Company: BLIS
Filing Date: 2025-09-19
Form Type: 10-K/A
Source: 0001199835-25-000330
Chunk: 30

Company: NAPC Defense, Inc.
Filing Date: 2025-09-19
Form: 10-K/A
Chunk 30
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 10% per year that is convertible into
shares of common stock at $0.028. In the event of default as defined in the note, the outstanding balance of the note will increase to
140% of the balance immediately prior to the occurrence of the event of default. There are additional terms and conditions contained
in the note that could result in the Company being required to issue a significant amount of shares and/or warrants to the lender. The
common stock and the warrants were recorded at their relative fair values of $13,199 and $65,742 respectively. The resulting debt discount
on this note was $93,941

On July 3, 2024, the Company entered into a convertible
promissory note agreement with respect to the sale and issuance of: (i) an initial financing fee in the amount of 125,000 shares of the
Company’s restricted common stock, and (ii) a promissory note in the aggregate principal amount of $75,000 and (iii) warrants to
purchase 2,678,572 shares at $0.028. The company received proceeds of $67,500 resulting in an original issue discount of $7,500. The
convertible promissory note has a due date of July 3, 2025, and bears interest at the rate of 10% per year that is convertible into shares
of common stock at $0.028. In the event of default as defined in the note, the outstanding balance of the note will increase to 140%
of the balance immediately prior to the occurrence of the event of default. There are additional terms and conditions contained in the
note that could result in the Company being required to issue a significant amount of shares and/or warrants to the lender. The common
stock and the warrants were recorded at their relative fair values of $1,642 and $35,040 respectively. The resulting debt discount on
this note was $ 44,182.

On August 12, 2024 the Company entered into a convertible
promissory note with a face value of $30,000, an annual rate of interest of 6% that is convertible into shares of common stock at $0.02,
and that is due on February 12, 2025. The Company also issued stock warrants to the note holder to purchase 1,500,000 shares of the Company’s
common stock at $0.02. This note is currently in default due to non payment