Company: SUND
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001641172-25-017143
Chunk: 68

Company: Sundance Strategies, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1
Chunk 68
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 that misstatements due to
error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected.

Management,
including our principal executive officer and principal financial officer, has assessed the effectiveness of our internal control over
financial reporting as of March 31, 2025. In making our assessment of the effectiveness of internal control over financial reporting,
management used the criteria set forth in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission (“COSO”). Based on this assessment, management has concluded that, as of March 31, 2025, our internal
control over financial reporting was not effective due to the material weakness described below.

(c)
Material Weaknesses

As
defined in SEC Regulation S-X, a material weakness is a deficiency, or combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial
statements will not be prevented or detected on a timely basis. Management determined that the following material weaknesses existed
as of March 31, 2025: The design and operating effectiveness of our control environment and risk assessment, control activities and monitoring
activities were inadequate to ensure that complex accounting matters relating to the valuation of equity-based compensation instruments
are always properly accounted for and reviewed in a timely manner.

30

Our
principal executive and principal financial officer is in the process of performing a review of our processes and controls over complex
accounting matters relating to the valuation of equity-based compensation instruments.

Notwithstanding
the identified material weakness, the Company believes the financial statements included in this Annual Report on Form 10-K fairly represent
in all material respects our financial condition, results of operations and cash flows at and for the periods presented in accordance
with accounting principles generally accepted in the United States of America.

This
Annual Report does not include an attestation report of our registered public accounting firm regarding our internal controls over financial
reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to rules of the
SEC that permit us to provide only management’s report in this Annual Report.

(d)
Changes in Internal Control Over Financial Reporting

Other
than described above in Item 9A. Controls and Procedures, there were no changes in our internal control over financial reporting that
occurred during the fourth quarter of the year ended March 31, 2025