2015 Q2 Form 10-Q Financial Statement
#000101041215000125 Filed on August 10, 2015
Income Statement
| Concept | 2015 Q2 | 2014 Q2 |
|---|---|---|
| Revenue | $0.00 | $0.00 |
| YoY Change | ||
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $600.0K | $620.0K |
| YoY Change | -3.23% | -39.81% |
| % of Gross Profit | ||
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | ||
| YoY Change | ||
| % of Gross Profit | ||
| Operating Expenses | -$230.0K | $50.00K |
| YoY Change | -560.0% | -95.16% |
| Operating Profit | $228.1K | -$52.87K |
| YoY Change | -531.41% | -94.89% |
| Interest Expense | -$30.00K | $16.14K |
| YoY Change | -285.86% | -46.33% |
| % of Operating Profit | -13.15% | |
| Other Income/Expense, Net | $0.00 | -$5.496K |
| YoY Change | -100.0% | -81.71% |
| Pretax Income | $193.6K | -$58.36K |
| YoY Change | -431.67% | -94.51% |
| Income Tax | $0.00 | |
| % Of Pretax Income | 0.0% | |
| Net Earnings | $190.0K | -$58.36K |
| YoY Change | -425.54% | -94.51% |
| Net Earnings / Revenue | ||
| Basic Earnings Per Share | -$0.01 | |
| Diluted Earnings Per Share | -$0.01 | |
| COMMON SHARES | ||
| Basic Shares Outstanding | 43.43M shares | 43.02M shares |
| Diluted Shares Outstanding | 44.83M shares | 43.02M shares |
Balance Sheet
| Concept | 2015 Q2 | 2014 Q2 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $20.00K | $10.00K |
| YoY Change | 100.0% | -99.21% |
| Cash & Equivalents | $21.95K | $6.492K |
| Short-Term Investments | ||
| Other Short-Term Assets | $0.00 | $0.00 |
| YoY Change | ||
| Inventory | ||
| Prepaid Expenses | $2.000K | |
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $21.95K | $8.492K |
| YoY Change | 158.49% | -99.33% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | ||
| YoY Change | ||
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $27.20M | $17.05M |
| YoY Change | 59.53% | 40.91% |
| Other Assets | $3.834M | $4.238M |
| YoY Change | -9.54% | -50.56% |
| Total Long-Term Assets | $27.44M | $17.27M |
| YoY Change | 58.94% | 42.73% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $21.95K | $8.492K |
| Total Long-Term Assets | $27.44M | $17.27M |
| Total Assets | $27.46M | $17.27M |
| YoY Change | 58.98% | 29.35% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $349.4K | $99.97K |
| YoY Change | 249.46% | -60.01% |
| Accrued Expenses | $4.296K | $130.3K |
| YoY Change | -96.7% | |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $1.330M |
| YoY Change | -100.0% | -55.67% |
| Long-Term Debt Due | $0.00 | $190.0K |
| YoY Change | -100.0% | |
| Total Short-Term Liabilities | $353.6K | $1.747M |
| YoY Change | -79.76% | -46.29% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $2.580M | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $50.00K | |
| YoY Change | ||
| Total Long-Term Liabilities | $2.625M | $0.00 |
| YoY Change | ||
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $353.6K | $1.747M |
| Total Long-Term Liabilities | $2.625M | $0.00 |
| Total Liabilities | $2.979M | $1.747M |
| YoY Change | 70.51% | -46.29% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$264.0K | -$369.2K |
| YoY Change | -28.5% | -68.41% |
| Common Stock | $24.00M | $743.0K |
| YoY Change | 3129.86% | -93.41% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $23.73M | $15.53M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $27.46M | $17.27M |
| YoY Change | 58.98% | 29.35% |
Cashflow Statement
| Concept | 2015 Q2 | 2014 Q2 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $190.0K | -$58.36K |
| YoY Change | -425.54% | -94.51% |
| Depreciation, Depletion And Amortization | ||
| YoY Change | ||
| Cash From Operating Activities | -$640.0K | -$1.020M |
| YoY Change | -37.25% | -83.65% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | ||
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $0.00 | $550.0K |
| YoY Change | -100.0% | |
| Cash From Investing Activities | $0.00 | $550.0K |
| YoY Change | -100.0% | |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $750.0K | $0.00 |
| YoY Change | -100.0% | |
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 330.0K | 100.0K |
| YoY Change | 230.0% | -98.56% |
| NET CHANGE | ||
| Cash From Operating Activities | -640.0K | -1.020M |
| Cash From Investing Activities | 0.000 | 550.0K |
| Cash From Financing Activities | 330.0K | 100.0K |
| Net Change In Cash | -310.0K | -370.0K |
| YoY Change | -16.22% | -151.89% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$640.0K | -$1.020M |
| Capital Expenditures | ||
| Free Cash Flow | ||
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2015Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
21951 | USD |
| CY2015Q1 | us-gaap |
Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
|
1500000 | USD |
| CY2015Q2 | us-gaap |
Liabilities
Liabilities
|
2979091 | USD |
| CY2015Q1 | us-gaap |
Liabilities
Liabilities
|
3264154 | USD |
| CY2015Q2 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
USD | |
| CY2015Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
USD | |
| CY2015Q2 | us-gaap |
Common Stock Value
CommonStockValue
|
44222 | USD |
| CY2015Q1 | us-gaap |
Common Stock Value
CommonStockValue
|
43186 | USD |
| CY2015Q2 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
23954163 | USD |
| CY2015Q1 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
16316882 | USD |
| CY2015Q2 | sund |
Additional Paid In Capital Stock To Be Issued
AdditionalPaidInCapitalStockToBeIssued
|
USD | |
| CY2015Q1 | sund |
Additional Paid In Capital Stock To Be Issued
AdditionalPaidInCapitalStockToBeIssued
|
7540000 | USD |
| CY2015Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-263952 | USD |
| CY2015Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-457528 | USD |
| CY2015Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
23734433 | USD |
| CY2015Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
23442540 | USD |
| CY2015Q2 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
27463524 | USD |
| CY2015Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
26706694 | USD |
| CY2015Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2015Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
| CY2015Q2 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2015Q2 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
500000000 | shares |
| CY2015Q2 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| CY2015Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
44222191 | shares |
| CY2015Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
43185941 | shares |
| CY2015Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
43185941 | shares |
| CY2015Q2 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
44222191 | shares |
| CY2015Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| CY2015Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
500000000 | shares |
| CY2015Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2015Q2 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2015Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2015Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
| CY2015Q2 | us-gaap |
Interest Income Operating
InterestIncomeOperating
|
824030 | USD |
| CY2014Q2 | us-gaap |
Interest Income Operating
InterestIncomeOperating
|
563498 | USD |
| CY2015Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
595954 | USD |
| CY2014Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
616366 | USD |
| CY2015Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
228076 | USD |
| CY2014Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-52868 | USD |
| CY2015Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
4702 | USD |
| CY2014Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
4342 | USD |
| CY2014Q2 | us-gaap |
Interest Expense
InterestExpense
|
16141 | USD |
| CY2015Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
255361 | USD |
| CY2015Q2 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
4296 | USD |
| CY2015Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
181917 | USD |
| CY2015Q2 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
USD | |
| CY2015Q1 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
1326876 | USD |
| CY2015Q2 | us-gaap |
Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
|
USD | |
| CY2015Q2 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
353647 | USD |
| CY2015Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
336370 | USD |
| CY2015Q2 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
USD | |
| CY2015Q1 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
1875 | USD |
| CY2015Q2 | us-gaap |
Assets Current
AssetsCurrent
|
21951 | USD |
| CY2015Q1 | us-gaap |
Assets Current
AssetsCurrent
|
338245 | USD |
| CY2015Q2 | us-gaap |
Life Settlement Contracts Investment Method Carrying Amount
LifeSettlementContractsInvestmentMethodCarryingAmount
|
23368665 | USD |
| CY2015Q1 | us-gaap |
Life Settlement Contracts Investment Method Carrying Amount
LifeSettlementContractsInvestmentMethodCarryingAmount
|
22544635 | USD |
| CY2015Q2 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
3834033 | USD |
| CY2015Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
3596386 | USD |
| CY2015Q2 | us-gaap |
Notes Receivable Net
NotesReceivableNet
|
211000 | USD |
| CY2015Q1 | us-gaap |
Notes Receivable Net
NotesReceivableNet
|
211000 | USD |
| CY2015Q2 | us-gaap |
Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
|
27875 | USD |
| CY2015Q1 | us-gaap |
Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
|
16428 | USD |
| CY2015Q2 | us-gaap |
Assets Noncurrent
AssetsNoncurrent
|
27441573 | USD |
| CY2015Q1 | us-gaap |
Assets Noncurrent
AssetsNoncurrent
|
26368449 | USD |
| CY2015Q2 | us-gaap |
Assets
Assets
|
27463524 | USD |
| CY2015Q1 | us-gaap |
Assets
Assets
|
26706694 | USD |
| CY2015Q2 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
349351 | USD |
| CY2015Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
3264154 | USD |
| CY2014Q2 | us-gaap |
Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
|
USD | |
| CY2015Q2 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
USD | |
| CY2014Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
6303 | USD |
| CY2015Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
193576 | USD |
| CY2014Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-58364 | USD |
| CY2015Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
||
| CY2014Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.01 | |
| CY2015Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
44826040 | shares |
| CY2014Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
43015941 | shares |
| CY2015Q2 | us-gaap |
Stock Option Plan Expense
StockOptionPlanExpense
|
98317 | USD |
| CY2014Q2 | us-gaap |
Stock Option Plan Expense
StockOptionPlanExpense
|
104150 | USD |
| CY2015Q2 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
237647 | USD |
| CY2014Q2 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
553557 | USD |
| CY2015Q2 | us-gaap |
Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
|
11447 | USD |
| CY2014Q2 | us-gaap |
Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
|
-4198 | USD |
| CY2015Q2 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-1875 | USD |
| CY2014Q2 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
USD | |
| CY2015Q2 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
93990 | USD |
| CY2014Q2 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
47053 | USD |
| CY2015Q2 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
45947 | USD |
| CY2014Q2 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
1298 | USD |
| CY2015Q2 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
824030 | USD |
| CY2014Q2 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
563498 | USD |
| CY2015Q2 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-639419 | USD |
| CY2014Q2 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-1018720 | USD |
| CY2015Q2 | us-gaap |
Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
|
USD | |
| CY2014Q2 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
550000 | USD |
| CY2015Q2 | us-gaap |
Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
|
375000 | USD |
| CY2014Q2 | us-gaap |
Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
|
100000 | USD |
| CY2015Q2 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
325000 | USD |
| CY2014Q2 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
100000 | USD |
| CY2015Q2 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-314419 | USD |
| CY2014Q2 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-368720 | USD |
| CY2014Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
375212 | USD |
| CY2014Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
6492 | USD |
| CY2015Q2 | us-gaap |
Interest Paid
InterestPaid
|
USD | |
| CY2014Q2 | us-gaap |
Interest Paid
InterestPaid
|
USD | |
| CY2015Q2 | us-gaap |
Notes Reduction
NotesReduction
|
USD | |
| CY2014Q2 | us-gaap |
Notes Reduction
NotesReduction
|
100000 | USD |
| CY2015Q2 | us-gaap |
Impairment Of Investments
ImpairmentOfInvestments
|
USD | |
| CY2015 | us-gaap |
Impairment Of Investments
ImpairmentOfInvestments
|
USD | |
| CY2014Q4 | sund |
Refund Of Advance For Investments In Net Insurance Benefits
RefundOfAdvanceForInvestmentsInNetInsuranceBenefits
|
904274 | USD |
| CY2015Q2 | us-gaap |
Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
|
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>(2) NEW ACCOUNTING PRONOUNCEMENTS</strong></font></p> <p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p> <p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09 – 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 December 15, 2016. 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></p> <p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p> <p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In August 2014, the FASB issued ASU 2014-15 Presentation of Financial Statements—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></p> <p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p> <p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In April, 2015, the FASB issued ASU 2015-03,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">This update requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. Under current standards, debt issuance costs are generally recorded as an asset and amortization of these deferred financing costs is recorded in interest expense.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Under the new standard, debt issuance costs will continue to be amortized over the life of the debt instrument and amortization will continue to be recorded in interest expense.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ASU 2015-03 is effe</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ctive for the Company on January 1</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, 2016, and will be applied on a retrospective basis.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company is currently evaluating the impact this guidance will have on our consolidated financial statements</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p> <p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p> <p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; 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></p> </div> | |
| CY2015Q2 | sund |
Total Consideration That Would Be Paid By Company If All Net Insurance Benefits Are Provided Under Asset Transfer Agreement
TotalConsiderationThatWouldBePaidByCompanyIfAllNetInsuranceBenefitsAreProvidedUnderAssetTransferAgreement
|
20000000 | USD |
| CY2015Q2 | us-gaap |
Debt Instrument Term
DebtInstrumentTerm
|
P2Y | |
| CY2015Q2 | us-gaap |
Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
|
0.040 | pure |
| CY2015Q2 | us-gaap |
Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
|
4000000 | USD |
| CY2015Q2 | sund |
Total Cash Consideration That Would Be Paid By Company If All Net Insurance Benefits Are Provided Under Asset Transfer Agreement
TotalCashConsiderationThatWouldBePaidByCompanyIfAllNetInsuranceBenefitsAreProvidedUnderAssetTransferAgreement
|
8000000 | USD |
| CY2015Q2 | dei |
Entity Registrant Name
EntityRegistrantName
|
Sundance Strategies, Inc. | |
| CY2015Q2 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001171838 | |
| CY2015Q3 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
44128441 | shares |
| CY2015Q2 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2016 | |
| CY2015Q2 | us-gaap |
Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
|
24000000 | USD |
| CY2015Q2 | sund |
Total Notes Payable That Would Be Issued By Company If All Net Insurance Benefits Are Provided Under Asset Transfer Agreement
TotalNotesPayableThatWouldBeIssuedByCompanyIfAllNetInsuranceBenefitsAreProvidedUnderAssetTransferAgreement
|
12000000 | USD |
| CY2015Q2 | us-gaap |
Other Notes Payable
OtherNotesPayable
|
12000000 | USD |
| CY2015Q2 | sund |
Value Of Net Insurance Benefits Required To Be Delivered Per Asset Transfer Agreement
ValueOfNetInsuranceBenefitsRequiredToBeDeliveredPerAssetTransferAgreement
|
300000000 | USD |
| CY2015Q2 | sund |
Advance To Consultant For Services
AdvanceToConsultantForServices
|
25000 | USD |
| CY2014Q1 | us-gaap |
Life Settlement Contracts Investment Method Carrying Amount
LifeSettlementContractsInvestmentMethodCarryingAmount
|
12243411 | USD |
| CY2015Q2 | us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
USD | |
| CY2015 | us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
7846746 | USD |
| CY2015 | us-gaap |
Interest Income Operating
InterestIncomeOperating
|
2454478 | USD |
| CY2015Q2 | sund |
Distribution Of Life Settlement Contract Investments
DistributionOfLifeSettlementContractInvestments
|
USD | |
| CY2015 | sund |
Distribution Of Life Settlement Contract Investments
DistributionOfLifeSettlementContractInvestments
|
USD | |
| CY2015Q2 | sund |
Face Value Of Net Insurance Benefits Purchased Under Asset Transfer Agreement
FaceValueOfNetInsuranceBenefitsPurchasedUnderAssetTransferAgreement
|
400000000 | USD |
| CY2015Q2 | sund |
Value Of Qualified Net Insurance Benefits
ValueOfQualifiedNetInsuranceBenefits
|
90600000 | USD |
| CY2014Q2 | us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
5436000 | USD |
| CY2015Q1 | us-gaap |
Long Term Notes Payable
LongTermNotesPayable
|
1455904 | USD |
| CY2015Q2 | us-gaap |
Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
|
37350 | USD |
| CY2015Q2 | us-gaap |
Debt Instrument Maturity Date
DebtInstrumentMaturityDate
|
2015-04-01 | |
| CY2015Q2 | us-gaap |
Debt Instrument Convertible Number Of Equity Instruments
DebtInstrumentConvertibleNumberOfEquityInstruments
|
187500 | item |
| CY2014Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.01 | |
| CY2015Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
43433750 | shares |
| CY2014Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
43015941 | shares |
| CY2015Q2 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--03-31 | |
| CY2015Q2 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2015-06-30 | |
| CY2015Q2 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2015Q2 | dei |
Entity Filer Category
EntityFilerCategory
|
Accelerated Filer | |
| CY2015Q2 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2015Q2 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
700000 | USD |
| CY2014Q2 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
USD | |
| CY2015Q2 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
750000 | USD |
| CY2015Q2 | sund |
Liquidity And Capital Requirements Disclosure Textblock
LiquidityAndCapitalRequirementsDisclosureTextblock
|
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Name="List Table 4 Accent 6"></w:LsdException> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 6"></w:LsdException> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 6"></w:LsdException> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 6"></w:LsdException> </w:LatentStyles> </xml><![endif]--> <!-- [if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman",serif;} </style> <![endif]--></b></font></p> <p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;">Under the current business plan, the Company purchases life insurance policies and residual interests in or financial products tied to life insurance policies when they fit its model and its cash flows are sufficient to fund those purchases (with exception of the Del Mar ATA wherein the Company committed to purchase a certain number of Qualified NIBs as Del Mar made them available).  The Company expects to finance NIB purchases, as well as its operating working capital requirements, with proceeds from planned public and/or private offerings of its securities and debt financing. There can be no assurance that the Company will be successful in the anticipated equity and debt offerings or that it will be successful in raising additional capital in the future on terms acceptable to the Company, or at all.</font></p> <p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;"> </font></p> <p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;">If the Company is unable to raise sufficient capital through the planned securities and debt offerings or other alternative sources of financing, management will curtail NIB purchases. Under this plan, expenditures for NIBs will be curtailed. The Company believes that it will be able to fund its operating working capital requirements with existing lines-of-credit and debentures agreements.</font></p> <p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;"> </font></p> <p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;">The accompanying financial statements have been prepared on a going concern basis under which the Company is expected to be able to realize its assets and satisfy its liabilities in the normal course of business. To continue as a going concern beyond the year ended March 31, 2016, and in order to continue to purchase NIBs, the Company will need to complete planned securities and debt offerings or obtain alternative sources of financing. Absent additional financing, the Company will not have the resources to execute its current business plan.</font></p> </div> | |
| CY2015Q2 | us-gaap |
Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
|
1875000 | USD |
| CY2015Q1 | us-gaap |
Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
|
USD | |
| CY2015Q2 | us-gaap |
Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
|
700000 | USD |
| CY2015Q1 | us-gaap |
Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
|
USD | |
| CY2015Q2 | us-gaap |
Accounts Payable And Accrued Liabilities Noncurrent
AccountsPayableAndAccruedLiabilitiesNoncurrent
|
50444 | USD |
| CY2015Q1 | us-gaap |
Accounts Payable And Accrued Liabilities Noncurrent
AccountsPayableAndAccruedLiabilitiesNoncurrent
|
USD | |
| CY2015Q2 | us-gaap |
Liabilities Noncurrent
LiabilitiesNoncurrent
|
2625444 | USD |
| CY2015Q1 | us-gaap |
Liabilities Noncurrent
LiabilitiesNoncurrent
|
USD | |
| CY2015Q2 | us-gaap |
Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
|
750000 | USD |
| CY2015Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
||
| CY2014Q2 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
USD | |
| CY2015Q2 | us-gaap |
Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
|
1500000 | USD |
| CY2014Q2 | us-gaap |
Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
|
USD | |
| CY2015Q2 | sund |
Face Value Of Net Insurance Benefits Purchased Under Asset Transfer Agreement
FaceValueOfNetInsuranceBenefitsPurchasedUnderAssetTransferAgreement
|
309400000 | USD |
| CY2015Q2 | sund |
Face Value Of Collateral Against Cash Advances
FaceValueOfCollateralAgainstCashAdvances
|
94000000 | USD |
| CY2015Q2 | sund |
Life Settlement Contracts Matured During Period
LifeSettlementContractsMaturedDuringPeriod
|
10000000 | USD |
| CY2015Q2 | sund |
Face Value Of Collateral Against Cash Advances
FaceValueOfCollateralAgainstCashAdvances
|
84000000 | USD |
| CY2015Q2 | us-gaap |
Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
|
93750 | shares |
| CY2015Q2 | us-gaap |
Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
|
750000 | USD |
| CY2015Q2 | sund |
Convertible Debenture Interest Rate
ConvertibleDebentureInterestRate
|
0.08 | pure |
| CY2015Q2 | sund |
Convertible Debenture Borrowing Capacity
ConvertibleDebentureBorrowingCapacity
|
3000000 | USD |
| CY2015Q2 | sund |
Convertible Debenture Terms Of Conversion
ConvertibleDebentureTermsOfConversion
|
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">The number of shares issuable at conversion shall be determined by the quotient obtained by dividing the outstanding principal and accrued and unpaid interest by 90% of the 90 day average closing price of the Company's common stock from the date the notice of conversion is received.</div> | |
| CY2015Q2 | sund |
Convertible Debenture Amount Borrowed
ConvertibleDebentureAmountBorrowed
|
700000 | USD |
| CY2015Q2 | sund |
Option Expense Amortized
OptionExpenseAmortized
|
452443 | USD |
