Company: SUND
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022380
Chunk: 9

Company: Sundance Strategies, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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    9

On
September 30, 2025, the Company executed an unsecured promissory note with a shareholder and borrowed $25,000 on the unsecured promissory
note. This promissory note bears interest at a rate of 7.5% annually, is due September 30, 2026, and has a credit limit of $300,000.
As of September 30, 2025, accrued interest on the note totaled $0. Additional funds were borrowed subsequent to quarter end (see Note
8).

(5)
NOTES PAYABLE, RELATED PARTY

As
of September 30, 2025, and March 31, 2025, the Company had borrowed $3,290,058, excluding accrued interest, from related parties. Short-term
accrued interest associated with the Notes Payable, Related Parties and Promissory Notes, Related Parties, of $557,998 and $504,608 is
recorded on the balance sheet as an Accrued Expense obligation at September 30, 2025, and March 31, 2025, respectively. Long-term accrued
interest associated with the Notes Payable, Related Parties, and Promissory Notes, Related Parties, of $1,712,195 and $1,040,070 is recorded
on the balance sheet as an Accrued Expense obligation at September 30, 2025, and March 31, 2025, respectively.

Related
Party Promissory Notes

As
of both September 30, 2025, and March 31, 2025,
the Company owed $826,000, exclusive of accrued interest, under the unsecured promissory
notes from Mr. Dickman. The promissory notes bear interest at a rate of 8% annually. On January 26, 2024, as per the provision outlined
in Note 7, Mr. Dickman agreed to extend the unsecured promissory note to November 30, 2025; the Company agreed to provide Mr. Dickman
with warrants to purchase 563,000 shares of common stock relating to this extension (see Note 7). During the six months ended September
30, 2025, the Company neither borrowed any additional funds under this agreement nor made any principal
repayments. As of September 30, 2025, accrued interest on the notes totaled $557,998.
In the event