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

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2020	Aug. 19, 2020
Cover [Abstract]
Entity Registrant Name	Sundance Strategies, Inc.
Entity Central Index Key	0001171838
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
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 (Unaudited) - USD ($)	Jun. 30, 2020	Mar. 31, 2020
Current Assets
Cash and cash equivalents	$ 11,862	$ 28,784
Prepaid expenses and other assets	2,205	2,205
Total Current Assets	14,067	30,989
Current Liabilities
Accounts payable	499,817	481,716
Stock repurchase payable	400,000	400,000
Total Current Liabilities	899,817	881,716
Long-Term Liabilities
Paycheck Protection Program Loan	26,458
Notes payable, related parties	2,575,508	2,450,508
Accrued expenses	489,559	424,954
Total Long-Term Liabilities	3,091,525	2,875,462
Total Liabilities	3,991,342	3,757,178
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	(28,206,328)	(27,955,242)
Total Stockholders' Deficit	(3,977,275)	(3,726,189)
Total Liabilities and Stockholders' Deficit	$ 14,067	$ 30,989

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2020	Mar. 31, 2020
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, 2020	Jun. 30, 2019
Income Statement [Abstract]
Interest Income on Investment in Net Insurance Benefits
General and Administrative Expenses	124,341	282,978
Loss from Operations	(124,341)	(282,978)
Other Expense
Interest expense	(52,245)	(36,871)
Financing expense	(74,500)	(50,000)
Total Other Expense	(126,745)	(86,871)
Loss Before Income Taxes	(251,086)	(369,849)
Income Tax Provision (Benefit)
Net Loss	$ (251,086)	$ (369,849)
Basic and Diluted:
Basic and diluted loss per share	$ (0.01)	$ (0.01)
Basic and diluted weighted average number of shares outstanding	37,828,441	37,828,441

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, 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
Balance at Mar. 31, 2020	$ 37,829	24,191,224	(27,955,242)	(3,726,189)
Balance, shares at Mar. 31, 2020	37,828,441
Net loss			(251,086)	(251,086)
Balance at Jun. 30, 2020	$ 37,829	$ 24,191,224	$ (28,206,328)	$ (3,977,275)
Balance, shares at Jun. 30, 2020	37,828,441

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating Activities
Net Loss	$ (251,086)	$ (369,849)
Changes in operating assets and liabilities
Prepaid expenses and other assets		(3,025)
Accounts payable	18,101	123,995
Accrued expenses	64,605	34,914
Net Cash used in Operating Activities	(168,380)	(213,965)
Financing Activities
Proceeds from issuance of notes payable, related party	125,000	455,000
Proceeds from Paycheck Protection Program Loan	26,458
Net Cash provided by Financing Activities	151,458	455,000
Net Change in Cash and Cash Equivalents	(16,922)	241,035
Cash and Cash Equivalents at Beginning of Period	28,784	579
Cash and Cash Equivalents at End of Period	11,862	241,614
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, 2020
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, 2020, which was filed with the SEC on August 10, 2020. The results from operations for the three-month period ended June 30, 2020, are not necessarily indicative of the results that may be expected for the fiscal year ended March 31, 2021. 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. 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. Potential dilutive common stock equivalents are primarily comprised of potential dilutive shares resulting from convertible debt agreements and common stock warrants. Potentially dilutive shares resulting from convertible debt agreements are evaluated using the if-converted method. Potentially dilutive securities are not included in the calculation of diluted net loss per share for the three months ended June 30, 2020 and 2019, because to do so would be anti-dilutive. Potentially dilutive securities outstanding as of June 30, 2020 are comprised of warrants convertible into 1,952,000 shares of common stock. No potentially dilutive securities were outstanding as of June 30, 2019. New Accounting Pronouncements Adopted During the Three months Ended June 30, 2020 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 became effective for the Company’s fiscal year beginning April 1, 2020. The adoption of this standard did not have an impact on the consolidated financial statements because the Company does not hold financial instruments subject to credit losses. Not Yet Adopted The Company has reviewed all 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, 2020
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, 2020, the Company had $11,862 of cash assets, compared to $28,784 as of March 31, 2020. As of June 30, 2020, the Company had access to draw an additional $4,980,492 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, 2020, the Company’s average monthly operating expenses were approximately $45,000, 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 $74,500 was incurred during the three months ended June 30, 2020. As management continues to explore additional financing alternatives, the Company is expected to spend an additional $350,000 over the next 12 months related to these efforts. Outstanding Accounts Payable as of June 30, 2020 totaled $499,817, and other accrued liabilities totaled $489,559. 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. The recent outbreak of COVID-19 originated in Wuhan, China, in December 2019 and has since spread to multiple countries, including the United States and several European countries. On March 11, 2020, the World Health Organization declared the outbreak a pandemic. The COVID-19 pandemic is affecting the United States and global economies and may affect the Company’s operations and those of third parties on which the Company relies. While the potential economic impact brought by, and the duration of, the COVID-19 pandemic is difficult to assess or predict, the impact of the COVID-19 pandemic on the global financial markets may reduce the Company’s ability to access capital, which could negatively impact the Company’s short-term and long-term liquidity. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change. The Company does not yet know the full extent of potential delays or impacts on its business, financing or other activities or on healthcare systems or the global economy as a whole. However, these effects could have a material impact on the Company’s liquidity, capital resources, operations and business and those of the third parties on which we rely.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2020
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. 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, 2020 and 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, 2020
Equity [Abstract]
Stockholders' Equity	(4) STOCKHOLDERS’ EQUITY Common Stock 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. Warrants to Purchase Common Stock Effective April 3, 2020, the related party, note payable and line of credit agreement with the Chairman of the Board of Directors and a stockholder (see Note 5) was amended to include a formal provision that provides the related party lender with common stock warrants upon the lenders extension of a maturity due date or upon the loaning of additional monies. The number of warrants issued will be based on the following formula: 10,000 warrants per month the due date is extended plus 1 warrant for every $2 of the principal balance outstanding (not including interest) at the time of the extension (rounded to the nearest whole warrant). Effective April 3, 2020, the number of warrants to be issued upon the loaning of additional monies is 2 warrants for each dollar loaned. In addition, Mr. Dickman, the holder of the related party, unsecured promissory notes (see Note 5) has informed the Company that, at such time the Company requests either an extension or additional monies from the lender, in addition to interest, the lender will require 10,000 warrants per month the due date is extended plus 1 warrant for every $2 of the principal balance outstanding (not including interest) at the time of the extension (rounded to the nearest whole warrant). Upon the loaning of additional monies, the lender will also require 2 warrants for each dollar loaned. As of June 30, 2020 and March 31, 2020, the Company held outstanding warrants to related parties totaling 1,952,000 and 1,702,000, respectively. All warrants have an exercise price of $0.05 per share, a five-year life as of the date of grant and expire between November 2024 and June 2025. The value of the warrants on the date of grant, as calculated by the Black-Scholes-Merton valuation model, was not significant. The inputs used in this calculation included a risk-free rate of 0.32% to 0.39%, volatility of 85% to 123% and a dividend rate of 0%. The average remaining outstanding life of the warrants as of June 30, 2020, was 4.71 years. The common stock issued upon exercise of the warrants are not registered with the Securities and Exchange Commission and do not have registration rights.

Notes Payable, Related Party

Notes Payable, Related Party	3 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Notes Payable, Related Party	(5) NOTES PAYABLE, RELATED PARTY As of June 30, 2020, and March 31, 2020, the Company had borrowed $2,575,508 and $2,450,508 respectively, excluding accrued interest, from related parties. The interest associated with the Notes Payable, Related Party of $340,613 and $288,369 is recorded on the balance sheet as an Accrued Expense obligation at June 30, 2020 and March 31, 2020, respectively. Related Party Promissory Notes As of both June 30, 2020 and March 31, 2020, the Company owed $826,000 under the unsecured promissory notes from Mr. Glenn S. Dickman, a stockholder and member of the Board of Directors. The promissory notes bear interest at a rate of 8% annually. The notes are due on November 30, 2021, or at the immediate time when alternative financing or other proceeds are received. In addition, as mentioned in Note 4, prior to March 31, 2020, the Company had provided Mr. Dickman warrants for 1,202,000 shares of common stock. During the three months ended June 30, 2020, the Company neither borrowed any additional funds under this agreement nor made any principal repayments. As of June 30, 2020, accrued interest on the notes totaled $85,755. In the event the Company completes a successful equity raise all principal and interest on the notes are due in full at that time. Related Party Note Payable and Line of Credit Agreements As of June 30, 2020 and March 31, 2020, the Company owed $920,000 and $795,000, 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, with principal and interest due on August 31, 2021, or at the immediate time when alternative financing or other proceeds are received. During the three months ended June 30, 2020 the Company borrowed $125,000 of principal under this agreement and made no repayments. As discussed in Note 4, effective April 3, 2020, a provision to the lending agreement provides the related party lender with common stock warrants upon the lenders extension of a maturity due date or upon the loaning of additional monies. Under this provision, additional warrants for 250,000 shares of common stock were issued in conjunction with the $125,000 borrowed during the three months ended June 30, 2020, bringing the total number of warrants issued to the related party lender to 750,000 as of June 30, 2020 (see Note 4 for further details on these warrants). The note payable and line of credit agreement incurs interest at 7.5% per annum and are collateralized by the Company’s NIBS, if any. As of June 30, 2020, accrued interest on this note totaled $84,938. As of June 30, 2020 and March 31, 2020, the Company owed $829,508 in principle 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. The principal and interest on the note are due August 31, 2021 or at the immediate time when alternative financing or other proceeds are received. The note payable and line of credit agreement incurs interest at 7.5% per annum and is collateralized by the Company’s NIBS, if any. During the three months ended June 30, 2020 the Company neither borrowed nor repaid any principal under this agreement. As of June 30, 2020, accrued interest on this agreement totaled $169,920.

Convertible Debenture Agreement

Convertible Debenture Agreement	3 Months Ended
	Jun. 30, 2020
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 December 1, 2020. As of June 30, 2020 and March 31, 2020, 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, 2020 and March 31, 2020.

Other Debt

Other Debt	3 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Other Debt	(7) OTHER DEBT On April 20, 2020, the Company received funding under a Paycheck Protection Program (“PPP”) loan (the “PPP Loan”) from CCBank (the “Lender”). The principal amount of the PPP Loan is $26,458. The PPP was established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and is administered by the U.S. Small Business Administration (the “SBA”). The PPP Loan has a two-year term, maturing on April 20, 2022. The interest rate on the PPP Loan is 1.0% per annum. Principal and interest are payable in monthly installments, beginning on November 20, 2020, until maturity with respect to any portion of the PPP Loan which is not forgiven as described below. The Company did not provide any collateral or guarantees for the PPP Loan, nor did the Company pay any facility charge to obtain the PPP Loan. The PPP Loan provides for customary events of default, including, among others, those relating to failure to make payment, bankruptcy, breaches of representations and material adverse effects. The PPP Loan may be partially or fully forgiven if the Company complies with the provisions of the CARES Act, including the use of PPP Loan proceeds for payroll costs, rent, utilities and other expenses, provided that such amounts are incurred during a 24-week period that commenced on April 20, 2020, and at least 60% of any forgiven amount has been used for covered payroll costs as defined by the CARES Act. Any forgiveness of the PPP Loan will be subject to approval by the SBA and the Lender and will require the Company to apply for such treatment in the future.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	(8) SUBSEQUENT EVENTS Subsequent to June 30, 2020, the following events transpired: The Company agreed to amend the 8% convertible debenture agreement with Satco International, Ltd., to extend the due date and conversion rights from December 1, 2020 to November 30, 2021. The Company borrowed an additional $48,500 on Notes Payable, Related Party and issued 97,000 warrants.

Basis of Presentation, Organi_2

Basis of Presentation, Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2020
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, 2020, which was filed with the SEC on August 10, 2020. The results from operations for the three-month period ended June 30, 2020, are not necessarily indicative of the results that may be expected for the fiscal year ended March 31, 2021. 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.
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. Potential dilutive common stock equivalents are primarily comprised of potential dilutive shares resulting from convertible debt agreements and common stock warrants. Potentially dilutive shares resulting from convertible debt agreements are evaluated using the if-converted method. Potentially dilutive securities are not included in the calculation of diluted net loss per share for the three months ended June 30, 2020 and 2019, because to do so would be anti-dilutive. Potentially dilutive securities outstanding as of June 30, 2020 are comprised of warrants convertible into 1,952,000 shares of common stock. No potentially dilutive securities were outstanding as of June 30, 2019.
New Accounting Pronouncements	New Accounting Pronouncements Adopted During the Three months Ended June 30, 2020 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 became effective for the Company’s fiscal year beginning April 1, 2020. The adoption of this standard did not have an impact on the consolidated financial statements because the Company does not hold financial instruments subject to credit losses. Not Yet Adopted The Company has reviewed all 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	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Potentially dilutive securities outstanding	1,952,000

Liquidity Requirements (Details

Liquidity Requirements (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020
Cash assets	$ 11,862			$ 28,784
Additional borrowing capacity from related party notes payable	4,980,492
Additional borrowing capacity from convertible debenture agreement	3,000,000
Monthly operating expenses	45,000
Financing expenses	74,500	$ 50,000
Accounts payable	499,817			$ 481,716
Other accrued liabilities	$ 489,559
Forecast [Member]
Financing expenses			$ 350,000

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - USD ($)	Dec. 06, 2018	Jun. 30, 2020	Mar. 31, 2020
Warrants issue description		The number of warrants issued will be based on the following formula: 10,000 warrants per month the due date is extended plus 1 warrant for every $2 of the principal balance outstanding (not including interest) at the time of the extension (rounded to the nearest whole warrant). Effective April 3, 2020, the number of warrants to be issued upon the loaning of additional monies is 2 warrants for each dollar loaned.
Warrants outstanding		1,952,000	1,702,000
Warrants exercise price		$ 0.05
Warrants term		5 years
Description of warrant expiration date		Expire between November 2024 and June 2025.
Weighted average remaining life of warrants		4 years 8 months 16 days
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
Mr. Dickman [Member]
Warrants issue description		The lender will require 10,000 warrants per month the due date is extended plus 1 warrant for every $2 of the principal balance outstanding (not including interest) at the time of the extension (rounded to the nearest whole warrant). Upon the loaning of additional monies, the lender will also require 2 warrants for each dollar loaned.
Risk-free rate, minimum		0.32%
Risk-free rate, maximum		0.39%
Volatility rate, minimum		85.00%
Volatility rate, maximum		123.00%
Dividend rate		0.00%

Notes Payable, Related Party (D

Notes Payable, Related Party (Details Narrative) - USD ($)	Dec. 19, 2019	Nov. 05, 2019	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020
Notes payable, related parties			$ 2,575,508		$ 2,450,508
Interest			340,613		288,369
Proceeds from related party debt			125,000	$ 455,000
Notes Payable and Lines of Credit Agreement [Member]
Notes payable, related parties			920,000		795,000
Interest			$ 84,938
Debt interest rate			7.50%
Debt instrument due date, description			August 31, 2021
Warrants purchase of common stock			250,000
Notes payable			$ 4,600,000
Proceeds from related party debt			125,000
Repayments of related party debt
Notes Payable and Lines of Credit Agreement [Member] | Radiant Life, LLC [Member]
Notes payable, related parties			829,508		829,508
Interest			$ 169,920
Debt interest rate			7.50%
Debt instrument due date, description	Due August 31, 2021.
Notes payable			$ 2,130,000
Mr. Dickman [Member]
Warrants purchase of common stock		1,202,000
Related Party Lender [Member] | Notes Payable and Lines of Credit Agreement [Member]
Warrants purchase of common stock			750,000
Unsecured Promissory Note [Member] | Mr. Glenn S. Dickman [Member]
Notes payable, related parties			$ 826,000		$ 826,000
Interest			$ 85,755
Debt interest rate			8.00%		8.00%
Promissory Note [Member] | Mr. Dickman [Member]
Debt instrument due date, description		November 30, 2021.

Convertible Debenture Agreeme_2

Convertible Debenture Agreement (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020
Amount payable	$ 0	$ 0
Accrued interest	$ 124,225	$ 124,225
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
8% Convertible Debenture Agreement [Member] | Satco International, Ltd. [Member] | Extended Maturity [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

Other Debt (Details Narrative)

Other Debt (Details Narrative) - Paycheck Protection Program Loan [Member]	Apr. 20, 2020USD ($)
Debt principle amount	$ 26,458
Loan term	2 years
Maturity date	Apr. 20, 2022
Debt interest rate	1.00%
Loan description	The PPP Loan may be partially or fully forgiven if the Company complies with the provisions of the CARES Act, including the use of PPP Loan proceeds for payroll costs, rent, utilities and other expenses, provided that such amounts are incurred during a 24-week period that commenced on April 20, 2020, and at least 60% of any forgiven amount has been used for covered payroll costs as defined by the CARES Act.
Debt forgiven percentage	60.00%

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	Aug. 19, 2020	Jun. 30, 2020	Mar. 31, 2020
Warrants issued		1,952,000	1,702,000
Subsequent Event [Member]
Notes payable	$ 48,500
Warrants issued	97,000
Subsequent Event [Member] | 8% Convertible Debenture [Member]
Debt instrument maturity date, description	Due date and conversion rights from December 1, 2020 to November 30, 2021.