x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the Quarterly Period Ended December 31, 2015
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the Transition Period From ________ to _________
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Nevada
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88-0515333
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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4626 North 300 West, Suite No. 36, Provo, Utah
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84604
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer o | Accelerated filer x |
Non-accelerated filer o | Smaller reporting company o |
(Do not check if a smaller reporting company) |
December 31,
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March 31,
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2015
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2015
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ASSETS
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Current Assets
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Cash and Cash Equivalents
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$ | 74,114 | $ | 336,370 | ||||
Prepaid Expenses
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3,750 | 1,875 | ||||||
Total Current Assets
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77,864 | 338,245 | ||||||
Other Assets
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||||||||
Investment in Net Insurance Benefits
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28,690,516 | 22,544,635 | ||||||
Advance for Investment in Net Insurance Benefits
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- | 3,596,386 | ||||||
Notes Receivable
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- | 211,000 | ||||||
Other
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- | 16,428 | ||||||
- | - | |||||||
Total Other Long-term Assets
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28,690,516 | 26,368,449 | ||||||
Total Assets
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$ | 28,768,380 | $ | 26,706,694 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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Current Liabilities
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Accounts Payable
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$ | 279,128 | $ | 255,361 | ||||
Accrued Expenses
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826,665 | 181,917 | ||||||
Notes Payable
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- | 1,326,876 | ||||||
Note Payable-Related Party
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- | 1,500,000 | ||||||
Redeemed Common Stock Payable
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750,000 | - | ||||||
Total Current Liabilities
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1,855,793 | 3,264,154 | ||||||
Long-Term Liabilities
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Note Payable-Related Party
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2,667,000 | - | ||||||
Convertible Debenture
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700,000 | - | ||||||
Accrued Expenses
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109,800 | - | ||||||
Total Long-Term Liabilities
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3,476,800 | - | ||||||
Total Liabilities
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5,332,593 | 3,264,154 | ||||||
Stockholders' Equity
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Preferred Stock, authorized 10,000,000 shares,
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||||||||
par value $0.001; -0- shares issued and outstanding
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- | - | ||||||
Common Stock, authorized 500,000,000 shares,
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par value $0.001; 44,222,191 and 43,185,941 shares issued and outstanding, respectively
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44,222 | 43,186 | ||||||
Additional Paid In Capital
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24,260,505 | 16,316,882 | ||||||
Additional Paid In Capital- Stock to be Issued
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- | 7,540,000 | ||||||
Accumulated Deficit
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(868,940 | ) | (457,528 | ) | ||||
Total Stockholders' Equity
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23,435,787 | 23,442,540 | ||||||
Total Liabilities and Stockholders' Equity
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$ | 28,768,380 | $ | 26,706,694 |
Three Months Ended
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Three Months Ended
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Nine Months Ended
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Nine Months Ended
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December 31,
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December 31,
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December 31,
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December 31,
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2015
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2014
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2015
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2014
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Interest Income on Investment in Net Insurance Benefits
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$ | 1,090,031 | $ | 616,547 | $ | 2,777,501 | $ | 1,772,698 | ||||||||
General and Administrative Expenses
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1,549,676 | 526,797 | 3,043,267 | 1,726,169 | ||||||||||||
Income (Loss) from Operations
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(459,645 | ) | 89,750 | (265,766 | ) | 46,529 | ||||||||||
Other Income (Expense)
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||||||||||||||||
Interest Income
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- | 4,568 | 5,241 | 13,388 | ||||||||||||
Interest Expense
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(60,294 | ) | (200,270 | ) | (150,887 | ) | (233,442 | ) | ||||||||
Other, net
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- | - | - | 6,303 | ||||||||||||
Total Other Expense
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(60,294 | ) | (195,702 | ) | (145,646 | ) | (213,751 | ) | ||||||||
Loss Before Income Taxes
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(519,939 | ) | (105,952 | ) | (411,412 | ) | (167,222 | ) | ||||||||
Income Tax Provision
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- | - | - | - | ||||||||||||
Net Loss
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$ | (519,939 | ) | $ | (105,952 | ) | $ | (411,412 | ) | $ | (167,222 | ) | ||||
Basic and Diluted:
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Loss Per Share
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$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | ||||
Basic Weighted Average Number of Shares Outstanding
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44,315,941 | 43,185,941 | 44,029,347 | 43,122,354 |
Nine Months Ended
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Nine Months Ended
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December 31,
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December 31,
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2015
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2014
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Operating Activities
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Net Loss
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$ | (411,412 | ) | $ | (167,222 | ) | ||
Adjustments to reconcile to cash from operating activities:
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Share Based Compensation - Options
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404,659 | 320,333 | ||||||
Accrued Interest on NIBs
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(2,777,501 | ) | (1,772,698 | ) | ||||
Advance for Investments in Net Insurance Benefits
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(626,914 | ) | (794,598 | ) | ||||
Refund of Advance for Investments in Net Insurance Benefits
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854,920 | 904,274 | ||||||
Changes in Operating Assets and Liabilities
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Accrued Interest Income
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16,428 | (4,847 | ) | |||||
Prepaid Expenses
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(1,875 | ) | (1,750 | ) | ||||
Accounts Payable
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23,767 | 75,339 | ||||||
Accrued Expenses
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927,672 | 34,430 | ||||||
Net Cash from Operating Activities
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(1,590,256 | ) | (1,406,739 | ) | ||||
Investing Activity
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Issuance of Note Receivable
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- | (150,000 | ) | |||||
Proceeds from Notes Receivable
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211,000 | 550,000 | ||||||
Net Cash from Investing Activity
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211,000 | 400,000 | ||||||
Financing Activities
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Proceeds from Issuance of Notes Payable and Lines-of-Credit, Related Party
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1,167,000 | 1,272,000 | ||||||
Proceeds from Issuance of Convertible Debenture
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700,000 | - | ||||||
Common Stock Issued for Cash
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- | 150,000 | ||||||
Redemption of Temporary Equity
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(750,000 | ) | - | |||||
Net Cash from Financing Activities
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1,117,000 | 1,422,000 | ||||||
Net Change in Cash
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(262,256 | ) | 415,261 | |||||
Cash at Beginning of Period
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336,370 | 375,212 | ||||||
Cash at End of Period
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$ | 74,114 | $ | 790,473 | ||||
Non Cash Financing & Investing Activities
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Notes Receivables Exchanged for Advance for Investment in NIBs
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$ | - | $ | 100,000 | ||||
Cash Paid for Interest
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$ | - | $ | 81,621 | ||||
Adjustments to Subscription Receivable and Additional Paid In Capital
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$ | - | $ | 1,500 | ||||
Exchange Note Payable and Accrued Interest for Temporary Equity
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$ | 1,500,000 | $ | - | ||||
Advanced funds paid converted to Net Insurance Benefits
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$ | 3,368,380 | $ | - |
December 31, 2015
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March 31, 2015
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Beginning Balance
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$ | 22,544,635 | $ | 12,243,411 | ||||
Additional investments
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3,368,380 | 7,846,746 | ||||||
Accretion of interest income
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2,777,501 | 2,454,478 | ||||||
Distributions of investments
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- | - | ||||||
Impairment of investments
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- | - | ||||||
Total
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$ | 28,690,516 | $ | 22,544,635 |
Exhibit 10.1
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Amendment to the notes payable and lines-of-credit agreements, dated February 4, 2016, between the Company, Kraig Higginson and Radiant Life, LLC
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Exhibit 10.2
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Amendment to the convertible debenture agreement, dated February 2, 2016, between the Company and Sactco International, Limited.
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Exhibit 31.1
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Certification Pursuant to Section 302 of the Sarbanes-Oxley Act provided by Randall F. Pearson, President and Director.
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Exhibit 31.2
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Certification Pursuant to Section 302 of the Sarbanes-Oxley Act provided by Randall F. Pearson, acting CFO.
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Exhibit 32
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Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 proved by Randall F. Pearson, President and acting CFO.
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Exhibit 101.INS
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XBRL Instance Document
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Exhibit 101.SCH
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XBRL Taxonomy Extension Schema Document
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Exhibit 101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
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Exhibit 101.DEF
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XBRL Taxonomy Definition Linkbase Document
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Exhibit 101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
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Exhibit 101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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SUNDANCE STRATEGIES, INC.
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Date:
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February 9, 2016
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By:
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/s/ Randall F. Pearson | |||
Randall F. Pearson
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President, Chief Executive Officer and Acting Chief Financial Officer
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/s/ Stephen H. Smoot | February 1, 2016 |
Stephen H. Smoot | Date |
Satco Internationat Limited | |
Attorney-in-Fact |
/s/ Randall F. Pearson | February 2, 2016 |
Randall F. Pearson | Date |
President | |
Sundance Strategies, Inc. |
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a)
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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;
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b)
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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;
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c)
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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
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d)
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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
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a)
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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
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b)
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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.
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Date:
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February 9, 2016
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By:
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/s/ Randall F. Pearson | |||
Randall F. Pearson
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Chief Executive Officer
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a)
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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;
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b)
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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;
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c)
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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
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d)
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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
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a)
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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
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b)
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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.
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Date:
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February 9, 2016
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By:
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/s/ Randall F. Pearson | |||
Randall F. Pearson
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Acting Chief Financial Officer
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(1)
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The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Date:
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February 9, 2016
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By:
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/s/ Randall F. Pearson | |||
Randall F. Pearson
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Chief Executive Officer and Acting Chief Financial Officer
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DOCUMENT AND ENTITY INFORMATION - shares |
9 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Feb. 05, 2016 |
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Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Sundance Strategies, Inc. | |
Entity Central Index Key | 0001171838 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 44,315,941 |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2015 |
Mar. 31, 2015 |
---|---|---|
Condensed Consolidated Balance Sheets [Abstract] | ||
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
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 | 44,222,191 | 43,185,941 |
Common Stock, shares outstanding | 44,222,191 | 43,185,941 |
Condensed Consolidated Statements of Operations - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Condensed Consolidated Statements of Operations [Abstract] | ||||
Interest Income on Investment in Net Insurance Benefits | $ 1,090,031 | $ 616,547 | $ 2,777,501 | $ 1,772,698 |
General and Administrative Expenses | 1,549,676 | 526,797 | 3,043,267 | 1,726,169 |
Income (Loss) from Operations | $ (459,645) | 89,750 | (265,766) | 46,529 |
Other Income (Expense) | ||||
Interest Income | 4,568 | 5,241 | 13,388 | |
Interest Expense | $ (60,294) | $ (200,270) | $ (150,887) | (233,442) |
Other, net | 6,303 | |||
Total Other Expense | $ (60,294) | $ (195,702) | $ (145,646) | (213,751) |
Loss Before Income Taxes | $ (519,939) | $ (105,952) | $ (411,412) | $ (167,222) |
Income Tax Provision | ||||
Net Loss | $ (519,939) | $ (105,952) | $ (411,412) | $ (167,222) |
Basic and Diluted: | ||||
Loss Per Share | $ (0.01) | $ (0.01) | $ (0.01) | $ (0.01) |
Weighted Average Number of Shares Outstanding | 44,315,941 | 43,185,941 | 44,029,347 | 43,122,354 |
ORGANIZATION AND BASIS OF PRESENTATION |
9 Months Ended |
---|---|
Dec. 31, 2015 | |
ORGANIZATION AND BASIS OF PRESENTATION [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | (1) ORGANIZATION AND BASIS OF PRESENTATION
The condensed consolidated unaudited interim financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The condensed consolidated financial statements and notes are presented as permitted on Form 10-Q and do not contain information included in the Company's annual statements and notes. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed consolidated financial statements be read in conjunction with the March 31, 2015, audited consolidated financial statements and the accompanying notes thereto. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the Company's consolidated condensed financial statements and accompanying notes. Actual results could differ materially from those estimates. These condensed consolidated unaudited financial statements reflect all adjustments, including normal recurring adjustments which, in the opinion of management, are necessary to present fairly the operations and cash flows for the periods presented.
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 or we). The Company is engaged in the business of purchasing or acquiring and selling 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. Currently, the Company is focused on the purchase and sale of net insurance benefit contracts (NIB) on life insurance policies between the sellers and purchasers, but does not take possession or control of the policies. The purchasers acquire the life insurance policies at a discount to their face value for investment purposes. The purchasers have available credit to pay premiums and expenses on the underlying policies until settlement. On settlement, the Company receives the NIB after all borrowings, interest and expenses have been paid out of the settlement proceeds. |
NEW ACCOUNTING PRONOUNCEMENTS |
9 Months Ended |
---|---|
Dec. 31, 2015 | |
NEW ACCOUNTING PRONOUNCEMENTS [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | (2) NEW ACCOUNTING PRONOUNCEMENTS In August 2014, the FASB issued ASU 2014-15 Presentation of Financial StatementsGoing Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. In April, 2015, the FASB issued ASU 2015-03: Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30). This update requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. Under current standards, debt issuance costs are generally recorded as an asset and amortization of these deferred financing costs is recorded in interest expense. Under the new standard, debt issuance costs will continue to be amortized over the life of the debt instrument and amortization will continue to be recorded in interest expense. ASU 2015-03 is effective for the Company on April 1, 2016, and will be applied on a retrospective basis. In May 2015, the FASB issued ASU 2015-08, Business Combinations (Topic 805): Pushdown Accounting. This Accounting Standards Update amends various SEC paragraphs pursuant to the issuance of Staff Accounting Bulletin No.115. The Company notes the Update is effective immediately and will apply to the Company if the Company acquires a business. In August 2015, the FASB issued ASU 2015-15, Interest-Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. This Update was issued to make some fairly minor wording adjustments to ASC 835-30. The new wording, presented as paragraph 835-30-S45-1, recognizes that ASU 2015-13 does not address the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. As stated below, ASU 2015-13 requires companies to recognize debt issuance costs as a reduction of the carrying amount of the associated debt liability. ASU 2015-15 states that debt issuance costs related to line-of-credit arrangements may be recognized as an asset and amortized over the term of the line-of-credit arrangement, even if the line-of-credit does not carry a balance. The Company notes that this guidance does apply to its reporting requirements and will implement the new guidance accordingly. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This Update, which is part of the FASB's larger Simplification Initiative project aimed at reducing the cost and complexity of certain areas of the accounting codification, requires that an acquirer recognize adjustments to provisional amounts identified during the measurement period in the reporting period in which the adjustment amounts are determined. Furthermore, the acquirer should record in the same period's financial statements, the effect on earnings from any changes in depreciation, amortization or other items impacting income. These changes resulting from adjustments to provisional amounts should be calculated as if the accounting had been completed at the actual acquisition date. Lastly, the Update requires the acquirer to present separately on the face of the income statement or in the footnote disclosures the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the actual acquisition date. This Update is effective for fiscal years beginning after December 15, 2016. The amendments in this Update should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this Update, with earlier application permitted. The amendments are effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. All entities have the option of adopting the new requirements as of an earlier date for financial statements that have not been previously issued. Applicable disclosures for a change in an accounting principle are required in the year of adoption, including interim periods. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. The Company notes that this guidance may apply to its reporting requirements and will implement the new guidance accordingly. In November 2015, the FASB issued ASU 2015-17 regarding Balance Sheet Classification of Deferred Taxes, which simplifies the presentation of deferred income taxes by requiring all deferred income tax liabilities and assets be classified as noncurrent on the consolidated balance sheets. The guidance is 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. |
ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS |
9 Months Ended |
---|---|
Dec. 31, 2015 | |
ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS [Abstract] | |
ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS | (3) ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS The bulk of the $10,000,000 proceeds paid in connection with the Matured Policy were used to repay loans secured by such Matured Policy. However, on September 10, 2015, the Company received $1,094,335 as a result of the rights associated with the Matured Policy. These proceeds were allocated $239,415 to pay off a note receivable (including interest), $547,308 to reimburse the Company for expense payments made to or on behalf of Del Mar and $307,612 as a refund of advance payments previously made to or on behalf of Del Mar as part of the Del Mar ATA. The $547,308 and $307,612 proceeds, which together total $854,920, were applied to reduce Advance for Investment in NIBs. |
INVESTMENT IN NET INSURANCE BENEFITS |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT IN NET INSURANCE BENEFITS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT IN NET INSURANCE BENEFITS | (4) INVESTMENT IN NET INSURANCE BENEFITS
As mentioned in Note 3, the Company transferred $3,368,380 from advance for investment in NIBs into investment in NIBs on September 30, 2015. |
NOTES PAYABLE AND LINES-OF-CREDIT, RELATED PARTY |
9 Months Ended |
---|---|
Dec. 31, 2015 | |
NOTES PAYABLE AND LINES-OF-CREDIT, RELATED PARTY [Abstract] | |
NOTES PAYBALE AND LINES-OF-CREDIT, RELATED PARTY | (5) NOTES PAYABLE AND LINES-OF-CREDIT, RELATED PARTY
As of December 31, 2015, the Company had borrowed $2,667,000 from related parties under notes payable and lines-of-credit Agreements that allow for borrowings of up to $3,245,000 through the earlier of June 30, 2017, or when the Company completes a successful equity raise, at which time principal and interest is due in full. The notes payable and lines-of-credit incur interest at 7.5 percent, allow for origination fees and are collateralized by Advance for Investment in NIBs. The Company borrowed $1,367,000 under these agreements during the nine months ended December 31, 2015. The Company also repaid $200,000 during the nine months ended December 31, 2015. 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 10 for amendment of this agreement subsequent to period end. |
NOTES PAYABLE TRANSFERRED TO REDEEMED COMMON STOCK PAYABLE |
9 Months Ended |
---|---|
Dec. 31, 2015 | |
NOTES PAYABLE TRANSFERRED TO REDEEMED COMMON STOCK PAYABLE [Abstract] | |
NOTES PAYABLE TRANSFERRED TO REDEEMED COMMON STOCK PAYABLE | (6) NOTES PAYABLE TRANSFERRED TO REDEEMED COMMON STOCK PAYABLE |
CONVERTIBLE DEBENTURE AGREEMENT |
9 Months Ended |
---|---|
Dec. 31, 2015 | |
CONVERTIBLE DEBENTURE AGREEMENT [Abstract] | |
CONVERTIBLE DEBENTURE AGREEMENT | (7) CONVERTIBLE DEBENTURE AGREEMENT On June 2, 2015, the Company entered into an 8% Convertible Debenture Agreement that allows for borrowings of up to $3,000,000 through June 2, 2016, at which time principal and interest is due in full. On June 2, 2016, the holder can elect to convert the outstanding principal and accrued interest to unregistered, restricted common stock of the Company. 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. As of December 31, 2015, the Company owed $700,000 under the agreement. Management has concluded there is currently no beneficial conversion feature associated with this instrument, as the conversion date is a year after the agreement was initiated and is also contingent. See Note 10 for amendment of this agreement subsequent to period end. |
LIQUIDITY AND CAPITAL REQUIREMENTS |
9 Months Ended |
---|---|
Dec. 31, 2015 | |
LIQUIDITY AND CAPITAL REQUIREMENTS [Abstract] | |
LIQUIDITY AND CAPITAL REQUIREMENTS | (8) LIQUIDITY AND CAPITAL REQUIREMENTS
Under the current business plan, the Company purchases life insurance policies and residual interests in or financial products tied to life insurance policies when they fit its model and its cash flows are sufficient to fund those purchases (with exception of the Del Mar ATA wherein the Company committed to purchase a certain number of Qualified NIBs as Del Mar made them available). The Company expects to finance NIB purchases, as well as its operating working capital requirements, with proceeds from planned public and/or private offerings of its securities and debt financing. There can be no assurance that the Company will be successful in the anticipated equity and debt offerings or that it will be successful in raising additional capital in the future on terms acceptable to the Company, or at all. If the Company is unable to raise sufficient capital through the planned securities and debt offerings or other alternative sources of financing, management will curtail NIB purchases. Under this plan, expenditures for NIBs will be curtailed. The Company believes that it will be able to fund its operating working capital requirements with existing lines-of-credit and debentures agreements. The accompanying financial statements have been prepared on a going concern basis under which the Company is expected to be able to realize its assets and satisfy its liabilities in the normal course of business. To continue as a going concern beyond the period ended December 31, 2016, and in order to continue to purchase NIBs, the Company will need to complete planned equity and debt offerings or obtain alternative sources of financing. Absent additional financing, the Company will not have the resources to execute its current business plan. |
STOCK OPTIONS |
9 Months Ended |
---|---|
Dec. 31, 2015 | |
STOCK OPTIONS [Abstract] | |
STOCK OPTIONS | (9) STOCK OPTIONS
On July 22, 2015, the Board of Directors approved an amendment to modify the vesting schedule for stock options issued to an executive. The amendment clarified that the option to purchase 400,000 shares of the Company's $0.001 par value common stock at $5.00 per share, with a five year term, expiring March 31, 2018, was at a vesting rate of 11,111 stock options monthly, commencing with October, 2013, and ending with September 30, 2016, subject to continued employment with the Company. As a result of this modification, the Company recorded a true-up amortization expense of $98,655 during the three months ended September 30, 2015, to adjust the amortization of the stock options to the amended vesting schedule as of the modification date of July 22, 2015. In addition, the Company adjusted the going forward quarterly amortization, beginning with the three months ended September 30, 2015, of the stock options from $73,202 to $78,728. No incremental value was applied to the amended stock options and, therefore, the original grant date fair value continues to be applicable. |
SUBSEQUENT EVENTS |
9 Months Ended |
---|---|
Dec. 31, 2015 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | (10) SUBSEQUENT EVENTS On February 4, 2016, the Notes Payable and Lines-of-Credit Agreement Related Party (See Note 5) was amended to allow for increased borrowings of $1,985,000. With the new increase in effect, the total borrowings allowed from the related party entities was increased from $3,245,000 to $5,230,000. All other terms of the Agreement remain in effect. The related parties include a person who is the Chairman of the Board of Directors and a stockholder and Radiant Life, LLC, an entity partially owned by the Chairman of the Board of Directors. On February 2, 2016, the Convertible Debenture Agreement (See note 7) was amended to extend the due date from June 2, 2016 to May 31, 2017. All other terms of the Agreement remain in effect. |
INVESTMENT IN NET INSURANCE BENEFITS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT IN NET INSURANCE BENEFITS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Investments in Net Insurance Benefits |
|
ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS (Narrative) (Details) - USD ($) |
1 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 10, 2015 |
Jun. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2015 |
Aug. 31, 2015 |
May. 31, 2015 |
|
ADVANCE FOR INVESTMENT IN NET INSURANCE BENEFITS [Abstract] | |||||||
Collateral as Percentage of NIBs | 81.00% | ||||||
Face Value Of Collateral Against Cash Advances | $ 3,368,380 | $ 84,000,000 | $ 94,000,000 | ||||
Contracts that matured during the period | $ 10,000,000 | ||||||
Proceeds from matured policy | $ 1,094,335 | ||||||
Proceeds allocated to note receivable payoff | 239,415 | ||||||
Proceeds allocated to reimbursement | 547,308 | ||||||
Proceeds allocated to refund advance payments | $ 307,612 | ||||||
Proceeds allocated to reduce advance for Investments in NIBs | $ 854,920 | $ 904,274 | |||||
Advance for investments, cash advances, rate | 100.00% | ||||||
Net insurance benefits received | $ 90,600,000 | ||||||
Net insurance benefits, amount received, percentage | 22.65% | ||||||
Net insurance benefits, future amount | $ 400,000,000 |
INVESTMENT IN NET INSURANCE BENEFITS (Summary of Investments in Net Insurance Benefits) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Mar. 31, 2015 |
|
INVESTMENT IN NET INSURANCE BENEFITS [Abstract] | |||||
Beginning Balance | $ 22,544,635 | $ 12,243,411 | $ 12,243,411 | ||
Additional investments | 3,368,380 | 7,846,746 | |||
Accretion of interest income | $ 1,090,031 | $ 616,547 | $ 2,777,501 | $ 1,772,698 | $ 2,454,478 |
Distributions of investments | |||||
Impairment of investments | |||||
Total | $ 28,690,516 | $ 28,690,516 | $ 22,544,635 | ||
Transfers from Advance for Investment in NIBs | $ 3,368,380 |
INVESTMENT IN NET INSURANCE BENEFITS (Narrative) (Details) - USD ($) |
Dec. 31, 2015 |
Mar. 31, 2015 |
---|---|---|
Schedule of Investments [Line Items] | ||
Ownership Percentage Interest In NIBs | 100.00% | |
Accrued obligation related to ownership change | $ 826,665 | $ 181,917 |
Minimum [Member] | ||
Schedule of Investments [Line Items] | ||
Ownership Percentage Interest In NIBs | 81.00% | |
Maximum [Member] | ||
Schedule of Investments [Line Items] | ||
Ownership Percentage Interest In NIBs | 100.00% |
NOTES PAYABLE AND LINES-OF-CREDIT, RELATED PARTY (Details) - Stockholder [Member] |
9 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Related Party Transaction [Line Items] | |
Long-term Line of Credit | $ 2,667,000 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,245,000 |
Related party note interest rate | 7.50% |
Proceeds from Lines of Credit | $ 1,367,000 |
Repayments of Lines of Credit | $ 200,000 |
NOTES PAYABLE TRANSFERRED TO REDEEMED COMMON STOCK PAYABLE (Details) |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 09, 2015
USD ($)
shares
|
Jun. 30, 2015
item
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
Mar. 31, 2014
USD ($)
|
|
Debt Instrument [Line Items] | |||||
Number of shares repurchased during the period | shares | 93,750 | ||||
Value of shares repurchased during the period | $ 750,000 | ||||
Mandatorily Redeemable Common Stock liability | $ 750,000 | ||||
NIB-Collateralized Note Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes Payable, including accrued interest | $ 1,455,904 | ||||
Interest Payable | $ 37,350 | ||||
Interest rate | 4.00% | ||||
Maturity date | Apr. 01, 2015 | ||||
Number of shares issued on conversion | item | 187,500 |
CONVERTIBLE DEBENTURE AGREEMENT (Details) |
9 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
$ / shares
| |
CONVERTIBLE DEBENTURE AGREEMENT [Abstract] | |
Convertible debenture interest rate | 8.00% |
Convertible debenture borrowing capacity | $ 3,000,000 |
Convertible debenture, terms of conversion | 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
|
Convertible debenture, minimum conversion price per share | $ / shares | $ 1.00 |
Convertible debenture, amount borrowed | $ 700,000 |
STOCK OPTIONS (Narrative) (Details) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Jul. 22, 2015 |
Sep. 30, 2015 |
Dec. 31, 2015 |
Mar. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, par value per share | $ 0.001 | $ 0.001 | ||
Option expense amortized | $ 98,655 | |||
Quarterly amortization expense going forward | 78,728 | |||
Scenario, Previously Reported [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Quarterly amortization expense going forward | $ 73,202 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted | 400,000 | |||
Common Stock, par value per share | $ 0.001 | |||
Exercise price | $ 5.00 | |||
Stock option term | 5 years | |||
Shares vesting per month | 11,111 |
SUBSEQUENT EVENTS (Details) - Stockholder [Member] - USD ($) |
Feb. 04, 2016 |
Dec. 31, 2015 |
---|---|---|
Subsequent Event [Line Items] | ||
Maximum amount borrowed under line of credit | $ 3,245,000 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Increase in maximum borrowing capacity | $ 1,985,000 | |
Maximum amount borrowed under line of credit | $ 5,230,000 |
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