Company: SUND
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023411
Chunk: 11

Company: Sundance Strategies, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 4,628,524
as of June 30, 2025 (see Note 7 for further details on these warrants).

As
of June 30, 2025, there was no unamortized debt discount on related party notes payable.

(6)
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.
The holder originally had the option to convert the outstanding principal and accrued interest to unregistered, restricted common stock
of the Company on June 2, 2016. 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. The original maturity date was June 2, 2016, but was later extended, through a series of extensions, to August
31, 2026. During the three months ending June 30, 2025, and 2024, the Company did not borrow and made no repayments of principal on this
agreement. As of June 30, 2025, and March 31, 2025, the Company owed $0 under the agreement, excluding accrued interest. The associated
interest of $124,225 is recorded on the balance sheet as an Accrued Expense obligation at June 30, 2025, and March 31, 2025.

    10

(7)
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 per share. The Company has cancelled the acquired shares, which decreased the common shares outstanding. The
total number of common shares canceled/retired was 8,000,000, of which 6,000,000 shares were owned by a related party to the Company.
The total liability related to the repurchase of these shares is $400,000, with repayment to the related party stockholders contingent
on a major financing event