Company: SUND
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001641172-25-017143
Chunk: 636

Company: Sundance Strategies, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 8
Chunk 636
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,000 warrants to Mr. Dickman, 772,275 warrants to the Chairman of the Board of
Directors, and 699,754 warrants to Radiant Life, LLC in conjunction with an extension of the maturity dates during the period (see Note
8 to the financial statements included in this report) per the terms outlined above. The exercise price of these warrants was either
$0.41 or $1.05. The value of the warrants on the date of grant, as calculated by the Black-Scholes-Merton valuation model was $964,277.
The inputs used in this calculation included a fair value of the underlying common stock between $0.409 and $1.049 per share, a risk-free
between 3.80% and 4.01%, volatility between 84.00% and 89.07% and a dividend rate of 0%.

As
of March 31, 2025, and 2024, the Company held outstanding warrants to related parties totaling 10,686,123 and 10,843,573, respectively.
As of March 31, 2025, 2,006,754 of these warrants have an exercise price of $0.05, 3,579,579 of these warrants have an exercise price
of $0.41, 5,049,790 have an exercise price of $1.05, and 50,000 of these warrants have an exercise price of $2.00 per share. All warrants
have a five-year life as of the date of grant and expire between April 2025 and January 2030.

The
shares of common stock issuable upon exercise of the warrants are not registered with the Commission and the holders of the warrants
do not have registration rights with respect to the warrants or the underlying shares of common stock.

Parents

We
have no parents.

39

Director
Independence

The
Board has determined that of the current directors, Messrs. Higginson, Dickman and Quesenberry would qualify as independent directors
as that term is defined in the listing standards of The NASDAQ Capital Market if we were listed on The NASDAQ Capital Market. Such independence
definition includes a series of objective tests, including that the director is not an employee of the Company and has not engaged in
various types of business dealings with the Company. As Mr. Pearson is also employed by the Company, the Board has determined that Mr.
Pearson is not