Company: SUND
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001641172-25-017143
Chunk: 0

Company: Sundance Strategies, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1
Chunk 0
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Organizational
Background

Java
Express, Inc., was organized under the laws of the State of Nevada on December 14, 2001, for the purpose of selling coffee and other
related items to the general public from retail coffee shop locations. These endeavors ceased in 2006, and it had no material business
operations from 2006 until March of 2013. On March 29, 2013, the Company, its newly formed and wholly-owned subsidiary, Anew Acquisition
Corp., a Utah corporation (“Merger Sub”), and ANEW LIFE, INC., a Utah corporation (“ANEW LIFE”), executed and
delivered an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Merger Sub merged with and into ANEW
LIFE, ANEW LIFE was the surviving company under the merger and became a wholly-owned subsidiary of the Company on the closing of the
merger (the “Merger”). On April 17, 2013, the Company filed a Certificate of Amendment with the Secretary of State of the
State of Nevada to change its name from “Java Express, Inc.” to “Sundance Strategies, Inc.” Sundance Strategies,
Inc. is referred to as “the Company”, “us”, or “we”.

Our
Business

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.”

We
currently do not hold life settlement or life insurance policies but, instead, previously held a contractual right to receive the net
insurance benefits, or “NIBs”, from a portfolio of life insurance policies held by a third party (“the Owners”
or “the Holders”). These NIBs represented an indirect, residual ownership interest in a portfolio of individual life insurance
policies, and they allowed us to receive a portion of the settlement proceeds from such policies, after expenses related to the acquisition,
financing, insuring and servicing of the policies underlying our NIBs have been paid.

NIBs
are generally sold by an entity that holds the underlying life settlement or life insurance policies, either directly or indirectly through
a subsidiary, such an entity is referred to herein as a “Holder.” A