Company: BLIS
Filing Date: 2025-10-09
Form Type: 10-Q
Source: 0001199835-25-000342
Chunk: 31

Company: NAPC Defense, Inc.
Filing Date: 2025-10-09
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 of 10% that is convertible into shares of common stock at $0.02,
and that is due on May 1, 2026. The company received proceeds of $4,500 resulting in an original issue discount of $500. The Company
also issued 500,000 shares of common stock and stock warrants to the note holder to purchase 500,000 shares of the Company’s common
stock at $0.02. The common stock and warrants were recorded at their relative fair values of $1,932 for the common stock and $1,919 for
the warrants. The resulting debt discount for this note was $4,351. The principal balance of the note at July 31, 2025 and April 30,
2025 is $5,000.

Convertible
Promissory Note Conversions

Three
Month Period Ended July 31, 2025

The Company issued 6,218,041 shares of the its restricted
common stock upon the conversion at the contract rate of $60,060 and accrued interest of $2,121 for a convertible promissory note dated
December 26, 2021. The principal balance of the note at July 31, 2025 is $0.

Three
Month Period Ended July 31, 2024

On May 1, 2024, the Company agreed to issue 5,866,667
shares of the its restricted common stock valued at $173,653 to settle the principal balance of $112,975 and accrued interest of $12,681
for a convertible promissory note dated December 26, 2021. The transaction completely settled the loan, the balance of the note
at April 30, 2025 is $0.

Convertible
Notes Payable

The
following table reflects the convertible notes payable as of July 31, 2025 and April 30, 2025:

    Issue
    Date
     
    Maturity Date
     
    July
    31, 2025
    Principal
    Balance

    April
    30, 2025
    Principal
    Balance

    Rate
     
    Conversion
    Price
  
    Convertible
    notes payable

    Face Value
     
    05/19/2021
     
    02/19/2023
    *

    180,000

    180,000

    10.00%