Company: BLIS
Filing Date: 2025-09-11
Form Type: 10-K
Source: 0001199835-25-000302
Chunk: 27

Company: NAPC Defense, Inc.
Filing Date: 2025-09-11
Form: 10-K
Item: Item 8
Chunk 27
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 with a face value of $5,000, an annual rate of interest 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.

Convertible Notes Payable From Prior Periods

On May 5, 2021, the Company entered into a convertible
note payable with a corporation. The note payable, with an original face value of $150,000, including a $15,000 original issue discount,
bears interest at 10.0% per annum and was due on May 5, 2023. The Company issued 8,354,717 shares of the its restricted common stock
for the conversion of $150,000 of the principal balance, $23,916 of accrued interest, and $60,000 of fees for this note. The transaction
completely settled the note and the principle balance of the note at April 30, 2025 is $0.

On May 19, 2021, the Company entered into a convertible
note payable with a corporation. The note payable, had an original face value of $150,000, including a $15,000 original issue discount,
bears interest at 10.0% per annum and was due on February 19, 2023. This note is currently in default due to non payment of principle
and accrued interest. The convertible note payable is convertible, at the holder’s option, into the Company’s common shares
at a fixed conversation rate of $0.10. During the year ended April 30, 2025 the Company made a $64,280 adjustment to the principal balance
of this note to account for fees and interest charged by the lender. The Companyissued 3,121,750
shares of its restricted common stock for the conversion of $34,280 of principal, $76,537 of accrued interest, and $1,730 of fees of
this note. The principle balance of