Company: BLIS
Filing Date: 2025-10-09
Form Type: 10-Q
Source: 0001199835-25-000342
Chunk: 19

Company: NAPC Defense, Inc.
Filing Date: 2025-10-09
Form: 10-Q
Item: Part I, Item 1
Chunk 19
---
, 2025, upon inception of the lease, the Company recorded a right-of-use asset and lease liability of $105,293.

Right-of-use
assets at July 31, 2025 and April 30, 2025 are summarized below:

Schedule of right-of-use assets 

    July 31, 2025  
    April 30, 2025 
  
    Office lease 
    $105,293  
    $- 
  
    Less accumulated amortization 
     (7,410) 
     - 
  
    Right of use assets, net 
    $97,883  
    $- 

Rent expense for the three months ended July 31, 2025
was $13,001.

Operating
Lease liabilities are summarized below:

Schedule of operating lease liabilities 

    July 31, 2025  
    April 30, 2025 
  
    Office lease 
    $98,374  
    $- 
  
    Less: current portion 
     (29,942) 
     - 
  
    Long term portion 
    $68,432  
    $- 

Maturity
of lease liabilities are as follows:

Schedule of Maturity of lease liabilities 

    July 31, 2025 
  
    Year ending April 30, 2026 
     28,246 
  
    Year ending April 30, 2027 
     39,544 
  
    Year ending April 30, 2028 
     41,521 
  
    Year ending April 30, 2029 
     3,460 
  
    Total future minimum lease payments 
    $112,771 
  
    Less imputed interest 
     (14,397)
  
    PV of Payments 
    $98,374 

13

NOTE
6 – NOTES PAYABLE AND CONVERTIBLE NOTES PAYABLE

Related
Party Convertible Loans

An
officer of the Company provided a loan to NAPC Defense, Inc., under a convertible promissory note in the year ended April 30, 2022. This
convertible promissory note is unsecured, non-interest bearing, and is convertible into common shares of the Company stock at $2.75 per
share and due on demand. The balance due to the officer was $60,890 as of July 31, 2025 and April 30, 202