Company: BLIS
Filing Date: 2025-09-19
Form Type: 10-K/A
Source: 0001199835-25-000330
Chunk: 31

Company: NAPC Defense, Inc.
Filing Date: 2025-09-19
Form: 10-K/A
Chunk 31
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 of principle and accrued interest. The common stock was recorded
at its relative fair value of $13,090 as a debt discount.

On October 17, 2024, the Company entered into a convertible
promissory note with respect to the sale and issuance of: (i) an initial financing fee in the amount of 750,000 shares of the Company’s
restricted common stock, (ii) a promissory note in the aggregate principal amount of $75,000, and (iii) common stock warrants to purchase
3,750,000 shares of the Company’s common stock at $0.02. The company received proceeds of $67,500 resulting in an original issue
discount of $7,500. The convertible promissory note has a due date of October 17, 2025, and bears interest at the rate of 10% per year
that is convertible into shares of common stock at $0.02. In the event of default as defined in the note, the outstanding balance of
the note will increase to 140% of the balance immediately prior to the occurrence of the event of default. There are additional terms
and conditions contained in the note that could result in the Company being required to issue a significant amount of shares and/or warrants
to the lender. The common stock and the warrants were recorded at their relative fair values of $6,833 and $30,258 respectively. The
resulting debt discount on this note was $44,591.

On December 16, 2024 the Company entered into a convertible
promissory note with a face value of $10,000, an annual rate of interest of 10% that is convertible into shares of common stock at $0.02,
and that is due on December 15, 2025. The company received proceeds of $9,000 resulting in an original issue discount of $1,000. The
Company also issued 1,000,000 shares of common stock and stock warrants, to the note holder to purchase 1,000,000 shares of the Company’s
common stock at $0.02. The common stock and warrants were recorded at their relative fair values of $4,097 for the common stock and $3,513
for the warrants. The resulting debt discount for this note was $8,610.

On December 18, 2024 the Company entered into a convertible
promissory note with a face value of $15,000,