible Debenture Agreement (Details Narrative) - USD ($)	Oct. 22, 2019	Jun. 30, 2019	Feb. 16, 2020	Mar. 31, 2019
Accrued interest		$ 124,225		$ 124,225
8% Convertible Debenture Agreement [Member] | Subsequent Event [Member]
Interest rate			8.00%
8% Convertible Debenture Agreement [Member] | Extended Maturity [Member] | Subsequent Event [Member]
Maturity date			Dec. 1, 2020
8% Convertible Debenture Agreement [Member] | Satco International, Ltd. [Member]
Interest rate		8.00%
Convertible debenture, terms of conversion		Per the agreement, 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; and the price at which the Debenture may be converted will be no lower than $1.00 per share.
Debt conversion price per share		$ 1
Maturity date		Jun. 2, 2016
Amount payable		$ 0		$ 0
8% Convertible Debenture Agreement [Member] | Satco International, Ltd. [Member] | Subsequent Event [Member]
Interest rate	8.00%
Maturity date	Aug. 31, 2019
8% Convertible Debenture Agreement [Member] | Satco International, Ltd. [Member] | Extended Maturity [Member]
Maturity date		Aug. 31, 2019
8% Convertible Debenture Agreement [Member] | Satco International, Ltd. [Member] | Extended Maturity [Member] | Subsequent Event [Member]
Maturity date	Dec. 1, 2020
8% Convertible Debenture Agreement [Member] | Satco International, Ltd. [Member] | Maximum [Member]
Face amount of debt instrument		$ 3,000,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	Jan. 08, 2020	Dec. 19, 2019	Nov. 05, 2019	Oct. 22, 2019	Jun. 30, 2019	Feb. 16, 2020	Nov. 30, 2021	Aug. 31, 2021	Feb. 19, 2020	Feb. 04, 2020	Mar. 31, 2019
Notes payable, related party					$ 2,127,008						$ 1,672,008
Forecast [Member]
Notes payable, related party							$ 826,000	$ 1,624,508
8% Convertible Debenture Agreement [Member] | Satco International, Ltd. [Member]
Debt interest rate					8.00%
Debt instrument, maturity date					Jun. 2, 2016
8% Convertible Debenture Agreement [Member] | Satco International, Ltd. [Member] | Extended Maturity [Member]
Debt instrument, maturity date					Aug. 31, 2019
Subsequent Event [Member]
Notes payable, related party									$ 2,450,508
Convertible debenture									0
Subsequent Event [Member] | Mr. Glenn S. Dickman [Member]
Debt instrument, maturity date			Aug. 31, 2020
Warrants purchase for common stock			450,000
Warrants exercise price			$ 0.05
Warrants term			5 years
Subsequent Event [Member] | Glenn S. Dickman [Member]
Warrants purchase for common stock										752,000
Warrants exercise price										$ 0.05
Warrants term										5 years
Debt principal amount										$ 230,000
Subsequent Event [Member] | Extended Maturity [Member] | Mr. Glenn S. Dickman [Member]
Debt instrument, maturity date			Nov. 30, 2021
Subsequent Event [Member] | 8% Convertible Debenture Agreement [Member]
Debt interest rate						8.00%
Subsequent Event [Member] | 8% Convertible Debenture Agreement [Member] | Extended Maturity [Member]
Debt instrument, maturity date						Dec. 1, 2020
Subsequent Event [Member] | 8% Convertible Debenture Agreement [Member] | Satco International, Ltd. [Member]
Debt interest rate				8.00%
Debt instrument, maturity date				Aug. 31, 2019
Subsequent Event [Member] | 8% Convertible Debenture Agreement [Member] | Satco International, Ltd. [Member] | Extended Maturity [Member]
Debt instrument, maturity date				Dec. 1, 2020
Subsequent Event [Member] | Note Payable and Line of Credit Agreement [Member]
Debt instrument, maturity date	Nov. 30, 2020
Subsequent Event [Member] | Note Payable and Line of Credit Agreement [Member] | Chairman [Member]
Warrants purchase for common stock	500,000
Warrants exercise price	$ 0.05
Warrants term	5 years
Subsequent Event [Member] | Note Payable and Line of Credit Agreement [Member] | Extended Maturity [Member]
Debt instrument, maturity date	Aug. 31, 2021
Subsequent Event [Member] | Note Payable and Line of Credit Agreement [Member] | Radiant Life, LLC [Member]
Debt instrument, maturity date		Nov. 30, 2020
Subsequent Event [Member] | Note Payable and Line of Credit Agreement [Member] | Radiant Life, LLC [Member] | Extended Maturity [Member]
Debt instrument, maturity date		Aug. 31, 2021
Subsequent Event [Member] | Related Party Lines of Credit Agreements [Member] | Three Notes Payable [Member]
Additional amount borrowed from related party									$ 323,500