Company: BLIS
Filing Date: 2025-02-26
Form Type: 10-Q
Source: 0001199835-25-000051
Chunk: 15

Company: NAPC Defense, Inc.
Filing Date: 2025-02-26
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 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 October 31, 2024, 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.

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, Inc. toward the purchase price of a vessel at auction in the amount of $50,000 at a 0% per annum rate
of interest. In exchange for the loan, NAPC Defense