Company: BLIS
Filing Date: 2025-09-11
Form Type: 10-K
Source: 0001199835-25-000302
Chunk: 32

Company: NAPC Defense, Inc.
Filing Date: 2025-09-11
Form: 10-K
Item: Item 8
Chunk 32
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 Number                                                                   Weighted-                                     
  of Warrants                                                              Average Exercise Price                        
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Outstanding at April 30, 2023                             7,177,333      $                           0.09      1.1428  
  Granted                                                           -                                                    
  Exercised                                                         -                                                    
  Cancelled                                                (5,921,666                                                    
  Outstanding at April 30, 2024                             1,255,667      $                           0.25      2.1438  
  Granted                                                  51,645,715      $                           0.02      2.2574  
  Warrants issued under full ratchet price protection       3,214,286                                  0.02        4.16  
  Exercised                                                (3,500,000                                                    
  Cancelled                                                         -                                                    
  Outstanding at April 30, 2025                            52,615,668      $                           0.02        2.46  

The 54,860,001 warrants issued during the year ended
April 30, 2025 consisted of the following:

  1,250,000                                                         

  47,035,715                                                            

  3,360,000                                                                      
  3,214,286 warrants issued for                                                  

*A prior note holder was issued 140,000 warrants
in connection with a debt financing from 2021. The Company and the note holder had a verbal agreement to issue this note holder an additional
3,360,000 warrants during the year ended April 30, 2025. These warrant were recorded at their fair value of $67,000. During the year
ended April 30, 2025, this warrant holder cashless exercised 3,500,000 warrants which included the 140,000 original warrants and the
additional 3,360,000 warrants resulting in the issuance of 1,750,000 shares of common stock.

During
the year ended April 30, 2025, the Company recorded a deemed dividend in the amount of $82,913 as a result of 3,214,286 additional warrants
issuable due to full ratchet price protection.

Significant range of inputs and results arising from
the Black-Scholes process are as follows for the warrants:

  Quoted market price on valuation date      0.0086 -.034