Company: SUND
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006815
Chunk: 37

Company: Sundance Strategies, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 37
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able, Related Party, and is not part of the existing note payable and lines of credit
agreement the Company has with Radiant Life, LLC. The promissory note bore interest at a rate of 8% annually. After a series of amendments,
on July 2, 2024, the company fully repaid the principal and interest due on this note, totaling $63,200.

Related
Party Note Payable and Line of Credit Agreements

As
of December 31, 2024, and March 31, 2024, the Company owed $1,304,550, exclusive of accrued interest, under the note payable and line
of credit agreement with Kraig T. Higginson, Chairman of the Board of Directors and a stockholder. As of December 31, 2024, the agreement
allowed for borrowings of up to $4,600,000. After an extension on the due date of this note payable subsequent to quarter end (see note
8) the note payable has a due date of the principal and interest on the note of November 30, 2026, or at the immediate time when alternative
financing or other proceeds are received. The note payable and line of credit agreement incurs interest at 7.5% per annum. During the
nine months ended December 31, 2024, the Company did not borrow and made no repayments of principal on this agreement. As of December
31, 2024, accrued interest on this note totaled $477,077. The total number of warrants issued to the related party lender was 4,418,225
as of December 31, 2024 (see Note 7 for further details on these warrants).

As
of December 31, 2024, and March 31, 2024, the Company owed $1,159,508, exclusive of accrued interest, under the note payable and lines
of credit agreement with Radiant Life, LLC, an entity partially owned by the Chairman of the Board of Directors. The agreement allows
for borrowings of up to $2,130,000. The note payable has a due date of the principal and interest on the note of November 30, 2025, or
at the immediate time when alternative financing or other proceeds are received. The note payable and line of credit agreement incurs
interest at 7.5% per annum and is collateralized by the Company’s NIBS