Company: SUND
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001641172-25-017143
Chunk: 303

Company: Sundance Strategies, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 2
Chunk 303
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4, the Company had borrowed $3,290,058 and $3,340,058 respectively, excluding accrued interest, from related
parties. There was no unamortized debt discount with the Notes Payable, Related party as of March 31, 2025, or March 31, 2024. Short-term
accrued interest associated with the Notes Payable, Related Party of $504,608 and $11,925 is recorded on the balance sheet as an Accrued
Expense obligation at March 31, 2025, and March 31, 2024, respectively. Long-term accrued interest associated with the Notes Payable,
Related Party of $1,040,070 and $1,357,738 is recorded on the balance sheet as an Accrued Expense obligation at March 31, 2025, and March
31, 2024, respectively.

Related
Party Promissory Notes

As
of both March 31, 2025, and 2024,
the Company owed $826,000 under the unsecured promissory notes from Mr. Dickman. The promissory notes bear interest at a rate of 8% annually.
On June 5, 2023, and again on January 26, 2024, the notes were amended to extend the due date from July 31, 2023, to November 30, 2025,
or at the immediate time when alternative financing or other proceeds are received. As per the provision outlined in Note 8, and in conjunction
with the extension on June 4, 2023, the company agreed to provide Mr. Dickman with warrants for 543,000 shares of common stock (see Note
8) vested immediately upon issuance, having exercise prices of $1.05 per share, and a 5-year exercise window from the dates of issuance.
As per the provision outlined in Note 8, and in conjunction with the extension on January 26, 2024, the company agreed to provide Mr.
Dickman with warrants for 563,000 shares of common stock (see Note 8) vested immediately upon issuance, having exercise prices of $0.41
per share, and a 5-year exercise window from the dates of issuance. During the years ended March 31, 2025, and March 31, 2024, the Company
neither borrowed any additional funds under this agreement nor made any principal repayments.