What changed in this filing

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Item 1. Business

2025-06-30 compared with 2024-07-01 · 47 added, 63 removed, 141 unchanged (44% of the section changed)

14 unchanged sentences

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 do not hold life settlement or life insurance policies but, rather, previously held a contractual right to receive the net

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 do not hold life settlement or life insurance policies but, instead, previously held 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”

4 unchanged sentences

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

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 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

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.

a subsidiary, such an entity is referred to herein as a “Holder.” A Holder, directly or through a wholly owned subsidiary,

purchases life insurance policies from the insured or on the secondary market and aggregates them into a portfolio of policies.

time of purchase, the Holder also (i) contracts with a service provider to manage the servicing of the policies until maturity, (ii)

considers purchasing mortality re-insurance (“MRI”) coverage under which payments will be made to the Holder in the event

the 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 their servicing, MRI coverage

and financing, then 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.

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 us for the remaining

insurance proceeds.

the latter part of the fiscal year ended March 31, 2021, we began developing an additional business offering, providing professional

17 unchanged sentences

analytics to establish the makeup of the rated instrument, including but not limited to life settlement assets (life insurance policies)

and managed cash, and implements a process of selective assembly of the underlying assets and cash management that will meet the policy

and managed cash, and implement a process of selective assembly of the underlying assets and cash management that will meet the policy

requirements and analytics.

4 unchanged sentences

of any bond offering, and then will hold residual rights on the balance of assets once the bond is retired.

January 1, 2022, we entered into a marketing and consulting agreement with Tradability, LLC (“Consultant”) that required

us to make an initial $100,000 payment and up to an additional $400,000 in the future (which will be financed by the Consultant via a

promissory note).

The $400,000 obligation is contingent upon the Consultant and us successfully reaching certain milestones.

the agreement requires us to issue between 1,000,000 and 10,000,000 stock options (which are exercisable into our common stock at prices

between $1.00 to $2.50 per share) contingent upon the Consultant and us successfully reaching certain milestones.

The milestones primarily

relate to the Consultant finalizing the tokenization of 500 million non-fungible tokens (“NFTs”) and the successful placement

of NFTs with proceeds of between $100 million and $500 million.

The proceeds will be used to purchase Life Settlements for which we will

be an advisor.

As of the issuance of these financial statements, none of the milestones related to the potential issuance of equity have

This Company has terminated this agreement with Tradability, and no future payments are expected in association

with this terminated agreement.

Settlements Market

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Prediction of future cash flow requires the use of financial models, which rely on various

These assumptions include 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

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 those estimates.

If projections of life expectancies

are wrong, Holders may be obligated to service the related insurance policies for longer than expected, thereby increasing their costs

and reducing the net insurance benefit available.

These assumptions include the amount and timing of projected net cash receipts, expected maturity events, counterparty 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.

actual results could differ significantly from those estimates.

If projections of life expectancies are wrong, Holders may be obligated

to service the related insurance policies for longer than expected, thereby increasing their costs and reducing the net insurance benefit

a portion of the purchase price .

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uncertainty of maturity of life insurance policies, financing for their purchase and servicing has historically been difficult to secure.

The lender (the “Holders’ Lender”) has provided financing to the Holders to finance the purchase of the insurance policies.

The lender (the “Holders’ Lender”) has provided funding to the Holders to finance the purchase of the insurance policies.

We believe there are few lenders within this market.

3 unchanged sentences

MRI coverage typically provides guaranteed cash flow based on the expected death

benefits of the pool of policies being insured calculated at the issuance of the coverage and thereby provides credit enhancement to

any bank providing financing to a Holder.

benefits of the pool of policies being insured calculated at the issuance of the coverage, thereby providing credit enhancement to any

bank providing financing to a Holder.

The term of the MRI policies is usually 15 years.

Any claims paid by the MRI to the Holder

must be paid back to the MRI provider out of death benefit proceeds from the pool of policies being insured when such death benefit proceeds

Any claims paid by the MRI to the Holder must

be paid back to the MRI provider out of death benefit proceeds from the pool of policies being insured when such death benefit proceeds

are eventually received.

4 unchanged sentences

The MRI coverage is obtained by

paying an MRI premium, typically at equal to 2% of the cumulative death benefit of the covered life insurance policies, at the outset

of the coverage and, depending on the specific terms of the MRI policy, possibly an additional premium amount at a predetermined time

during the effective coverage period (the “Commitment Fee”), which is typically 1% of the cumulative death benefits of the

covered policies.

The insurer under the MRI policy typically must approve the sale of any life insurance policies covered by the MRI

policy if such sale does not result in the full repayment of any outstanding recovery amounts.

It is our understanding that there is

only one MRI Provider.

While the MRI coverage is relatively expensive, we believe that insurance policies that are covered by MRI have

less volatility, are more liquid and should achieve higher values for purposes of financing and secondary market sales.

paying an MRI premium, typically equal to 2% of the cumulative death benefit of the covered life insurance policies, at the outset of

the coverage and, depending on the specific terms of the MRI policy, possibly an additional premium amount at a predetermined time during

the effective coverage period (the “Commitment Fee”), which is typically 1% of the cumulative death benefits of the covered

The insurer under the MRI policy typically must approve the sale of any life insurance policies covered by the MRI policy if

such sale does not result in the full repayment of any outstanding recovery amounts.

It is our understanding that there is only one MRI

While the MRI coverage is relatively expensive, we believe that insurance policies that MRI covers have less volatility, are

more liquid and should achieve higher values for purposes of financing and secondary market sales.

a policy portfolio’s premium payments gives a Holder additional cash needed to satisfy the premium obligations of its portfolio.

In addition, obtaining MRI increases the probability that the Holder will receive future cash flows in the event the underlying insureds

live longer than expected.

In addition, obtaining an MRI increases the probability that the Holder will receive future cash flows in the event that the underlying

insureds live longer than expected.

This combination provides the Holder with sufficient liquidity to stabilize its cash position.

1 unchanged sentence

objective is to advise and assist entities as they acquire life insurance policies and portfolios that will produce returns in excess

of any and all purchase, financing, servicing and insuring costs incurred by the Holder.

The guidelines we generally follow regarding

the purchase of policies and portfolios include:

of all purchase, financing, servicing and insuring costs incurred by the Holder.

The guidelines we generally follow regarding the purchase

of policies and portfolios include:

insured is 75 years old or older;

26 unchanged sentences

in 2013 were in the high teens, an attractive return at a time when fixed income and other hedge positions were delivering minimal rates

In the event that certain better-financed companies make a significant effort to compete against our business or the secondary

market in general, prices paid for existing portfolios of life insurance policies may rise and our ability to purchase satisfactory assets

If certain better-financed companies make a significant effort to compete against our business or the secondary market in

general, prices paid for existing portfolios of life insurance policies may rise and our ability to purchase satisfactory assets may

In addition, recent shrinking of the market for life settlements has resulted in fewer available pools of insurance policies.

10 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business