Company: SUND
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006815
Chunk: 31

Company: Sundance Strategies, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 31
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NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

December
31, 2024

(1)
BASIS OF PRESENTATION, ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of Presentation

The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting
principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”)
regarding interim financial reporting and reflect the financial position, results of operations and cash flows of the Company. Certain
information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or
omitted pursuant to such rules and regulations. As such, these unaudited condensed consolidated financial statements should be read in
conjunction with the audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for
the fiscal year ended March 31, 2024, which was filed with the SEC on July 1, 2024. The results from operations for the three- and nine-month
period ended December 31, 2024, are not necessarily indicative of the results that may be expected for the fiscal year ended March 31,
2025. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the
financial position, results of operations, stockholders’ equity, and cash flows at December 31, 2024, and for all periods presented
herein have been made.

The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts and the disclosure of contingent amounts in the Company’s financial statements and the accompanying notes. Actual results
could materially differ from those estimates.

Organization
and Nature of Operations

Sundance
Strategies, Inc. (formerly known as Java Express, Inc.) was organized under the laws of the State of Nevada on December 14, 2001, and
engaged in the retail selling of beverage products to the general public until these endeavors ceased in 2006; it had no material business
operations from 2006, until its acquisition of ANEW LIFE, INC. (“ANEW LIFE”), a subsidiary of Sundance Strategies, Inc. (“Sundance
Strategies”, “the Company”, “we” or “our”).

Our
historical