$SUND
Sundance Strategies, Inc.

2023 Q4 Form 10-Q Financial Statement

#000149315223040910 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $147.8K $92.70K $161.5K
YoY Change -0.88% -42.61% -6.16%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $147.8K $92.70K $161.5K
YoY Change -0.88% -42.61% -6.16%
Operating Profit -$147.8K -$92.70K -$161.5K
YoY Change -0.88% -42.61% -6.16%
Interest Expense $110.2K $108.3K $75.91K
YoY Change -16.03% 42.66% -196.88%
% of Operating Profit
Other Income/Expense, Net -$215.2K -$108.3K -$89.41K
YoY Change -58.82% 21.12% 14.11%
Pretax Income -$363.1K -$201.0K -$250.9K
YoY Change -45.96% -19.91% 0.18%
Income Tax
% Of Pretax Income
Net Earnings -$363.1K -$201.0K -$250.9K
YoY Change -45.96% -19.91% -1.46%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 $0.00 -$0.01
Diluted Earnings Per Share -$0.01 $0.00 -$6.060K
COMMON SHARES
Basic Shares Outstanding 42.26M shares 41.41M shares 41.41M shares
Diluted Shares Outstanding 42.24M shares 41.43M shares 41.41M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $556.2K $185.0K $500.00
YoY Change 17502.53% 36898.0% -46.81%
Cash & Equivalents $556.2K $185.0K $498.00
Short-Term Investments
Other Short-Term Assets $12.63K $16.19K $1.170K
YoY Change 6.58% 1283.76% -93.37%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $568.9K $201.2K $1.665K
YoY Change 3690.45% 11982.7% -91.04%
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 $0.00 $3.00 $5.00
YoY Change -100.0% -40.0%
TOTAL ASSETS
Total Short-Term Assets $568.9K $201.2K $1.665K
Total Long-Term Assets $0.00 $3.00 $5.00
Total Assets $568.9K $201.2K $1.670K
YoY Change 3689.94% 11946.71% -91.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $463.1K $463.1K $665.3K
YoY Change -33.73% -30.4% 20.69%
Accrued Expenses $451.2K $670.6K $455.0K
YoY Change -12.38% 47.37% 10.91%
Deferred Revenue
YoY Change
Short-Term Debt $300.0K $300.0K $300.0K
YoY Change 0.0% 0.0% 0.0%
Long-Term Debt Due $50.00K $876.0K $876.0K
YoY Change -93.03% 0.0% 0.0%
Total Short-Term Liabilities $1.664M $2.710M $2.696M
YoY Change -36.74% 0.49% 6.26%
LONG-TERM LIABILITIES
Long-Term Debt $3.200M $2.386M $2.126M
YoY Change 42.98% 12.24% 4.94%
Other Long-Term Liabilities $1.278M $965.0K $759.0K
YoY Change 58.15% 27.15% 67.44%
Total Long-Term Liabilities $4.477M $3.351M $2.885M
YoY Change 47.0% 16.16% 16.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.664M $2.710M $2.696M
Total Long-Term Liabilities $4.477M $3.351M $2.885M
Total Liabilities $6.141M $6.061M $5.581M
YoY Change 8.19% 8.59% 11.25%
SHAREHOLDERS EQUITY
Retained Earnings -$35.96M -$35.60M -$32.80M
YoY Change 7.44% 8.53%
Common Stock $42.26K $41.61K $41.41K
YoY Change 2.05% 0.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.573M -$5.859M -$5.579M
YoY Change
Total Liabilities & Shareholders Equity $568.9K $201.2K $1.665K
YoY Change 3690.45% 11982.7% -91.04%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$363.1K -$201.0K -$250.9K
YoY Change -45.96% -19.91% -1.46%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$243.8K -$90.08K -$66.49K
YoY Change 122.93% 35.48% -62.65%
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 615.0K 269.0K 0.000
YoY Change 449.11% -100.0%
NET CHANGE
Cash From Operating Activities -243.8K -90.08K -66.49K
Cash From Investing Activities
Cash From Financing Activities 615.0K 269.0K 0.000
Net Change In Cash 371.3K 178.9K -66.49K
YoY Change 13856.77% -369.09% 269.18%
FREE CASH FLOW
Cash From Operating Activities -$243.8K -$90.08K -$66.49K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Basis Of Accounting
BasisOfAccounting
<p id="xdx_84E_eus-gaap--BasisOfAccounting_zUQoWgtWpMs" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_ztDJX3hAt92l">Basis of Presentation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and reflect the financial position, results of operations and cash flows of the Company. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023, which was filed with the SEC on June 29, 2023. The results from operations for the three- and six-month period ended September 30, 2023, are not necessarily indicative of the results that may be expected for the fiscal year ended March 31, 2024. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, stockholders’ equity, and cash flows at September 30, 2023 and for all periods presented herein have been made.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the Company’s financial statements and the accompanying notes. Actual results could materially differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10708544 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7250241 shares
SUND Liquidity Requirements And Going Concern Disclosure Textblock
LiquidityRequirementsAndGoingConcernDisclosureTextblock
<p id="xdx_801_ecustom--LiquidityRequirementsAndGoingConcernDisclosureTextblock_zUG7XgMjq821" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(2) <span id="xdx_828_zZa0t3gRNBN6">LIQUIDITY REQUIREMENTS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; 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 September 30, 2023, the Company had $<span id="xdx_909_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_c20230930_zHbUyb2bUKk9" title="Cash">184,992</span> of cash assets, compared to $<span id="xdx_90C_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_c20230331_zGAaqOT0tJsj" title="Cash">553</span> as of March 31, 2023. As of September 30, 2023, the Company had access to draw an additional $<span id="xdx_905_eus-gaap--NotesPayable_iI_pp0p0_c20230930_zAD5GbFTTFP7" title="Notes payable">4,230,942</span>   on the notes payable, related party (see Note 6) and $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_c20230930__us-gaap--TypeOfArrangementAxis__custom--ConvertibleDebentureAgreementMember_zflTErERuGu" title="Debt borrowing amount">3,000,000</span> on the Convertible Debenture Agreement (See Note 7). For the six months ended September 30, 2023, the Company’s average monthly operating expenses were approximately $<span id="xdx_902_eus-gaap--OperatingExpenses_pp0p0_c20230401__20230930_z7kpSa4JYf74" title="Operating Expenses">41,000</span>, which includes salaries of the Company’s employee, 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_902_eus-gaap--FinancingInterestExpense_pp0p0_dxL_c20230401__20230930_zTV2co8HpOO3" title="Financing Interest Expense::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0444">0</span></span> and $<span id="xdx_904_eus-gaap--FinancingInterestExpense_pp0p0_c20220401__20220930_zVV7sD4uWuEi" title="Financing Interest Expense">27,000</span> were incurred during the six months ended September 30, 2023, and 2022, respectively. As management continues to explore additional financing alternatives, beginning October 1, 2023, the Company is expected to spend up to an additional $<span id="xdx_90A_ecustom--AdditionalFinancingAlternatives_pp0p0_c20230401__20230930_zjzFDaNjaEF4" title="Additional financing alternatives">300,000</span> on these efforts. Outstanding Accounts Payable as of September 30, 2023, totaled $<span id="xdx_906_eus-gaap--AccountsPayableCurrent_iI_pp0p0_c20230930_zDMlXucW3uwl" title="Accounts payable">463,050</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 November 2024. 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: 0pt 0; 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; text-align: justify; margin: 0pt 0; 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: 0pt 0; 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: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
184992 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
553 usd
CY2023Q3 us-gaap Notes Payable
NotesPayable
4230942 usd
us-gaap Operating Expenses
OperatingExpenses
41000 usd
us-gaap Financing Interest Expense
FinancingInterestExpense
27000 usd
SUND Additional Financing Alternatives
AdditionalFinancingAlternatives
300000 usd
CY2023Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
463050 usd
CY2018Q4 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
300000 usd
CY2023Q3 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
1500000 usd
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q3 SUND Subscription Receivable
SubscriptionReceivable
200000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
9403644 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
361900 shares
SUND Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted In Conjunction With Extension
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedInConjunctionWithExtension
543000 shares
SUND Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted In Investors With Cash
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedInInvestorsWithCash
400000 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
10708544 shares
SUND Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercisable
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisable
10708544 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
10708544 shares
CY2023Q3 SUND Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableNumber
10708544 shares
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
9227719 usd
CY2021Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.08 pure
CY2023Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
356423 usd
CY2023Q3 us-gaap Interest Payable Current
InterestPayableCurrent
124225 usd
CY2023Q1 us-gaap Interest Payable Current
InterestPayableCurrent
124225 usd

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