Company: BLIS
Filing Date: 2025-03-10
Form Type: 10-Q/A
Source: 0001199835-25-000067
Chunk: 13

Company: NAPC Defense, Inc.
Filing Date: 2025-03-10
Form: 10-Q/A
Chunk 13
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20,225. All loans are unsecured, non-interest bearing and due on demand.

12

New Convertible Notes Payable

On June 14, 2024, the Company
entered into a convertible promissory note agreement with respect to the sale and issuance of: (i) an initial commitment fee in the amount
of 1,071,430 shares of the Company’s restricted common stock, (ii) a promissory note in the aggregate principal amount of $150,000,
and (iii) Common stock warrants to purchase 5,357,143 shares of the Company’s common stock at $0.028. The company received proceeds
of $135,000 resulting in an original issue discount of $15,000. The convertible promissory note has a due date of June 14, 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. The conversion of the note into shares of the Company’s common stock is potentially highly dilutive to current shareholders.
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. 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.

On July 3, 2024, the Company entered into a convertible promissory note agreement with respect to the sale and issuance of: (i)
an initial commitment fee in the amount of 150,000 shares of the Company’s restricted common stock, (ii) a promissory note in the
aggregate principal amount of $75,000, and (iii) Common stock warrants to purchase 2,678,572 shares of the Company’s common stock
at $0.28. 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.