Company: BLIS
Filing Date: 2025-03-26
Form Type: 10-Q
Source: 0001199835-25-000092
Chunk: 60

Company: NAPC Defense, Inc.
Filing Date: 2025-03-26
Form: 10-Q
Item: Part I, Item 8
Chunk 60
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31, 2025 and April 30, 2024 the Company had 51 shares of Series A preferred shares outstanding.

Warrants

At
April 30, 2024, there were 6,894,666 warrants with a weighted average exercise price of $0.17 and weighted average remaining life of
1.50 years. There were 8,035,715 warrants granted with an exercise price of $0.028 during the three month period ended July 31, 2024.
There were 5,750,000 warrants issued with an exercise price of $0.02 during the three month period ended October, 2024. There were 29,750,000
warrants issued with an exercise price of $0.02 during the three month period ended January, 2025. These warrants were valued at $289,615
using the Black Scholes valuation model with the following assumptions - risk free interest rate, market price of stock, exercise price
of warrants, term, and volatility of stock. No warrants expired and 3,500,000 were exercised during the nine month period ended January
31, 2025. At January 31, 2024 there were 17,208,881 warrants outstanding with a weighted average exercise price of $0.05 and weighted
average remaining life of 2.5 years. There were no warrants granted during the year ended April 30, 2024. A total of 282,667 warrants
expired during the year ended April 30, 2024.

NOTE
8 – COMMITMENTS AND CONTINGENCIES

Litigation

During
the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates
the merits of the case in accordance with FASB ASC 450-20-50, Contingencies. The Company evaluates its exposure to the matter,
possible legal or settlement strategies and the likelihood of an unfavorable outcome. If the Company determines that an unfavorable outcome
is probable and can be reasonably estimated, it establishes the necessary accruals. As of January 31, 2025, the Company is not aware
of any contingent liabilities that should be reflected in the consolidated financial statements.

In
May of 2023, NAPC Defense, Inc. was sued in county court over a contract by the firm of Delmar which contends that NAPC Defense, Inc.
NAPC Defense, Inc. did not follow through