Company: SUND
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006815
Chunk: 36

Company: Sundance Strategies, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 36
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$89,753.

    9

(5)
NOTES PAYABLE, RELATED PARTY

As
of December 31, 2024, and March 31, 2024, the Company had borrowed $3,290,058, and $3,340,058, respectively, excluding accrued interest,
from related parties. Short-term accrued interest associated with the Notes Payable, Related Parties and Promissory Notes, Related Parties,
of $986,871 and $11,925 is recorded on the balance sheet as an Accrued Expense obligation at December 31, 2024, and March 31, 2024, respectively.
Long-term accrued interest associated with the Notes Payable, Related Parties, and Promissory Notes, Related Parties, of $477,077 and
$1,357,738 is recorded on the balance sheet as an Accrued Expense obligation at December 31, 2024, and March 31, 2024, respectively.

Related
Party Promissory Notes

As
of both December 31, 2024, and March 31, 2024, 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 (see Note 8). During the nine months ended December 31, 2024, the Company neither
borrowed any additional funds under this agreement nor made any principal repayments. As of December 31, 2024, accrued interest on the
notes totaled $479,120. In the event the Company completes a successful equity raise all principal and interest on the notes are due
in full at that time. The total number of warrants issued to the related party lender was 3,196,332 as of December 31, 2024 (See Note
7 for further details on these warrants).

On
July 29, 2021, the Company entered into an unsecured promissory note agreement with Radiant Life, LLC. This agreement was in conjunction
with the Company borrowing $50,000 of Notes Pay