Cover
Cover - shares | 3 Months Ended | |
Jun. 30, 2023 | Aug. 14, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
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, $0.001 par value | |
Trading Symbol | SUND | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 41,408,441 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 6,071 | $ 553 |
Prepaid expenses and other assets | 4,740 | 8,295 |
Total Current Assets | 10,811 | 8,848 |
Current Liabilities | ||
Accounts payable | 464,389 | 753,050 |
Accrued expenses | 229,622 | 574,558 |
Stock repurchase payable | 400,000 | 400,000 |
Total Current Liabilities | 1,094,011 | 2,903,608 |
Long-Term Liabilities | ||
Accrued expenses | 1,304,802 | 857,685 |
Total Long-Term Liabilities | 4,816,268 | 3,139,148 |
Total Liabilities | 5,910,279 | 6,042,756 |
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 June 30, 2023 and March 31, 2023 | 41,409 | 41,409 |
Additional paid-in capital | 29,459,190 | 28,986,558 |
Accumulated deficit | (35,400,067) | (35,061,875) |
Total Stockholders’ Deficit | (5,899,468) | (6,033,908) |
Total Liabilities and Stockholders’ Deficit | 10,811 | 8,848 |
Nonrelated Party [Member] | ||
Current Liabilities | ||
Current portion of notes payable, related parties | 300,000 | |
Long-Term Liabilities | ||
Notes payable, related parties, net of current portion, net of debt discount | 300,000 | |
Related Party [Member] | ||
Current Liabilities | ||
Current portion of notes payable, related parties | 876,000 | |
Long-Term Liabilities | ||
Notes payable, related parties, net of current portion, net of debt discount | $ 3,211,466 | $ 2,281,463 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Mar. 31, 2023 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
Income from Investments | ||
General and Administrative Expenses | 131,299 | 213,957 |
Loss from Operations | (131,299) | (213,957) |
Other Income (Expense) | ||
Loss on extinguishment of debt | (398,920) | |
Gain on settlement of liabilities | 290,000 | |
Interest expense | (97,973) | (74,139) |
Financing expense | (13,500) | |
Total Other Income (Expense) | (206,893) | (87,639) |
Loss Before Income Taxes | (338,192) | (301,596) |
Income Tax Provision (Benefit) | ||
Net Loss | $ (338,192) | $ (301,596) |
Loss per share - basic | $ (0.01) | $ (0.01) |
Loss per share - diluted | $ (0.01) | $ (0.01) |
Weighted average shares outstanding - basic | 41,408,441 | 41,408,441 |
Weighted average shares outstanding - diluted | 41,408,441 | 41,408,441 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
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 | |||
Net loss | (301,596) | (301,596) | ||
Balance at Jun. 30, 2022 | $ 41,409 | 27,181,618 | (32,551,490) | (5,328,463) |
Balance, shares at Jun. 30, 2022 | 41,408,441 | |||
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 | |||
Net loss | (338,192) | (338,192) | ||
Warrants issued in connection with debt issuances | 73,712 | 73,712 | ||
Warrants issued in connection to extinguishment of debt | 398,920 | 398,920 | ||
Balance at Jun. 30, 2023 | $ 41,409 | $ 29,459,190 | $ (35,400,067) | $ (5,899,468) |
Balance, shares at Jun. 30, 2023 | 41,408,441 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Activities | ||
Net Loss | $ (338,192) | $ (301,596) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Loss on extinguishment of debt | 398,920 | |
Gain on settlement of liabilities | (290,000) | |
Amortization of debt discount | 15,765 | |
Changes in operating assets and liabilities | ||
Prepaid expenses and other assets | 3,555 | 3,500 |
Accounts payable | 1,339 | 3,988 |
Accrued expenses | 102,181 | 93,128 |
Net Cash used in Operating Activities | (106,432) | (200,980) |
Financing Activities | ||
Proceeds from issuance of notes payable, related party | 111,950 | |
Net Cash provided by Financing Activities | 111,950 | |
Net Change in Cash and Cash Equivalents | 5,518 | (200,980) |
Cash and Cash Equivalents at Beginning of Period | 553 | 267,966 |
Cash and Cash Equivalents at End of Period | 6,071 | 66,986 |
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 | $ 73,712 |
BASIS OF PRESENTATION, ORGANIZA
BASIS OF PRESENTATION, ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION, ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | (1) BASIS OF PRESENTATION, ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and reflect the financial position, results of operations and cash flows of the Company. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023, which was filed with the SEC on June 29, 2023. The results from operations for the three-month period ended June 30, 2023, are not necessarily indicative of the results that may be expected for the fiscal year ended March 31, 2024. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, stockholders’ equity, and cash flows at June 30, 2023 and for all periods presented herein have been made. 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 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 an initial $ 100,000 400,000 400,000 1,000,000 10,000,000 1.00 2.50 500 100 500 August 14, 2023 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, 2023, or 2022, because to do so would be anti-dilutive. Potentially dilutive securities outstanding as of June 30, 2023, and 2022, are comprised of warrants convertible into 10,170,544 7,250,241 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. |
LIQUIDITY REQUIREMENTS
LIQUIDITY REQUIREMENTS | 3 Months Ended |
Jun. 30, 2023 | |
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, 2023, the Company had $ 6,071 553 4,299,942 3,000,000 44,000 0 13,500 300,000 464,389 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, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | (3) FAIR VALUE MEASUREMENTS As defined by ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also requires the consideration of differing levels of inputs in the determination of fair values. Those levels of input are summarized as follows: ● Level 1: Quoted prices in active markets for identical assets and liabilities. ● Level 2: Observable inputs other than Level 1 quoted prices, such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. ● Level 3: Unobservable inputs that are supported by little or no market activity. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques as well as instruments for which the determination of fair value requires significant management judgment or estimation. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company did not have any transfers of assets and liabilities between Levels 1, 2 and 3 of the fair value measurement hierarchy during the three months ended June 30, 2023 and 2022. 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, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | (4) STOCKHOLDERS’ EQUITY Common Stock Effective December 6, 2018, three existing stockholders have contributed to the Company a portion of their common shares held at a repurchase price to the Company of $ 0.05 8,000,000 6,000,000 8,000,000 400,000 300,000 400,000 Warrants to Purchase Common Stock The Company’s related party lenders consist of: Kraig Higginson, 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 fiscal quarter ended June 30, 2023, the Company issued 223,900 1.05 166,001 1.049 3.36% 4.06% 86.52% 89.11% 0% On June 5, 2023, the Company issued 543,000 warrants to Mr. Dickman in conjunction with an extension of the maturity dates during the period 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 $ 398,920 . The inputs used in this calculation included a fair value of the underlying common stock of $ 1.049 per share, a risk-free rate of 3.82% , volatility of 89.07 and a dividend rate of 0% . SCHEDULE OF WARRANT OUTSTANDING Number of Warrants Outstanding at March 31, 2023 9,403,644 Granted in conjunction with monies borrowed 223,900 Granted in conjunction with extension 543,000 Outstanding at June 30, 2023 10,170,544 Exercisable at June 30, 2023 10,170,544 There was no change in the number of warrants outstanding during the three months ended June 30, 2022. The following table summarizes the warrants issued and outstanding as of June 30, 2023 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 4,911,790 4,911,790 4.46 5,157,380 2.00 50,000 50,000 3.34 100,000 5.00 500,000 500,000 3.82 2,500,000 10,170,544 10,170,544 $ 8,942,819 On June 20, 2022, the Company amended the agreements with the related party lenders to adjust the exercise price of the warrants issued in conjunction with extensions of due dates and new monies lent on the outstanding notes payable, related parties from January 5, 2022, to February 5, 2022 0.05 0.05 1.05 0.05 1.05 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. |
NOTES PAYABLE
NOTES PAYABLE | 3 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | (5) NOTES PAYABLE On April 6, 2021, the Company borrowed $ 300,000 8% April 6, 2023 1,000,000 1.00 3 years April 6, 2023 8% 53,589 |
NOTES PAYABLE, RELATED PARTY
NOTES PAYABLE, RELATED PARTY | 3 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE, RELATED PARTY | (6) NOTES PAYABLE, RELATED PARTY As of June 30, 2023, and March 31, 2023, the Company had borrowed $ 3,306,058 3,194,108 0 364,908 1,127,121 857,685 Related Party Promissory Notes As of both June 30, 2023, and March 31, 2023, the Company owed $ 826,000 8% August 31, 2024 543,000 332,947 2,633,332 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 of Notes Payable, Related Party, and is not part of the existing note payable and lines of credit agreement the Company has with Radiant Life, LLC. The promissory note bears interest at a rate of 8% annually and was amended on June 12, 2023 to be due on July 29, 2024 . As of June 30, 2023, accrued interest on the note totaled $ 8,303 . Related Party Note Payable and Line of Credit Agreements As of June 30, 2023, and March 31, 2023, the Company owed $ 1,310,550 1,198,600 4,600,000 111,950 7.5% 329,094 111,950 223,900 1.05 5 During the three months ended June 30, 2023, the company amortized $ 10,530 63,181 3,587,950 As of June 30, 2023, and March 31, 2023, the Company owed $ 1,119,508 2,130,000 7.5% 456,777 During the three months ended June 30, 2023, the company amortized $ 5,235 31,410 2,449,262 As of June 30, 2023, the unamortized debt discount on related party notes payable is $ 94,591 |
CONVERTIBLE DEBENTURE AGREEMENT
CONVERTIBLE DEBENTURE AGREEMENT | 3 Months Ended |
Jun. 30, 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, 2024 0 124,225 |
GAIN ON SETTLEMENT OF LIABILITI
GAIN ON SETTLEMENT OF LIABILITIES | 3 Months Ended |
Jun. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
GAIN ON SETTLEMENT OF LIABILITIES | (8) GAIN ON SETTLEMENT OF LIABILITIES During the three months ended June 30, 2023, we negotiated a settlement to reduce the outstanding accounts payable to one vendor by $ 290,000 |
BASIS OF PRESENTATION, ORGANI_2
BASIS OF PRESENTATION, ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and reflect the financial position, results of operations and cash flows of the Company. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023, which was filed with the SEC on June 29, 2023. The results from operations for the three-month period ended June 30, 2023, are not necessarily indicative of the results that may be expected for the fiscal year ended March 31, 2024. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, stockholders’ equity, and cash flows at June 30, 2023 and for all periods presented herein have been made. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the Company’s financial statements and the accompanying notes. Actual results could materially differ from those estimates. |
Organization and Nature of Operations | Organization and Nature of Operations Sundance Strategies, Inc. (formerly known as Java Express, Inc.) was organized under the laws of the State of Nevada on December 14, 2001, and engaged in the retail selling of beverage products to the general public until these endeavors ceased in 2006; it had no material business operations from 2006, until its acquisition of ANEW LIFE, INC. (“ANEW LIFE”), a subsidiary of Sundance Strategies, Inc. (“Sundance Strategies”, “the Company”, “we” or “our”). 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 an initial $ 100,000 400,000 400,000 1,000,000 10,000,000 1.00 2.50 500 100 500 August 14, 2023 |
Significant Accounting Policies | Significant Accounting Policies There have been no changes to the significant accounting policies of the Company from the information provided in Note 2 of the Notes to Consolidated Financial Statements in the Company’s most recent Form 10-K, except as discussed below. |
Basic and Diluted Net Income (Loss) Per Common Share | Basic and Diluted Net Income (Loss) Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the periods presented using the treasury stock method. Diluted net loss per common share is computed by including common shares that may be issued subject to existing rights with dilutive potential, when applicable. Potential dilutive common stock equivalents are primarily comprised of potential dilutive shares resulting from convertible debt agreements and common stock warrants. Potentially dilutive shares resulting from convertible debt agreements are evaluated using the if-converted method. Potentially dilutive securities are not included in the calculation of diluted net loss per share for the three months ended June 30, 2023, or 2022, because to do so would be anti-dilutive. Potentially dilutive securities outstanding as of June 30, 2023, and 2022, are comprised of warrants convertible into 10,170,544 7,250,241 |
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. |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
SCHEDULE OF WARRANT OUTSTANDING | SCHEDULE OF WARRANT OUTSTANDING Number of Warrants Outstanding at March 31, 2023 9,403,644 Granted in conjunction with monies borrowed 223,900 Granted in conjunction with extension 543,000 Outstanding at June 30, 2023 10,170,544 Exercisable at June 30, 2023 10,170,544 |
BASIS OF PRESENTATION, ORGANI_3
BASIS OF PRESENTATION, ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) $ / shares in Units, Integer in Millions | 3 Months Ended | ||
Jan. 02, 2022 USD ($) Integer $ / shares shares | Jun. 30, 2023 shares | Jun. 30, 2022 shares | |
Property, Plant and Equipment [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | shares | 10,170,544 | 7,250,241 | |
Consulting Agreement [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Payments to acquire loans held-for-investment | $ 100,000 | ||
Proceeds from issuance of upon contingent milestones | $ 400,000 | ||
Number of milestone non fungible | Integer | 500 | ||
Consulting Agreement [Member] | 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 | ||
Consulting Agreement [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Stock option granted | shares | 1,000,000 | ||
Share based compensation exercise price per share | $ / shares | $ 1 | ||
Proceeds from non fungible token | $ 100,000,000 |
LIQUIDITY REQUIREMENTS (Details
LIQUIDITY REQUIREMENTS (Details Narrative) - USD ($) | 3 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Cash | $ 6,071 | $ 553 | |
Notes payable | 4,299,942 | ||
Operating Expenses | 44,000 | ||
Financing Interest Expense | $ 13,500 | ||
Additional financing alternatives | 300,000 | ||
Accounts payable | 464,389 | $ 753,050 | |
Convertible Debenture Agreement [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Debt borrowing amount | $ 3,000,000 |
SCHEDULE OF WARRANT OUTSTANDING
SCHEDULE OF WARRANT OUTSTANDING (Details) - Warrant [Member] | 3 Months Ended |
Jun. 30, 2023 shares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of Warrants Outstanding, Beginning Balance | 9,403,644 |
Number of Warrants, Granted in conjunction with monies borrowed | 223,900 |
Number of Warrants, Granted in conjunction with extension | 543,000 |
Number of Warrants Outstanding, Ending Balance | 10,170,544 |
Number of Warrants Exercisable | 10,170,544 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 3 Months Ended | |||
Jun. 05, 2023 | Jun. 20, 2022 | Dec. 06, 2018 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Number of shares cancelled/retired | 8,000,000 | |||
Number of stock value repurchased | $ 300,000 | |||
Number of warrants issued | 2,633,332 | |||
Exercise price of warrants | $ 0.05 | |||
Increase in warrants exercise price | 1.05 | |||
Lenders [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Exercise price of warrants | $ 0.05 | |||
Unsecured Debt [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Debt instrument, maturity date description | January 5, 2022, to February 5, 2022 | |||
Minimum [Member] | Lenders [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Exercise price of warrants | $ 0.05 | |||
Maximum [Member] | Lenders [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Increase in warrants exercise price | $ 1.05 | |||
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) | |||
Radian Life LLC [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrant term | 5 years | |||
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 shares owned by the related party | 6,000,000 | |||
Number of stock value repurchased | $ 400,000 | |||
Repayment to related party | $ 400,000 | |||
Board of Directors [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Exercise price of warrants | $ 1.05 | |||
Share price | $ 1.049 | |||
Dividend rate | 0% | |||
Board of Directors [Member] | Minimum [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Risk free interest rate | 3.36% | |||
Volatility rate | 86.52% | |||
Board of Directors [Member] | Maximum [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Risk free interest rate | 4.06% | |||
Volatility rate | 89.11% | |||
Board of Directors [Member] | Valuation Technique, Option Pricing Model [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrants and rights outstanding | $ 166,001 | |||
Board of Directors [Member] | Warrant [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Number of warrants issued | 223,900 | |||
Mr. Dickman [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Exercise price of warrants | $ 1.05 | |||
Share price | $ 1.049 | |||
Risk free interest rate | 3.82% | |||
Volatility rate | 89.07% | |||
Dividend rate | 0% | |||
Mr. Dickman [Member] | Valuation Technique, Option Pricing Model [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrants and rights outstanding | $ 398,920 | |||
Mr. Dickman [Member] | Warrant [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Number of warrants issued | 543,000 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Jan. 06, 2022 | Jun. 30, 2023 | Jun. 20, 2022 | Jul. 29, 2021 | Apr. 06, 2021 |
Short-Term Debt [Line Items] | |||||
Notes payable | $ 4,299,942 | ||||
Debt instrument, interest rate, stated percentage | 8% | ||||
Issuance of warrants | 2,633,332 | ||||
Warrant exercisable price per share | $ 0.05 | ||||
Interest payable | $ 332,947 | ||||
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 | ||||
Expriation term | 3 years | ||||
Interest payable | $ 53,589 |
NOTES PAYABLE, RELATED PARTY (D
NOTES PAYABLE, RELATED PARTY (Details Narrative) - USD ($) | 3 Months Ended | ||||||
Jun. 05, 2023 | Jul. 29, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Jun. 20, 2022 | Apr. 06, 2021 | |
Short-Term Debt [Line Items] | |||||||
Borrowings | $ 4,299,942 | ||||||
Accrued interest payable | 124,225 | $ 124,225 | |||||
Accrued interest | $ 332,947 | ||||||
Interest rate | 8% | ||||||
Number of warrants issued | 2,633,332 | ||||||
Warrant exercise price per share | $ 0.05 | ||||||
Amortization of Debt Discount (Premium) | $ 15,765 | ||||||
Radian Life LLC [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Warrant term | 5 years | ||||||
Notes Payable and Lines of Credit Agreement [Member] | Radiant Life LLC [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Interest rate | 7.50% | ||||||
Notes Payable and Lines of Credit Agreement [Member] | Radiant Life LLC [Member] | The Company's NIBS [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Interest rate | 7.50% | ||||||
Notes Payable and Lines of Credit Agreement [Member] | Radian Life LLC [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Accrued interest | $ 329,094 | ||||||
Notes Payable and Lines of Credit Agreement [Member] | The Company's NIBS [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Accrued interest payable | 456,777 | ||||||
Notes Payable and Lines of Credit Agreement [Member] | Maximum [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Borrowings | 4,600,000 | ||||||
Notes Payable and Lines of Credit Agreement [Member] | Maximum [Member] | Radiant Life LLC [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Borrowings | $ 2,130,000 | ||||||
Line of Credit Agreement [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Number of warrants issued | 3,587,950 | ||||||
Repayments of related party debt | $ 111,950 | ||||||
Warrant exercise price per share | $ 1.05 | ||||||
Warrant term | 5 years | ||||||
Amortization of Debt Discount (Premium) | $ 10,530 | ||||||
Unamortized debt discount | 63,181 | ||||||
Line of Credit [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Borrowings | 111,950 | ||||||
Mr. Dickman [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 | 543,000 | ||||||
Unsecured Promissory Note [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Borrowings | $ 50,000 | $ 300,000 | |||||
Accrued interest | 53,589 | ||||||
Interest rate | 8% | 8% | |||||
Number of warrants issued | 1,000,000 | ||||||
Debt Instrument, Maturity Date | Jul. 29, 2024 | ||||||
Warrant exercise price per share | $ 1 | ||||||
Unsecured Note Payable [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Accrued interest | 8,303 | ||||||
Related Party [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Borrowings | 3,306,058 | 3,194,108 | |||||
Accrued interest payable | 0 | 364,908 | |||||
Accrued interest | 1,127,121 | 857,685 | |||||
Unamortized debt discount | 94,591 | ||||||
Related Party [Member] | Notes Payable and Lines of Credit Agreement [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Borrowings | 1,310,550 | 1,198,600 | |||||
Related Party [Member] | Notes Payable and Lines of Credit Agreement [Member] | Radiant Life LLC [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Borrowings | 1,119,508 | 1,119,508 | |||||
Amortization of Debt Discount (Premium) | 5,235 | ||||||
Unamortized debt discount | 31,410 | ||||||
Related Party [Member] | Unsecured Promissory Note [Member] | MrGlenn SDickman [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Borrowings | $ 826,000 | $ 826,000 | |||||
MrGlenn SDickman [Member] | Unsecured Promissory Note [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Interest rate | 8% | 8% | |||||
Debt maturity date description | August 31, 2024 | ||||||
Related Party Lender [Member] | Notes Payable and Lines of Credit Agreement [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Number of warrants issued | 223,900 | ||||||
Lender [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Number of warrants issued | 2,449,262 |
CONVERTIBLE DEBENTURE AGREEME_2
CONVERTIBLE DEBENTURE AGREEMENT (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | |
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 | 0 | $ 364,908 |
8% Convertible Debenture Agreement [Member] | Satco International, Ltd., [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Debt borrowing amount | $ 3,000,000 | |
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. | |
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, 2024 |
GAIN ON SETTLEMENT OF LIABILI_2
GAIN ON SETTLEMENT OF LIABILITIES (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | ||
Gain (Loss) Related to Litigation Settlement | $ 290,000 |