Company: BLIS
Filing Date: 2025-09-11
Form Type: 10-K
Source: 0001199835-25-000302
Chunk: 28

Company: NAPC Defense, Inc.
Filing Date: 2025-09-11
Form: 10-K
Item: Item 8
Chunk 28
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 the note at April 30, 2025 is $180,000.

F-16

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 principle
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 Companyissued 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. The principle balance of the note at April 30, 2025 is $60,060.

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 at a fixed conversion rate of $0.01. The conversion of the note into shares of the Company’s common stock is potentially
highly dilutive to current shareholders. The principal balance of the convertible promissory note payable was $50,000 at April 30, 2025
and April 30, 2024. The loan balance of $50,000 was included in the convertible loans payable, related party at April 30, 2024.

Convertible Promissory Note Settlement

Year Ended April 30, 2025

On May 1, 2024, the Company agreedto
issue 5,866,667 shares of the its restricted common stock valued at $173,653 to settle the principal balance of $112,975