Company: SUND
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001641172-25-017143
Chunk: 235

Company: Sundance Strategies, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1C
Chunk 235
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March 31, 2025, we owed $5,354,633, including accrued interest, for debt obligations. We owed $3,290,058 in principal pursuant to notes
payable and lines-of-credits from related parties and $300,000 in other notes payable. As of March 31, 2025, one note payable had a principal
balance of $1,159,508 and has been extended to be due on November 30, 2026 or when the Company completes a successful equity raise (if
earlier than the due date), at which time principal and interest is due in full. The second note payable and line-of-credit had a principal
balance of $1,304,550, and the line of credit and has been extended to be due November 30, 2026. The third series of related-party promissory
notes had a total principal balance of $826,000 and is due on November 30, 2025. The convertible debenture agreement, which has no principal
balance due as of March 31, 2025, is open through August 31, 2026. As of June 30, 2025, there was $4,265,942  available under the
lines-of-credit we currently have with related parties and $3,000,000 available under the 8% convertible debenture agreement.

We
may borrow money in the future to finance our operations but can make no guarantees that such credit will be made available to us. Any
such borrowing will increase the risk of loss to the debt holder in the event we are unsuccessful in repaying such loans.

The
accompanying financial statements have been prepared on a going concern basis, which assumes the Company will continue to operate and
meet its obligations in the ordinary course of business. As the Company does not currently generate revenue, it will need to rely on
related party debt financing and/or additional capital raises to meet its financial obligations.

Management
believes that existing capital resources, along with availability under related party debt agreements and convertible debentures, will
be sufficient to fund operations for at least the next 12 months from the issuance date of these financial statements. While related
parties have provided informal assurances of continued support—such as maturity extensions and additional credit capacity—no
binding commitments are currently in place. Based on these factors, management has concluded that there is no substantial doubt about
the Company’s ability to continue