Company: BLIS
Filing Date: 2025-09-11
Form Type: 10-K
Source: 0001199835-25-000302
Chunk: 34

Company: NAPC Defense, Inc.
Filing Date: 2025-09-11
Form: 10-K
Item: Item 8
Chunk 34
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APC Defense, Inc. was to be owed a royalty from any
net revenue to the Licensee for such amounts of sales over the initial rights payment in the amount of 30% for such net sales for any
which shall be calculated within thirty days of annual year end. The Licensor never fully developed the Media related business and as
of April 30, 2025, no such activity had occurred, nor is it expected to occur in its former form.

Vessel
Loan and Treasure Recovery Agreement

On
March 5, 2023, the Company entered into a loan agreement with an individual. Under the terms of the loan agreement, the lender provided
a vessel loan to NAPC Defense, Inc. toward the purchase price of a vessel at auction in the amount of $50,000 at a 0% per annum rate
of interest. In exchange for the loan, NAPC Defense, Inc. agreed to grant to the lender an amount of treasure recovered from the vessel
for the 2023, 2024, and 2025 treasure recovery seasons, at a percentage of recovery from the gross amount, being 1% for each $10,000
loaned to NAPC Defense, Inc. for such purchase up to a maximum of 5% for $50,000, or if less than an even $10,000 increment, then that
fraction of such amount as a percentage. In addition, NAPC Defense, Inc. shall allow the lender up to 3% of such treasure recovered for
a fourth year, if such amount is required to reach $30,000 or more for such purchase. The lender was also given a lien on the vessel.
NAPC Defense, Inc. may never have to pay the lender under this agreement because the Company has discontinued its treasure recovery its
operations.

Commercial
Office Space Lease Agreement

NAPC Defense Inc. entered
into a lease agreement on May 1, 2024 with a related party. On August 1, 2024, the lease agreement was amended to change the term of
the lease from fixed period to month-to-month. The base rent of the lease was $25,000 per month. This space is made up of over 8,000
square feet of office and assembly space with a 10,000 square foot warehouse for material and product storage. The lease also has parking
spaces for employees and additional spaces for trailers, etc. for the company.