Company: BLIS
Filing Date: 2025-10-09
Form Type: 10-Q
Source: 0001199835-25-000342
Chunk: 21

Company: NAPC Defense, Inc.
Filing Date: 2025-10-09
Form: 10-Q
Item: Part I, Item 1
Chunk 21
---
, bears interest at 10.0% per annum and was due on demand. During the three months ended July 31, 2025
the Company repaid $9,000 of this loan. The balance due was $9,800 as of July 31, 2025.

On
July 1, 2025 a Director of the Company provided a loan to NAPC Defense, Inc., in the amount
of $20,000. During the three months ended July 31, 2025 the Company repaid $12,000 of this loan. The loan was unsecured, bears interest
at 10.0% per annum and was due on demand. The balance due was $8,000 as of July 31, 2025.

Short
Term Loans

As
of July 31, 2025 and April 30, 2025, the Company had short term loans totaling $22,925
and $22,925
respectively. At July 31, 2025 and April 30, 2025 short term loans consist of two loans totaling $2,700
and $20,225.
These two loans are unsecured, non-interest bearing and due on demand.

Three
Month Period Ended July 31, 2025 New Convertible Notes Payable

On
May 2, 2025 the Company entered into a convertible promissory note with a face value of $27,500, an annual rate of interest of 10%
that is convertible into shares of common stock at $0.02, and that is due on August 2, 2025. The company received proceeds of
$25,000 net of issuance costs of $2,500 which were immediately expensed. The Company also issued the lender 2,750,000 shares of the Company’s common stock. The common stock was recorded at
their relative fair values of $17,198. The resulting debt discount for this note was $17,198.

On
May 2, 2025 the Company entered into a convertible promissory note with a face value of $27,500, an annual rate of interest of 10% that
is convertible into shares of common stock at $0.02, and that is due on August 2, 2025. The company received proceeds of $25,000 net
of issue costs of $2,500 which were immediately expensed. The Company also issued 2,