Mon, Jul 1, 7:01 PM (68 days ago)
Sundance Strategies, Inc. reported a net loss of $1,834,991 for the fiscal year ended March 31, 2024, compared to a net loss of $2,811,981 in the previous year, primarily due to decreased losses from extinguishing debt. General and administrative expenses decreased to $531,406 from $682,283. The company recognized a loss on debt extinguishment of $1,047,729 and interest expenses of $410,856. Sundance raised $850,000 through a private placement, issuing 850,000 shares and 1,700,000 warrants. The company had $329,860 in cash as of March 31, 2024, compared to $553 the previous year. Sundance relies on related party debt financing and convertible debentures to fund operations. The company faces significant liquidity risks and has a material weakness in internal controls over financial reporting.