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10-Q/A - SEPTMEBR 30, 2012 10-Q/A - Sundance Strategies, Inc.f10qa093012_10qz.htm
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)
6 Months Ended
Sep. 30, 2012
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Accounting Method

Accounting Method


The Company recognizes income and expenses based on the accrual method of accounting.

Dividend Policy

Dividend Policy


The Company has not yet adopted a policy regarding payment of dividends.

Basic and Diluted Net Income (Loss) Per Share

Basic and Diluted Net Income (Loss) Per Share


Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common shares and common equivalent shares outstanding as if shares had been issued on the exercise of any common share rights unless the exercise becomes antidilutive and then the basic and diluted per share amounts are the same.

Estimates and Assumptions

Estimates and Assumptions


Management uses estimates and assumptions in preparing financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements.

Financial Instruments

Financial Instruments


The carrying amounts of financial instruments are considered by management to be their estimated fair values due to their short term maturities.

Income Taxes

Income Taxes


The Company utilizes the liability method of accounting for income taxes. Under the liability method deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax bases of the 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. An allowance against deferred tax assets is recognized, when it is more likely than not, that such tax benefits will not be realized.


On September 30, 2012, the Company had a net operating loss available for carry forward of $512,144. The tax benefit of approximately $153,643 from the loss carryforward has been fully offset by a valuation reserve because the use of the future tax benefit is doubtful since the Company has been unable to project an estimated future operating profit. The loss carryforward will begin to expire in 2022.

Concentration of Credit Risk

Concentration of Credit Risk


There are no financial instruments that potentially subject the Company to significant concentration of credit risks.

Revenue Recognition

Revenue Recognition


Revenue is recognized on the sale and delivery of a product or the completion of services provided.

Advertising and Market Development

Advertising and Market Development


The Company expenses advertising and market development costs as incurred.