$SUND
Sundance Strategies, Inc.

2022 Q3 Form 10-Q Financial Statement

#000149315222022941 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 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 $161.5K $214.0K $126.0K
YoY Change -6.16% -12.12% -53.4%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $161.5K $71.00K $126.0K
YoY Change -6.16% -70.84% -53.4%
Operating Profit -$161.5K -$214.0K
YoY Change -6.16% -12.12%
Interest Expense $75.91K $74.14K -$182.7K
YoY Change -196.88% 13.39% -6.74%
% of Operating Profit
Other Income/Expense, Net -$89.41K -$87.64K
YoY Change 14.11% -161.61%
Pretax Income -$250.9K -$301.6K -$2.179M
YoY Change 0.18% 197.98% 367.2%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$250.9K -$301.6K -$2.179M
YoY Change -1.46% 197.98% 367.2%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 -$0.01
Diluted Earnings Per Share -$6.060K -$7.284K -$52.67K
COMMON SHARES
Basic Shares Outstanding 41.41M shares 41.41M shares
Diluted Shares Outstanding 41.41M shares 41.41M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $500.00 $66.99K $268.0K
YoY Change -46.81% 253.51% 1165.2%
Cash & Equivalents $498.00 $66.99K $268.0K
Short-Term Investments
Other Short-Term Assets $1.170K $4.670K $8.170K
YoY Change -93.37% -28.37% -12.99%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.665K $71.65K $276.1K
YoY Change -91.04% 181.32% 803.28%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $5.00 -$3.00 -$3.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.665K $71.65K $276.1K
Total Long-Term Assets $5.00 -$3.00 -$3.00
Total Assets $1.670K $71.65K $276.1K
YoY Change -91.01% 181.31% 803.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $665.3K $585.0K $581.0K
YoY Change 20.69% 5.29% -34.99%
Accrued Expenses $455.0K $381.9K $354.2K
YoY Change 10.91% 50.24% 64.41%
Deferred Revenue
YoY Change
Short-Term Debt $300.0K $300.0K $300.0K
YoY Change 0.0% 0.0%
Long-Term Debt Due $876.0K $876.0K $876.0K
YoY Change 0.0% 6.05% 6.05%
Total Short-Term Liabilities $2.696M $2.543M $2.511M
YoY Change 6.26% 8.87% 7.54%
LONG-TERM LIABILITIES
Long-Term Debt $2.126M $2.126M $2.126M
YoY Change 4.94% 10.96% 10.96%
Other Long-Term Liabilities $759.0K $731.5K $666.0K
YoY Change 67.44% 36.53% 34.36%
Total Long-Term Liabilities $2.885M $2.857M $2.792M
YoY Change 16.36% 16.55% 15.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.696M $2.543M $2.511M
Total Long-Term Liabilities $2.885M $2.857M $2.792M
Total Liabilities $5.581M $5.400M $5.303M
YoY Change 11.25% 12.8% 11.72%
SHAREHOLDERS EQUITY
Retained Earnings -$32.80M -$32.55M -$32.25M
YoY Change
Common Stock $41.41K $41.41K $41.41K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.579M -$5.328M -$5.027M
YoY Change
Total Liabilities & Shareholders Equity $1.665K $71.65K $276.1K
YoY Change -91.04% 181.32% 803.28%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$250.9K -$301.6K -$2.179M
YoY Change -1.46% 197.98% 367.2%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$66.49K -$201.0K -$185.4K
YoY Change -62.65% -33.5% 11.96%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 400.0K
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -66.49K -$201.0K -185.4K
Cash From Investing Activities
Cash From Financing Activities 0.000 400.0K
Net Change In Cash -66.49K -$201.0K 214.6K
YoY Change 269.18% 8916.6% -229.56%
FREE CASH FLOW
Cash From Operating Activities -$66.49K -$201.0K -$185.4K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2022Q2 SUND Liquidity And Capital Requirements Disclosure Textblock
LiquidityAndCapitalRequirementsDisclosureTextblock
<p id="xdx_80E_ecustom--LiquidityAndCapitalRequirementsDisclosureTextblock_zGTnwjmEgmH4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(2) <span id="xdx_828_znZp4PqZURdc">LIQUIDITY REQUIREMENTS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since the Company’s inception on January 31, 2013, its operations have been primarily financed through sales of equity, debt financing from related parties and the issuance of notes payable and convertible debentures. As of June 30, 2022, the Company had $<span id="xdx_90B_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_c20220630_zF8fgzyh5BRb" title="Cash">66,986</span> of cash assets, compared to $<span id="xdx_905_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_c20220331_zhzX3zGEzoD9" title="Cash">267,966</span> as of March 31, 2022. As of June 30, 2022, the Company had access to draw an additional $<span id="xdx_906_ecustom--AdditionalBorrowingCapacityFromRelatedPartyNotesPayable_c20220630_pp0p0" title="Additional borrowing capacity from related party notes payable">4,604,192</span> on the notes payable, related party (see Note 6) and $<span id="xdx_902_ecustom--AdditionalBorrowingCapacityOnConvertibleDebenture_c20220630_pp0p0" title="Additional borrowing capacity from convertible debenture">3,000,000</span> on the Convertible Debenture Agreement (See Note 7). For the three months ended June 30, 2022, the Company’s average monthly operating expenses were approximately $<span id="xdx_906_eus-gaap--OperatingExpenses_c20220401__20220630_pp0p0" title="Operating Expenses">71,000</span>, which includes salaries of our employees, consulting agreements and contract labor, general and administrative expenses and legal and accounting expenses. In addition to the monthly operating expenses, the Company continues to pursue other debt and equity financing opportunities, and as a result, financing expenses of $<span id="xdx_909_eus-gaap--FinancingInterestExpense_c20220401__20220630_pp0p0" title="Financing Interest Expense">13,500</span> and $<span id="xdx_905_eus-gaap--FinancingInterestExpense_pp0p0_c20210401__20210630_zZhCkw2kvhA" title="Financing expenses">77,561</span> were incurred during the three months ended June 30, 2022 and 2021, respectively. As management continues to explore additional financing alternatives, beginning July 1, 2022 the Company is expected to spend up to an additional $<span id="xdx_905_ecustom--AdditionalFinancingAlternatives_pp0p0_c20220401__20220630_zRXISYJpESq8" title="Additional financing alternatives">400,000</span> on these efforts. Outstanding Accounts Payable as of June 30, 2022 totaled $<span id="xdx_90A_eus-gaap--AccountsPayableCurrent_iI_pp0p0_c20220630_zOz4hHm0qgE9" title="Accounts Payable">584,960</span>. Management has concluded that its existing capital resources and availability under its existing convertible debentures and debt agreements with related parties will be sufficient to fund its operating working capital requirements for at least the next 12 months from the issuance of these financial statements, or through August 2023. Related parties have given assurance that their continued support, by way of either extensions of due dates, or increases in lines-of-credit, can be relied on. As mentioned above, the Company also continues to evaluate other debt and equity financing opportunities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUNDANCE STRATEGIES, INC. AND SUBSIDIARY</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30, 2022</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The recent outbreak of COVID-19 originated in Wuhan, China, in December 2019 and has since spread to multiple countries, including the United States and several European countries. On March 11, 2020, the World Health Organization declared the outbreak a pandemic. The COVID-19 pandemic is affecting the United States and global economies and may affect the Company’s operations and those of third parties on which the Company relies. While the potential economic impact brought by, and the duration of, the COVID-19 pandemic is difficult to assess or predict, the impact of the COVID-19 pandemic on the global financial markets may reduce the Company’s ability to access capital, which could negatively impact the Company’s short-term and long-term liquidity. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change. The Company does not yet know the full extent of potential delays or impacts on its business, financing or other activities or on healthcare systems or the global economy as a whole. However, these effects could have a material impact on the Company’s liquidity, capital resources, operations and business and those of the third parties on which we rely.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
66986 usd
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
267966 usd
CY2022Q2 SUND Additional Borrowing Capacity From Related Party Notes Payable
AdditionalBorrowingCapacityFromRelatedPartyNotesPayable
4604192 usd
CY2022Q2 SUND Additional Borrowing Capacity On Convertible Debenture
AdditionalBorrowingCapacityOnConvertibleDebenture
3000000 usd
CY2022Q2 us-gaap Operating Expenses
OperatingExpenses
71000 usd
CY2022Q2 us-gaap Financing Interest Expense
FinancingInterestExpense
13500 usd
CY2021Q2 us-gaap Financing Interest Expense
FinancingInterestExpense
77561 usd
CY2022Q2 SUND Additional Financing Alternatives
AdditionalFinancingAlternatives
400000 usd
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.05
CY2022Q2 us-gaap Warrant Exercise Price Increase
WarrantExercisePriceIncrease
1.05
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
7250241 shares
CY2022Q2 SUND Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableNumber
7250241 shares
CY2022Q2 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
5876500 usd
CY2021Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.08 pure
CY2022Q2 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
3001808 usd
CY2022Q1 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
3001808 usd
CY2022Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
243936 usd
CY2022Q2 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
0 usd
CY2021Q1 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
0 usd
CY2022Q2 us-gaap Interest Payable Current
InterestPayableCurrent
124225 usd
CY2021Q1 us-gaap Interest Payable Current
InterestPayableCurrent
124225 usd

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