Company: SUND
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001641172-25-017143
Chunk: 56

Company: Sundance Strategies, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1
Chunk 56
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 $329,860
in cash and cash equivalents as of March 31, 2025, and 2024, respectively. The Company maintains non-interest-bearing accounts at two
financial institutions. The accounts at these institutions are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000.
As of March 31, 2025, and 2024, the Company had balances in excess of FDIC insured amounts at these institutions $0 of and $79,779, respectively.

(5)
NOTES PAYABLE

On
April 6, 2021, the Company borrowed $300,000 under an unsecured promissory note with Satco International, Ltd. This promissory note bears
interest at a rate of 8% annually and was due January 6, 2022. In conjunction with this note, the Company issued warrants for 1,000,000
shares of common stock, exercisable at $1.00 per share and expiring in 3 years from the date of the promissory note. On 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. The warrants associated with this unsecured promissory note expired without being exercised on April 6, 2024. This note
is separate from the 8% convertible debenture agreement that the Company has in place with Satco International, Ltd. (see note 8). As
of March 31, 2025, accrued interest on the note totaled $95,671.

(6)
NOTES PAYABLE, RELATED PARTY

As
of March 31, 2025, and 2024, the Company had borrowed $3,290,058 and $3,340,058 respectively, excluding accrued interest, from related
parties. There was no unamortized debt discount with the Notes Payable, Related party as of March 31, 2025, or March 31, 2024. Short-term
accrued interest associated with the Notes Payable, Related Party of $504,608 and $11,925 is recorded on the balance sheet as