Company: BLIS
Filing Date: 2025-10-09
Form Type: 10-Q
Source: 0001199835-25-000342
Chunk: 36

Company: NAPC Defense, Inc.
Filing Date: 2025-10-09
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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3, 2024, and 2025 treasure recovery seasons, at a percentage of recovery from the gross amount, being 1%
for each $10,000 loaned to NAPC Defense, Inc. for such purchase up to a maximum of 5% for $50,000, or if less than an even $10,000
increment, then that fraction of such amount as a percentage. In addition, NAPC Defense, Inc. shall allow the lender up to 3% of
such treasure recovered for a fourth year, if such amount is required to reach $30,000 or more for such purchase. The lender was
also given a lien on the vessel. NAPC Defense, Inc. may never have to pay the lender under this agreement because the Company has
discontinued its treasure recovery its operations. At July 31, 2025 and April 30, 2025 the $50,000 is shown as a contingent
liability shown on the accompanying consolidated balance sheet.

Commercial
Office Space Lease Agreement

NAPC
Defense Inc. entered into a lease agreement for approximately 2,900 share feet of commercial office space located in Clearwater,
Florida that commenced on May 1, 2025 and that terminates on May 1, 2028. The base rent during the term of the lease is $3,138 per month
in year one, $3,295 per month in year two, and $3,460 per month in year three (See Note 5).

19

NOTE
9 – RELATED PARTY TRANSACTIONS

The Company had previously entered into a lease agreement
on May 1, 2024, for 13,000 square feet of commercial office space and 40,000 square feet of warehousing and parking with a related party,
with base month rent of $25,000. This lease agreement ended on April 30, 2025. The Company owed the related party rent of $25,000 at
April 30, 2025. The $25,000 was paid to the related party during the three month period ended July 31, 2025.

During the three month period
ended July 31, 2025, a related party limited liability company provided $6,500 of construction services to make improvements to the Company’s
commercial office space. The amount is shown as accounts payable, related parties in the accompanying unaudited balance sheet at July
31, 2025.