Company: SUND
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023411
Chunk: 33

Company: Sundance Strategies, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 33
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, 2025, and March 31, 2025, 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 $530,898 and $504,608 is recorded on the balance sheet as an Accrued Expense obligation at June 30, 2025, and March 31, 2025, respectively.
Long-term accrued interest associated with the Notes Payable, Related Parties, and Promissory Notes, Related Parties, of $1,096,516 and
$1,040,070 is recorded on the balance sheet as an Accrued Expense obligation at June 30, 2025, and March 31, 2025, respectively.

    9

Related
Party Promissory Notes

As
of both June 30, 2025, and March 31, 2025,
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 three months ended June 30, 2025,
the Company neither borrowed any additional funds under this agreement nor made any principal repayments. As of June 30, 2025,
accrued interest on the notes totaled $530,898. 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 1,994,332 as of June 30, 2025 (See Note 7 for further details on these warrants).

Related
Party Note Payable and Line of Credit Agreements

As
of June 30, 2025, and March 31, 2025, the Company owed $1,304,550, exclusive of accrued
interest, under the note payable and line of credit agreement with Kraig T. Hig