Company: BLIS
Filing Date: 2025-02-26
Form Type: 10-Q
Source: 0001199835-25-000051
Chunk: 14

Company: NAPC Defense, Inc.
Filing Date: 2025-02-26
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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October 31, 2024 and April 30, 2024 the Company had 51 shares of Series A preferred shares outstanding.

Warrants

There
were 5,750,000 warrants at an exercise price of $0.02 granted during the three month period ended October 31, 2024.

At April 30, 2024, there were
6,894,666 warrants with a weighted average exercise price of $0.17 and weighted average remaining life of 1.50 years. There were 8,782,715
warrants granted with an exercise price of $0.028 during the three month period ended July 31, 2024. There were 5,250,000 warrants issued
with an exercise price of $0.02 during the three month period ended October 31, 2024. These warrants were valued at $56,514 using the
Black Scholes valuation model with the following assumptions - risk free interest rate, 6% and 10%, the market price of stock, $0.0259
and $0.0175, the exercise price of warrants, $0.02, the term, six months and one year, and the volatility of stock, 500%. No warrants
expired or were exercised during the six month period ended October 31, 2024. At October 31, 2024 there were 21,427,381 warrants outstanding
with a weighted average exercise price of $0.07 and weighted average remaining life of 2.75 years. There were no warrants granted during
the year ended April 30, 2024. A total of 282,667 warrants expired during the year ended April 30, 2024.

NOTE
8 - COMMITMENTS AND CONTINGENCIES

Litigation

During
the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates
the merits of the case in accordance with FASB ASC 450-20-50, Contingencies.

In May of 2023, NAPC Defense, Inc. was sued in county court over a contract by the firm of Delmar which contends
that NAPC Defense, Inc. NAPC Defense, Inc. did not follow through on a contract for their services related to its regulation A offering
in 2022. The Company has defended and is defending such on the basis that Del Mar never performed on its obligations