Company: BLIS
Filing Date: 2025-10-09
Form Type: 10-Q
Source: 0001199835-25-000342
Chunk: 39

Company: NAPC Defense, Inc.
Filing Date: 2025-10-09
Form: 10-Q
Item: Part I, Item 1
Chunk 39
---
    Fixed Assets 
     July 31, 2025  
     April 30, 2025 
  
    Diving Vessel 
    $-  
    $36,390 
  
    Magnetometer 
     -  
     - 
  
    Diving Vessel (Boston Whaler) 
     -  
     - 
  
    Diving Vessel (Commander) 
     -  
     - 
  
    Accumulated Depreciation 
     -  
     (36,390)
  
    Fixed Assets, Net 
    $-  
    $- 

Depreciation
expense for the discontinued operations for the three month periods ended July 31, 2025 and 2024 was $0 and $3,346 respectively. 

Impairment expense for the discontinued operations
was $0 for the three month period ended July 31, 2025 and $22,340 for the three months ended July 31, 2024.

NOTE
11 – SUBSEQUENT EVENTS

Subsequent
to July 31, 2025 the Company issued shares of its common stock as follows:

    -
    2,750,000 shares for the conversion of $27,500
                                                                                                    of the principal of a convertible promissory note;

    -
    127,778
    shares issued under subscription agreements for proceeds of $1,278; and

    -
    250,000 shares for consulting services valued at $2,500.

Subsequent
to July 31, 2025 the Company entered into the following convertible note agreements and loans:

    -
    A
    convertible note dated August 21, 2025 with a face value of $150,000, an original issue discount of $15,000, proceeds to the Company
    of $135,000, an annual rate of interest of 10% that is convertible into shares at $0.01 and that is due on August 22, 2026. The note
    also states that the lender will receive monthly performance bonus payments of $500 per unit of the CornerShot product manufactured
    and delivered by the Company upon receipt of customer payment, limited to 100% of the loan value; and

    -
    A convertible note dated September 11, 2025 with a face value of $50,000,
an original issue discount of $5,000, proceeds to the