Company: BLIS
Filing Date: 2025-10-09
Form Type: 10-Q
Source: 0001199835-25-000342
Chunk: 68

Company: NAPC Defense, Inc.
Filing Date: 2025-10-09
Form: 10-Q
Item: Part I, Item 8
Chunk 68
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2025.

On
July 1, 2025 a Director of the Company provided a loan to NAPC Defense, Inc., in the amount
of $20,000. During the three months ended July 31, 2025 the Company repaid $12,000 of this loan. The loan was unsecured, bears interest
at 10.0% per annum and was due on demand. The balance due was $8,000 as of July 31, 2025.

Short
Term Loans

As
of July 31, 2025 and April 30, 2025, the Company had short term loans totaling $22,925
and $22,925
respectively. At July 31, 2025 and April 30, 2025 short term loans consist of two loans totaling $2,700
and $20,225.
These two loans are unsecured, non-interest bearing and due on demand.

Three
Month Period Ended July 31, 2025 New Convertible Notes Payable

On
May 2, 2025 the Company entered into a convertible promissory note with a face value of $27,500, an annual rate of interest of 10%
that is convertible into shares of common stock at $0.02, and that is due on August 2, 2025. The company received proceeds of
$25,000 net of issuance costs of $2,500 which were immediately expensed. The Company also issued the lender 2,750,000 shares of the Company’s common stock. The common stock was recorded at
their relative fair values of $17,198. The resulting debt discount for this note was $17,198.

On
May 2, 2025 the Company entered into a convertible promissory note with a face value of $27,500, an annual rate of interest of 10% that
is convertible into shares of common stock at $0.02, and that is due on August 2, 2025. The company received proceeds of $25,000 net
of issue costs of $2,500 which were immediately expensed. The Company also issued 2,750,000 shares of common stock and stock warrants
to the note holder to purchase 2,750,000 shares of the Company’s common stock at $0.01. The common stock and warrants were recorded
at their relative fair values of $10,582 for the common