Cover
Cover - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Jun. 29, 2023 | Sep. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Mar. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
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 | ||
Trading Symbol | SUND | ||
Title of 12(g) Security | Common Stock, $0.001 par value | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
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 Public Float | $ 25,630,383 | ||
Entity Common Stock, Shares Outstanding | 41,408,441 | ||
Documents Incorporated By Reference | None. | ||
Auditor Name | 3627 | ||
Auditor Name | Sadler, Gibb & Associates, LLC | ||
Auditor Location | Draper, UT |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 553 | $ 267,966 |
Prepaid expenses and other assets | 8,295 | 8,167 |
Total Current Assets | 8,848 | 276,133 |
Current Liabilities | ||
Accounts payable | 753,050 | 580,972 |
Accrued expenses | 574,558 | 354,205 |
Stock repurchase payable | 400,000 | 400,000 |
Total Current Liabilities | 2,903,608 | 2,511,177 |
Long-Term Liabilities | ||
Accrued expenses | 857,685 | 666,015 |
Notes payable, related parties, net of current portion, net of debt discount | $ 2,281,463 | $ 2,125,808 |
Notes Payable, Noncurrent, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Total Long-Term Liabilities | $ 3,139,148 | $ 2,791,823 |
Total Liabilities | 6,042,756 | 5,303,000 |
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; 41,408,441 shares issued and outstanding as of March 31, 2023, and 2022 | 41,409 | 41,409 |
Additional paid-in capital | 28,986,558 | 27,181,618 |
Accumulated deficit | (35,061,875) | (32,249,894) |
Total Stockholders’ Deficit | (6,033,908) | (5,026,867) |
Total Liabilities and Stockholders’ Deficit | 8,848 | 276,133 |
Nonrelated Party [Member] | ||
Current Liabilities | ||
Current notes payable | 300,000 | 300,000 |
Related Party [Member] | ||
Current Liabilities | ||
Current notes payable | $ 876,000 | $ 876,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Mar. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value | $ 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 | $ 0.001 | $ 0.001 |
Common stock, shares issued | 41,408,441 | 41,408,441 |
Common stock, shares outstanding | 41,408,441 | 41,408,441 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Income from Investments | ||
General and Administrative Expenses | 682,283 | 690,709 |
Loss from Operations | (682,283) | (690,709) |
Other Income (Expense) | ||
Loss on extinguishment of debt | (1,745,808) | (1,869,971) |
Gain on settlement of liabilities | 285,192 | |
Interest expense | (329,890) | (287,687) |
Financing expense | (54,000) | (197,761) |
Total Other Income (Expense) | (2,129,698) | (2,070,227) |
Loss Before Income Taxes | (2,811,981) | (2,760,936) |
Income Tax Provision (Benefit) | 4,149 | |
Net Loss | $ (2,811,981) | $ (2,765,085) |
Loss per share – basic and diluted | $ (0.07) | $ (0.07) |
Weighted average shares outstanding – basic and diluted | 41,408,441 | 41,218,263 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficit - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Mar. 31, 2021 | $ 40,109 | $ 24,728,638 | $ (29,484,809) | $ (4,716,062) |
Balance, shares at Mar. 31, 2021 | 40,108,441 | |||
Common stock issued for director compensation | $ 1,200 | 72,720 | 73,920 | |
Common stock issued for director compensation, shares | 1,200,000 | |||
Common stock and warrants issued for cash | $ 100 | 499,900 | 500,000 | |
Common stock and warrants issued for cash, shares | 100,000 | |||
Warrants issued in connection with debt issuances | 40,211 | 40,211 | ||
Warrants issued in connection to extinguishment of debt | 1,840,149 | 1,840,149 | ||
Net loss | (2,765,085) | (2,765,085) | ||
Balance at Mar. 31, 2022 | $ 41,409 | 27,181,618 | (32,249,894) | (5,026,867) |
Balance, shares at Mar. 31, 2022 | 41,408,441 | |||
Warrants issued in connection with debt issuances | 126,130 | 126,130 | ||
Warrants issued in connection to extinguishment of debt | 1,678,810 | 1,678,810 | ||
Net loss | (2,811,981) | (2,811,981) | ||
Balance at Mar. 31, 2023 | $ 41,409 | $ 28,986,558 | $ (35,061,875) | $ (6,033,908) |
Balance, shares at Mar. 31, 2023 | 41,408,441 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Activities | ||
Net Loss | $ (2,811,981) | $ (2,765,085) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share based compensation – common stock | 73,920 | |
Gain on settlement of liabilities | (285,192) | |
Loss on extinguishment of debt | 1,745,808 | 1,869,971 |
Amortization of debt discount | 22,487 | 10,389 |
Changes in operating assets and liabilities | ||
Prepaid expenses and other assets | (128) | 1,226 |
Accounts payable | 172,078 | (27,511) |
Accrued expenses | 412,023 | 309,069 |
Net Cash used in Operating Activities | (459,713) | (813,213) |
Financing Activities | ||
Proceeds from issuance of notes payable, related party | 192,300 | 260,000 |
Proceeds from issuance of notes payable | 300,000 | |
Common stock issued for cash | 500,000 | |
Net Cash provided by Financing Activities | 192,300 | 1,060,000 |
Net Change in Cash and Cash Equivalents | (267,413) | 246,787 |
Cash and Cash Equivalents at Beginning of Period | 267,966 | 21,179 |
Cash and Cash Equivalents at End of Period | 553 | 267,966 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Non Cash Financing & Investing Activities, and Other Disclosures | ||
Issued warrants as debt issuance costs | $ 126,130 | $ 40,211 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | (1) ORGANIZATION AND BASIS OF PRESENTATION 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 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. During the latter part of the year ended March 31, 2021, 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. On January 1, 2022, the Company entered into a marketing and consulting agreement with Tradability, LLC (“Consultant”) that requires the Company to make an initial $ 100,000 400,000 400,000 1,000,000 10,000,000 1.00 2.50 500 100 500 SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023, and 2022 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Estimates Cash and Cash Equivalents Basic and Diluted Net Loss Per Common Share 9,403,644 7,250,241 Stock-Based Compensation and Financing Costs Income Taxes The tax effects from an uncertain tax position can be recognized in the financial statements only if the position is more likely than not of being sustained if the position were to be challenged by a taxing authority. The Company has examined the tax positions taken in its tax returns and determined that there are no uncertain tax positions. As a result, the Company has recorded no uncertain tax liabilities in its balance sheet. Interest and penalties for uncertain positions, when applicable, would be recognized as a component of income tax expense. The Company files United States Federal and State income tax returns. The income tax returns of the Company are subject to examination by taxing authorities for three to five years from the date they are filed. The Company has tax returns subject to examination for 2017-2022. Principles of Consolidation Fair Value SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023, and 2022 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 years ended March 31, 2023, and 2022. The Company’s recorded values of cash and cash equivalents, accounts payable and accrued liabilities approximate their fair values based on their short-term nature. The recorded values of the Notes Payable, Related Parties and Convertible Debenture approximates the fair values as the interest rate approximates market interest rates. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | (3) NEW ACCOUNTING PRONOUNCEMENTS The Company has reviewed all other recently issued, but not yet adopted, accounting standards, in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | (4) CASH AND CASH EQUIVALENTS Cash and cash equivalents consist principally of currency on hand and demand deposits at commercial banks. The Company had $ 553 267,966 250,000 |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | (5) NOTES PAYABLE On April 6, 2021, the Company borrowed $ 300,000 8 1,000,000 1.00 3 years June 9, 2023 , the unsecured promissory note with Satco International, Ltd. was amended to extend the due date from April 6, 2023 to August 31, 2024 , or at the immediate time when alternative financing or other proceeds are received. This extension has no bearing on the warrants that were issued in conjunction with the original promissory note. This note is separate from the 8 accrued interest on the note totaled $ 47,605 SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023, and 2022 |
NOTES PAYABLE, RELATED PARTY
NOTES PAYABLE, RELATED PARTY | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE, RELATED PARTY | (6) NOTES PAYABLE, RELATED PARTY As of March 31, 2023, and 2022, the Company had borrowed $ 3,194,108 3,001,808 36,645 0 364,908 249,173 857,684 666,015 Related Party Promissory Notes As of both March 31, 2023, and 2022 , the Company owed $ 826,000 8 10, 2022, the notes were amended to extend the due date from October 31, 2022, to July 31, 2023 or at the immediate time when alternative financing or other proceeds are received, and on June 5, 2023, the notes were amended to extend the due date from July 31, 2023, to August 31, 2024 399,749 shares of common stock (see Note 8). As per the provision outlined in Note 8, and in conjunction with the extension of the due date of the promissory notes on June 5, 2023, the Company also agreed to provide Mr. Dickman with warrants for 543,000 , the Company neither borrowed any additional funds under this agreement nor made any principal repayments. As of , accrued interest on the notes totaled $ 310,152 . In the event the Company completes a successful equity raise all principal and interest on the notes are due in full at that time. On July 29, 2021, the Company entered into an unsecured promissory note agreement with Radiant Life, LLC. This agreement was in conjunction with the Company borrowing $ 50,000 8 July 29,2024 . In conjunction with this specific loan event, the agreement awards Radiant Life, LLC with 50,000 1.05 , and expire in 5 , accrued interest on the note totaled 7,152 Related Party Note Payable and Line of Credit Agreements As of March 31, 2023, 1,198,600 1,066,300 On February 2, 2023, the related party note payable and line of credit agreement was amended to extend the due date from November 30, 2023 to November 30, 2024, or at the immediate time when alternative financing or other proceeds are received March 31, 2023 4,600,000 March 31, 2023, 132,300 7.5 March 31, 2023 305,879 132,300 983,900 1.05 5 3,364,050 SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023, and 2022 As of March 31, 2023, and 2022, the Company owed $ 1,119,508 and $ 1,059,508 in principal, respectively, under the note payable and lines of credit agreement with Radiant Life, LLC. The agreement allows for borrowings of up to $ 2,130,000 . On February 2, 2023, the related party note payable and line of credit agreement was amended to extend the due date from November 30, 2023 to November 30, 2024, 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. During the year ended March 31, 2023 the Company borrowed $ 60,000 of principal under this agreement and made no repayments. As of March 31, 2023, accrued interest on this agreement totaled $ 427,580 . As per the provision outlined in Note 8, and in conjunction with the due date extension and the $ 60,000 borrowed under the note payable and lines of credit agreement during the year, the Company also agreed to provide Radiant Life, LLC with warrants for 769,754 shares of common stock, vested immediately upon issuance, a 5-year exercise window from the dates of issuance, having an exercise price of $ 1.05 per share. The total number of warrants issued to the related party lender was 2,449,262 as of March 31, 2023 (see Note 8 for further details). |
CONVERTIBLE DEBENTURE AGREEMENT
CONVERTIBLE DEBENTURE AGREEMENT | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE DEBENTURE AGREEMENT | (7) 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 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 November 30, 2023 As of March 31, 2023 and March 31, 2022, the Company owed $ 0 124,225 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | (8) STOCKHOLDERS’ EQUITY Common Stock On October 29, 2021, the Company issued a private placement memorandum offering to raise up to $ 500,000 0.001 100,000 5 500,000 5 500,000 On May 4, 2021, the Company issued 1,200,000 25 0.062 73,920 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 8,000,000 400,000 SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023, and 2022 Warrants to Purchase Common Stock The following table summarizes the changes in warrants outstanding of the Company during years ended March 31, 2023, and 2022: SCHEDULE OF WARRANT OUTSTANDING Number of Warrants Weighted Average Outstanding at March 31, 2021 3,488,754 $ 0.05 Granted 3,761,487 0.99 Outstanding at March 31, 2022 7,250,241 0.54 Granted 2,153,403 1.05 Outstanding at March 31, 2023 9,403,644 $ 0.87 Exercisable at March 31, 2023 9,403,644 $ 0.87 The Company’s related party lenders consist of: the Chairman of the Board of Directors and a stockholder, Radiant Life, LLC and Mr. Dickman, a board member and stockholder. These holders of the related party unsecured promissory notes, hold agreements that provide each related party 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 for an extension is 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) 5 years During the year ended March 31, 2023, the Company issued 339,749 warrants to Mr. Dickman, 719,300 warrants to the Chairman of the Board of Directors, and 649,754 warrants to Radiant Life, LLC in conjunction with an extension of the maturity dates during the period (see Note 8) per the terms outlined above. The exercise price of these warrants was $ 1.05 . The value of the warrants on the date of grant, as calculated by the Black-Scholes-Merton valuation model was $ 1,678,810 . The inputs used in this calculation included a fair value of the underlying common stock of $ 1.049 per share, a risk-free between 3.49 % and 3.95 %, volatility between 142.92 % and 145.49 % and a dividend rate of 0 %. During the year ended March 31, 2023 the Company issued 264,600 warrants to the Chairman of the Board of Directors and 120,000 warrants to Radiant Life, LLC in conjunction with monies borrowed during the period (see Note 8) per the terms outlined above. The exercise price of these warrants was $ 1.05 . The value of the warrants on the date of grant, as calculated by the Black-Scholes-Merton valuation model was $ 365,502 . The inputs used in this calculation included a fair value of the underlying common stock of $ 1.049 per share, a risk-free between 3.62 % and 4.31 %, volatility between 142.23 % and 148.56 % and a dividend rate of 0 %. SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023, and 2022 On February 5, 2022, the Company issued 649,754 653,150 488,583 0.05 1,840,149 1.049 1.76 131.78 0 0.05 1.05 On January 5, 2022, the Company issued 200,000 0.05 The value of the warrants on the date of grant, as calculated by the Black-Scholes-Merton valuation model, was $ 205,393 1.049 1.43 131.78 0 40,211 10,389 29,822 0.05 1.05 During the year ended March 31, 2022, the Company issued 200,000 20,000 0.05 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 fair value of $ 0.062 0.81 0.84 41.97 42.01 0 As mentioned above, on October 29, 2021, the Company issued a private placement memorandum offering to raise up to $ 500,000 0.001 100,000 5 500,000 5 five On July 29, 2021, the Company borrowed an additional $ 50,000 50,000 2.00 5 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 fair value of the underlying common stock of $ 0.062 0.66 42.14 0 On April 6, 2021, the Company borrowed $ 300,000 unsecured promissory note with Satco International, Ltd. (see Note 5). In conjunction with this note, the Company issued warrants exercisable into 1,000,000 1.00 three 0.062 0.35 50.3 0 SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023, and 2022 The following table summarizes the warrants issued and outstanding as of March 31, 2023: SCHEDULE OF WARRANTS ISSUED AND OUTSTANDING Exercise Price ($) Warrants Outstanding Warrants Exercisable Weighted Average Remaining Contractual Life (Years) Proceeds to Company if Exercised 0.05 3,708,754 3,708,754 2.21 $ 185,439 1.00 1,000,000 1,000,000 1.02 1,000,000 1.05 4,144,890 4,144,890 4.33 4,352,135 2.00 50,000 50,000 3.35 100,000 5.00 500,000 500,000 3.82 2,500,000 9,403,644 9,403,644 $ 8,137,574 The shares of common stock issuable upon exercise of the warrants are not registered with the Securities and Exchange Commission and the holders of the warrants do not have registration rights with respect to the warrants or the underlying shares of common stock. |
LIQUIDITY REQUIREMENTS AND GOIN
LIQUIDITY REQUIREMENTS AND GOING CONCERN | 12 Months Ended |
Mar. 31, 2023 | |
Liquidity Requirements And Going Concern | |
LIQUIDITY REQUIREMENTS AND GOING CONCERN | (9) LIQUIDITY REQUIREMENTS AND GOING CONCERN 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 March 31, 2023, the Company had $ 533 267,966 4,411,892 3,000,000 57,000 54,000 197,761 300,000 753,050 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. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | (10) INCOME TAXES The Company provides for income taxes under ASC 740, Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023, and 2022 The Company recorded $ 0 4,149 The income tax provision differs from the amount of income tax determined by applying the U.S. federal tax rate of 21 SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) 2023 2022 Income tax benefit at U. S. federal statutory rates: $ (590,516 ) $ (579,797 ) State tax, net of federal benefit (109,962 ) (103,817 ) Permanent and other differences 463,012 468,407 Change in valuation allowance 223,229 215,724 Other 14,237 3,632 Income Tax $ - $ 4,149 The tax effects of significant items comprising the Company’s net deferred taxes as of March 31, 2023, and 2022 were as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2023 2022 Deferred Tax assets: Net operating loss carry forwards $ 7,387,464 $ 7,164,235 Stock and warrant compensation 479,708 479,708 Valuation allowance (7,867,172 ) (7,643,943 ) Net deferred tax asset $ - $ - The Company assesses the need for a valuation allowance against its deferred income tax assets at March 31, 2023. Factors considered in this assessment include recent and expected future earnings and the Company’s liquidity and equity positions. The Company has placed a 100 As of March 31, 2023, the Company has U.S. federal net operating loss carryforwards of $ 29,994,131 expire in 2023 Under FASB ASC 740-10-05-6, tax benefits are recognized only for the tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent The Company had no no |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | (11) SUBSEQUENT EVENTS On June 5, 2023, the related party note payable with Mr. Dickman (see Note 8) was amended to extend the due date from July 31, 2023, to August 31, 2024 543,000 1.05 5 On June 6, 2023, we negotiated a settlement to reduce our outstanding accounts payable to one of our vendors by $ 290,000 On June 9, 2023 the unsecured promissory note with Satco International, Ltd. (see Note 5) was amended to extend the due date from April 6, 2023 to August 31, 2024 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Estimates | Estimates |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Basic and Diluted Net Loss Per Common Share | Basic and Diluted Net Loss Per Common Share 9,403,644 7,250,241 |
Stock-Based Compensation and Financing Costs | Stock-Based Compensation and Financing Costs |
Income Taxes | Income Taxes The tax effects from an uncertain tax position can be recognized in the financial statements only if the position is more likely than not of being sustained if the position were to be challenged by a taxing authority. The Company has examined the tax positions taken in its tax returns and determined that there are no uncertain tax positions. As a result, the Company has recorded no uncertain tax liabilities in its balance sheet. Interest and penalties for uncertain positions, when applicable, would be recognized as a component of income tax expense. The Company files United States Federal and State income tax returns. The income tax returns of the Company are subject to examination by taxing authorities for three to five years from the date they are filed. The Company has tax returns subject to examination for 2017-2022. |
Principles of Consolidation | Principles of Consolidation |
Fair Value | Fair Value SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023, and 2022 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 years ended March 31, 2023, and 2022. The Company’s recorded values of cash and cash equivalents, accounts payable and accrued liabilities approximate their fair values based on their short-term nature. The recorded values of the Notes Payable, Related Parties and Convertible Debenture approximates the fair values as the interest rate approximates market interest rates. |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
SCHEDULE OF WARRANT OUTSTANDING | The following table summarizes the changes in warrants outstanding of the Company during years ended March 31, 2023, and 2022: SCHEDULE OF WARRANT OUTSTANDING Number of Warrants Weighted Average Outstanding at March 31, 2021 3,488,754 $ 0.05 Granted 3,761,487 0.99 Outstanding at March 31, 2022 7,250,241 0.54 Granted 2,153,403 1.05 Outstanding at March 31, 2023 9,403,644 $ 0.87 Exercisable at March 31, 2023 9,403,644 $ 0.87 |
SCHEDULE OF WARRANTS ISSUED AND OUTSTANDING | The following table summarizes the warrants issued and outstanding as of March 31, 2023: SCHEDULE OF WARRANTS ISSUED AND OUTSTANDING Exercise Price ($) Warrants Outstanding Warrants Exercisable Weighted Average Remaining Contractual Life (Years) Proceeds to Company if Exercised 0.05 3,708,754 3,708,754 2.21 $ 185,439 1.00 1,000,000 1,000,000 1.02 1,000,000 1.05 4,144,890 4,144,890 4.33 4,352,135 2.00 50,000 50,000 3.35 100,000 5.00 500,000 500,000 3.82 2,500,000 9,403,644 9,403,644 $ 8,137,574 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) | SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) 2023 2022 Income tax benefit at U. S. federal statutory rates: $ (590,516 ) $ (579,797 ) State tax, net of federal benefit (109,962 ) (103,817 ) Permanent and other differences 463,012 468,407 Change in valuation allowance 223,229 215,724 Other 14,237 3,632 Income Tax $ - $ 4,149 |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | The tax effects of significant items comprising the Company’s net deferred taxes as of March 31, 2023, and 2022 were as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2023 2022 Deferred Tax assets: Net operating loss carry forwards $ 7,387,464 $ 7,164,235 Stock and warrant compensation 479,708 479,708 Valuation allowance (7,867,172 ) (7,643,943 ) Net deferred tax asset $ - $ - |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) - Consulting Agreement [Member] $ / shares in Units, Integer in Millions | Jan. 02, 2022 USD ($) Integer $ / shares shares |
Property, Plant and Equipment [Line Items] | |
Payments to acquire loans held-for-investment | $ 100,000 |
Proceeds from issuance of upon contingent milestones | 400,000 |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Repayment of related party debt | $ 400,000 |
Stock option granted | shares | 10,000,000 |
Share based compensation exercise price per share | $ / shares | $ 2.50 |
Proceeds from non fungible token | $ 500,000,000 |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Stock option granted | shares | 1,000,000 |
Share based compensation exercise price per share | $ / shares | $ 1 |
Number of milestone non fungible | Integer | 500 |
Proceeds from non fungible token | $ 100,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounting Policies [Abstract] | ||
Potentially dilutive securities outstanding | 9,403,644 | 7,250,241 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details Narrative) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 553 | $ 267,966 |
FDIC insured amount | $ 250,000 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Jun. 09, 2023 | Jan. 06, 2022 | Mar. 31, 2023 | Jul. 29, 2021 | Apr. 06, 2021 |
Short-Term Debt [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 8% | ||||
Issuance of warrants | 339,749 | ||||
Interest payable | $ 310,152 | ||||
Subsequent Event [Member] | 8% Convertible Debenture Agreement [Member] | Satco International, Ltd., [Member] | |||||
Short-Term Debt [Line Items] | |||||
Debt instrument, maturity date, description | April 6, 2023 to August 31, 2024 | ||||
Unsecured Promissory Note [Member] | |||||
Short-Term Debt [Line Items] | |||||
Notes payable | $ 50,000 | $ 300,000 | |||
Debt instrument, interest rate, stated percentage | 8% | 8% | |||
Issuance of warrants | 1,000,000 | ||||
Warrant exercisable price per share | $ 1 | ||||
Promissory note expiring | 3 years | ||||
Interest payable | $ 47,605 |
NOTES PAYABLE, RELATED PARTY (D
NOTES PAYABLE, RELATED PARTY (Details Narrative) - USD ($) | 12 Months Ended | ||||||||
Jun. 05, 2023 | Nov. 10, 2022 | Jul. 29, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Feb. 07, 2022 | Feb. 05, 2022 | Jan. 05, 2022 | Apr. 06, 2021 | |
Short-Term Debt [Line Items] | |||||||||
Unamortized debt discount | $ 29,822 | ||||||||
Accrued interest current | $ 124,225 | $ 124,225 | |||||||
Accrued interest | $ 310,152 | ||||||||
Debt instrument interest rate | 8% | ||||||||
Issuance of warrants | 339,749 | ||||||||
Notes Payable and Lines of Credit Agreement [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Warrant exercise price per share | $ 1.05 | ||||||||
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] | Extended Maturity [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Description of maturity date | On February 2, 2023, the related party note payable and line of credit agreement was amended to extend the due date from November 30, 2023 to November 30, 2024, or at the immediate time when alternative financing or other proceeds are received | ||||||||
Line of Credit Agreement [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Issuance of warrants | 3,364,050 | ||||||||
Warrant exercise price per share | $ 1.05 | ||||||||
Repayments of related party debt | $ 132,300 | ||||||||
Line of Credit [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Notes payable | 132,300 | ||||||||
Radiant Life LLC [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Issuance of warrants | 50,000 | 649,754 | 200,000 | ||||||
Warrant exercise price per share | $ 1.05 | $ 0.05 | |||||||
Warrant term | 5 years | ||||||||
Radiant Life LLC [Member] | Maximum [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Warrant exercise price per share | $ 1.05 | ||||||||
Radiant Life LLC [Member] | Notes Payable and Lines of Credit Agreement [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Notes payable | $ 60,000 | ||||||||
Debt instrument interest rate | 750% | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 60,000 | ||||||||
Radiant Life LLC [Member] | Notes Payable and Lines of Credit Agreement [Member] | Maximum [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Notes payable | $ 2,130,000 | ||||||||
Radian Life LLC [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Issuance of warrants | 50,000 | ||||||||
Warrant exercise price per share | $ 2 | ||||||||
Warrant term | 5 years | 5 years | |||||||
Radian Life LLC [Member] | Notes Payable and Lines of Credit Agreement [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Accrued interest | $ 305,879 | ||||||||
The Company's NIBS [Member] | Notes Payable and Lines of Credit Agreement [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Accrued interest current | $ 427,580 | ||||||||
Warrant term | 5 years | ||||||||
Mr. Dickman [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Warrant exercise price per share | $ 1.05 | $ 0.05 | |||||||
Mr. Dickman [Member] | Maximum [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Warrant exercise price per share | $ 1.05 | ||||||||
Common Stock [Member] | Mr. Dickman [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Number of warrants | 399,749 | ||||||||
Warrant [Member] | Radiant Life LLC [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Issuance of warrants | 769,754 | 200,000 | |||||||
Warrant [Member] | Mr. Dickman [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Issuance of warrants | 649,754 | 488,583 | |||||||
The Company's NIBS [Member] | Radiant Life LLC [Member] | Notes Payable and Lines of Credit Agreement [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Debt instrument interest rate | 750% | ||||||||
Related Party Lender [Member] | Notes Payable and Lines of Credit Agreement [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Issuance of warrants | 983,900 | ||||||||
Lender [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Issuance of warrants | 2,449,262 | ||||||||
Unsecured Promissory Note [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Notes payable | $ 50,000 | $ 300,000 | |||||||
Accrued interest | $ 47,605 | ||||||||
Debt instrument interest rate | 8% | 8% | |||||||
Debt maturity date | Jul. 29, 2024 | ||||||||
Issuance of warrants | 1,000,000 | ||||||||
Warrant exercise price per share | $ 1 | ||||||||
Warrant term | 3 years | ||||||||
Unsecured Promissory Note [Member] | MrGlenn SDickman [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Debt instrument interest rate | 8% | 8% | |||||||
Description of maturity date | October 31, 2022, to July 31, 2023 | ||||||||
Unsecured Promissory Note [Member] | MrGlenn SDickman [Member] | Forecast [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Description of maturity date | July 31, 2023, to August 31, 2024 | ||||||||
Common stock warrant | 543,000 | ||||||||
Unsecured Note Payable [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Interest received | $ 7,152 | ||||||||
Related Party [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Notes payable | 3,194,108 | $ 3,001,808 | |||||||
Unamortized debt discount | 36,645 | 0 | |||||||
Accrued interest current | 364,908 | 249,173 | |||||||
Accrued interest | 857,684 | 666,015 | |||||||
Related Party [Member] | Notes Payable and Lines of Credit Agreement [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Notes payable | 1,198,600 | 1,066,300 | |||||||
Related Party [Member] | Radiant Life LLC [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Notes payable | 1,059,508 | ||||||||
Related Party [Member] | Radiant Life LLC [Member] | Notes Payable and Lines of Credit Agreement [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Notes payable | 1,119,508 | ||||||||
Related Party [Member] | Unsecured Promissory Note [Member] | MrGlenn SDickman [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Notes payable | $ 826,000 | $ 826,000 |
CONVERTIBLE DEBENTURE AGREEME_2
CONVERTIBLE DEBENTURE AGREEMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Accrued interest | $ 124,225 | $ 124,225 |
Related Party [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Amount payable | 0 | 0 |
Accrued interest | 364,908 | $ 249,173 |
8% Convertible Debenture Agreement [Member] | Satco International, Ltd., [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Debt borrowing amount | $ 3,000,000 | |
Debt convertible conversion price per share | $ 1 | |
Debt maturity date | Jun. 02, 2016 | |
8% Convertible Debenture Agreement [Member] | Satco International, Ltd., [Member] | Extended Maturity [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Debt maturity date | Nov. 30, 2023 | |
Eight Percentage Convertible Debenture Agreement [Member] | Satco International, Ltd., [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Description of convertible 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 |
SCHEDULE OF WARRANT OUTSTANDING
SCHEDULE OF WARRANT OUTSTANDING (Details) - $ / shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Warrants Outstanding, Ending Balance | 9,403,644 | |
Warrant [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Warrants Outstanding, Beginning Balance | 7,250,241 | 3,488,754 |
Weighted Average Exercise Price, Beginning Balance | $ 0.54 | $ 0.05 |
Number of Warrants, Granted | 2,153,403 | 3,761,487 |
Weighted Average Exercise Price, Granted | $ 1.05 | $ 0.99 |
Number of Warrants Outstanding, Ending Balance | 9,403,644 | 7,250,241 |
Weighted Average Exercise Price, Ending Balance | $ 0.87 | $ 0.54 |
Number of Warrants Exercisable | 9,403,644 | |
Weighted Average Exercise Price,Exercisable | $ 0.87 |
SCHEDULE OF WARRANTS ISSUED AND
SCHEDULE OF WARRANTS ISSUED AND OUTSTANDING (Details) | 12 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrant Outstanding | 9,403,644 |
Warrants Exercisable | 9,403,644 |
Proceeds from Warrant Exercised | $ | $ 8,137,574 |
Exercise Price One [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrant Exercise Price | $ / shares | $ 0.05 |
Warrant Outstanding | 3,708,754 |
Warrants Exercisable | 3,708,754 |
Weighted Average Remaining Contractual Life (Years) | 2 years 2 months 15 days |
Proceeds from Warrant Exercised | $ | $ 185,439 |
Exercise Price Two [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrant Exercise Price | $ / shares | $ 1 |
Warrant Outstanding | 1,000,000 |
Warrants Exercisable | 1,000,000 |
Weighted Average Remaining Contractual Life (Years) | 1 year 7 days |
Proceeds from Warrant Exercised | $ | $ 1,000,000 |
Exercise Price Three [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrant Exercise Price | $ / shares | $ 1.05 |
Warrant Outstanding | 4,144,890 |
Warrants Exercisable | 4,144,890 |
Weighted Average Remaining Contractual Life (Years) | 4 years 3 months 29 days |
Proceeds from Warrant Exercised | $ | $ 4,352,135 |
Exercise Price Four [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrant Exercise Price | $ / shares | $ 2 |
Warrant Outstanding | 50,000 |
Warrants Exercisable | 50,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years 4 months 6 days |
Proceeds from Warrant Exercised | $ | $ 100,000 |
Exercise Price Five [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrant Exercise Price | $ / shares | $ 5 |
Warrant Outstanding | 500,000 |
Warrants Exercisable | 500,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years 9 months 25 days |
Proceeds from Warrant Exercised | $ | $ 2,500,000 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 5 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Feb. 05, 2022 | Jan. 05, 2022 | Oct. 29, 2021 | Jul. 29, 2021 | May 04, 2021 | Dec. 06, 2018 | Mar. 28, 2022 | Dec. 31, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Feb. 07, 2022 | Apr. 06, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||||||
Issuance of warrants | 339,749 | |||||||||||
Proceeds from issuance of common stock | $ 500,000 | |||||||||||
Fair value of common stock | $ 1.049 | |||||||||||
Share-Based Payment Arrangement, Noncash Expense | 73,920 | |||||||||||
Fair value assumptions, risk free interest rate | 1.43% | |||||||||||
Volatility rate | 131.78% | |||||||||||
Dividend rate | 0% | |||||||||||
Debt issuance costs | $ 40,211 | |||||||||||
Amortization of debt discount | 10,389 | 22,487 | 10,389 | |||||||||
Debt Instrument, Unamortized Discount | $ 29,822 | |||||||||||
Unsecured Promissory Note [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Issuance of warrants | 1,000,000 | |||||||||||
Warrant exercise price per share | $ 1 | |||||||||||
Warrant term | 3 years | |||||||||||
Warrants exercisable | 1,000,000 | |||||||||||
Notes Payable | $ 50,000 | $ 300,000 | ||||||||||
Warrant exercisable price per share | $ 1 | |||||||||||
Related Party [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Debt Instrument, Unamortized Discount | 36,645 | 0 | ||||||||||
Notes Payable | $ 3,194,108 | $ 3,001,808 | ||||||||||
Valuation Technique, Option Pricing Model [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Value of the warrants | $ 205,393 | |||||||||||
Radiant Life LLC [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Issuance of warrants | 649,754 | 200,000 | 50,000 | |||||||||
Warrant exercise price per share | $ 0.05 | $ 1.05 | ||||||||||
Warrant term | 5 years | |||||||||||
Radiant Life LLC [Member] | Minimum [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Warrant exercise price per share | $ 0.05 | |||||||||||
Radiant Life LLC [Member] | Maximum [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Warrant exercise price per share | $ 1.05 | |||||||||||
Radiant Life LLC [Member] | Warrant [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Issuance of warrants | 769,754 | 200,000 | ||||||||||
Radian Life LLC [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Issuance of warrants | 50,000 | |||||||||||
Warrant exercise price per share | $ 2 | |||||||||||
Fair value of common stock | $ 0.062 | |||||||||||
Warrant term | 5 years | 5 years | ||||||||||
Fair value assumptions, risk free interest rate | 0.66% | |||||||||||
Volatility rate | 42.14% | |||||||||||
Dividend rate | 0% | |||||||||||
Radian Life LLC [Member] | Related Party [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Other Receivables | $ 50,000 | |||||||||||
Director [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture | 1,200,000 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | |||||||||||
Fair value of common stock | $ 0.062 | |||||||||||
Share-Based Payment Arrangement, Noncash Expense | $ 73,920 | |||||||||||
Three Existing Shareholders [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock repurchase, price per share | $ 0.05 | |||||||||||
Number of shares cancelled/retired | 8,000,000 | |||||||||||
Number of stock value repurchased | $ 400,000 | |||||||||||
Board of Directors [Member] | Warrant [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Issuance of warrants | 653,150 | 719,300 | ||||||||||
Board of Directors [Member] | Radiant Life LLC [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Issuance of warrants | 20,000 | |||||||||||
Warrant exercise price per share | $ 0.05 | |||||||||||
Mr. Dickman [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Warrant exercise price per share | $ 0.05 | $ 1.05 | ||||||||||
Fair value of common stock | $ 1.049 | $ 1.049 | $ 0.062 | |||||||||
Dividend rate | 0% | 0% | 0% | |||||||||
Mr. Dickman [Member] | Minimum [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Warrant exercise price per share | $ 0.05 | |||||||||||
Fair value assumptions, risk free interest rate | 3.49% | 0.81% | ||||||||||
Volatility rate | 142.92% | 41.97% | ||||||||||
Mr. Dickman [Member] | Maximum [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Warrant exercise price per share | $ 1.05 | |||||||||||
Fair value assumptions, risk free interest rate | 1.76% | 3.95% | 0.84% | |||||||||
Volatility rate | 131.78% | 145.49% | 42.01% | |||||||||
Mr. Dickman [Member] | Valuation Technique, Option Pricing Model [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Value of the warrants | $ 1,840,149 | $ 1,678,810 | ||||||||||
Mr. Dickman [Member] | Warrant [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Issuance of warrants | 488,583 | 649,754 | ||||||||||
Chairman Of The Board Directors [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Issuance of warrants | 264,600 | |||||||||||
Warrant exercise price per share | $ 1.05 | |||||||||||
Fair value of common stock | $ 1.049 | |||||||||||
Dividend rate | 0% | |||||||||||
Chairman Of The Board Directors [Member] | Minimum [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Fair value assumptions, risk free interest rate | 3.62% | |||||||||||
Volatility rate | 142.23% | |||||||||||
Chairman Of The Board Directors [Member] | Maximum [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Fair value assumptions, risk free interest rate | 4.31% | |||||||||||
Volatility rate | 148.56% | |||||||||||
Chairman Of The Board Directors [Member] | Valuation Technique, Option Pricing Model [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Value of the warrants | $ 365,502 | |||||||||||
Chairman Of The Board Directors [Member] | Warrant [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Issuance of warrants | 120,000 | |||||||||||
Mr. Dickman [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Fair value of common stock | $ 0.062 | |||||||||||
Fair value assumptions, risk free interest rate | 0.35% | |||||||||||
Volatility rate | 50.30% | |||||||||||
Dividend rate | 0% | |||||||||||
Subscription Agreements [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Shares issued, shares | 100,000 | |||||||||||
Purchase price per shares | $ 5 | |||||||||||
Issuance of warrants | 500,000 | |||||||||||
Warrant exercise price per share | $ 5 | |||||||||||
Proceeds from issuance of common stock | $ 500,000 | |||||||||||
Subscription Agreements [Member] | Investor [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Shares issued, shares | 100,000 | |||||||||||
Purchase price per shares | $ 5 | |||||||||||
Warrant exercise price per share | $ 5 | |||||||||||
Warrant term | 5 years | |||||||||||
Warrants exercisable | 500,000 | |||||||||||
Notes Payable and Lines of Credit Agree [Member] | Radiant Life LLC [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Warrant or right, reason for issuance, description | The number of warrants issued for an extension is 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) | |||||||||||
Restricted Stock [Member] | Private Placement Offering [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Issuance of restricted shares | $ 500,000 | |||||||||||
Common stock, par value | $ 0.001 |
LIQUIDITY REQUIREMENTS AND GO_2
LIQUIDITY REQUIREMENTS AND GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Liquidity Requirements And Going Concern | ||
Cash | $ 533 | $ 267,966 |
Additional borrowing capacity from related party notes payable | 4,411,892 | |
Additional borrowing capacity from convertible debenture | 3,000,000 | |
Operating Expenses | 57,000 | |
Financing Interest Expense | 54,000 | $ 197,761 |
Additional financing alternatives | 300,000 | |
Accounts Payable | $ 753,050 |
SCHEDULE OF COMPONENTS OF INCOM
SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax benefit at U. S. federal statutory rates: | $ (590,516) | $ (579,797) |
State tax, net of federal benefit | (109,962) | (103,817) |
Permanent and other differences | 463,012 | 468,407 |
Change in valuation allowance | 223,229 | 215,724 |
Other | 14,237 | 3,632 |
Income Tax | $ 4,149 |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forwards | $ 7,387,464 | $ 7,164,235 |
Stock and warrant compensation | 479,708 | 479,708 |
Valuation allowance | (7,867,172) | (7,643,943) |
Net deferred tax asset |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 4,149 | |
Federal statutory income tax rate, percent | 2,100% | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 100% | |
Operating loss carryforwards | $ 29,994,131 | |
Operating loss carryforwards expiration date, description | expire in 2023 | |
Income tax examination, likelihood of unfavorable settlement | greater than 50 percent | |
Unrecognized tax benefits | $ 0 | |
Unrecognized tax benefits interest and penalties | $ 0 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Jun. 09, 2023 | Jun. 05, 2023 | Nov. 10, 2022 | Jun. 06, 2023 | Mar. 31, 2023 | Jan. 05, 2022 | Jul. 29, 2021 | Apr. 06, 2021 |
Subsequent Event [Line Items] | ||||||||
Accounts payable | $ 753,050 | |||||||
Line of Credit Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Warrant exercise price per share | $ 1.05 | |||||||
Unsecured Promissory Note [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Warrant exercise price per share | $ 1 | |||||||
Warrant term | 3 years | |||||||
Unsecured Promissory Note [Member] | MrGlenn SDickman [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Maturity date description | October 31, 2022, to July 31, 2023 | |||||||
Radiant Life LLC [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Warrant exercise price per share | $ 0.05 | $ 1.05 | ||||||
Warrant term | 5 years | |||||||
Subsequent Event [Member] | Vendors [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Accounts payable | $ 290,000 | |||||||
Subsequent Event [Member] | Line of Credit Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Warrant exercise price per share | $ 1.05 | |||||||
Subsequent Event [Member] | Unsecured Promissory Note [Member] | MrGlenn SDickman [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock warrant | 543,000 | |||||||
Subsequent Event [Member] | Satco International, Ltd., [Member] | Unsecured Debt [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Maturity date description | April 6, 2023 to August 31, 2024 | July 31, 2023, to August 31, 2024 | ||||||
Subsequent Event [Member] | Radiant Life LLC [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Warrant term | 5 years |