Company: SUND
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006815
Chunk: 60

Company: Sundance Strategies, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 2
Chunk 60
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Due
to the Company not holding NIBs, no interest income was recorded for the nine months ended June 30, 2024, or 2023.

General
& Administrative Expenses

General
and administrative expenses totaled $503,457, and $371,839 during the nine months ended December 31, 2024, and 2023, respectively. A
significant portion of these expenses were professional fees and payroll costs. The increase in general and administrative expenses is
a result of increased professional fees.

Other
Income and Expenses

During
the nine months ended December 31, 2023, we recognized $398,920, as a loss on extinguishment of debt in conjunction with related party
debt.

During
the nine months ended December 31, 2023, we negotiated a settlement to reduce our outstanding accounts payable to one of our vendors
by $290,000. This gain was recorded as a gain on settlement of liabilities.

During
the nine months ended December 31, 2024, and 2023, interest expense accrued in the amount of $262,368 and $316,480, respectively. The
decrease in interest expense was a result of no amortized debt discounts recognized during the nine months ended December 31, 2024, and
reduction in principal balance.

During
the nine months ended December 31, 2024, and 2023, other expenses related to pursuing potential financing alternatives were $200,000,
and $105,000, respectively. These expenses are related to additional consultant fees in pursuit of bonds.

Income
Taxes

During
the nine months ended December 31, 2024, and 2023, the Company recorded net loss before income taxes of $965,825, and $902,239, respectively,
and had no income tax expense or benefit as a result of a full valuation allowance on the net deferred tax asset.

15

Liquidity
and Capital Resources

Since
our inception our operations have been primarily financed through sales of equity instruments, debt financing, lines of credit and notes
payable from related parties and the issuance of convertible debentures. As of December 31, 2024, we had $259,620 of cash, compared to
$329,860 as of March 31, 2024. As of December 31, 2024, the Company had access to draw an additional $4,265,942 on the notes payable,