Company: BLIS
Filing Date: 2025-10-09
Form Type: 10-Q
Source: 0001199835-25-000342
Chunk: 71

Company: NAPC Defense, Inc.
Filing Date: 2025-10-09
Form: 10-Q
Item: Part I, Item 8
Chunk 71
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 April 30, 2025 the Company
made a $64,280 adjustment to the principal balance of this note to account for fees and interest charged by the lender. The Company issued
3,121,750 shares of its restricted common stock for the conversion of $34,280 of principal, $76,537 of accrued interest, and $1,730 of
fees of this note. The principal balance of the note at July 31, 2025 and April 30, 2025 is $180,000.

On December 6, 2021, the Company entered into a convertible
note payable with a corporation. The note payable, with an original face value of $70,666, including a $17,666 original issue discount,
bears interest at 15.0% per annum and was due on February 6, 2023. This note is currently in default due to non payment of principal
and accrued interest. The convertible note payable is convertible, at the holder’s option, into the Company’s common shares
at a fixed conversation rate of $0.10. During the year ended April 30, 2025 the Company made a $56,533 adjustment to the principal balance
of this note to account for fees and interest charged by the lender. The Company issued 9,500,000 shares of its restricted common stock
valued at $110,000 for the conversion of $67,139 of the principal balance and $69,055 of accrued interest of this note. During the three
month period ended July 31, 2025, the Company issued 6,218,041 shares of the its restricted common stock upon the conversion of the principal
balance of $60,060 and accrued interest of $2,121. The principal balance of the note
at July 31, 2025 and April 30, 2025 is $0 and $60,060 respectively.

On
August 1, 2023, the Company entered into a convertible note payable with an individual who at the time was a member of the Company’s
Board of Directors until the individual resigned from the Board on March 27, 2024. The note payable, with a face value of $50,000, bears
interest at 10.0% per annum and was due on August 1, 2024. The convertible note payable is convertible upon default, at the note holder’s
option, into the Company’s common shares