Company: BLIS
Filing Date: 2025-03-26
Form Type: 10-Q
Source: 0001199835-25-000092
Chunk: 61

Company: NAPC Defense, Inc.
Filing Date: 2025-03-26
Form: 10-Q
Item: Part I, Item 8
Chunk 61
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 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 and therefore was discharged on the contract.
Such matter is pending motions by NAPC Defense, Inc. in the county court. Such lawsuit is seeking $20,000 by Delmar. As of January 31,
2025, the suit was pending dismissal for lack of prosecution. 

Media
Use and License Agreement

On
February 5, 2023, the Company entered into a Media Use and License Agreement with a corporation. Under the terms of the Media Use
and License Agreement, NAPC Defense, Inc. granted the user entity (the “Licensee”) an exclusive license to use
photographic and video rights of NAPC Defense, Inc.’s treasure recovery activities for use to publicize non-fungible token
sales as well as appearances by NAPC Defense, Inc. persons for such publication and sales. The authority to use the works includes
the right to visit and photograph or video activities of NAPC Defense, Inc. treasure recovery operations, interviews of Treasure
& Shipwreck Recovery, Inc persons, crew or captains, as well as posts about the treasure industry by NAPC Defense, Inc. on media
channels provided by the Licensee and other media sources. NAPC Defense, Inc. also agreed to allow the Licensee rights to purchase
recovered objects or treasure as give aways or sales by the corporation to be negotiated upon recoveries being available by NAPC
Defense, Inc. after the 2023 treasure season. The Licensee agreed to pay to NAPC Defense, Inc. an initial net rights fee of $85,000.
NAPC Defense, Inc. shall be owed a royalty from any net revenue to the Licensee for such amounts of sales over the initial rights
payment in the amount of 30% for such net sales for any which shall be calculated within thirty days of annual year end. NAPC
Defense, Inc. shall have the right to review all revenues and expenditures by the Licensee related to the Media Use and License
Agreement.

    15

Vessel
Loan and Treasure Recovery Agreement

On
March 5, 2023, the Company entered into a loan agreement with an individual. Under the terms of the loan agreement, the lender provided
a vessel loan to NAPC Defense,