$SUND
Sundance Strategies, Inc.

2015 Q1 Form 10-Q Financial Statement

#000101041215000030 Filed on February 17, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2014 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $610.0K $530.0K $920.0K
YoY Change -33.7% 51.43% 1214.29%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses -$70.00K -$90.00K $70.00K
YoY Change -200.0% -125.39% -28.63%
Operating Profit $89.75K
YoY Change -125.32%
Interest Expense -$50.00K $200.3K -$20.00K
YoY Change 150.0% 545.62% -404.09%
% of Operating Profit 223.14%
Other Income/Expense, Net $0.00 -$195.7K -$850.0K
YoY Change -100.0% -111.89% 12823.83%
Pretax Income $20.00K -$106.0K -$90.00K
YoY Change -122.22% -108.2% -14.0%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $20.00K -$106.0K -$90.00K
YoY Change -122.22% -108.2% -14.0%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $463.20 -$2.547K -$1.966K
COMMON SHARES
Basic Shares Outstanding 43.19M shares 43.19M shares 42.92M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q4 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $340.0K $790.0K $380.0K
YoY Change -10.53% 558.33% -30.91%
Cash & Equivalents $336.4K $790.5K $375.2K
Short-Term Investments
Other Short-Term Assets $0.00 $0.00 $0.00
YoY Change
Inventory
Prepaid Expenses $1.875K $3.750K $2.000K
Receivables
Other Receivables
Total Short-Term Assets $338.2K $794.2K $377.2K
YoY Change -10.33% 536.14% -30.84%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $26.14M $17.59M $15.83M
YoY Change 65.13% 18.29% 151.27%
Other Assets $3.596M $3.575M $3.585M
YoY Change 0.32% -58.3%
Total Long-Term Assets $26.37M $17.97M $16.70M
YoY Change 57.87% 14.19% 165.17%
TOTAL ASSETS
Total Short-Term Assets $338.2K $794.2K $377.2K
Total Long-Term Assets $26.37M $17.97M $16.70M
Total Assets $26.71M $18.77M $17.08M
YoY Change 56.36% 18.3% 149.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $255.4K $128.3K $52.92K
YoY Change 382.59% 507.15% -40.6%
Accrued Expenses $181.9K $163.5K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.330M $1.330M $0.00
YoY Change -100.0%
Long-Term Debt Due $1.500M $1.360M $90.00K
YoY Change 1566.67%
Total Short-Term Liabilities $3.264M $2.981M $142.9K
YoY Change 2183.98% 10334.41% -95.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $1.460M
YoY Change -100.0% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $1.460M
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.264M $2.981M $142.9K
Total Long-Term Liabilities $0.00 $1.460M
Total Liabilities $3.264M $2.981M $1.599M
YoY Change 104.16% 105.02% -48.35%
SHAREHOLDERS EQUITY
Retained Earnings -$457.5K -$478.0K -$310.8K
YoY Change 47.21% 118.56% 196.98%
Common Stock $16.36M $43.19K $15.09M
YoY Change 8.39% -98.7% 36896.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.44M $15.78M $15.48M
YoY Change
Total Liabilities & Shareholders Equity $26.71M $18.77M $17.08M
YoY Change 56.36% 18.3% 149.55%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2014 Q1
OPERATING ACTIVITIES
Net Income $20.00K -$106.0K -$90.00K
YoY Change -122.22% -108.2% -14.0%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$590.0K $190.0K -$870.0K
YoY Change -32.18% -107.76% -73.82%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$150.0K $0.00
YoY Change -82.56%
Cash From Investing Activities $0.00 -$150.0K $0.00
YoY Change -82.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 140.0K 630.0K 1.120M
YoY Change -87.5% -74.39% -71.05%
NET CHANGE
Cash From Operating Activities -590.0K 190.0K -870.0K
Cash From Investing Activities 0.000 -150.0K 0.000
Cash From Financing Activities 140.0K 630.0K 1.120M
Net Change In Cash -450.0K 670.0K 250.0K
YoY Change -280.0% -178.82% -54.16%
FREE CASH FLOW
Cash From Operating Activities -$590.0K $190.0K -$870.0K
Capital Expenditures
Free Cash Flow
YoY Change

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Sundance Strategies, Inc.
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2015
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10-Q
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div> <p style=" margin: 0pt; text-align: justify; font-family: 'times new roman';"><strong><font style=" font-size: 10pt;"><font style=" font-family: 'Times New Roman';">(2) NEW ACCOUNTING PRONOUNCEMENTS</font></font></strong></p> <p style=" margin: 0pt; text-align: justify; font-family: 'times new roman';">&#160;</p> <p style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: 'times new roman';"><font style=" font-size: 10pt;"><font style=" font-family: 'Times New Roman';">In </font></font><font style=" font-size: 10pt;"><font style=" font-family: 'Times New Roman';">May 2014</font></font><font style=" font-size: 10pt;"><font style=" font-family: 'Times New Roman';">, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Accounting Standard Update (&#147;ASU&#148;) 2014-09 &#150; Revenue from Contracts with Customers, which provides a single, comprehensive revenue recognition model for all contracts with customers. The core principal of this ASU is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after </font></font><font style=" font-size: 10pt;"><font style=" font-family: 'Times New Roman';">December 15, 2016</font></font><font style=" font-size: 10pt;"><font style=" font-family: 'Times New Roman';">. Early adoption is not permitted and companies can transition to the new standard under the full retrospective method or the modified retrospective method. The Company does not believe adoption of this ASU will have a material impact on its financial statements.</font></font></p> <p style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: 'times new roman';">&#160;</p> <p style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: 'times new roman';"><font style=" font-size: 10pt;"><font style=" font-family: 'Times New Roman';">In August 2014, the FASB issued ASU 2014-15 Presentation of Financial Statements&#151;Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. The new standard provides guidance around management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's financial statements.</font></font></p> <p style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: 'times new roman';">&#160;</p> <div> <div style=" display: inline; font-size: 13.333333015441895px; font-family: 'Times New Roman'; font-variant: normal; font-weight: normal; font-style: normal; text-decoration: none solid rgb(0, 0, 0); color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160; &#160;&#160;&#160; &#160;&#160;&#160;&#160; <font style=" font-size: 10pt;">The Company has reviewed all other recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements.</font></div> </div> </div> </div>
CY2014Q4 us-gaap Life Settlement Contracts Investment Method Face Value
LifeSettlementContractsInvestmentMethodFaceValue
217000000 USD
CY2014Q4 sund Life Settlement Contracts Investment Ownership Percentage
LifeSettlementContractsInvestmentOwnershipPercentage
1 pure
CY2013Q1 us-gaap Life Settlement Contracts Investment Method Carrying Amount
LifeSettlementContractsInvestmentMethodCarryingAmount
6299000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
USD
CY2014 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
5436000 USD
CY2014 us-gaap Interest Income Operating
InterestIncomeOperating
508411 USD
CY2013Q2 sund Face Value Of Net Insurance Benefits Purchased Under Asset Transfer Agreement
FaceValueOfNetInsuranceBenefitsPurchasedUnderAssetTransferAgreement
400000000 USD
CY2013Q4 sund Face Value Of Net Insurance Benefits Purchased Under Asset Transfer Agreement
FaceValueOfNetInsuranceBenefitsPurchasedUnderAssetTransferAgreement
400000000 USD
CY2013Q2 sund Total Consideration That Would Be Paid By Company If All Net Insurance Benefits Are Provided Under Asset Transfer Agreement
TotalConsiderationThatWouldBePaidByCompanyIfAllNetInsuranceBenefitsAreProvidedUnderAssetTransferAgreement
20000000 USD
CY2013Q2 sund Total Cash Consideration That Would Be Paid By Company If All Net Insurance Benefits Are Provided Under Asset Transfer Agreement
TotalCashConsiderationThatWouldBePaidByCompanyIfAllNetInsuranceBenefitsAreProvidedUnderAssetTransferAgreement
8000000 USD
CY2013Q4 sund Total Cash Consideration That Would Be Paid By Company If All Net Insurance Benefits Are Provided Under Asset Transfer Agreement
TotalCashConsiderationThatWouldBePaidByCompanyIfAllNetInsuranceBenefitsAreProvidedUnderAssetTransferAgreement
12000000 USD
CY2013Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.04 pure
CY2013Q4 sund Structuring And Consulting Agreement Terms
StructuringAndConsultingAgreementTerms
In the event the Qualified NIBs delivered are less than $300,000,000 in face value under the DMF Agreement, Del Mar and Europa shall be jointly and severally liable for liquidated damages equal to the aggregate of the cash payment under the Del Mar ATA and all of the costs advanced, reduced by the pro rata percentage of the Qualified NIBs delivered and accepted by the Company, multiplied by two; and if at least $300,000,000 in Qualified NIBs are delivered and accepted, then the cash payment and all costs will not be doubled if they are paid within 90 days.
CY2013Q2 sund Structuring And Consulting Agreement Terms
StructuringAndConsultingAgreementTerms
The Company is required to pay a structuring fee of 1% of the face amount of the life insurance policies underlying all NIBs introduced and acquired, payable as follows: 50% of the fee on the delivery of the NIBs; and the remaining 50% being payable on the conversion of the NIBs to Qualified NIBs as defined in the Del Mar ATA.
CY2014Q4 sund Refund Of Advance For Investments In Net Insurance Benefits
RefundOfAdvanceForInvestmentsInNetInsuranceBenefits
904274 USD
CY2014Q4 sund Working Capital
WorkingCapital
-2186365 USD
dei Amendment Flag
AmendmentFlag
false
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
1272000 USD
CY2014Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.075 pure
CY2014Q4 us-gaap Loan Processing Fee
LoanProcessingFee
170000 USD

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