0000891092-19-004397.txt : 20190408 0000891092-19-004397.hdr.sgml : 20190408 20190405202528 ACCESSION NUMBER: 0000891092-19-004397 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 46 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20190408 DATE AS OF CHANGE: 20190405 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Sundance Strategies, Inc. CENTRAL INDEX KEY: 0001171838 STANDARD INDUSTRIAL CLASSIFICATION: INSURANCE AGENTS BROKERS & SERVICES [6411] IRS NUMBER: 880515333 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-50547 FILM NUMBER: 19736246 BUSINESS ADDRESS: STREET 1: 4626 NORTH 300 WEST, SUITE 365 CITY: PROVO STATE: UT ZIP: 84604 BUSINESS PHONE: 801-705-8968 MAIL ADDRESS: STREET 1: 4626 NORTH 300 WEST, SUITE 365 CITY: PROVO STATE: UT ZIP: 84604 FORMER COMPANY: FORMER CONFORMED NAME: JAVA EXPRESS INC DATE OF NAME CHANGE: 20020422 10-Q 1 e4631_10q.htm FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

  For the Quarterly Period Ended June 30, 2017

 

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

  For the Transition Period From ________ to _________

 

Commission File Number 000-50547

 

SUNDANCE STRATEGIES, INC.

 (Exact name of registrant as specified in its charter)

 

Nevada   88-0515333
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)
     
4626 North 300 West, Suite No. 365, Provo, Utah   84604
(Address of principal executive offices)   (Zip Code)

 

(801) 717-3935

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes o   No x

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files.)Yes o   No x

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a “smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer o Accelerated filer o
Non-accelerated filer x     Smaller reporting company x
 Emerging Growth Company x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. x

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes o     No x

 

As of April 5, 2019 the registrant had 37,828,441  shares of common stock, par value $0.001, issued and outstanding.

 

 1

 

SUNDANCE STRATEGIES, INC.

FORM 10-Q

TABLE OF CONTENTS

 

 

 

 

  Page
   
PART I — FINANCIAL INFORMATION 3
   
Item 1. Financial Statements (Unaudited) 3
  Condensed Consolidated Balance Sheets as of June 30, 2017 (Unaudited) and March 31, 2017 4
  Condensed Consolidated Statements of Operations for the three months ended June 30, 2017 and 2016 (Unaudited) 5
  Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 2017 and 2016 (Unaudited) 6
  Notes to Condensed Consolidated Financial Statements June 30, 2017 (Unaudited) 7
     
Item 2.  Management’s Discussion and Analysis of Financial Condition And Results of Operations 17
   
Item 3.  Quantitative and Qualitative Disclosure about Market Risk 24
   
Item 4.  Controls and Procedures 25
   
PART II — OTHER INFORMATION 26
   
Item 1. Legal Proceedings 26
   
Item 1A.  Risk Factors 26
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27
   
Item 3. Defaults upon Senior Securities 27
 
Item 4. Mine Safety Disclosures 27
   
Item 5. Other Information 27
   
Item 6.  Exhibits 29
   
Signatures 30

 

 

 

 

 2

 

PART I - FINANCIAL INFORMATION

 

Item 1.  Financial Statements (Unaudited)

 

The Condensed Consolidated Financial Statements of the Company required to be filed with this Quarterly Report were prepared by management and commence below, together with related notes. In the opinion of management, the Condensed Consolidated Financial Statements fairly present the financial condition of the Company and include all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s Condensed Consolidated Financial Statements. The results from operations for the three month period ended June 30, 2017, are not necessarily indicative of the results that may be expected for the fiscal year ended March 31, 2018. The unaudited Condensed Consolidated Financial Statements should be read in conjunction with the March 31, 2017, Consolidated Financial Statements and footnotes thereto included in the Company’s Annual Report on Form10-K for the fiscal year ended March 31, 2017, which was filed with the SEC on April 12, 2018.

 

 3

 

SUNDANCE STRATEGIES, INC. AND SUBSIDIARY

Condensed Consolidated Balance Sheets

June 30, 2017 (Unaudited) and March 31, 2017

    June 30,    
    2017   March 31,
    (Unaudited)   2017
             
ASSETS
             
Current Assets      
  Cash and Cash Equivalents $                     35,178   $               4,364
  Prepaid Expenses and Other Assets                         2,205                   4,705
  Investment in Net Insurance Benefits                  7,769,568          34,156,005
             
Total Current Assets $                7,806,951   $      34,165,074
  LIABILITIES AND STOCKHOLDERS' EQUITY
             
Current Liabilities          
  Accounts Payable $                   540,820   $           508,071
             
  Deferred Income Taxes                                 -               758,972
  Notes Payable, Related Parties                  4,718,484            5,214,753
  Convertible Debenture                     700,000               700,000
  Accrued Expenses                     402,625               753,780
             
Total Current Liabilities                  6,361,929            7,935,576
             
Commitments and Contingencies (Note 8)                         -                   -
             
Stockholders' Equity          
  Preferred Stock, authorized 10,000,000 shares,          
  par value $0.001; -0- shares issued and outstanding                         -     -
  Common Stock, authorized 500,000,000 shares,          
  par value $0.001; 44,128,441 shares issued and outstanding               44,129                 44,129
  Additional Paid In Capital        24,547,014          24,547,014
  Retained Earnings (Accumulated Deficit)               (23,146,121)            1,638,355
             
Total Stockholders' Equity                  1,445,022          26,229,498
             
Total Liabilities and Stockholders' Equity $ 7,806,951   $ 34,165,074


The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 4

 

SUNDANCE STRATEGIES, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Operations

For the Three Months Ended June 30, 2017 and 2016

(Unaudited)

 

    Three Months Ended     Three Months Ended
    June 30,     June 30,
    2017     2016
               
Interest Income on Investment in Net Insurance Benefits   $                                              -     $                        1,453,872
               
General and Administrative Expenses                                       547,581                                 727,443
Impairment of Accrued Interest Receivable
on Net Insurance Benefits
                                   1,936,311                                           -   
               
Income (Loss) from Operations                                  (2,483,892)                                 726,429  
Other Expense              
Impairment of Investment in Net Insurance Benefits                            (22,950,126)                                             - 
Interest Expense                                     (109,430)                                 (85,882)  
Total Other Expense                                (23,059,556)                                 (85,882)  
               
Income (Loss) Before Income Taxes                                (25,543,448)                                 640,547
Income Tax Provision                                     (758,972)                                             -  
               
Net Income (Loss)   $                            (24,784,476)     $                           640,547
Basic and Diluted:              
Basic Earnings (Loss) Per Share   $                                       (0.56)     $                                 0.01  
Diluted Earnings (Loss) Per Share   $                                       (0.56)     $                                 0.01  
               
Basic Weighted Average Number of Shares Outstanding                                  44,128,441                            44,140,669  
Diluted Weighted Average Number of Shares Outstanding                                  44,128,441                            45,482,299  


The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 5

 

SUNDANCE STRATEGIES, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Cash Flows

For the Three Months Ended June 30, 2017 and 2016

(Unaudited)

 

        Three Months Ended   Three Months Ended
        June 30, 2017   June 30, 2016
                 
Operating Activities          
                 
  Net Income (Loss) $                      (24,784,476)   $                        640,547
  Adjustments to reconcile to net cash from operating activities:          
    Share Based Compensation - Options                                          -                            103,843
    Impairment of Net Insurance Benefits                          24,886,437      
    Deferred Income Taxes                             (758,972)                                        -
    Accrued Interest on Net Insurance Benefits                                          -                        (1,453,872)
    Changes in Operating Assets and Liabilities          
    Accrued Interest Income                                          -                               (2,204)
    Cash Received on Net Insurance Benefits                            1,500,000                         1,417,870
    Prepaid Expenses and Other Assets                                   2,500                               (8,125)
    Accounts Payable                                 32,749                              38,265
    Accrued Expenses                             (351,155)                             (59,787)
                 
    Net Cash from Operating Activities                               527,083                            676,537
Financing Activities          
                 
  Proceeds from Convertible Debenture                               200,000                                        -
  Repayment of Convertible Debenture                             (200,000)                                        -
  Proceeds from Issuance of Notes Payable, Related Party                                          -                            205,000
  Repayment of Notes Payable, Related Party                             (496,269)                           (150,000)
  Redemption of Mandatorily Redeemable Common Stock                                          -                           (750,000)
                 
  Net Cash from Financing Activities                             (496,269)                           (695,000)
Net Change in Cash and Cash Equivalents                                 30,814                             (18,463)
Cash and Cash Equivalents at Beginning of Period                                   4,364                              24,717
                 
Cash and Cash Equivalents at End of Period $                               35,178   $                            6,254
                 
Non Cash Financing & Investing Activities, and Other Disclosures          
    Cash Paid for Interest $                             415,519   $                                  -   
    Cash Paid for Income Taxes $                                        -   $                                  -   


The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 6

 

SUNDANCE STRATEGIES, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
June 30, 2017

(1) ORGANIZATION AND BASIS OF PRESENTATION

 

The accompanying interim condensed consolidated financial statements have been prepared by the Company, without audit, in accordance with the instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X promulgated by the United States Securities and Exchange Commission (the “SEC”) and, therefore, do not include all information and footnotes necessary for a fair presentation of its consolidated financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States (“GAAP”).

 

In the opinion of management, the condensed consolidated unaudited financial information for the interim periods presented reflects all adjustments, consisting of only normal and recurring adjustments, necessary for a fair presentation of the Company’s consolidated financial position, results of operations, and cash flows for the periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year.

 

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. 

 

Sundance Strategies, Inc. (formerly known as Java Express, Inc.) was organized under the laws of the State of Nevada on December 14, 2001, and engaged in the retail selling of beverage products to the general public until these endeavors ceased in 2006; it had no material business operations from 2006, until its acquisition of ANEW LIFE, INC. (“ANEW LIFE”), a subsidiary of Sundance Strategies, Inc. (“Sundance Strategies”, “the Company”, “we” or “our”). The Company is engaged in the business of purchasing or acquiring life insurance policies and residual interests in or financial products tied to life insurance policies, including notes, drafts, acceptances, open accounts receivable and other obligations representing part or all of the sales price of insurance, life settlements and related insurance contracts being traded in the secondary marketplace, often referred to as the “life settlements market.” Since the Company’s inception its operations have been primarily financed through sales of equity, debt financing from related parties and the issuance of notes payable and convertible debentures. Currently, the Company is focused on the purchase of net insurance benefit contracts (“NIBs”) based on life settlements or life insurance policies. The Company does not take possession or control of the policies. The owners of the life settlements or life insurance policies (the “Owners” or “the Holders”) acquire such policies at a discount to their face value. On settlement, the Company receives the net insurance benefit after all borrowings, interest and expenses have been paid by the Owners out of the settlement proceeds.

 

The Owners are variable interest entities (VIEs), for which the Company has a variable interest, but is not the primary beneficiary. The Company’s investment in NIBs (see Note 3) were issued by the Owners (i.e. the VIEs). The Company’s maximum exposure to loss in the variable interest entities is limited to the investment in NIBs balance. The Company does not have the power to direct activities of the VIEs. Further, the Company does not have the contractual obligation to absorb losses of the VIE.

 

The investment in NIBs is a residual economic beneficial interest in a portfolio of life insurance contracts that have been financed by an independent third party via a loan from a lender and, in certain cases, insured via a mortality risk insurance product or mortality re-insurance (“MRI”).   Future expected cash flow and positive profits are defined as the net insurance proceeds from death benefits after senior debt repayment, mortality risk repayment, and service provider or other third-party payments.

 

NIBs are generally in the form of participating debt certificates (“PDC”), and although the two terms are interchangeable, the Company typically refers to them as NIBs. According to the terms of the PDCs, the PDCs provide both variable and fixed interest return to the Company from the Owners of the policies in the form of accrued yield. The variable interest varies by individual PDC, and is calculated as 99% to 100% (depending on the PDC) of the positive profits from the life insurance assets held by the Owners of the policies. The fixed interest also

 

 7

 

SUNDANCE STRATEGIES, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
June 30, 2017

varies by individual PDC, and is either 1% or 2% per annum of the par value of the PDCs held by the Company. The par value of the PDCs held by the Company is approximately $36.8 million. The NIBs agreements between the Company and the Owners of the policies contain a provision that allows for the Owners to redeem the NIBs at any point, conditional upon paying to the Company the par value of the NIBs, as well as any unpaid accrued yield relating to fixed and variable interest. In aggregate, the sum of the par value plus unpaid accrued interest is in excess of the Company’s initial investment. The Company holds between 72.2% and 100% in the NIBs relating to the underlying life insurance policies as of June 30, 2017 and 2016. The Company is not responsible for maintaining premiums or other expenses related to maintaining the underlying life insurance contracts. Therefore, the investment in NIBs balance on the Company’s balance sheet does not increase when premiums or other expenses are paid.

 

At March 31, 2017, and during the three months ended June 30, 2017, the Company accounted for its investment in NIBs at the initial investment value increased for interest income and decreased for cash receipts received by the Company. At the time of transfer or purchase of an investment in NIBs, we estimated the future expected cash flows and determine the effective interest rate based on these estimated cash flows and our initial investment. Based on this effective interest rate, the Company calculated accretable income, which was recorded as interest income on investment in NIBs in the statement of operations. Our projections were based on various assumptions that are subject to uncertainties and contingencies including, but not limited to, the amount and timing of projected net cash receipts, expected maturity events, counter party performance risk, changes to applicable regulation of the investment, shortage of funds needed to maintain the asset until maturity, changes in discount rates, life expectancy estimates and their relation to premiums, interest, and other costs incurred, among other items. These uncertainties and contingencies are difficult to predict and are subject to future events that may impact our estimates and interest income. As a result, actual results could differ significantly from these projections. Therefore, subsequent to the purchase and on a regular basis, these future estimated cash flows were evaluated for changes. If the determination was made that the future estimated cash flows should be adjusted to the point of a material change in revenue, a revised effective yield was calculated prospectively based on the current amortized cost of the investment, including accrued accretion. Any positive or adverse change in cash flows would result in a prospective increase or decrease in the effective interest rate used to recognize interest income. Any significant adverse change in the cash flows that may have resulted in the recognition of an “other-than-temporary impairment” (“OTTI”), and would be evaluated by the Company accordingly.

 

At March 31, 2017, and during the three months ended June 30, 2017, the Company’s investment in NIBs was treated as a debt security, which was classified as a hold-to-maturity asset.

 

We evaluate the carrying value of our investment in NIBs for impairment on a regular basis and, if necessary, adjust our total basis in the NIBs using new or updated information that affects our assumptions. We recognize impairment on a NIB contract if the fair value of the beneficial interest is less than the carrying amount of the investment, plus anticipated undiscounted future premiums and direct external costs, if any, and if there are adverse changes in cash flow. We had not recognized any impairment on our investment in NIBs from inception, through the year ended March 31, 2017.

 

However, between May 2018 and July 2018, the Owners entered into agreements that completed a strict foreclosure transaction that transferred these policies from the owners to the lenders in full satisfaction of the loan obligation. As part of the original agreement, the Chairman of the Company helped secure the loan by including a personal guarantee for a portion of the debt, if needed. The owners and other parties to the Agreements are diligently working to secure alternative financing, although no such positive outcome can be assured. As a result of the foreclosure, the Company has lost its position in the residual benefits of the policies and has reduced the carrying value of the NIBs at June 30, 2017 to $7,769,568, which is equal the actual cash received by the Company from distributions subsequent to June 30, 2017. This carrying value is less than the accretion receivable as of March 31, 2017, and as such, is considered accretion receivable and not part of the Company’s original investment.

 

 

 

 8

 

SUNDANCE STRATEGIES, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
June 30, 2017

(2) NEW ACCOUNTING PRONOUNCEMENTS   

 

Adopted During the Quarter Ended June 30, 2017

 

In December 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. The new standard is designed to simplify the presentation of deferred income taxes, and requires all deferred tax liabilities and assets of the same tax jurisdiction or a tax filing group, as well as any related valuation allowance, be offset and presented as a single noncurrent amount in a classified balance sheet. The amendments are effective for the Company’s fiscal year beginning April 1, 2017, and for interim periods within that fiscal year. The adoption of this guidance did not have a material effect on the consolidated financial statements as the Company presents an unclassified balance sheet.

 

In March 2016, the FASB issued ASU 2016-06 related to the embedded derivative analysis for debt instruments with contingent call or put options. This pronouncement clarifies that an exercise contingency does not need to be evaluated to determine whether it relates only to interest rates or credit risk. Instead, the contingent put or call option should be evaluated for possible bifurcation as a derivative in accordance with the four-step decision sequence detailed in FASB ASC 815-15, without regard to the nature of the exercise contingency. The pronouncement is effective for the Company’s fiscal year beginning April 1, 2017, and for interim periods within that fiscal year. The adoption of this guidance did not have a material effect on the consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. The new standard simplifies certain aspects of the accounting for share-based payment award transactions by allowing entities to continue to use current GAAP by estimating the number of awards that are expected to vest or, alternatively, entities can elect to account for forfeitures as they occur. Another aspect of the standard requires an entity to recognize all excess tax benefits and deficiencies associated with stock-based compensation as a reduction or increase to tax expense in the income statement. Previously, such amounts were recognized in additional paid-in capital. ASU 2016-09 is effective for the Company for its fiscal year beginning April 1, 2017. The adoption of this guidance did not have a material effect on the consolidated financial statements.

 

In October 2016, the FASB issued ASU 2016-17, Consolidation - Interests held through Related Parties that are under Common Control, which alters how a decision maker needs to consider indirect interests in a variable interest entity (VIE) held through an entity under common control. Under the new ASU, if a decision maker is required to evaluate whether it is the primary beneficiary of a VIE, it will need to consider only its proportionate indirect interest in the VIE held through a common control party. The amendments in this Update are effective for fiscal years beginning April 1, 2017, including interim periods within that fiscal year. The adoption of this guidance did not have a material effect on the consolidated financial statements, as the Company has no related parties under common control that have the characteristics of a primary beneficiary of a variable interest entity.

 

Not Yet Adopted

 

The Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09, 2015-14, 2016-8, 10,11 and 12 and 2017-13 – Revenue from Contracts with Customers, which provides a single, comprehensive revenue recognition model for all contracts with customers. The core principal of the ASUs 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. The ASUs 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. In July 2015, the FASB deferred the effective date of this standard. As a result, the standard and related amendments will be effective for the Company for its fiscal year beginning April 1, 2018, including interim periods within that fiscal year. Early application is permitted, but not before the original effective date of April 1, 2017. Entities are allowed to transition to the new standard by either retrospective application or recognizing the cumulative effect. The ASUs are not applicable to securitized beneficial interests that derive accreted yields and, therefore the Company will continue to follow the guidance in ASC 325-40. The adoption of this standard will not have an impact on the consolidated financial statements.

 

In January 2016, the FASB issued ASU 2016-01 regarding Financial Instruments, which amended guidance on the classification and measurement of financial instruments. Under the new guidance, entities will be required to measure equity investments that are not consolidated or accounted for under the equity method at fair value with any

 

 9

 

SUNDANCE STRATEGIES, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
June 30, 2017

changes in fair value recorded in net income, unless the entity has elected the new practicability exception. For financial liabilities measured using the fair value option, entities will be required to separately present in other comprehensive income the portion of the changes in fair value attributable to instrument-specific credit risk. Additionally, the guidance amends certain disclosure requirements associated with the fair value of financial instruments. The standard will be effective for the Company’s fiscal year beginning April 1, 2018, including interim reporting periods within that fiscal year. The Company is currently evaluating the effect of the adoption of this guidance on the consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02 related to the accounting for leases. This pronouncement requires lessees to record most leases on their balance sheet, while expense recognition on the income statement remains similar to current lease accounting guidance. The guidance also eliminates real estate-specific provisions and modifies certain aspects of lessor accounting. Under the new guidance, lease classification as either a finance lease or an operating lease will determine how lease-related revenue and expense are recognized. The pronouncement is effective for the Company’s fiscal year beginning April 1, 2019, and for interim periods within that fiscal year. The Company does not believe the adoption of this guidance will have a material effect on the consolidated financial statements because leases are month-to-month and not material to the Company’s financial statements.

 

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures relating to significant estimates and judgments used in estimating credit losses, as well as the credit quality. The amendments are effective for the Company’s fiscal year beginning April 1, 2020, including interim periods within that fiscal year. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and results of operations.

 

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments. Historically, there has been a diversity in practice in how certain cash receipts/payments are presented and classified in the statement of cash flows. To reduce the existing diversity in practice, this update addresses the eight cash flow issues as listed in the pronouncement. The amendments in this update are effective for fiscal years beginning April 1, 2018, and interim periods within that fiscal year. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company’s financial statements.

 

On May 10, 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting, which amends the scope of modification accounting for share-based payment arrangements, provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. For all entities, the ASU is effective for the Company’s fiscal year beginning April 1, 2018, including interim periods within that annual reporting period. Early adoption is permitted, including adoption in any interim period. The adoption of this standard is not expected to have material impact on the Company’s financial statements as the Company does not expect to make future modifications to existing share based payment awards.

 

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.

 

 

 

 

 10

 

SUNDANCE STRATEGIES, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
June 30, 2017

 

(3) INVESTMENT IN NET INSURANCE BENEFITS

 

The balance in Investment in NIBs at June 30, 2017 and March 31, 2017, and related activity for the periods then ended were as follows:

 

  June 30, 2017   March 31, 2017
Beginning Balance  $                34,156,005    $            29,822,186
Accretion of interest income                                   -                       5,751,689
Cash received                    (1,500,000)                  (1,417,870)
Impairment of investments                  (24,886,437)                 - 
Ending Balance  $                  7,769,568    $            34,156,005

 

As outlined in Note 1, between May 2018 and July 2018, the Owners entered in agreements that completed a strict foreclosure transaction that transferred these policies to the lenders in full satisfaction of the loan obligation. As a result of the foreclosure the Company reduced the carrying value of the NIBs by $24,886,437 at June 30, 2017, to $7,769,568, which is the estimated fair value of the NIBs calculated as the actual cash received subsequent to June 30, 2017, from distributions by the Owners to the Company.

 

The original face value of the underlying life insurance policies was $412,820,622. This value takes into account the approximately 72.2% of the NIBs associated with a portfolio of life settlement policies having a face value that originally totaled $94,000,000. One policy matured during March 2014, totaling $8,000,000. A second policy with a face value of $10,000,000 matured during November 2016. Between February and March 2017, two additional maturities occurred within one portfolio of policies, totaling $14,500,000 million in face value, both of which were earlier than was forecasted based on the life expectancy reports obtained by the Owners. During April 2017, another policy with a face value of $1,500,000 matured earlier than expected. As of June 30, 2017, the face value of the outstanding, underlying policies totaled $365,454,812, adjusting for the approximately 72.2% mentioned above.

 

Our Investment in NIBs are classified as held-to-maturity investments at March 31, 2017 and as available-for-sale investments at June 30, 2017. The NIBs have a contractual maturity date of 25 years from inception, and the inception dates ranged from December 2011 to January 2013. The amortized cost, aggregate fair value and gross unrecognized holding gains and losses at June 30, 2017 and March 31, 2017 were as follows:

 

  June 30, 2017   March 31, 2017
       
Amortized Cost Basis/Net Carrying Amount $                    7,769,568    $                        34,156,005
Aggregate Fair Value (See Note 4)                       7,769,568                              45,643,224
Gross Unrecognized Holding Gains  $                                -       $                        11,487,219

 

During April 2016 and May 2017, the Company received $1,417,870 and $1,500,000, respectively, in cash proceeds associated with maturities and miscellaneous adjustments to the underlying policies. The cash proceeds reduced the carrying value of the Company’s Investment in NIBs.

 

(4) FAIR VALUE MEASUREMENTS

 

As defined by ASC Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820"), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also requires the consideration of differing levels of inputs in the determination of fair values.

 

Those levels of input are summarized as follows:

 

• Level 1: Quoted prices in active markets for identical assets and liabilities.

 

 

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SUNDANCE STRATEGIES, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
June 30, 2017

• Level 2: Observable inputs other than Level 1 quoted prices, such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

 

• Level 3: Unobservable inputs that are supported by little or no market activity. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques as well as instruments for which the determination of fair value requires significant management judgment or estimation.

 

The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety.

 

In accordance with the disclosure requirements of ASC Topic 825, “Financial Instruments” (“ASC 825”), the tables below summarize fair value estimates for the Company’s Investment in NIBs, which both are (at June 30, 2017) are not (at March 31, 2017) required to be carried at fair value. The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying value of the Company. In estimating the fair value of the Company’s Investment in NIBs, the rate of return that a market participant would be willing to pay for each portfolio is used to recalculate the discounted estimated future cash flows. This present value is used to represent the fair value of the Investment in NIBs using level 3 inputs.

 

Financial Instruments Required To Be Carried at Fair Value at June 30, 2017

 

 

           
    Fair Value Measurements at June 30, 2017
Description Level 1   Level 2   Level 3   Total
                 
Investment in Net Insurance Benefits  $            -       $            -       $             7,769,568    $             7,769,568
             

 

Financial Instruments Not Required To Be Carried at Fair Value at March 31, 2017

 

 

                 
    Fair Value Measurements at March 31, 2017
Description Level 1   Level 2   Level 3   Total
                 
Investment in Net Insurance Benefits  $            -       $            -       $           45,643,224    $           45,643,224

 

 

The Company did not have any transfers of assets and liabilities between Levels 1, 2 and 3 of the fair value measurement hierarchy during the year ended March 31, 2017 and the three months ended June 30, 2017.

At March 31, 2017, the fair value of our investment in NIBs was determined by evaluating the sum of present value of the future cash flows expected from the NIBs. Therefore, subsequent to the purchase and on a regular basis, these future estimated cash flows were evaluated for changes. If the determination was made that the future estimated cash flows should be adjusted to the point of a material change in revenue, a revised effective yield would be calculated prospectively based on the current amortized cost of the investment, including accrued accretion.

At June 30, 2017, the fair value of our investment in NIBs is calculated as the actual cash received (discounted) subsequent to June 30, 2017, from distributions by the Owners to the Company.

 

 12

 

SUNDANCE STRATEGIES, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
June 30, 2017

Other Financial Instruments

 

The Company’s recorded values of cash and cash equivalents, accounts payable and accrued liabilities approximate their fair values based on their short-term nature. The recorded values of the notes payable and convertible debenture approximates the fair values as the interest rate approximates market interest rates.

 

(5) NOTES PAYABLE, RELATED PARTY

 

As of June 30, 2017 and March 31, 2017, the Company had borrowed $4,718,484 and $5,214,753, respectively, excluding accrued interest, from related parties under notes payable agreements that allow for borrowings of up to $6,730,000, exclusive of accrued interest. There are no covenants associated with these agreements. Of the $4,718,484 of notes payable owed as of June 30, 2017, $3,238,628 was due August 31, 2018. The remaining $1,479,856 was due November 30, 2018 (see Note 12 for subsequent due date extensions). In the event the Company completes a successful equity raise, principal and interest on notes payable totaling $4,742,007 are due in full at that time. The notes payable incur interest at 7.5%, and are collateralized by Investment in NIBs. During the three months ended June 30, 2017, the Company did not borrow any additional funds under these agreements, and repaid $496,269. Additionally, $405,519 in accrued interest was paid out during the three months ended June 30, 2017. As of June 30, 2017, the Company had availability to borrow up to $2,011,516 under these agreements. The interest associated with these notes of $23,523 and $334,626 is recorded on the balance sheet as an Accrued Expense obligation at June 30, 2017 and March 31, 2017, respectively. The related parties include a person who is the Chairman of the Board of Directors and a stockholder, and Radiant Life, LLC, an entity partially owned by the Chairman of the Board of Directors.

 

See Note 12 for a detail of activity on the Notes Payable, Related Party subsequent to June 30, 2017.

 

 

(6) CONVERTIBLE DEBENTURE AGREEMENT

 

The Company has entered into an 8% convertible debenture agreement with Satco International, Ltd., that allows for borrowings of up to $3,000,000. The holder originally had the option to convert the outstanding principal and accrued interest to unregistered, restricted common stock of the Company on June 2, 2016. Per the agreement, 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; and the price at which the Debenture may be converted will be no lower than $1.00 per share. The original maturity date was June 2, 2016, but was later extended, through a series of extensions, to August 31, 2019. These extensions applied to both the due date and the conversion rights. See Note 12 for a detail of activity on the Convertible Debenture subsequent to June 30, 2017.

 

As of June 30, 2017 and March 31, 2017, the Company owed $700,000 under the agreement, excluding accrued interest. During the three months ending June 30, 2017, the company borrowed $200,000 on the agreement and also repaid $200,000. In addition, the Company paid $10,000 toward accrued interest related to the Convertible Debenture. The associated interest of $107,501 and $102,488 at June 30, 2017 and March 31, 2017, respectively, is recorded on the balance sheet as an Accrued Expense obligation.

 


(7) LIQUIDITY REQUIREMENTS

 

Since the Company’s inception, 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, 2017, the Company had $35,178 of cash assets, compared to $4,364 as of March 31, 2017. As of April 5, 2019, the Company had access to draw an additional $5,507,991 on the notes payable, related party (see Note 5 and Note 12) and $3,000,000 on the Convertible Debenture Agreement (See Note 6 and Note 12). The Company’s average monthly expenses are expected to be approximately $100,000, which includes salaries of our employees, consulting agreements and contract labor, general and administrative expenses and estimated legal and accounting expenses. Outstanding Accounts Payable as of June 30, 2017, totaled $540,820, and other accrued liabilities totaled $402,625.

 

 13

 

SUNDANCE STRATEGIES, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
June 30, 2017

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, or through April 2020. 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. The Company also continues to evaluate other debt and equity financing opportunities.

 

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. Due to the foreclosure on the NIBs mentioned above, the company has no current source of future revenues. In order to continue to purchase additional NIBs or remove the NIBs out of foreclosure, the Company will need to raise additional capital. Management is currently engaged in obtaining long term financing and believes that it will secure the needed additional capital within one year from the date of this filing. As management believes that additional capital is a probable outcome, the Company has the ability to continue as a going concern for a period of one year from the date of issuance of these financial statements.

 

(8) COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS

 

As explained in Note 1, the Company is engaged in the business of purchasing or acquiring life insurance policies and residual interests in or financial products tied to life insurance policies, including notes, drafts, acceptances, open accounts receivable and other obligations representing part or all of the sales price of insurance, life settlements and related insurance contracts being traded in the secondary marketplace, often referred to as the “life settlements market”. The Company does not take possession or control of the policies. The owners of the life settlements or life insurance policies acquired such policies at a discount to their face value. The life insurance portfolios underlying our NIBs typically involve loans originated with 4-5 year terms. The Company has always assumed that the Holders will be able to refinance their loans at the end of the respective loan terms. However, the Holders’ Lender’s ability to offer replacement loans has always been governed by factors that are beyond the Company’s control or the control of the Holders. At June 30, 2017, the entities that own the policies maintained a total of 13 separate loan agreements with the senior lending facility, all with separate expiration dates. As of June 30, 2017, 9 of these loans had expiration dates that had lapsed, with the remaining 4 loans having maturity dates ranging from July 2017 to January 2018. During October 2017, the entities completed a refinancing of the loans that had matured and were about to mature. The agreements were with a new senior lending facility who previously provided MRI for the underlying policies. During December 2017, these new loans were extended through April 15, 2018, and did not require MRI coverage. The Holders had available credit to pay forecasted premiums and expenses on a portion of the policies until April 15, 2018, which was the renewal date of the loans on these life insurance policies. The Holders have worked with the lender to extend the loans multiple times and now, after the last loan extension expired, between May 2018 and July 2018, the lenders foreclosed on the loans associated with the underlying life insurance policies and the Company has recorded a $24,886,437 impairment on the NIBs.

 

As of June 30, 2017, the Company had remaining accrued expenses of $271,601 relating to the costs to maintain the structure of the life insurance policies. From August 2017 to October 2017, the Company paid an additional $82,438 of these accrued expenses. During October 2017 the Company received notification from the Holders that the remaining $189,163 had been paid in full by the Holders. Subsequent to June 30, 2017, the Company has reversed the effects of the remaining $189,163 accrued liability on its balance sheet.

 

  

(9) EARNINGS (LOSS) PER COMMON SHARE

 

Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the periods. Diluted net income per common share is computed by including common shares that may be issued subject to existing rights with dilutive potential, when applicable. Dilutive common stock equivalents are primarily comprised of stock options and warrants. Potentially dilutive shares resulting from convertible debt agreements are evaluated using the if-converted method, and such amounts were not dilutive.

 

 14

 

SUNDANCE STRATEGIES, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
June 30, 2017

 

(10) STOCK OPTIONS

 

During the year ended March 31, 2014, the Company issued common stock options to certain directors, officers, consultants and employees. The Company has recorded stock-based compensation expense of $182,572 and $508,503 related to these options for year ended March 31, 2017 and 2016, respectively. At March 31, 2017, all stock options had vested and all expenses relating to the outstanding options had been recognized as stock-based compensation expense. On the date of grant, the contractual option terms were all 5 years, with all options have an expiration date between April and October of 2018. The number of options outstanding and exercisable at June 30, 2017 is 2,106,875.

 

If all vested options as of June 30, 2017 were to be exercised, the Company could expect to receive $3,314,294.

 

(11) INCOME TAXES

 

On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Reform Act”) was signed into law by the President of the United States. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. federal corporate tax rate from 35% to 21% effective for the Company’s fiscal year ended March 31, 2018. U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted. The Company will recognize the effects of the Tax Reform Act for the re-measurement of its net deferred tax liabilities during the third quarter ended December 31, 2017. This will be done in accordance with Staff Accounting Bulletin No. 118 (“SAB 118”), which provides SEC staff guidance for the application of ASC Topic 740, Income Taxes, in the reporting period in which the 2017 Tax Reform Act was signed into law.

 

(12) SUBSEQUENT EVENTS

 

Subsequent to June 30, 2017, the following events transpired:

 

As further explained in Note 8, during October 2017, the Holders completed a refinancing of the loans that had matured and were about to mature. The agreements are with a new senior lending facility who previously provided MRI for the underlying policies. During December 2017, these new loans were extended through April 15, 2018, and the Holders had available credit to pay forecasted premiums and expenses on a portion of the policies until that date. Between May 2018 and July 2018, the Holders entered in agreements that completed a strict foreclosure transaction that transferred the underlying life insurance policies relating to the Company’s NIBs to the lenders in full satisfaction of the loan obligation. The Holders and other parties to the Agreements are diligently working to secure alternative financing, although no such positive outcome can be assured. As of the date of this filing, the lenders continue to pay premiums and related fees on the life insurance policies and have not yet liquidated the policies. As a result of the foreclosure, the Company has lost its position in the residual benefits of the policies and has reduced the carrying value of the NIBs at June 30, 2017 to $7,769,568, which is equal the actual cash received by the Company from distributions subsequent to June 30, 2017. This carrying value is less than the accretion receivable as of March 31, 2017, and as such, is considered accretion receivable and not part of the Company’s original investment.

 

As of June 30, 2017, the Company had remaining accrued expenses of $271,601 relating to the costs to maintain the structure of the life insurance policies. From August 2017 to October 2017, the Company paid an additional $82,438 of these accrued expenses. During October 2017 the Company received notification from the Holders that the remaining $189,163 had been paid in full by the Holders. Subsequent to June 30, 2017, the Company has reversed the effects of the remaining $189,163 accrued liability on its balance sheet.

 

On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Reform Act”) was signed into law by the President of the United States. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. federal corporate tax rate from 35% to 21% effective for the Company’s

 

 15

 

SUNDANCE STRATEGIES, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
June 30, 2017

calendar year ending March 31, 2018. U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted. The Company will recognize the effects of the Tax Reform Act for the re-measurement of the net deferred tax liabilities during the third quarter ended December 31, 2017. This will be done in accordance with Staff Accounting Bulletin No. 118 (“SAB 118”), which provides SEC staff guidance for the application of ASC Topic 740, Income Taxes, in the reporting period in which the 2017 Tax Reform Act was signed into law.

 

Effective January 1, 2018, Matthew Pearson resigned his position as the Company’s Chief Operations Officer to pursue other opportunities. As of the date of this filing, no replacement has been designated to fill his position.

 

During February 2018, management engaged consultants to explore and analyze financing alternatives available to the Company. From February 2018 through March 2019 approximately $1,320,581 has been paid to the consultants.

 

Effective December 5, 2018, Ty D. Mattingly resigned his position on the Company’s Board of Directors. On December 6, 2018, Glenn S. Dickman and Stephen E. Quesenberry were named to the Company’s Board of Directors.

 

Effective December 6, 2018, three existing stockholders have contributed to the Company a portion of their common shares held at a repurchase price to the Company of USD$0.05 per share The Company intends to cancel/retire the acquired shares, which will decrease the outstanding common shares on the books of the Company. The total number of common shares canceled/retired is 8,000,000, reducing the amount of outstanding common shares from approximately 44,128,441 to 36,128,441. The Company anticipates paying the $0.05 per share repurchase price and cancelling the repurchased common shares upon a major financing event, as agreed upon between the Company and the stockholders. As of the date of this filing, the shares have been cancelled, but have not yet been repurchased by the Company.

 

On December 6, 2018, the Company awarded three of its directors 300,000 shares each of the Company’s stock, in lieu of director compensation. The shares granted include a vesting period.

 

On July 11, 2018, the Company issued 800,000    common shares in return for obtaining the remaining 27.8% ownership of certain NIBs (see Note 3). The transaction was recorded at $40,000, the estimated fair value of the common stock issued (which management believes approximated the fair value of the NIBs received on the date of the transaction).

 

From July 25, 2018 to December 4, 2018, Mr. Dickman loaned the Company $450,000 through an unsecured promissory note, which bears interest at a rate of 8% annually. To date, the Company has not made any principal or interest payments under this note. As of the date hereof, the full $450,000 of principal is recorded as Notes Payable, Related Party, and the Company has accrued $15,400 of unpaid interest.

 

From September 2017 to January 2018, the Company received $7,769,568 in cash proceeds associated with maturities and miscellaneous adjustments to other underlying policies. The cash proceeds reduced the carrying value of the Company’s Investment in NIBs.

 

Subsequent to June 30, 2017, the Company has repaid $4,288,976   in principal on the Notes Payable, Related Party and $700,000 on the Convertible Debenture. The Company has also paid out accrued interest totaling $134,124 on the Notes Payable, Related Party and Convertible Debenture.

 

Subsequent to June 30, 2017, the Company has borrowed an additional $1,242,500 on the Notes Payable, Related Party. As of April 5, 2019, the outstanding principal balances of all Notes Payable, Related Party totaled $1,672,008 and the outstanding principal balance of the Convertible Debenture is $0.

 

 

 16

 

SUNDANCE STRATEGIES, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
June 30, 2017

On December 6, 2017, the note payable, related party agreement that allowed for borrowings of up to $4,600,000 at June 30, 2017, was amended to extend the due date from August 31, 2018 to August 31, 2019. Then on February 8, 2019 the note was again extended to November 30, 2020. Subsequent to June 30, 2017, the note payable, related party agreement that allowed for borrowings of up to $2,130,000 was amended to extend the due dates from November 30, 2018 to November 30, 2020, respectively. On December 7, 2017, the Company agreed to amend the agreement to extend the due date and conversion rights on the Convertible Debenture from February 28, 2018 to August 31, 2019.

 

 

Item 2. Management’s Discussions and Analysis of Financial Condition and Results of Operations.

 

This discussion summarizes the significant factors affecting our consolidated operating results, financial condition, liquidity and capital resources at and during the three months ended June 30, 2017 and 2016.  For a complete understanding, this Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Financial Statements and Notes to the Financial Statements contained in this quarterly report on Form 10-Q and our annual report on Form 10-K for the year ended March 31, 2017.

 

Forward-looking Statements

This quarterly report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are based on management’s beliefs and assumptions and on information currently available to management.  For this purpose any statement contained in this report that is not a statement of historical fact may be deemed to be forward-looking, including, but not limited to, statements relating to our future actions, intentions, plans, strategies, objectives, results of operations, cash flows and the adequacy of or need to seek additional capital resources and liquidity.  Without limiting the foregoing, words such as “may”, “should”, “expect”, “project”, “plan”, “anticipate”, “believe”, “estimate”, “intend”, “budget”, “forecast”, “predict”, “potential”, “continue”, “should”, “could”, “will” or comparable terminology or the negative of such terms are intended to identify forward-looking statements, however, the absence of these words does not necessarily mean that a statement is not forward-looking.  These statements by their nature involve known and unknown risks and uncertainties and other factors that may cause actual results and outcomes to differ materially depending on a variety of factors, many of which are not within our control.  Such factors include, but are not limited to, economic conditions generally and

 

 17

in the industry in which we and our customers participate; competition within our industry; legislative requirements or changes which could render our products or services less competitive or obsolete; our failure to successfully develop new products and/or services or to anticipate current or prospective customers’ needs; price increases; employee limitations; or delays, reductions, or cancellations of contracts we have previously entered into; sufficiency of working capital, capital resources and liquidity and other factors detailed herein and in our other filings with the United States Securities and Exchange Commission (the “SEC” or “Commission”).  Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.

Forward-looking statements are predictions and not guarantees of future performance or events.  Forward-looking statements are based on current industry, financial and economic information which we have assessed but which by its nature is dynamic and subject to rapid and possibly abrupt changes.  Our actual results could differ materially from those stated or implied by such forward-looking statements due to risks and uncertainties associated with our business.  Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.  Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of these forward-looking statements and we hereby qualify all our forward-looking statements by these cautionary statements.

These forward-looking statements speak only as of their dates and should not be unduly relied upon.  We undertake no obligation to amend this report or revise publicly these forward-looking statements (other than pursuant to reporting obligations imposed on registrants pursuant to the Exchange Act) to reflect subsequent events or circumstances, whether as the result of new information, future events or otherwise.

The following discussion should be read in conjunction with our financial statements and the related notes contained elsewhere in this report and in our other filings with the Commission.

 

Overview

We are currently focused on the business of purchasing residual economic interests in a portfolio of life settlements. A life settlement is the sale of an existing life insurance policy to a third party for more than the policy’s cash surrender value, but less than the face value of the policy benefit. After the sale, the new policy holder will pay the premiums due on the policy until maturity and then collect the settlement proceeds at maturity.

We currently do not purchase or hold life settlement or life insurance policies but, rather, hold a contractual right to receive the net insurance benefits, or NIBs, from a portfolio of life insurance policies held by a third party (“the Owners” or “the Holders”). These NIBs represent an indirect, residual ownership interest in a portfolio of individual life insurance policies and they allow us to receive a portion of the settlement proceeds from such policies, after expenses related to the acquisition, financing, insuring and servicing of the policies underlying our NIBs have been paid.

We are not responsible for maintaining premiums or other expenses related to maintaining the underlying life settlement or life insurance policies. Ownership of the underlying life settlement or life insurance policies, and the related obligation to maintain such policies, remains with the entity that holds such policies. However, in the event of default of the owner, the Company may choose to expend funds on premiums, interest and servicing costs to protect its interest in NIBs, though the Company has no legal responsibility nor adequate funds for these payments.

NIBs are generally sold by an entity that holds the underlying life settlement or life insurance policies, either directly or indirectly through a subsidiary, such an entity being referred to herein as a “Holder.” A Holder, either directly or through a wholly owned subsidiary, purchases life insurance policies either from the insured or on the secondary market and aggregates them into a portfolio of policies. At the time of purchase, the Holder also (i) contracts with a service provider to manage the servicing of the policies until maturity, (ii) consider purchasing mortality re-insurance (“MRI”) coverage under which payments will be made to the Holder in the event the

 

 18

insurance policies do not mature according to actuarial life expectancies, and (iii) arranges financing to cover the initial purchase of the insurance policies, the servicing of the life insurance policies until maturity and the payment of the MRI premiums. The financing obtained by the Holder for a portfolio of life settlement or life insurance policies is secured by the insurance policies for which the financing was obtained. After a Holder purchases policies, aggregates them into a portfolio and arranges for the servicing, MRI coverage and financing, the Holder contracts to sell NIBs related to the policies, which gives the holder of the NIBs the right to receive the proceeds from the settlement of the insurance policies after all of the expenses related to such policies have been paid. When an insurance policy underlying our NIBs comes to maturity, the insurance proceeds are first used to pay expenses associated with such policy. Once all of the expenses have been paid, the Holder will retain a small percentage of the proceeds and then will pay the remaining insurance proceeds to us.

 

We began purchasing NIBs during our fiscal year ended March 31, 2013.

 

Plan of Operations

 

Life Settlements is not a market sector without competition and, at present, we are a minor competitor. We will need substantial additional funds to effectively compete in this industry and no assurance can be given that we will be able to adequately fund our current and intended operations, whether through revenues generated from our current interest in our NIBs or through debt or equity financing. We may be required to expend funds on premiums, interest and servicing costs to protect our interest in NIBs, though we have no legal responsibility nor adequate funds for these payments. In the event that neither party fulfils the financial obligations pertaining to the premiums, interest and servicing costs, we would be required to evaluate our investment in NIBs for possible adverse impairment. These payments are currently being made through an unrelated senior lending facility. The entities that own the policies maintain a total of 13 separate loan agreements with the senior lending facility, all with separate expiration dates. As of June 30, 2017, 9 of these loans had expiration dates that have lapsed, with the remaining 4 loans having expiration dates ranging from June 2017 to January 2018. During October 2017, the entities completed a refinancing of the loans that had matured. The agreements are with a new senior lending facility who previously provided MRI for the underlying policies. During December 2017, these new loans were extended through April 15, 2018 and the Holders had available credit to pay forecasted premiums and expenses on a portion of the policies until that date. Between May 2018 and July 2018, the Holders entered in agreements that completed a strict foreclosure transaction that transferred the underlying life insurance policies relating to the Company’s NIBs to the lenders in full satisfaction of the loan obligation. The Holders and other parties to the Agreements are diligently working to secure alternative financing, although no such positive outcome can be assured. The lenders continue to pay premiums and related fees on and have not yet liquidated the life insurance policies. As of the date of this filing, the lenders continue to pay premiums and related fees on the life insurance policies and have not yet liquidated the policies. As a result of the foreclosure, the Company has lost its position in the residual benefits of the policies and has reduced the carrying value of the NIBs at June 30, 2017 to $7,769,568, which is equal the actual cash received by the Company from distributions subsequent to June 30, 2017. This carrying value is less than the accretion receivable as of March 31, 2017, and as such, is considered accretion receivable and not part of the Company’s original investment.

 

We use an estimation methodology to project cash flows and returns as presented. The estimation model requires many assumptions, including, but not limited to the following: (i) an assumption that the distinct number of lives in our portfolio would exhibit similar experience to a statistically diverse portfolio from which mortality tables have been created; (ii) an assumption that the life expectancies (the “LE” or “LEs”) provided by LE providers represent the actuarial mean of the life expectancies of the insureds in our portfolio, (iii) the weighted average of the LEs provided by the LE providers represents an appropriate method for adjusting for discrepancies in the LEs; (iv) life expectancy tables and projections are accurate; (v) the minimum premiums calculated based on the in-force illustrations provided by life insurance carriers are accurate and will not change over the course of the lifetime of our portfolio; and (vi) the Holders’ Lender fees, MRI fees, and insurance, servicing and custodial fees will not change materially over time. While this method of modeling cash flows is helpful in providing a theoretical expectation of potential returns that might be produced from our NIBs portfolio, actual cash flows and returns inevitably will be different (possibly materially) due to the fact that predicting the exact date of death of any individual is virtually impossible. The provision of a theoretical cash flow model is by no means any guarantee of any results. The actual performance of these NIB interests (as well as our future expectations as to what such performance might be) may

 

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differ substantially from our expectations, especially if any of the assumptions change or differ from our initial assumptions. As of June 30, 2017, these portfolios contain only 102 fractionalized policies on 66 individual insureds, though insurance rating agencies have stated that at least 1,000 lives are required to achieve actuarial stability. Many risk factors beyond these assumptions may result in our expectations being incorrect; therefore, no assurance can be given that these estimated results will occur.

 

 

 

Results of Operations

 

Income Recognition

 

At the time of transfer or purchase of an investment in NIBs, we estimate the future expected cash flows from such NIBs and determine the effective interest rate that, when applied to our initial investment in such NIBs, would yield these estimated cash flows. The Company accrues income on a monthly basis by applying this interest rate to our investment in the related NIBs, and such income is recorded as interest income on investment in NIBs in the statement of operations. This accretable income is based on the effective yield method and effectively represents the total amount of cash flows we expect to receive over the life of each pool of NIBs less the amount of our initial investment in such NIBs. Subsequent to the purchase of a given pool of NIBs and on a regular basis, these future estimated cash flows are evaluated for changes. If we determine that the future estimated cash flows should be significantly adjusted, a revised effective yield is calculated and applied prospectively based on the current amortized cost of the investment, including accrued accretion. Any positive or adverse change in cash flows would result in a prospective increase or decrease in the effective interest rate used to recognize interest income. Any significant adverse change in the cash flows may result in the recognition of an “other-than-temporary impairment” (“OTTI”), and would be evaluated by the Company accordingly.

 

We had not recognized any impairment on our investment in NIBs from January 31, 2013 (inception), through the year ended March 31, 2017. However, between May 2018 and July 2018, the Owners entered into agreements that completed a strict foreclosure transaction that transferred these policies to the lenders in full satisfaction of the loan obligation. The owners and other parties to the Agreements are diligently working to secure alternative financing, although no such positive outcome can be assured. The lenders continue to pay premiums and related fees on the life insurance policies and have not yet liquidated the policies. As of the date of this filing, the lenders continue to pay premiums and related fees on the life insurance policies and have not yet liquidated the policies. As a result of the foreclosure, the Company has lost its position in the residual benefits of the policies and has reduced the carrying value of the NIBs at June 30, 2017 to $7,769,568, which is equal the actual cash received by the Company from distributions subsequent to June 30, 2017. This carrying value is less than the accretion receivable as of March 31, 2017, and as such, is considered accretion receivable and not part of the Company’s original investment.

 

Interest Income

 

Due to the foreclosure agreement previously mentioned, no interest income was recorded for the three months ended June 30, 2017. Interest income on investment in NIBs totaled $1,453,872 for the three months ended June 30, 2016.

 

General & Administrative Expenses

 

General and administrative expenses totaled $547,581 and $727,443 during the three months ended June 30, 2017, and 2016, respectively. A significant portion of these expenses were professional fees, payroll and travel expenses. During the three months ended June 30, 2016, we incurred $103,843 relating to stock based compensation for stock options. As the amortization of these options was completed during the year ended March 31, 2017, no expenses were incurred for stock based compensation during the three months ended June 30, 2017.

 

 

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Impairment of Net Insurance Benefits

 

As indicated above, no impairment on our investment in NIBs had been recognized from inception through the year ended March 31, 2017. Between May 2018 and July 2018, the Owners entered into agreements that completed a strict foreclosure transaction that transferred these policies to the lenders in full satisfaction of the loan obligation. As a result of the foreclosure, the Company recognized impairment totaling $24,886,437 at June 30, 2017, reducing the carrying value of the NIBs to $7,769,568, which is the estimated fair value of the NIBs calculated as the actual cash received (discounted) subsequent to June 30, 2018, from distributions by the Owners to the Company. Of the total impairment amount recognized of $24,886,437, $1,936,311 was apportioned as an impairment on the accrued interest receivable that the Company previously expected to receive and was classified on the Statement of Income as an operating expense. The remaining impairment amount of $22,950,126 was considered impairment on the Company’s original investment in NIBs, and is included in the Company’s Other Expenses for the period.

 

Other Income and Expenses

 

As mentioned earlier, other income and expenses consist primarily of the Company’s impairment of its original investment in NIBs, which totaled $22,950,126. Also included in Other Expense is the Company’s interest expense on the notes payable and lines-of-credit due to related-parties and a convertible debenture. During the three months ended June 30, 2017, and 2016, interest expense accrued in the amount of $109,430 and $85,882, respectively. The increase in interest expense was primarily due to higher principal balances during the three months ended June 30, 2017.

 

Income Taxes

During the three months ended June 30, 2016, the Company recorded a net loss before income taxes of $25,543,448 and had no income tax expense or benefit as a result of a full valuation allowance on the net deferred tax asset.

During the three months ended June 30, 2017, the Company recorded a net loss before income taxes of $25,543,447. As of March 31, 2017, the Company released the aforementioned valuation allowance as a result of its deferred tax liabilities balance exceeding its deferred tax assets. Due to material losses being recognized during the three months ended June 30, 2017, the Company’s deferred tax asset balance surpassed its deferred tax liabilities resulting in a full valuation allowance being recorded against its net deferred tax assets. Additionally, an income tax benefit was recorded for the reduction of the previously recorded net deferred tax liability balance at March 31, 2017 equal to $758,972.

The Company assessed the need for a valuation allowance against its deferred income tax assets at June 30, 2017. Factors considered in this assessment include recent and expected future earnings and the Company’s liquidity and equity positions. As of March 31, 2016, management had placed a 100% valuation allowance, totaling approximately $275,000, on the amount the Company’s deferred tax assets exceeding our deferred tax liabilities. As a result, no income tax expense (benefit) or deferred tax asset or liability was recorded on the financial statement. During the year ended March 31, 2017, the Company’s deferred tax liabilities began to exceed deferred tax assets, which resulted in the recording of income tax expense and a deferred tax liability. As a result, during the year ended March 31, 2017, the $275,000 valuation allowance was reversed as the deferred tax liabilities exceeded the deferred tax liabilities and the expectation of cash inflows from the actual and anticipated maturities of the underlying life insurance policies, which will create taxable income to the Company. The deferred tax assets primarily relate to net operating loss carryforwards and the deferred tax liabilities primarily relate to interest income recognized for financial reporting purposes, but not for tax reporting purposes. During the three months ended June 30, 2017, the Company recognized an impairment on the Investment on NIBs totaling $24,886,437, resulting in a net loss for the quarter of $25,543,447. For tax purposes, a net taxable loss was also recorded for the quarter and resulted in a deferred tax asset balance in excess of the Company’s deferred tax liabilities. As a result, during the three months ended June 30, 2017, a valuation allowance was recorded against the net deferred tax assets balance for approximately $8,770,000 along with an income tax benefit for the reduction of the previously recorded deferred tax liability balance as of March 31, 2017.

 

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Recent Tax Legislation

On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Reform Act”) was signed into law by the President of the United States. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. federal corporate tax rate from 35% to 21% effective for our calendar year ending March 31, 2018. U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted.

The Tax Reform Act reduces the federal corporate tax rate to 21% effective for our calendar year ending March 31, 2018. We will recognize the effects of the Tax Reform Act for the re-measurement of the net deferred tax liabilities during the third quarter ended December 31, 2017. 

Liquidity and Capital Resources

Since our inception our operations have been primarily financed through sales of equity instruments, debt financing, lines of credit and notes payable from related parties and the issuance of convertible debentures. As of June 30, 2017, we had $35,178 of cash, compared to $4,364 as of March 31, 2017. As of April 5, 2019, the Company had access to draw an additional $5,507,991 on the notes payable, related party and $3,000,000 on the Convertible Debenture Agreement. Our monthly expenses are approximately $90,000, which includes salaries of our employees, policy servicing expenses, consulting agreements and contract labor, general and administrative expenses, estimated legal and accounting expenses. Outstanding Accounts Payable as of June 30, 2017 totaled $540,820, and other accrued liabilities totaled $402,625. We believe that our availability under our existing lines of credit with related parties, our existing capital resources, together with the issuance of additional notes payable and convertible debentures and will be sufficient to fund our operating working capital requirements for at least the next 12 months, or through April 2020.

 

For the three months ended June 30, 2017, and 2016 respectively, we recorded net cash provided by operating activities of $527,083 and $676,537. The decrease in operating cash provided was primarily due to payments totaling $351,155 of accrued interest on the Notes Payable, Related Party and Convertible Debenture, partially offset by an approximately $261,000 increase in Accrued Interest on NIBs recognized during the period.

 

For the three months ended June 30, 2017, and 2016, no cash was used in or provided by investing activities

 

During the three months ended June 30, 2017 and 2016, net cash used in financing activities was $496,269 and $695,000, respectively. During the three months ended June 30, 2017, we repaid $496,269 under the Notes Payable, Related Party agreements. During the three months ended June 30, 2016, we borrowed $205,000 and repaid $150,000 under the Notes Payable, Related Party agreements. In addition, during the three months ended June 30, 2017, we paid out the $750,000 Mandatorily Redeemable Common Stock Payable recorded on the balance sheet as of March 31, 2016. At June 30, 2017, we owed $4,718,484, excluding accrued interest, pursuant to notes payable and lines-of-credits from related parties and $700,000, excluding accrued interest, pursuant to an 8% Convertible Debenture.

 

During the three months ended June 30, 2017, we paid $415,519 in accrued interest on the Note Payable, Related Party agreements, and accrued an additional $109,429 of interest payable on the Note Payable, Related Party agreements and the Convertible Debenture. As further explained in Footnote 8 of our audited consolidated financial statements that accompany this Annual Report, the Company has agreed, but is not contractually obligated, to pay for certain costs to maintain the structure of the underlying life insurance policies. As of June 30, 2017, the Company determined that the probable amount of these costs is $316,667 and is recorded as accrued expense (See Note 12 for updates to these estimated costs subsequent to year end).

 

The accompanying financial statements have been prepared on a going concern basis under which we are expected to be able to realize our assets and satisfy our liabilities in the normal course of business. To continue as a going concern through April  2020, removing the NIBs out of foreclosure, and to continue to acquire NIBs, we will be heavily dependent on completing securities and debt offerings or obtaining alternative sources of financing. Absent additional financing, we will not have the necessary resources to execute our business plan.

 

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Debt

At June 30, 2017, we owed $5,549,508, including accrued interest, for debt obligations. At June 30, 2017, we owed $4,718,484, excluding accrued interest, pursuant to notes payable and lines-of-credits from related parties and $700,000, excluding accrued interest, pursuant to an 8% Convertible Debenture. One note payable and line-of-credit had a principal balance of $3,238,628 and is due on November 30, 2020, or when the Company completes a successful equity raise, at which time principal and interest is due in full. The second note payable and line-of-credit had a principal balance of $1,479,856 and is also due on November 30, 2020, or when the Company completes a successful equity raise, at which time principal and interest is due in full. The convertible debenture is due August 31, 2019. As of April 5, 2019, there was $5,507,991 available under the lines-of-credit we currently have with related parties and $3,000,000 available under the 8% convertible debenture agreement. We may borrow money in the future to finance our operations, but can make no guarantees that such credit will be made available to us. Any such borrowing will increase the risk of loss to the debt holder in the event we are unsuccessful in repaying such loans.

 

Critical Accounting Policies and Estimates

 

The preparation of our financial statements requires that we make estimates and judgments. We base these on historical experience and on other assumptions that we believe to be reasonable.

Income Taxes, The Company accounts for income taxes under FASB ASC 740, “Income Taxes”. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Accounting standards require the consideration of a valuation allowance for deferred tax assets if it is “more likely than not” that some component or all of the benefits of deferred tax assets will not be realized. The primary factor management considers when evaluating the realization of the deferred tax assets is the amount of cash flows (which represents taxable income) to be received from the Company’s NIBs prior the expiration of the tax net loss carryforwards.

The tax effects from an uncertain tax position can be recognized in the financial statements only if the position is more likely than not of being sustained if the position were to be challenged by a taxing authority. The Company has examined the tax positions taken in its tax returns and determined that there are no uncertain tax positions. As a result, the Company has recorded no uncertain tax liabilities in its balance sheet. Interest and penalties for uncertain positions, when applicable, would be recognized as a component of income tax expense.

Investment in NIBs, The Company accounts for its investment in NIBs at the initial investment value increased for interest income and decreased for cash receipts received by the Company. At the time of transfer or purchase of an investment in NIBs, we estimate the future expected cash flows and determine the effective interest rate based on these estimated cash flows and our initial investment. Based on this effective interest rate, the Company calculates accretable income, which is recorded as interest income on investment in NIBs in the statement of operations. Our current projections are based off of various assumptions that are subject to uncertainties and contingencies including, but not limited to, the amount and timing of projected net cash receipts, expected maturity events, counter party performance risk, changes to applicable regulation of the investment, shortage of funds needed to maintain the asset until maturity, changes in discount rates, life expectancy estimates and their relation to premiums, interest, and other costs incurred, among other items. These uncertainties and contingencies are difficult to predict and are subject to future events that may impact our estimates and interest income. As a result, actual results could differ significantly from these projections. Therefore, subsequent to the purchase and on a regular basis, these future estimated cash flows are evaluated for changes. If the determination is made that the future estimated cash flows should be adjusted to the point of a material change in revenue, a revised effective yield is calculated prospectively based on the current amortized cost of the investment, including accrued accretion.

As defined by ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market

 

 23

participants at the measurement date. ASC 820 also requires the consideration of differing levels of inputs in the determination of fair values.

Those levels of input are summarized as follows:

• Level 1: Quoted prices in active markets for identical assets and liabilities.

• Level 2: Observable inputs other than Level 1 quoted prices, such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

• Level 3: Unobservable inputs that are supported by little or no market activity. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques as well as instruments for which the determination of fair value requires significant management judgment or estimation.

The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety.

In accordance with the disclosure requirements of ASC Topic 825, “Financial Instruments” (“ASC 825”), the NIBs are not required to be carried at fair value, but only required to be disclosed in the footnotes to the financial statements. The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying value of the Company. In estimating the fair value of the Company’s Investment in NIBs, the rate of return that a market participant would be willing to pay for each portfolio is used to recalculate the discounted estimated future cash flows. This present value is used to represent the fair value of the Investment in NIBs using level 3 inputs.

The fair value of our investment in NIBs is determined by evaluating the sum of present value of the future cash flows expected from the NIBs. Our current projections for the future cash flows are based off of various assumptions that are subject to uncertainties and contingencies, which are difficult to predict and are subject to future events that may impact our estimates and interest income. Therefore, subsequent to the purchase and on a regular basis, these future estimated cash flows are evaluated for changes. If the determination is made that the future estimated cash flows should be adjusted to the point of a material change in revenue, a revised effective yield is calculated prospectively based on the current amortized cost of the investment, including accrued accretion.

Our Investment in NIBs are classified as held-to-maturity investments at March 31, 2017 and as available-for-sale investments at June 30, 2017. At June 30, 2017, the fair value of our investment in NIBs is calculated as the actual cash received (discounted) subsequent to June 30, 2017, from distributions by the Owners to the Company.

 

Off-Balance Sheet Arrangements

 

We have no off-balance sheet arrangements.

 

Item 3.  Quantitative and Qualitative Disclosure about Market Risk

 

Our exposure to market risk for changes in interest rates relates primarily to the valuation of investment in NIBs and related income recognition. Increases in general interest rates would similarly increase the interest rates used in our financial models. Such increases would result in decreases in the present value of expected future cash flows from our NIBs and, as a result, decrease income accrued on our investment in NIBs. The Company’s assessment of market risk as of June 30, 2017 indicates there have been no material changes in the quantitative and

 

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qualitative disclosures from those in our Annual Report on Form 10-K for the year ended March 31, 2017 filed with the SEC.

 

Item 4.  Controls and Procedures

 

Limitation on the Effectiveness of Controls

 

The Company maintains disclosure controls and procedures that are designed to provide reasonable assurance that information, which is required to be disclosed timely, is accumulated and communicated to management in a timely fashion. In designing and evaluating such controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management is necessarily required to use judgment in evaluating controls and procedures.

 

Evaluation of Controls and Procedures

 

Our management, with the participation of our principal executive and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, and that such information is accumulated and communicated to the issuer’s management, including its Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

Identified Material Weakness in Internal Controls

 

Based on that evaluation, our principal executive and principal financial officer has concluded that our disclosure controls and procedures as of the end of the period covered by the Quarterly Report were not effective due to the material weaknesses described below:

 

The design and operating effectiveness of our control environment and risk assessment, control activities and monitoring activities were inadequate to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms, and that such information is accumulated and communicated to the issuer's management, including its principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

Control Environment and Risk Assessment – The Company did not have an effective control environment with the structure necessary for effective internal controls over financial reporting. Further, the Company did not have an effective risk assessment to identify and assess risks associated with changes to the Company’s investment model and the impact on internal controls. The Company failed to ensure that proper policies and procedures were established to maintain an effective control environment. Specifically, the Company did not have policies and procedures in place to ensure that accounting conclusions are always thoroughly documented.

 

Information and Communication – The Company did not have effective information and communication activities to ensure the Company uses relevant information to support internal controls over financial reporting. Specifically, the Company did not always ensure that relevant information was provided to those responsible to document the Company’s accounting conclusions.

 

Control and Monitoring Activities – The Company did not have control activities that were designed and operating effectively including management review controls, monitoring and assessing the work of consultants, and verifying the completeness and accuracy of information. Specifically, the Company did not always maintain adequate procedures for the review of work performed by those responsible for reaching accounting conclusions and

 

 25

preparing disclosures and accounting schedules. Further, the Company did not always have procedures in place to thoroughly review the work of its consultants.

 

Our principal executive and principal financial officer has also identified a material weakness in the design and operating effectiveness of our internal control over financial reporting relating to processes and controls over review of information with sufficient precision including proper documentation to support accounting conclusions and communication and dissemination of information relevant to financial reporting. As defined in SEC Regulation S-X, a material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. As a result, even though no material misstatement was identified in the financial statements, it was determined that there was a reasonable possibility that a material misstatement in the Company’s financial statements would not have been prevented or detected on a timely basis.

 

Notwithstanding the identified material weakness, the Company believes the consolidated financial statements included in this Quarterly Report on Form 10-Q fairly represent in all material respects our financial condition, results of operations and cash flows at and for the periods presented in accordance with accounting principles generally accepted in the United States of America.

 

The Company’s Plan to Remediate the Material Weakness

 

Our principal executive and principal financial officer is in the process of performing a review of our processes and controls over review of information with sufficient precision, including proper documentation to support accounting conclusions and communication and dissemination of information relevant to financial reporting. This includes an evaluation of existing procedures and controls to formalize, document and implement new policies and procedures for review of our various financial reporting processes. Although the review process has not been finalized, the Company has implemented a procedure to have the in-house lead attorney and chairman of the board of directors read all significant Exchange Act filings prior to issuance for the purposes of highlighting inconsistencies in filings with existing legal agreements and current business strategy.

 

 

Changes in Internal Control Over Financial Reporting

 

Other than preceding and as described in Item 4: Controls and Procedures, there have been no changes in the Company’s internal controls over financial reporting that have occurred during the Company’s fiscal quarter ended June 30, 2017 that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

To the best of our knowledge, there are no legal proceedings pending or threatened against us; and there are no actions pending or threatened against any of our directors or officers that are adverse to us.

 

Item 1A.  Risk Factors

 

In addition to the other information set forth in this quarterly report on Form10-Q, you should carefully consider the risks discussed in our Annual Report on Form 10-K for the year ended March 31, 2017, which risks could materially affect our business, financial condition or future results. There were no material changes during the quarter ended June 30, 2017 to the risk factors disclosed in the Company’s Annual Report on Form 10-K for the year ended March 31, 2017. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results.

 

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Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

 

There were no sales by us of unregistered securities during the quarter ended June 30, 2017.

 

Purchases of Equity Securities by the Issuer

 

There were no repurchases of equity during the quarter ended June 30, 2017.

 

Item 3. Defaults upon Senior Securities.

 

None; not applicable.

 

Item 4. Mine Safety Disclosures.

 

None; not applicable.

 

Item 5. Other Information.

 

Subsequent to June 30, 2017, the following events transpired:

 

As further explained in Note 8, during October 2017, the Holders completed a refinancing of the loans that had matured and were about to mature. The agreements are with a new senior lending facility who previously provided MRI for the underlying policies. During December 2017, these new loans were extended through April 15, 2018, and the Holders had available credit to pay forecasted premiums and expenses on a portion of the policies until that date. Between May 2018 and July 2018, the Holders entered in agreements that completed a strict foreclosure transaction that transferred the underlying life insurance policies relating to the Company’s NIBs to the lenders in full satisfaction of the loan obligation. The Holders and other parties to the Agreements are diligently working to secure alternative financing, although no such positive outcome can be assured. As of the date of this filing, the lenders continue to pay premiums and related fees on the life insurance policies and have not yet liquidated the policies. As a result of the foreclosure, the Company has lost its position in the residual benefits of the policies and has reduced the carrying value of the NIBs at June 30, 2017 to $7,769,568, which is equal the actual cash received by the Company from distributions subsequent to June 30, 2017. This carrying value is less than the accretion receivable as of March 31, 2017, and as such, is considered accretion receivable and not part of the Company’s original investment.

 

As of June 30, 2017, the Company had remaining accrued expenses of $271,601 relating to the costs to maintain the structure of the life insurance policies. From August 2017 to October 2017, the Company paid an additional $82,438 of these accrued expenses. During October 2017 the Company received notification from the Holders that the remaining $189,163 had been paid in full by the Holders. Subsequent to June 30, 2017, the Company has reversed the effects of the remaining $189,163 accrued liability on its balance sheet.

 

On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Reform Act”) was signed into law by the President of the United States. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. federal corporate tax rate from 35% to 21% effective for the Company’s calendar year ending March 31, 2018. U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted. The Company will recognize the effects of the Tax Reform Act for the re-measurement of the net deferred tax liabilities during the third quarter ended December 31, 2017. This will be done in accordance with Staff Accounting Bulletin No. 118 (“SAB 118”), which provides SEC staff guidance for the application of ASC Topic 740, Income Taxes, in the reporting period in which the 2017 Tax Reform Act was signed into law.

 

 

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Effective January 1, 2018, Matthew Pearson resigned his position as the Company’s Chief Operations Officer to pursue other opportunities. As of the date of this filing, no replacement has been designated to fill his position.

 

During February 2018, management engaged consultants to explore and analyze financing alternatives available to the Company. From February 2018 through March 2019 approximately $1,320,581 has been paid to the consultants.

 

Effective December 5, 2018, Ty D. Mattingly resigned his position on the Company’s Board of Directors. On December 6, 2018, Glenn S. Dickman and Stephen E. Quesenberry were named to the Company’s Board of Directors.

 

Effective December 6, 2018, three existing stockholders have contributed to the Company a portion of their common shares held at a repurchase price to the Company of USD$0.05 per share The Company intends to cancel/retire the acquired shares, which will decrease the outstanding common shares on the books of the Company. The total number of common shares canceled/retired is 8,000,000, reducing the amount of outstanding common shares from approximately 44,128,441 to 36,128,441. The Company anticipates paying the $0.05 per share repurchase price and cancelling the repurchased common shares upon a major financing event, as agreed upon between the Company and the stockholders. As of the date of this filing, the shares have been cancelled, but have not yet been repurchased by the Company.

 

On December 6, 2018, the Company awarded three of its directors 300,000 shares each of the Company’s stock, in lieu of director compensation. The shares granted include a vesting period.

 

On July 11, 2018, the Company issued 800,000 common shares in return for obtaining the remaining 27.8% ownership of certain NIBs (see Note 3). The transaction was recorded at $40,000, the estimated fair value of the common stock issued (which management believes approximated the fair value of the NIBs received on the date of the transaction).

 

From July 25, 2018 to December 4, 2018, Mr. Dickman loaned the Company $450,000 through an unsecured promissory note, which bears interest at a rate of 8% annually. To date, the Company has not made any principal or interest payments under this note. As of the date hereof, the full $450,000 of principal is recorded as Notes Payable, Related Party, and the Company has accrued $15,400 of unpaid interest.

 

From September 2017 to January 2018, the Company received $7,769,568 in cash proceeds associated with maturities and miscellaneous adjustments to other underlying policies. The cash proceeds reduced the carrying value of the Company’s Investment in NIBs.

 

Subsequent to June 30, 2017, the Company has repaid $4,288,976   in principal on the Notes Payable, Related Party and $700,000 on the Convertible Debenture. The Company has also paid out accrued interest totaling $134,124 on the Notes Payable, Related Party and Convertible Debenture.

 

Subsequent to June 30, 2017, the Company has borrowed an additional $1,242,500 on the Notes Payable, Related Party. As of April 5, 2019, the outstanding principal balances of the Notes Payable, Related Party totaled $1,672,008 and the outstanding principal balance of the Convertible Debenture is $0.

 

On December 6, 2017, the note payable, related party agreement that allowed for borrowings of up to $4,600,000 at June 30, 2017, was amended to extend the due date from August 31, 2018 to August 31, 2019. Then on February 8, 2019 the note was again extended to November 30, 2020. Subsequent to June 30, 2017, the note payable, related party agreement that allowed for borrowings of up to $2,130,000 was amended to extend the due dates from November 30, 2018 to November 30, 2020, respectively. On December 7, 2017, the Company agreed to amend the agreement to extend the due date and conversion rights on the Convertible Debenture from February 28, 2018 to August 31, 2019.

 

 

 28

Item 6.  Exhibits

 

 Exhibits.  The following exhibits are included as part of this report:

 

  Exhibit 31.1   Certification Pursuant to Section 302 of the Sarbanes-Oxley Act provided by Randall F. Pearson, President and Director.
       
  Exhibit 31.2   Certification Pursuant to Section 302 of the Sarbanes-Oxley Act provided by Randall F. Pearson, Principal Financial Officer.
       
  Exhibit 32.1   Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 provided by Randall F. Pearson, President and Principal Financial Officer.
       
  Exhibit 101.INS   XBRL Instance Document
       
  Exhibit 101.SCH   XBRL Taxonomy Extension Schema Document
       
  Exhibit 101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
       
  Exhibit 101.DEF   XBRL Taxonomy Definition Linkbase Document
       
  Exhibit 101.LAB   XBRL Taxonomy Extension Label Linkbase Document
       
  Exhibit 101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document

 


 

 

 

 29

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

        SUNDANCE STRATEGIES, INC.
         
Date: April 5, 2019   By: /s/ Randall F. Pearson     
        Randall F. Pearson
        President and Principal Financial Officer

 

 

 

 30

EX-31.1 2 e4631ex31-1.htm CERTIFICATION

Exhibit 31.1

 

EXHIBIT 31.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934

 

 

I, Randall F. Pearson, certify that:

 

1.           I have reviewed this quarterly report on Form 10-Q of Sundance Strategies, Inc.;

 

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.           The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5.           The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: April 5, 2019   By: /s/ Randall F. Pearson  
        Randall F. Pearson
        President and Principal Financial Officer
         
         

 

 

 

EX-31.2 3 e4631ex31-2.htm CERTIFICATION

Exhibit 31.2

 

EXHIBIT 31.2

 

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934

 

 

I, Randall F. Pearson, certify that:

 

1.           I have reviewed this quarterly report on Form 10-Q of Sundance Strategies, Inc.;

 

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.           The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

  a) Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.           The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


 

Date: April 5, 2019   By: /s/ Randall F. Pearson  
        Randall F. Pearson
        President and Principal Financial Officer
         
         

 

 

 

EX-32.1 4 e4631ex32-1.htm CERTIFICATION

Exhibit 32.1

 

EXHIBIT 32.1

 

CERTIFICATION OF PRINCIPAL

EXECUTIVE OFFICER PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

 

In connection with this quarterly report on Form 10-Q of Sundance Strategies, Inc. (the “Company”) for the period ended June 30, 2017, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Randall F. Pearson, President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

  (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

 

Date: April 5, 2019   By: /s/ Randall F. Pearson  
        Randall F. Pearson
        President and Principal Executive Officer
         
         

 

 

 

 

 

 

 

 

 

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DOCUMENT AND ENTITY INFORMATION - shares
3 Months Ended
Jun. 30, 2017
Apr. 05, 2019
Document And Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2017  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q1  
Entity Registrant Name Sundance Strategies, Inc.  
Entity Central Index Key 0001171838  
Current Fiscal Year End Date --03-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   37,828,441
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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Mar. 31, 2017
Current Assets    
Cash and Cash Equivalents $ 35,178 $ 4,364
Prepaid Expenses and Other Assets 2,205 4,705
Investment in Net Insurance Benefits 7,769,568 34,156,005
Total Current Assets 7,806,951 34,165,074
Current Liabilities    
Accounts Payable 540,820 508,071
Deferred Income Taxes 758,972
Notes Payable, Related Parties 4,718,484 5,214,753
Convertible Debenture 700,000 700,000
Accrued Expenses 402,625 753,780
Total Current Liabilities 6,361,929 7,935,576
Commitments and Contingencies (Note 8)
Stockholders' Equity    
Preferred Stock, authorized 10,000,000 shares, par value $0.001; -0- shares issued and outstanding
Common Stock, authorized 500,000,000 shares, par value $0.001; 44,128,441 shares issued and outstanding 44,129 44,129
Additional Paid In Capital 24,547,014 24,547,014
Retained Earnings (Accumulated Deficit) (23,146,121) 1,638,355
Total Stockholders' Equity 1,445,022 26,229,498
Total Liabilities and Stockholders' Equity $ 7,806,951 $ 34,165,074
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Jun. 30, 2017
Mar. 31, 2017
Statement of Financial Position [Abstract]    
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Preferred Stock, par value per share $ 0.001 $ 0.001
Preferred Stock, shares issued 0 0
Preferred Stock, shares outstanding 0 0
Common Stock, shares authorized 500,000,000 500,000,000
Common Stock, par value per share $ 0.001 $ 0.001
Common Stock, shares issued 44,128,441 44,128,441
Common Stock, shares outstanding 44,128,441 44,128,441
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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]    
Interest Income on Investment in Net Insurance Benefits $ 1,453,872
General and Administrative Expenses 547,581 727,443
Impairment of Accrued Interest Receivable on Net Insurance Benefits 1,936,311
Income (Loss) from Operations (2,483,892) 726,429
Other Expense    
Impairment of Investment in Net Insurance Benefits (22,950,126)
Interest Expense (109,430) (85,882)
Total Other Expense (23,059,556) (85,882)
Income (Loss) Before Income Taxes (25,543,448) 640,547
Income Tax Provision (758,972)
Net Income (Loss) $ (24,784,476) $ 640,547
Basic and Diluted:    
Basic Earnings (Loss) Per Share $ (0.56) $ 0.01
Diluted Earnings (Loss) Per Share $ (0.56) $ 0.01
Basic Weighted Average Number of Shares Outstanding 44,128,441 44,140,669
Diluted Weighted Average Number of Shares Outstanding 44,128,441 45,482,299
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating Activities    
Net Income (Loss) $ (24,784,476) $ 640,547
Adjustments to reconcile to net cash from operating activities:    
Share Based Compensation - Options 103,843
Impairment of Net Insurance Benefits 24,886,437
Deferred Income Taxes (758,972)
Accrued Interest on Net Insurance Benefits (1,453,872)
Changes in Operating Assets and Liabilities    
Accrued Interest Income (2,204)
Cash Received on Net Insurance Benefits 1,500,000 1,417,870
Prepaid Expenses and Other Assets 2,500 (8,125)
Accounts Payable 32,749 38,265
Accrued Expenses (351,155) (59,787)
Net Cash from Operating Activities 527,083 676,537
Financing Activities    
Proceeds from Convertible Debenture 200,000
Repayment of Convertible Debenture (200,000)
Proceeds from Issuance of Notes Payable, Related Party 205,000
Repayment of Notes Payable, Related Party (496,269) (150,000)
Redemption of Mandatorily Redeemable Common Stock (750,000)
Net Cash from Financing Activities (496,269) (695,000)
Net Change in Cash and Cash Equivalents 30,814 (18,463)
Cash and Cash Equivalents at Beginning of Period 4,364 24,717
Cash and Cash Equivalents at End of Period 35,178 6,254
Non Cash Financing & Investing Activities, and Other Disclosures    
Cash Paid for Interest 415,519
Cash Paid for Income Taxes
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ORGANIZATION AND BASIS OF PRESENTATION
3 Months Ended
Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND BASIS OF PRESENTATION

(1) ORGANIZATION AND BASIS OF PRESENTATION

 

The accompanying interim condensed consolidated financial statements have been prepared by the Company, without audit, in accordance with the instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X promulgated by the United States Securities and Exchange Commission (the “SEC”) and, therefore, do not include all information and footnotes necessary for a fair presentation of its consolidated financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States (“GAAP”).

 

In the opinion of management, the condensed consolidated unaudited financial information for the interim periods presented reflects all adjustments, consisting of only normal and recurring adjustments, necessary for a fair presentation of the Company’s consolidated financial position, results of operations, and cash flows for the periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year.

 

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. 

 

Sundance Strategies, Inc. (formerly known as Java Express, Inc.) was organized under the laws of the State of Nevada on December 14, 2001, and engaged in the retail selling of beverage products to the general public until these endeavors ceased in 2006; it had no material business operations from 2006, until its acquisition of ANEW LIFE, INC. (“ANEW LIFE”), a subsidiary of Sundance Strategies, Inc. (“Sundance Strategies”, “the Company”, “we” or “our”). The Company is engaged in the business of purchasing or acquiring life insurance policies and residual interests in or financial products tied to life insurance policies, including notes, drafts, acceptances, open accounts receivable and other obligations representing part or all of the sales price of insurance, life settlements and related insurance contracts being traded in the secondary marketplace, often referred to as the “life settlements market.” Since the Company’s inception its operations have been primarily financed through sales of equity, debt financing from related parties and the issuance of notes payable and convertible debentures. Currently, the Company is focused on the purchase of net insurance benefit contracts (“NIBs”) based on life settlements or life insurance policies. The Company does not take possession or control of the policies. The owners of the life settlements or life insurance policies (the “Owners” or “the Holders”) acquire such policies at a discount to their face value. On settlement, the Company receives the net insurance benefit after all borrowings, interest and expenses have been paid by the Owners out of the settlement proceeds.

 

The Owners are variable interest entities (VIEs), for which the Company has a variable interest, but is not the primary beneficiary. The Company’s investment in NIBs (see Note 3) were issued by the Owners (i.e. the VIEs). The Company’s maximum exposure to loss in the variable interest entities is limited to the investment in NIBs balance. The Company does not have the power to direct activities of the VIEs. Further, the Company does not have the contractual obligation to absorb losses of the VIE.

 

The investment in NIBs is a residual economic beneficial interest in a portfolio of life insurance contracts that have been financed by an independent third party via a loan from a lender and, in certain cases, insured via a mortality risk insurance product or mortality re-insurance (“MRI”).   Future expected cash flow and positive profits are defined as the net insurance proceeds from death benefits after senior debt repayment, mortality risk repayment, and service provider or other third-party payments.

 

NIBs are generally in the form of participating debt certificates (“PDC”), and although the two terms are interchangeable, the Company typically refers to them as NIBs. According to the terms of the PDCs, the PDCs provide both variable and fixed interest return to the Company from the Owners of the policies in the form of accrued yield. The variable interest varies by individual PDC, and is calculated as 99% to 100% (depending on the PDC) of the positive profits from the life insurance assets held by the Owners of the policies. The fixed interest also varies by individual PDC, and is either 1% or 2% per annum of the par value of the PDCs held by the Company. The par value of the PDCs held by the Company is approximately $36.8 million. The NIBs agreements between the Company and the Owners of the policies contain a provision that allows for the Owners to redeem the NIBs at any point, conditional upon paying to the Company the par value of the NIBs, as well as any unpaid accrued yield relating to fixed and variable interest. In aggregate, the sum of the par value plus unpaid accrued interest is in excess of the Company’s initial investment. The Company holds between 72.2% and 100% in the NIBs relating to the underlying life insurance policies as of June 30, 2017 and 2016. The Company is not responsible for maintaining premiums or other expenses related to maintaining the underlying life insurance contracts. Therefore, the investment in NIBs balance on the Company’s balance sheet does not increase when premiums or other expenses are paid.

 

At March 31, 2017, and during the three months ended June 30, 2017, the Company accounted for its investment in NIBs at the initial investment value increased for interest income and decreased for cash receipts received by the Company. At the time of transfer or purchase of an investment in NIBs, we estimated the future expected cash flows and determine the effective interest rate based on these estimated cash flows and our initial investment. Based on this effective interest rate, the Company calculated accretable income, which was recorded as interest income on investment in NIBs in the statement of operations. Our projections were based on various assumptions that are subject to uncertainties and contingencies including, but not limited to, the amount and timing of projected net cash receipts, expected maturity events, counter party performance risk, changes to applicable regulation of the investment, shortage of funds needed to maintain the asset until maturity, changes in discount rates, life expectancy estimates and their relation to premiums, interest, and other costs incurred, among other items. These uncertainties and contingencies are difficult to predict and are subject to future events that may impact our estimates and interest income. As a result, actual results could differ significantly from these projections. Therefore, subsequent to the purchase and on a regular basis, these future estimated cash flows were evaluated for changes. If the determination was made that the future estimated cash flows should be adjusted to the point of a material change in revenue, a revised effective yield was calculated prospectively based on the current amortized cost of the investment, including accrued accretion. Any positive or adverse change in cash flows would result in a prospective increase or decrease in the effective interest rate used to recognize interest income. Any significant adverse change in the cash flows that may have resulted in the recognition of an “other-than-temporary impairment” (“OTTI”), and would be evaluated by the Company accordingly.

 

At March 31, 2017, and during the three months ended June 30, 2017, the Company’s investment in NIBs was treated as a debt security, which was classified as a hold-to-maturity asset.

 

We evaluate the carrying value of our investment in NIBs for impairment on a regular basis and, if necessary, adjust our total basis in the NIBs using new or updated information that affects our assumptions. We recognize impairment on a NIB contract if the fair value of the beneficial interest is less than the carrying amount of the investment, plus anticipated undiscounted future premiums and direct external costs, if any, and if there are adverse changes in cash flow. We had not recognized any impairment on our investment in NIBs from inception, through the year ended March 31, 2017.

 

However, between May 2018 and July 2018, the Owners entered into agreements that completed a strict foreclosure transaction that transferred these policies from the owners to the lenders in full satisfaction of the loan obligation. As part of the original agreement, the Chairman of the Company helped secure the loan by including a personal guarantee for a portion of the debt, if needed. The owners and other parties to the Agreements are diligently working to secure alternative financing, although no such positive outcome can be assured. As a result of the foreclosure, the Company has lost its position in the residual benefits of the policies and has reduced the carrying value of the NIBs at June 30, 2017 to $7,769,568, which is equal the actual cash received by the Company from distributions subsequent to June 30, 2017. This carrying value is less than the accretion receivable as of March 31, 2017, and as such, is considered accretion receivable and not part of the Company’s original investment.

XML 17 R7.htm IDEA: XBRL DOCUMENT v3.19.1
NEW ACCOUNTING PRONOUNCEMENTS
3 Months Ended
Jun. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
NEW ACCOUNTING PRONOUNCEMENTS

(2) NEW ACCOUNTING PRONOUNCEMENTS   

 

Adopted During the Quarter Ended June 30, 2017

 

In December 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. The new standard is designed to simplify the presentation of deferred income taxes, and requires all deferred tax liabilities and assets of the same tax jurisdiction or a tax filing group, as well as any related valuation allowance, be offset and presented as a single noncurrent amount in a classified balance sheet. The amendments are effective for the Company’s fiscal year beginning April 1, 2017, and for interim periods within that fiscal year. The adoption of this guidance did not have a material effect on the consolidated financial statements as the Company presents an unclassified balance sheet.

 

In March 2016, the FASB issued ASU 2016-06 related to the embedded derivative analysis for debt instruments with contingent call or put options. This pronouncement clarifies that an exercise contingency does not need to be evaluated to determine whether it relates only to interest rates or credit risk. Instead, the contingent put or call option should be evaluated for possible bifurcation as a derivative in accordance with the four-step decision sequence detailed in FASB ASC 815-15, without regard to the nature of the exercise contingency. The pronouncement is effective for the Company’s fiscal year beginning April 1, 2017, and for interim periods within that fiscal year. The adoption of this guidance did not have a material effect on the consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. The new standard simplifies certain aspects of the accounting for share-based payment award transactions by allowing entities to continue to use current GAAP by estimating the number of awards that are expected to vest or, alternatively, entities can elect to account for forfeitures as they occur. Another aspect of the standard requires an entity to recognize all excess tax benefits and deficiencies associated with stock-based compensation as a reduction or increase to tax expense in the income statement. Previously, such amounts were recognized in additional paid-in capital. ASU 2016-09 is effective for the Company for its fiscal year beginning April 1, 2017. The adoption of this guidance did not have a material effect on the consolidated financial statements.

 

In October 2016, the FASB issued ASU 2016-17, Consolidation - Interests held through Related Parties that are under Common Control, which alters how a decision maker needs to consider indirect interests in a variable interest entity (VIE) held through an entity under common control. Under the new ASU, if a decision maker is required to evaluate whether it is the primary beneficiary of a VIE, it will need to consider only its proportionate indirect interest in the VIE held through a common control party. The amendments in this Update are effective for fiscal years beginning April 1, 2017, including interim periods within that fiscal year. The adoption of this guidance did not have a material effect on the consolidated financial statements, as the Company has no related parties under common control that have the characteristics of a primary beneficiary of a variable interest entity.

 

Not Yet Adopted

 

The Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09, 2015-14, 2016-8, 10,11 and 12 and 2017-13 – Revenue from Contracts with Customers, which provides a single, comprehensive revenue recognition model for all contracts with customers. The core principal of the ASUs 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. The ASUs 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. In July 2015, the FASB deferred the effective date of this standard. As a result, the standard and related amendments will be effective for the Company for its fiscal year beginning April 1, 2018, including interim periods within that fiscal year. Early application is permitted, but not before the original effective date of April 1, 2017. Entities are allowed to transition to the new standard by either retrospective application or recognizing the cumulative effect. The ASUs are not applicable to securitized beneficial interests that derive accreted yields and, therefore the Company will continue to follow the guidance in ASC 325-40. The adoption of this standard will not have an impact on the consolidated financial statements.

 

In January 2016, the FASB issued ASU 2016-01 regarding Financial Instruments, which amended guidance on the classification and measurement of financial instruments. Under the new guidance, entities will be required to measure equity investments that are not consolidated or accounted for under the equity method at fair value with any changes in fair value recorded in net income, unless the entity has elected the new practicability exception. For financial liabilities measured using the fair value option, entities will be required to separately present in other comprehensive income the portion of the changes in fair value attributable to instrument-specific credit risk. Additionally, the guidance amends certain disclosure requirements associated with the fair value of financial instruments. The standard will be effective for the Company’s fiscal year beginning April 1, 2018, including interim reporting periods within that fiscal year. The Company is currently evaluating the effect of the adoption of this guidance on the consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02 related to the accounting for leases. This pronouncement requires lessees to record most leases on their balance sheet, while expense recognition on the income statement remains similar to current lease accounting guidance. The guidance also eliminates real estate-specific provisions and modifies certain aspects of lessor accounting. Under the new guidance, lease classification as either a finance lease or an operating lease will determine how lease-related revenue and expense are recognized. The pronouncement is effective for the Company’s fiscal year beginning April 1, 2019, and for interim periods within that fiscal year. The Company does not believe the adoption of this guidance will have a material effect on the consolidated financial statements because leases are month-to-month and not material to the Company’s financial statements.

 

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures relating to significant estimates and judgments used in estimating credit losses, as well as the credit quality. The amendments are effective for the Company’s fiscal year beginning April 1, 2020, including interim periods within that fiscal year. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and results of operations.

 

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments. Historically, there has been a diversity in practice in how certain cash receipts/payments are presented and classified in the statement of cash flows. To reduce the existing diversity in practice, this update addresses the eight cash flow issues as listed in the pronouncement. The amendments in this update are effective for fiscal years beginning April 1, 2018, and interim periods within that fiscal year. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company’s financial statements.

 

On May 10, 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting, which amends the scope of modification accounting for share-based payment arrangements, provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. For all entities, the ASU is effective for the Company’s fiscal year beginning April 1, 2018, including interim periods within that annual reporting period. Early adoption is permitted, including adoption in any interim period. The adoption of this standard is not expected to have material impact on the Company’s financial statements as the Company does not expect to make future modifications to existing share based payment awards.

 

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.

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.19.1
INVESTMENT IN NET INSURANCE BENEFITS
3 Months Ended
Jun. 30, 2017
Investments, All Other Investments [Abstract]  
INVESTMENT IN NET INSURANCE BENEFITS

(3) INVESTMENT IN NET INSURANCE BENEFITS

 

The balance in Investment in NIBs at June 30, 2017 and March 31, 2017, and related activity for the periods then ended were as follows:

 

  June 30, 2017   March 31, 2017
Beginning Balance  $                34,156,005    $            29,822,186
Accretion of interest income                                   -                       5,751,689
Cash received                    (1,500,000)                  (1,417,870)
Impairment of investments                  (24,886,437)                 - 
Ending Balance  $                  7,769,568    $            34,156,005

 

As outlined in Note 1, between May 2018 and July 2018, the Owners entered in agreements that completed a strict foreclosure transaction that transferred these policies to the lenders in full satisfaction of the loan obligation. As a result of the foreclosure the Company reduced the carrying value of the NIBs by $24,886,437 at June 30, 2017, to $7,769,568, which is the estimated fair value of the NIBs calculated as the actual cash received subsequent to June 30, 2017, from distributions by the Owners to the Company.

 

The original face value of the underlying life insurance policies was $412,820,622. This value takes into account the approximately 72.2% of the NIBs associated with a portfolio of life settlement policies having a face value that originally totaled $94,000,000. One policy matured during March 2014, totaling $8,000,000. A second policy with a face value of $10,000,000 matured during November 2016. Between February and March 2017, two additional maturities occurred within one portfolio of policies, totaling $14,500,000 million in face value, both of which were earlier than was forecasted based on the life expectancy reports obtained by the Owners. During April 2017, another policy with a face value of $1,500,000 matured earlier than expected. As of June 30, 2017, the face value of the outstanding, underlying policies totaled $365,454,812, adjusting for the approximately 72.2% mentioned above.

 

Our Investment in NIBs are classified as held-to-maturity investments at March 31, 2017 and as available-for-sale investments at June 30, 2017. The NIBs have a contractual maturity date of 25 years from inception, and the inception dates ranged from December 2011 to January 2013. The amortized cost, aggregate fair value and gross unrecognized holding gains and losses at June 30, 2017 and March 31, 2017 were as follows:

 

  June 30, 2017   March 31, 2017
       
Amortized Cost Basis/Net Carrying Amount $                    7,769,568    $                        34,156,005
Aggregate Fair Value (See Note 4)                       7,769,568                              45,643,224
Gross Unrecognized Holding Gains  $                                -       $                        11,487,219

 

During April 2016 and May 2017, the Company received $1,417,870 and $1,500,000, respectively, in cash proceeds associated with maturities and miscellaneous adjustments to the underlying policies. The cash proceeds reduced the carrying value of the Company’s Investment in NIBs.

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.19.1
FAIR VALUE MEASUREMENTS
3 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS

(4) FAIR VALUE MEASUREMENTS

 

As defined by ASC Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820"), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also requires the consideration of differing levels of inputs in the determination of fair values.

 

Those levels of input are summarized as follows:

 

• Level 1: Quoted prices in active markets for identical assets and liabilities.

 

• Level 2: Observable inputs other than Level 1 quoted prices, such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

 

• Level 3: Unobservable inputs that are supported by little or no market activity. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques as well as instruments for which the determination of fair value requires significant management judgment or estimation.

 

The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety.

 

In accordance with the disclosure requirements of ASC Topic 825, “Financial Instruments” (“ASC 825”), the tables below summarize fair value estimates for the Company’s Investment in NIBs, which both are (at June 30, 2017) are not (at March 31, 2017) required to be carried at fair value. The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying value of the Company. In estimating the fair value of the Company’s Investment in NIBs, the rate of return that a market participant would be willing to pay for each portfolio is used to recalculate the discounted estimated future cash flows. This present value is used to represent the fair value of the Investment in NIBs using level 3 inputs.

 

Financial Instruments Required To Be Carried at Fair Value at June 30, 2017

 

 

           
    Fair Value Measurements at June 30, 2017
Description Level 1   Level 2   Level 3   Total
                 
Investment in Net Insurance Benefits  $            -       $            -       $             7,769,568    $             7,769,568
             

 

Financial Instruments Not Required To Be Carried at Fair Value at March 31, 2017

 

 

                 
    Fair Value Measurements at March 31, 2017
Description Level 1   Level 2   Level 3   Total
                 
Investment in Net Insurance Benefits  $            -       $            -       $           45,643,224    $           45,643,224

 

 

The Company did not have any transfers of assets and liabilities between Levels 1, 2 and 3 of the fair value measurement hierarchy during the year ended March 31, 2017 and the three months ended June 30, 2017.

At March 31, 2017, the fair value of our investment in NIBs was determined by evaluating the sum of present value of the future cash flows expected from the NIBs. Therefore, subsequent to the purchase and on a regular basis, these future estimated cash flows were evaluated for changes. If the determination was made that the future estimated cash flows should be adjusted to the point of a material change in revenue, a revised effective yield would be calculated prospectively based on the current amortized cost of the investment, including accrued accretion.

At June 30, 2017, the fair value of our investment in NIBs is calculated as the actual cash received (discounted) subsequent to June 30, 2017, from distributions by the Owners to the Company.

Other Financial Instruments

 

The Company’s recorded values of cash and cash equivalents, accounts payable and accrued liabilities approximate their fair values based on their short-term nature. The recorded values of the notes payable and convertible debenture approximates the fair values as the interest rate approximates market interest rates.

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NOTES PAYABLE, RELATED PARTY
3 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
NOTES PAYBALE, RELATED PARTY

(5) NOTES PAYABLE, RELATED PARTY

 

As of June 30, 2017 and March 31, 2017, the Company had borrowed $4,718,484 and $5,214,753, respectively, excluding accrued interest, from related parties under notes payable agreements that allow for borrowings of up to $6,730,000, exclusive of accrued interest. There are no covenants associated with these agreements. Of the $4,718,484 of notes payable owed as of June 30, 2017, $3,238,628 was due August 31, 2018. The remaining $1,479,856 was due November 30, 2018 (see Note 12 for subsequent due date extensions). In the event the Company completes a successful equity raise, principal and interest on notes payable totaling $4,742,007 are due in full at that time. The notes payable incur interest at 7.5%, and are collateralized by Investment in NIBs. During the three months ended June 30, 2017, the Company did not borrow any additional funds under these agreements, and repaid $496,269. Additionally, $405,519 in accrued interest was paid out during the three months ended June 30, 2017. As of June 30, 2017, the Company had availability to borrow up to $2,011,516 under these agreements. The interest associated with these notes of $23,523 and $334,626 is recorded on the balance sheet as an Accrued Expense obligation at June 30, 2017 and March 31, 2017, respectively. The related parties include a person who is the Chairman of the Board of Directors and a stockholder, and Radiant Life, LLC, an entity partially owned by the Chairman of the Board of Directors.

 

See Note 12 for a detail of activity on the Notes Payable, Related Party subsequent to June 30, 2017.

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CONVERTIBLE DEBENTURE AGREEMENT
3 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
CONVERTIBLE DEBENTURE AGREEMENT

(6) CONVERTIBLE DEBENTURE AGREEMENT

 

The Company has entered into an 8% convertible debenture agreement with Satco International, Ltd., that allows for borrowings of up to $3,000,000. The holder originally had the option to convert the outstanding principal and accrued interest to unregistered, restricted common stock of the Company on June 2, 2016. Per the agreement, 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; and the price at which the Debenture may be converted will be no lower than $1.00 per share. The original maturity date was June 2, 2016, but was later extended, through a series of extensions, to August 31, 2019. These extensions applied to both the due date and the conversion rights. See Note 12 for a detail of activity on the Convertible Debenture subsequent to June 30, 2017.

 

As of June 30, 2017 and March 31, 2017, the Company owed $700,000 under the agreement, excluding accrued interest. During the three months ending June 30, 2017, the company borrowed $200,000 on the agreement and also repaid $200,000. In addition, the Company paid $10,000 toward accrued interest related to the Convertible Debenture. The associated interest of $107,501 and $102,488 at June 30, 2017 and March 31, 2017, respectively, is recorded on the balance sheet as an Accrued Expense obligation.

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.19.1
LIQUIDITY REQUIREMENTS
3 Months Ended
Jun. 30, 2017
LIQUIDITY AND CAPITAL REQUIREMENTS [Abstract]  
LIQUIDITY REQUIREMENTS

(7) LIQUIDITY REQUIREMENTS

 

Since the Company’s inception, 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, 2017, the Company had $35,178 of cash assets, compared to $4,364 as of March 31, 2017. As of April 5, 2019, the Company had access to draw an additional $5,507,991 on the notes payable, related party (see Note 5 and Note 12) and $3,000,000 on the Convertible Debenture Agreement (See Note 6 and Note 12). The Company’s average monthly expenses are expected to be approximately $100,000, which includes salaries of our employees, consulting agreements and contract labor, general and administrative expenses and estimated legal and accounting expenses. Outstanding Accounts Payable as of June 30, 2017, totaled $540,820, and other accrued liabilities totaled $402,625.

 

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, or through April 2020. 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. The Company also continues to evaluate other debt and equity financing opportunities.

 

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. Due to the foreclosure on the NIBs mentioned above, the company has no current source of future revenues. In order to continue to purchase additional NIBs or remove the NIBs out of foreclosure, the Company will need to raise additional capital. Management is currently engaged in obtaining long term financing and believes that it will secure the needed additional capital within one year from the date of this filing. As management believes that additional capital is a probable outcome, the Company has the ability to continue as a going concern for a period of one year from the date of issuance of these financial statements.

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COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS
3 Months Ended
Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS

(8) COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS

 

As explained in Note 1, the Company is engaged in the business of purchasing or acquiring life insurance policies and residual interests in or financial products tied to life insurance policies, including notes, drafts, acceptances, open accounts receivable and other obligations representing part or all of the sales price of insurance, life settlements and related insurance contracts being traded in the secondary marketplace, often referred to as the “life settlements market”. The Company does not take possession or control of the policies. The owners of the life settlements or life insurance policies acquired such policies at a discount to their face value. The life insurance portfolios underlying our NIBs typically involve loans originated with 4-5 year terms. The Company has always assumed that the Holders will be able to refinance their loans at the end of the respective loan terms. However, the Holders’ Lender’s ability to offer replacement loans has always been governed by factors that are beyond the Company’s control or the control of the Holders. At June 30, 2017, the entities that own the policies maintained a total of 13 separate loan agreements with the senior lending facility, all with separate expiration dates. As of June 30, 2017, 9 of these loans had expiration dates that had lapsed, with the remaining 4 loans having maturity dates ranging from July 2017 to January 2018. During October 2017, the entities completed a refinancing of the loans that had matured and were about to mature. The agreements were with a new senior lending facility who previously provided MRI for the underlying policies. During December 2017, these new loans were extended through April 15, 2018, and did not require MRI coverage. The Holders had available credit to pay forecasted premiums and expenses on a portion of the policies until April 15, 2018, which was the renewal date of the loans on these life insurance policies. The Holders have worked with the lender to extend the loans multiple times and now, after the last loan extension expired, between May 2018 and July 2018, the lenders foreclosed on the loans associated with the underlying life insurance policies and the Company has recorded a $24,886,437 impairment on the NIBs.

 

As of June 30, 2017, the Company had remaining accrued expenses of $271,601 relating to the costs to maintain the structure of the life insurance policies. From August 2017 to October 2017, the Company paid an additional $82,438 of these accrued expenses. During October 2017 the Company received notification from the Holders that the remaining $189,163 had been paid in full by the Holders. Subsequent to June 30, 2017, the Company has reversed the effects of the remaining $189,163 accrued liability on its balance sheet.

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.19.1
EARNINGS (LOSS) PER COMMON SHARE
3 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER COMMON SHARE

(9) EARNINGS (LOSS) PER COMMON SHARE

 

Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the periods. Diluted net income per common share is computed by including common shares that may be issued subject to existing rights with dilutive potential, when applicable. Dilutive common stock equivalents are primarily comprised of stock options and warrants. Potentially dilutive shares resulting from convertible debt agreements are evaluated using the if-converted method, and such amounts were not dilutive.

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.19.1
STOCK OPTIONS
3 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK OPTIONS

(10) STOCK OPTIONS

 

During the year ended March 31, 2014, the Company issued common stock options to certain directors, officers, consultants and employees. The Company has recorded stock-based compensation expense of $182,572 and $508,503 related to these options for year ended March 31, 2017 and 2016, respectively. At March 31, 2017, all stock options had vested and all expenses relating to the outstanding options had been recognized as stock-based compensation expense. On the date of grant, the contractual option terms were all 5 years, with all options have an expiration date between April and October of 2018. The number of options outstanding and exercisable at June 30, 2017 is 2,106,875.

 

If all vested options as of June 30, 2017 were to be exercised, the Company could expect to receive $3,314,294.

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.19.1
INCOME TAXES
3 Months Ended
Jun. 30, 2017
Income Tax Disclosure [Abstract]  
INCOME TAXES

(11) INCOME TAXES

 

On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Reform Act”) was signed into law by the President of the United States. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. federal corporate tax rate from 35% to 21% effective for the Company’s fiscal year ended March 31, 2018. U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted. The Company will recognize the effects of the Tax Reform Act for the re-measurement of its net deferred tax liabilities during the third quarter ended December 31, 2017. This will be done in accordance with Staff Accounting Bulletin No. 118 (“SAB 118”), which provides SEC staff guidance for the application of ASC Topic 740, Income Taxes, in the reporting period in which the 2017 Tax Reform Act was signed into law.

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.19.1
SUBSEQUENT EVENTS
3 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

(12) SUBSEQUENT EVENTS

 

Subsequent to June 30, 2017, the following events transpired:

 

As further explained in Note 8, during October 2017, the Holders completed a refinancing of the loans that had matured and were about to mature. The agreements are with a new senior lending facility who previously provided MRI for the underlying policies. During December 2017, these new loans were extended through April 15, 2018, and the Holders had available credit to pay forecasted premiums and expenses on a portion of the policies until that date. Between May 2018 and July 2018, the Holders entered in agreements that completed a strict foreclosure transaction that transferred the underlying life insurance policies relating to the Company’s NIBs to the lenders in full satisfaction of the loan obligation. The Holders and other parties to the Agreements are diligently working to secure alternative financing, although no such positive outcome can be assured. As of the date of this filing, the lenders continue to pay premiums and related fees on the life insurance policies and have not yet liquidated the policies. As a result of the foreclosure, the Company has lost its position in the residual benefits of the policies and has reduced the carrying value of the NIBs at June 30, 2017 to $7,769,568, which is equal the actual cash received by the Company from distributions subsequent to June 30, 2017. This carrying value is less than the accretion receivable as of March 31, 2017, and as such, is considered accretion receivable and not part of the Company’s original investment.

 

As of June 30, 2017, the Company had remaining accrued expenses of $271,601 relating to the costs to maintain the structure of the life insurance policies. From August 2017 to October 2017, the Company paid an additional $82,438 of these accrued expenses. During October 2017 the Company received notification from the Holders that the remaining $189,163 had been paid in full by the Holders. Subsequent to June 30, 2017, the Company has reversed the effects of the remaining $189,163 accrued liability on its balance sheet.

 

On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Reform Act”) was signed into law by the President of the United States. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. federal corporate tax rate from 35% to 21% effective for the Company’s calendar year ending March 31, 2018. U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted. The Company will recognize the effects of the Tax Reform Act for the re-measurement of the net deferred tax liabilities during the third quarter ended December 31, 2017. This will be done in accordance with Staff Accounting Bulletin No. 118 (“SAB 118”), which provides SEC staff guidance for the application of ASC Topic 740, Income Taxes, in the reporting period in which the 2017 Tax Reform Act was signed into law.

 

Effective January 1, 2018, Matthew Pearson resigned his position as the Company’s Chief Operations Officer to pursue other opportunities. As of the date of this filing, no replacement has been designated to fill his position.

 

During February 2018, management engaged consultants to explore and analyze financing alternatives available to the Company. From February 2018 through March 2019 approximately $1,320,581 has been paid to the consultants.

 

Effective December 5, 2018, Ty D. Mattingly resigned his position on the Company’s Board of Directors. On December 6, 2018, Glenn S. Dickman and Stephen E. Quesenberry were named to the Company’s Board of Directors.

 

Effective December 6, 2018, three existing stockholders have contributed to the Company a portion of their common shares held at a repurchase price to the Company of USD$0.05 per share The Company intends to cancel/retire the acquired shares, which will decrease the outstanding common shares on the books of the Company. The total number of common shares canceled/retired is 8,000,000, reducing the amount of outstanding common shares from approximately 44,128,441 to 36,128,441. The Company anticipates paying the $0.05 per share repurchase price and cancelling the repurchased common shares upon a major financing event, as agreed upon between the Company and the stockholders. As of the date of this filing, the shares have been cancelled, but have not yet been repurchased by the Company.

 

On December 6, 2018, the Company awarded three of its directors 300,000 shares each of the Company’s stock, in lieu of director compensation. The shares granted include a vesting period.

 

On July 11, 2018, the Company issued 800,000    common shares in return for obtaining the remaining 27.8% ownership of certain NIBs (see Note 3). The transaction was recorded at $40,000, the estimated fair value of the common stock issued (which management believes approximated the fair value of the NIBs received on the date of the transaction).

 

From July 25, 2018 to December 4, 2018, Mr. Dickman loaned the Company $450,000 through an unsecured promissory note, which bears interest at a rate of 8% annually. To date, the Company has not made any principal or interest payments under this note. As of the date hereof, the full $450,000 of principal is recorded as Notes Payable, Related Party, and the Company has accrued $15,400 of unpaid interest.

 

From September 2017 to January 2018, the Company received $7,769,568 in cash proceeds associated with maturities and miscellaneous adjustments to other underlying policies. The cash proceeds reduced the carrying value of the Company’s Investment in NIBs.

 

Subsequent to June 30, 2017, the Company has repaid $4,288,976   in principal on the Notes Payable, Related Party and $700,000 on the Convertible Debenture. The Company has also paid out accrued interest totaling $134,124 on the Notes Payable, Related Party and Convertible Debenture.

 

Subsequent to June 30, 2017, the Company has borrowed an additional $1,242,500 on the Notes Payable, Related Party. As of April 5, 2019, the outstanding principal balances of all Notes Payable, Related Party totaled $1,672,008 and the outstanding principal balance of the Convertible Debenture is $0.

 

On December 6, 2017, the note payable, related party agreement that allowed for borrowings of up to $4,600,000 at June 30, 2017, was amended to extend the due date from August 31, 2018 to August 31, 2019. Then on February 8, 2019 the note was again extended to November 30, 2020. Subsequent to June 30, 2017, the note payable, related party agreement that allowed for borrowings of up to $2,130,000 was amended to extend the due dates from November 30, 2018 to November 30, 2020, respectively. On December 7, 2017, the Company agreed to amend the agreement to extend the due date and conversion rights on the Convertible Debenture from February 28, 2018 to August 31, 2019.

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.19.1
INVESTMENT IN NET INSURANCE BENEFITS (Tables)
3 Months Ended
Jun. 30, 2017
Investments, All Other Investments [Abstract]  
Summary of Investments in Net Insurance Benefits

The balance in Investment in NIBs at June 30, 2017 and March 31, 2017, and related activity for the periods then ended were as follows:

 

  June 30, 2017   March 31, 2017
Beginning Balance  $                34,156,005    $            29,822,186
Accretion of interest income                                   -                       5,751,689
Cash received                    (1,500,000)                  (1,417,870)
Impairment of investments                  (24,886,437)                 - 
Ending Balance  $                  7,769,568    $            34,156,005
Amortized Cost, Aggregate Fair Value and Gross Unrecognized Holding Gains and Losses

The amortized cost, aggregate fair value and gross unrecognized holding gains and losses at June 30, 2017 and March 31, 2017 were as follows:

 

  June 30, 2017   March 31, 2017
       
Amortized Cost Basis/Net Carrying Amount $                    7,769,568    $                        34,156,005
Aggregate Fair Value (See Note 4)                       7,769,568                              45,643,224
Gross Unrecognized Holding Gains  $                                -       $                        11,487,219
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.19.1
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Investment in NIBs

In accordance with the disclosure requirements of ASC Topic 825, “Financial Instruments” (“ASC 825”), the tables below summarize fair value estimates for the Company’s Investment in NIBs, which both are (at June 30, 2017) are not (at March 31, 2017) required to be carried at fair value. The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying value of the Company. In estimating the fair value of the Company’s Investment in NIBs, the rate of return that a market participant would be willing to pay for each portfolio is used to recalculate the discounted estimated future cash flows. This present value is used to represent the fair value of the Investment in NIBs using level 3 inputs.

 

Financial Instruments Required To Be Carried at Fair Value at June 30, 2017

 

 

           
    Fair Value Measurements at June 30, 2017
Description Level 1   Level 2   Level 3   Total
                 
Investment in Net Insurance Benefits  $            -       $            -       $             7,769,568    $             7,769,568
             

 

Financial Instruments Not Required To Be Carried at Fair Value at March 31, 2017

 

 

                 
    Fair Value Measurements at March 31, 2017
Description Level 1   Level 2   Level 3   Total
                 
Investment in Net Insurance Benefits  $            -       $            -       $           45,643,224    $           45,643,224
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.19.1
ORGANIZATION AND BASIS OF PRESENTATION (Details) - USD ($)
Jun. 30, 2017
Mar. 31, 2017
Jun. 30, 2016
Mar. 31, 2016
Derivative [Line Items]        
Par value of PDCs $ 36,800,000      
Investment in Net Insurance Benefits $ 7,769,568 $ 34,156,005   $ 29,822,186
Minimum [Member]        
Derivative [Line Items]        
Percentage of NIBs held 72.20%   72.20%  
Maximum [Member]        
Derivative [Line Items]        
Percentage of NIBs held 100.00%   100.00%  
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.19.1
INVESTMENT IN NET INSURANCE BENEFITS (Narrative) (Details) - USD ($)
1 Months Ended 2 Months Ended 3 Months Ended
Jul. 31, 2017
Nov. 30, 2016
Mar. 31, 2014
Mar. 31, 2017
Jun. 30, 2017
Oct. 31, 2017
Apr. 30, 2017
May 31, 2015
Contracts that matured during the period   $ 10,000,000 $ 8,000,000 $ 14,500,000        
Percentage of net insurance benefits associated with a portfolio of life settlement policies having a face value that originally totaled $94,000,000         72.20%      
Original face value of Net Insurance Benefits         $ 412,820,622      
Face Value Of Collateral Against Cash Advances         $ 365,454,812   $ 1,500,000 $ 94,000,000
Period of contractual maturity         25 years      
Subsequent Event [Member]                
Carrying value $ 24,886,437              
Reversal of prior accrual for certain unpaid costs to maintain the structure of the life insurance policies 189,163              
Accrued liability paid           $ 189,163    
NIB [Member]                
Carrying value         $ 24,886,437      
NIB [Member] | Subsequent Event [Member]                
Carrying value $ 7,769,568              
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.19.1
INVESTMENT IN NET INSURANCE BENEFITS (Summary of Investments in Net Insurance Benefits) (Details) - USD ($)
3 Months Ended 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Mar. 31, 2017
Investments, All Other Investments [Abstract]      
Beginning Balance $ 34,156,005 $ 29,822,186 $ 29,822,186
Accretion of interest income $ 1,453,872 5,751,689
Cash received (1,500,000)   (1,417,870)
Impairment of investments (24,886,437)  
Ending Balance $ 7,769,568   $ 34,156,005
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.19.1
INVESTMENT IN NET INSURANCE BENEFITS (Amortized Cost, Aggregate Fair Value, and Gross Unrecognized Holding Gains) (Details) - USD ($)
Jun. 30, 2017
Mar. 31, 2017
Investments, All Other Investments [Abstract]    
Amortized Cost Basis/Net Carrying Amount $ 7,769,568 $ 34,156,005
Aggregate Fair Value (See Note 4) 7,769,568 45,643,224
Gross Unrecognized Holding Gains $ 11,487,219
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.19.1
FAIR VALUE MEASUREMENTS (Schedule of Fair Value of Investment in NIBs) (Details) - USD ($)
Jun. 30, 2017
Mar. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment in Net Insurance Benefits $ 7,769,568 $ 45,643,224
Level 1 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment in Net Insurance Benefits
Level 2 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment in Net Insurance Benefits
Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment in Net Insurance Benefits $ 7,769,568 $ 45,643,224
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.19.1
NOTES PAYABLE, RELATED PARTY (Details) - USD ($)
3 Months Ended
Jun. 30, 2017
Mar. 31, 2017
Related Party Transaction [Line Items]    
Long-term Line of Credit $ 4,718,484 $ 5,214,753
Long term Accrued Expense obligation 402,625 753,780
Stockholder [Member]    
Related Party Transaction [Line Items]    
Long-term Line of Credit 4,742,007  
Line of Credit Facility, Maximum Borrowing Capacity 6,730,000  
Amount due on November 30, 2018 1,479,856  
Amount due on August 31, 2018 $ 3,238,628  
Related party note interest rate 7.50%  
Repayments of Lines of Credit $ 496,269  
Remaining borrowing capacity 2,011,516  
Long term Accrued Expense obligation 23,523 $ 334,626
Accrued interest paid $ 405,519  
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.19.1
CONVERTIBLE DEBENTURE AGREEMENT (Details) - USD ($)
3 Months Ended
Jun. 02, 2016
Jun. 30, 2017
Jun. 30, 2016
Mar. 31, 2017
Debt Instrument [Line Items]        
Convertible Debenture   $ 700,000   $ 700,000
Accrued interest   10,000    
Proceeds from Convertible Debenture   200,000  
Repayment of Convertible Debenture   $ 200,000  
Satco International, Ltd, 8% Convertible Debenture [Member]        
Debt Instrument [Line Items]        
Interest rate   8.00%    
Maturity date Jun. 02, 2016 Aug. 31, 2019    
Convertible Debenture   $ 700,000   700,000
Convertible debenture, terms of conversion   Per the agreement, 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; and the price at which the Debenture may be converted will be no lower than $1.00 per share.    
Accrued interest   $ 107,501   $ 102,488
Satco International, Ltd, 8% Convertible Debenture [Member] | Maximum [Member]        
Debt Instrument [Line Items]        
Face amount of debt instrument   $ 3,000,000    
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.19.1
LIQUIDITY REQUIREMENTS (Details) - USD ($)
3 Months Ended
Jun. 30, 2017
Mar. 31, 2017
Jun. 30, 2016
Mar. 31, 2016
LIQUIDITY AND CAPITAL REQUIREMENTS [Abstract]        
Cash and Cash Equivalents $ 35,178 $ 4,364 $ 6,254 $ 24,717
Monthly expenses incurred by company 100,000      
Accounts Payable 540,820 508,071    
Additional borrowing capacity from related party notes payable 5,507,991      
Additional borrowing capacity from Convertible Debenture Agreement 3,000,000      
Accrued Expenses $ 402,625 $ 753,780    
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.19.1
COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS (Details) - USD ($)
1 Months Ended 3 Months Ended
Jul. 31, 2017
Jun. 30, 2017
Oct. 31, 2017
Mar. 31, 2017
Accrued expense   $ 402,625   $ 753,780
Maximum [Member]        
Loan term   5 years    
Minimum [Member]        
Loan term   4 years    
Subsequent Event [Member]        
Accrued liability paid     $ 189,163  
Accrued expense     $ 82,438  
Reversal of prior accrual for certain unpaid costs to maintain the structure of the life insurance policies $ 189,163      
Carrying value $ 24,886,437      
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.19.1
STOCK OPTIONS (Narrative) (Details) - USD ($)
12 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]      
Stock option term 5 years    
Stock option expiration period April and October of 2018    
Stock-based compensation expense $ 182,572 $ 508,503  
Vested options exercised value     $ 3,314,294
Options outstanding an exercisable     2,106,875
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.19.1
INCOME TAXES (Details)
1 Months Ended
Mar. 31, 2018
Subsequent Event [Member]  
Federal statutory tax rate beginning in 2018 21.00%
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.19.1
SUBSEQUENT EVENTS (Details) - USD ($)
1 Months Ended 3 Months Ended 5 Months Ended 14 Months Ended 21 Months Ended
Feb. 08, 2019
Dec. 06, 2018
Jul. 11, 2018
Dec. 07, 2017
Mar. 31, 2018
Jul. 31, 2017
Jun. 30, 2017
Jun. 30, 2016
Jan. 31, 2018
Mar. 31, 2019
Apr. 05, 2019
Apr. 04, 2019
Dec. 04, 2018
Dec. 06, 2017
Oct. 31, 2017
Mar. 31, 2017
Subsequent Event [Line Items]                                
Accrued expense             $ 402,625                 $ 753,780
Common stock shares outstanding             44,128,441                 44,128,441
Accrued interest             $ 10,000                  
Repayment of related party debt             496,269 $ 150,000                
Repayment of Convertible Debenture             200,000                
Cash Paid for Interest             415,519                
Proceeds from Issuance of Notes Payable, Related Party             $ 205,000                
Subsequent Event [Member]                                
Subsequent Event [Line Items]                                
Carrying value           $ 24,886,437                    
Accrued expense                             $ 82,438  
Accrued liability paid                             $ 189,163  
Federal statutory tax rate beginning in 2018         21.00%                      
Amount paid to consultants as a financing advance                   $ 1,320,581            
Reversal of prior accrual for certain unpaid costs to maintain the structure of the life insurance policies           189,163                    
Common stock shares outstanding   36,128,441                            
Shares issued     800,000                          
Fair value of common stock issued     $ 40,000                          
Note payable, Related party                       $ 1,672,008        
Repayment of related party debt                     $ 4,288,976          
Repayment of Convertible Debenture                     700,000          
Convertible debenture                       $ 0        
Cash Paid for Interest                     134,124          
Proceeds from Issuance of Notes Payable, Related Party                     1,242,500          
Subsequent Event [Member] | Director One [Member]                                
Subsequent Event [Line Items]                                
Shares issued   300,000                            
Subsequent Event [Member] | Director Two [Member]                                
Subsequent Event [Line Items]                                
Shares issued   300,000                            
Subsequent Event [Member] | Director Three [Member]                                
Subsequent Event [Line Items]                                
Shares issued   300,000                            
Subsequent Event [Member] | Three Existing Stockholders [Member]                                
Subsequent Event [Line Items]                                
Price per share of stock repurchased   $ 0.05                            
Number of common shares canceled/retired   8,000,000                            
Subsequent Event [Member] | NIB [Member]                                
Subsequent Event [Line Items]                                
Proceeds from underlying policies                 $ 7,769,568              
Subsequent Event [Member] | Notes Payable Related party [Member]                                
Subsequent Event [Line Items]                                
Debt instrument, face amount                     $ 2,130,000     $ 4,600,000    
Maturity date Nov. 30, 2020     Aug. 31, 2019             Nov. 30, 2020          
NIB [Member]                                
Subsequent Event [Line Items]                                
Carrying value             $ 24,886,437                  
NIB [Member] | Subsequent Event [Member]                                
Subsequent Event [Line Items]                                
Carrying value           $ 7,769,568                    
Unsecured promissory note [Member] | Subsequent Event [Member] | Mr. Dickman [Member]                                
Subsequent Event [Line Items]                                
Debt instrument, face amount                         $ 450,000      
Debt interest rate                         8.00%      
Note payable, Related party                         $ 450,000      
Accrued interest                         $ 15,400      
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