Company: BLIS
Filing Date: 2025-03-26
Form Type: 10-Q
Source: 0001199835-25-000092
Chunk: 16

Company: NAPC Defense, Inc.
Filing Date: 2025-03-26
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 note. 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 January 31, 2025 and April 30, 2024.

On
August 1, 2023, the Company entered into a convertible note payable with an individual who was formerly a member of the Company’s
Board of Directors until 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. If the note holder elects to sell the shares that it has acquired as a result of converting
the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Company’s
shares. The principal balance of the convertible promissory note payable was $50,000 at January 31, 2025 and April 30, 2024.

On
February 1, 2024 the Company entered into a master convertible corporate note agreement with Native American Pride, LLC. Native American
Pride, LLC advanced $63,791 to NAPC Defense, Inc. during the year ended April 30, 2024 to cover various operating expenses. The loan
balance is convertible into the shares of NAPC Defense, Inc. at the discretion of the Native American Pride, LLC at a rate of $0.03 per
share. The note does not pay interest and there is no specific time frame for repayment of the principal balance. During the six month
period ended January 31, 2024 the Company repaid $61,712 of principal to Native America Pride Constructors, LLC. The balances owed on
the note were $2,079 and $63,791 at January 31, 2025 and April 30, 2024, respectively. 

    12

Related
Party Loan

On
December 16, 2024 an officer of the Company provided a loan to NAPC Defense,