Cover
Cover - shares | 3 Months Ended | |
Jun. 30, 2021 | Aug. 16, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 000-50547 | |
Entity Registrant Name | SUNDANCE STRATEGIES, INC. | |
Entity Central Index Key | 0001171838 | |
Entity Tax Identification Number | 88-0515333 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 4626 North 300 West | |
Entity Address, Address Line Two | Suite No. 365 | |
Entity Address, City or Town | Provo | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84604 | |
City Area Code | (801) | |
Local Phone Number | 717-3935 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | SUND | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 41,308,441 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 18,950 | $ 21,179 |
Prepaid expenses and other assets | 6,518 | 9,393 |
Total Current Assets | 25,468 | 30,572 |
Current Liabilities | ||
Accounts payable | 555,555 | 893,675 |
Accrued expenses | 254,189 | 215,443 |
Notes payable | 300,000 | |
Current portion of notes payable, related parties | 826,000 | 826,000 |
Stock repurchase payable | 400,000 | 400,000 |
Total Current Liabilities | 2,335,744 | 2,335,118 |
Long-Term Liabilities | ||
Accrued expenses | 535,753 | 495,708 |
Notes payable, related parties, net of current portion | 1,915,808 | 1,915,808 |
Total Long-Term Liabilities | 2,451,561 | 2,411,516 |
Total Liabilities | 4,787,305 | 4,746,634 |
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; 41,308,441 and 40,108,441 shares issued and outstanding as of June 30, 2021 and March 31, 2021, respectively | 41,309 | 40,109 |
Additional paid in capital | 24,782,878 | 24,728,638 |
Accumulated deficit | (29,586,024) | (29,484,809) |
Total Stockholders’ Deficit | (4,761,837) | (4,716,062) |
Total Liabilities and Stockholders’ Deficit | $ 25,468 | $ 30,572 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Mar. 31, 2021 |
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 | 41,308,441 | 40,108,441 |
Common stock, shares outstanding | 41,308,441 | 40,108,441 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||
Interest Income on Investment in Net Insurance Benefits | ||
General and Administrative Expenses | 243,461 | 124,341 |
Loss from Operations | (243,461) | (124,341) |
Other Income (Expense) | ||
Gain on settlement of liabilities | 285,192 | |
Interest expense | (65,385) | (52,245) |
Financing expense | (77,561) | (74,500) |
Total Other Income (Expense) | 142,246 | (126,745) |
Loss Before Income Taxes | (101,215) | (251,086) |
Income Tax Provision (Benefit) | ||
Net Loss | $ (101,215) | $ (251,086) |
Loss per share - basic and diluted | $ 0 | $ (0.01) |
Weighted average shares outstanding - basic and diluted | 40,864,963 | 37,828,441 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Mar. 31, 2020 | $ 37,829 | $ 24,191,224 | $ (27,955,242) | $ (3,726,189) |
Beginning balance, shares at Mar. 31, 2020 | 37,828,441 | |||
Net loss | (251,086) | (251,086) | ||
Ending balance, value at Jun. 30, 2020 | $ 37,829 | 24,191,224 | (28,206,328) | (3,977,275) |
Ending balance, shares at Jun. 30, 2020 | 37,828,441 | |||
Beginning balance, value at Mar. 31, 2021 | $ 40,109 | 24,728,638 | (29,484,809) | (4,716,062) |
Beginning balance, shares at Mar. 31, 2021 | 40,108,441 | |||
Common stock issued for director compensation | $ 1,200 | 54,240 | 55,440 | |
Common stock issued for director compensation, shares | 1,200,000 | |||
Net loss | (101,215) | (101,215) | ||
Ending balance, value at Jun. 30, 2021 | $ 41,309 | $ 24,782,878 | $ (29,586,024) | $ (4,761,837) |
Ending balance, shares at Jun. 30, 2021 | 41,308,441 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities | ||
Net Loss | $ (101,215) | $ (251,086) |
Adjustments to reconcile to net cash used in operating activities: | ||
Share based compensation - common stock | 55,440 | |
Gain on settlement of liabilities | (285,192) | |
Changes in operating assets and liabilities | ||
Prepaid expenses and other assets | 2,875 | |
Accounts payable | (52,928) | 18,101 |
Accrued expenses | 78,791 | 64,605 |
Net Cash used in Operating Activities | (302,229) | (168,380) |
Financing Activities | ||
Proceeds from issuance of notes payable, related party | 125,000 | |
Proceeds from issuance of Notes payable | 300,000 | |
Proceeds from Paycheck Protection Program loan | 26,458 | |
Net Cash provided by Financing Activities | 300,000 | 151,458 |
Net Change in Cash and Cash Equivalents | (2,229) | (16,922) |
Cash and Cash Equivalents at Beginning of Period | 21,179 | 28,784 |
Cash and Cash Equivalents at End of Period | 18,950 | 11,862 |
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, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION, ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 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, 2021, which was filed with the SEC on June 29, 2021. The results from operations for the three-month period ended June 30, 2021, are not necessarily indicative of the results that may be expected for the fiscal year ended March 31, 2022. 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”). Our historical business model has focused on 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 of 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.” During the latter part of the fiscal year ended March 31, 2021, the Company began developing an additional business offering, providing professional services to specialty structured finance groups, bond issuers and life settlement aggregators. The Company has now assembled an experienced team from the life settlement marketplace, as well as from other areas such as financial services and public financial markets. As a professional services provider, the Company applies industry best practices to advise on the selection of specific portfolios of life insurance policies that are tailored to meet the needs of its clients. The Company’s clients may include bond issuers, bond investors, or other structured finance product issuers. The Company develops strategies and methodologies which include the acquisition of life insurance portfolios, then uses common structured finance techniques and proprietary analytics to structure bonds for issuances, including principal protected bonds. The Company’s goal is to deliver long-term value and profitability to shareholders by growing the Company’s professional services business and asset base, resulting in the ability to pay dividends to its shareholders. Most recently the Company began working closely with bond placement agents and aggregators to establish various aspects of a proprietary, investment grade bond offering. In this arrangement, the Company participates as the sole originator in the role of structuring and advising on the structure of the proprietary bond instrument. Included in the role of structuring financial assets, the Company uses proprietary analytics to establish the makeup of the rated instrument, including but not limited to, life settlement assets (life insurance policies) and managed cash, and implements a process of selective assembly of the underlying assets and cash management that will meet the policy requirements and analytics. The Company provides current and ongoing resources for all analytics, as well as advisement support for the investment and non-investment grade ratings for the managed asset pool and the managed cash accounts. In its advisory role, the Company is reimbursed for all expenses associated with the structuring and preparation of any bond offering, will receive an advisory payment upon the closing of any bond offering, and then will hold residual rights on the balance of assets once the bond is retired. SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) June 30, 2021 During the quarter ended June 30, 2021, the Company and US Capital Global Securities LLC, an affiliate of US Capital Global, entered into an arrangement wherein the Company is the lead advisor and lead originator of tailored life insurance portfolios to be used in a life insurance-linked bond offering (“bond offering”) of between $ 250 500 40 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, 2021 and 2020, because to do so would be anti-dilutive. Potentially dilutive securities outstanding as of June 30, 2021 and 2020 are comprised of warrants convertible into 4,488,754 and 1,952,000 shares of common stock, respectively. New Accounting Pronouncements 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. SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) June 30, 2021 |
LIQUIDITY REQUIREMENTS
LIQUIDITY REQUIREMENTS | 3 Months Ended |
Jun. 30, 2021 | |
Liquidity Requirements | |
LIQUIDITY REQUIREMENTS | (2) LIQUIDITY REQUIREMENTS 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, 2021, the Company had $ 18,950 21,179 4,814,192 3,000,000 81,000 81,000 6,000 75,000 77,561 400,000 555,555 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. 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. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Jun. 30, 2021 | |
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. SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) June 30, 2021 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, 2021 and 2020. 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, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | (4) STOCKHOLDERS’ EQUITY Common Stock On May 4, 2021, the Company issued 1,200,000 25 0.062 73,920 55,440 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 6) was amended to include a formal provision that provides the related party lender with common stock warrants upon the lender’s 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 6) 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. On October 1, 2020, the related party note payable and line of credit agreement with Radiant Life, LLC, an entity partially owned by the Chairman of the Board of Directors (see Note 6) 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). In addition, the number of warrants to be issued upon the loaning of additional monies is 2 warrants for each dollar loaned. On April 6, 2021, the Company borrowed $ 300,000 unsecured promissory note with Satco International, Ltd. (see Note 5). 8 July 5, 2021 8 1,000,000 1.00 3 0.062 0.35 50.3 0 SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) June 30, 2021 As of June 30, 2021 and March 31, 2021, the Company held outstanding warrants to related parties totaling 4,488,754 3,488,754 3,488,754 0.05 five expire between November 2024 and October 2025 1,000,000 1.00 three expire in April 2024 3.63 |
NOTES PAYABLE
NOTES PAYABLE | 3 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | (5) NOTES PAYABLE On April 6, 2021, the Company borrowed $ 300,000 unsecured promissory note with Satco International, Ltd.. 8 July 5, 2021 8 1,000,000 1.00 3 |
NOTES PAYABLE, RELATED PARTY
NOTES PAYABLE, RELATED PARTY | 3 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE, RELATED PARTY | (6) NOTES PAYABLE, RELATED PARTY As of both June 30, 2021, and March 31, 2021, the Company had borrowed $ 2,741,808 573,462 513,665 Related Party Promissory Notes As of both June 30, 2021 and March 31, 2021, the Company owed $ 826,000 8 November 30, 2021 161,684 Related Party Note Payable and Line of Credit Agreements As of both June 30, 2020 and March 31, 2021 1,056,300 November 30, 2022 June 30, 2021 4,600,000 7.5 June 30, 2021 162,262 No 1,707,000 June 30, 2021 0.05 5 SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) June 30, 2021 As of June 30, 2021 and March 31, 2021, the Company owed $ 859,508 2,130,000 November 30, 2022 7.5 249,545 579,754 June 30, 2021 0.05 5 |
CONVERTIBLE DEBENTURE AGREEMENT
CONVERTIBLE DEBENTURE AGREEMENT | 3 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE DEBENTURE AGREEMENT | (7) CONVERTIBLE DEBENTURE AGREEMENT The Company has entered into an 8 3,000,000 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 June 2, 2016 December 1, 2020 0 124,225 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | (8) SUBSEQUENT EVENTS Subsequent to June 30, 2021, the following events transpired: On August 9, 2021, the unsecured promissory note with Satco International, Ltd. (see Note 5) was amended to extend the due date from July 5, 2021 to October 6, 2021 On July 29, 2021, the Company borrowed an additional $ 50,000 50,000 2.00 5 years |
BASIS OF PRESENTATION, ORGANI_2
BASIS OF PRESENTATION, ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
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, 2021 and 2020, because to do so would be anti-dilutive. Potentially dilutive securities outstanding as of June 30, 2021 and 2020 are comprised of warrants convertible into 4,488,754 and 1,952,000 shares of common stock, respectively. |
New Accounting Pronouncements | New Accounting Pronouncements 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) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,488,754 | 1,952,000 |
U S Capital Global Securities L L C [Member] | Bond Offering [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of cash received on offering | 40.00% | |
U S Capital Global Securities L L C [Member] | Bond Offering [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cash received from offering | $ 250 | |
U S Capital Global Securities L L C [Member] | Bond Offering [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cash received from offering | $ 500 |
LIQUIDITY REQUIREMENTS (Details
LIQUIDITY REQUIREMENTS (Details Narrative) - USD ($) | 3 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Liquidity Requirements | |||
Cash assets | $ 18,950 | $ 21,179 | |
Additional borrowing capacity from related party notes payable | 4,814,192 | ||
Additional borrowing capacity from convertible debenture agreement | 3,000,000 | ||
Monthly operating expenses | 81,000 | ||
Decrease in monthly expenses | 6,000 | ||
Average monthly expenses | 75,000 | ||
Financing expenses | 77,561 | $ 74,500 | |
Additional financing alternatives | 400,000 | ||
Accounts payable | $ 555,555 | $ 893,675 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | May 04, 2021 | Apr. 06, 2021 | Oct. 02, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||||
Compensation expense | $ 55,440 | |||||
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 purchase for common stock | 1,000,000 | 3,488,754 | 1,000,000 | |||
Warrants exercise price | $ 1 | $ 0.05 | $ 1 | |||
Warrants term | 3 years | 5 years | 3 years | |||
Warrants outstanding | 4,488,754 | 3,488,754 | ||||
Description of warrant expiration date | expire between November 2024 and October 2025 | |||||
Description of warrant extended period | expire in April 2024 | |||||
Weighted average remaining life of warrants | 3 years 7 months 17 days | |||||
Unsecured Promissory Note [Member] | ||||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||||
Notes payable | $ 300,000 | |||||
Debt interest rate | 8.00% | |||||
Debt instrument due date, description | July 5, 2021 | November 30, 2021 | ||||
Warrants purchase for common stock | 1,000,000 | |||||
Warrants exercise price | $ 1 | |||||
Warrants term | 3 years | |||||
Convertible Debenture [Member] | ||||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||||
Debt interest rate | 8.00% | |||||
Notes Payable And Lines Of Credit Agreement [Member] | CashReceivedOnAccruedInterestIncome | ||||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||||
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). In addition, the number of warrants to be issued upon the loaning of additional monies is 2 warrants for each dollar loaned. | |||||
Warrants purchase for common stock | 579,754 | |||||
Warrants exercise price | $ 0.05 | |||||
Warrants term | 5 years | |||||
Director [Member] | ||||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||||
Number of common stock issued of compensation | 1,200,000 | |||||
Percentage of stock awards vested | 25.00% | |||||
Fair value per share | $ 0.062 | |||||
Compensation expense | $ 73,920 | $ 55,440 | ||||
Monthly expenses incurred by company | ||||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||||
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. | |||||
Fair value, per share | $ 0.062 | |||||
Risk-free rate | 0.35% | |||||
Volatility rate | 50.30% | |||||
Dividend rate | 0.00% |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Apr. 06, 2021 | Jun. 30, 2021 | Mar. 31, 2021 |
Short-term Debt [Line Items] | |||
Warrants purchase for common stock | 1,000,000 | 3,488,754 | 1,000,000 |
Warrants exercise price | $ 1 | $ 0.05 | $ 1 |
Warrants term | 3 years | 5 years | 3 years |
Unsecured Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Notes payable | $ 300,000 | ||
Debt interest rate | 8.00% | ||
Debt instrument due date, description | July 5, 2021 | November 30, 2021 | |
Warrants purchase for common stock | 1,000,000 | ||
Warrants exercise price | $ 1 | ||
Warrants term | 3 years | ||
Convertible Debenture [Member] | |||
Short-term Debt [Line Items] | |||
Debt interest rate | 8.00% |
NOTES PAYABLE, RELATED PARTY (D
NOTES PAYABLE, RELATED PARTY (Details Narrative) - USD ($) | Apr. 06, 2021 | Jun. 30, 2021 | Mar. 31, 2021 |
Short-term Debt [Line Items] | |||
Notes payable, related parties | $ 2,741,808 | $ 2,741,808 | |
Accrued interest | $ 573,462 | $ 513,665 | |
Warrants purchase of common stock | 1,000,000 | 3,488,754 | 1,000,000 |
Warrants exercise price | $ 1 | $ 0.05 | $ 1 |
Warrants term | 3 years | 5 years | 3 years |
Notes Payable And Lines Of Credit Agreement [Member] | |||
Short-term Debt [Line Items] | |||
Notes payable, related parties | $ 1,056,300 | ||
Notes Payable And Lines Of Credit Agreement [Member] | CashReceivedOnAccruedInterestIncome | |||
Short-term Debt [Line Items] | |||
Notes payable, related parties | 859,508 | $ 859,508 | |
Accrued interest | $ 249,545 | ||
Warrants purchase of common stock | 579,754 | ||
Warrants exercise price | $ 0.05 | ||
Warrants term | 5 years | ||
Notes Payable And Lines Of Credit Agreement [Member] | CashReceivedOnAccruedInterestIncome | The Companys Nibs [Member] | |||
Short-term Debt [Line Items] | |||
Debt interest rate | 7.50% | ||
Notes Payable And Lines Of Credit Agreement [Member] | The Companys Nibs [Member] | |||
Short-term Debt [Line Items] | |||
Accrued interest | $ 162,262 | ||
Debt interest rate | 7.50% | ||
Warrants exercise price | $ 0.05 | ||
Warrants term | 5 years | ||
Notes Payable And Lines Of Credit Agreement [Member] | Maximum [Member] | |||
Short-term Debt [Line Items] | |||
Notes payable | $ 4,600,000 | ||
Notes Payable And Lines Of Credit Agreement [Member] | Maximum [Member] | CashReceivedOnAccruedInterestIncome | |||
Short-term Debt [Line Items] | |||
Notes payable | $ 2,130,000 | ||
Notes Payable And Lines Of Credit Agreement [Member] | Extended Maturity [Member] | |||
Short-term Debt [Line Items] | |||
Debt instrument due date, description | November 30, 2022 | ||
Notes Payable And Lines Of Credit Agreement [Member] | Extended Maturity [Member] | CashReceivedOnAccruedInterestIncome | |||
Short-term Debt [Line Items] | |||
Debt instrument due date, description | November 30, 2022 | ||
Related Party Lender [Member] | Notes Payable And Lines Of Credit Agreement [Member] | |||
Short-term Debt [Line Items] | |||
Warrants purchase of common stock | 1,707,000 | ||
Unsecured Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Accrued interest | $ 161,684 | ||
Debt interest rate | 8.00% | ||
Debt instrument due date, description | July 5, 2021 | November 30, 2021 | |
Notes payable | $ 300,000 | ||
Warrants purchase of common stock | 1,000,000 | ||
Warrants exercise price | $ 1 | ||
Warrants term | 3 years | ||
Unsecured Promissory Note [Member] | Mr Glenn S Dickman [Member] | |||
Short-term Debt [Line Items] | |||
Notes payable, related parties | $ 826,000 | $ 826,000 | |
Debt interest rate | 8.00% | 8.00% |
CONVERTIBLE DEBENTURE AGREEME_2
CONVERTIBLE DEBENTURE AGREEMENT (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | ||
Amount payable | $ 0 | $ 0 |
Accrued interest | $ 124,225 | $ 124,225 |
LIQUIDITY AND CAPITAL REQUIREMENTS [Abstract] | Monthly expenses incurred by company | ||
Debt Instrument [Line Items] | ||
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 | |
LIQUIDITY AND CAPITAL REQUIREMENTS [Abstract] | Monthly expenses incurred by company | Extended Maturity [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 1, 2020 | |
LIQUIDITY AND CAPITAL REQUIREMENTS [Abstract] | Monthly expenses incurred by company | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Face amount of debt instrument | $ 3,000,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Aug. 09, 2021 | Jul. 29, 2021 | Jun. 30, 2021 | Apr. 06, 2021 | Mar. 31, 2021 |
Subsequent Event [Line Items] | |||||
Warrants purchase of common stock | 3,488,754 | 1,000,000 | 1,000,000 | ||
Warrants exercise price | $ 0.05 | $ 1 | $ 1 | ||
Warrants term | 5 years | 3 years | 3 years | ||
CashReceivedOnAccruedInterestIncome | Notes Payable And Lines Of Credit Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Warrants purchase of common stock | 579,754 | ||||
Warrants exercise price | $ 0.05 | ||||
Warrants term | 5 years | ||||
CashReceivedOnAccruedInterestIncome | Subsequent Event [Member] | Notes Payable And Lines Of Credit Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Notes payable | $ 50,000 | ||||
Warrants purchase of common stock | 50,000 | ||||
Warrants exercise price | $ 2 | ||||
Warrants term | 5 years | ||||
Unsecured Debt [Member] | Monthly expenses incurred by company | |||||
Subsequent Event [Line Items] | |||||
Maturity date description | July 5, 2021 to October 6, 2021 |