Company: SUND
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001641172-25-017143
Chunk: 58

Company: Sundance Strategies, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1
Chunk 58
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 into an unsecured promissory note agreement with Radiant Life, LLC. This agreement was in conjunction
with the Company borrowing $50,000 of Notes Payable, 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 and was due on July 29,
2024. In conjunction with this specific loan event, the agreement awarded Radiant Life, LLC with 50,000 common stock warrants, which
had an exercise price of $1.05, and expired in 5 years (see Note 8). The principal and accrued interest of $13,172 was fully paid on
July 2, 2024, and immediately closed.

    F-8

Related
Party Note Payable and Line of Credit Agreements

As
of March 31, 2025, and 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. On January 26, 2024, and again on January 24, 2025, the
related party note payable and line of credit agreement was amended to extend the due date from November 30, 2024, to November 30, 2025,
and then to November 30, 2026, or at the immediate time when alternative financing or other proceeds are received. As of March 31, 2025,
the agreement allowed for borrowings of up to $4,600,000. During the year ended March 31, 2024, the Company borrowed $140,950 in principal
and made no repayments of principal on this agreement. During the year ended March 31, 2025, the Company made no borrowings nor repayments
of principal on this agreement. The note payable and line of credit agreement incurs interest at 7.5% per annum. As of March 31, 2025,
accrued interest on this note totaled $501,202. As per the provision outlined in Note 8, and in conjunction with $140,950 borrowed during
the year ended March 31, 2024, the Company also agreed to provide the Chairman of the Board of Directors and a stockholder, with warrants
for