Company: BLIS
Filing Date: 2025-02-26
Form Type: 10-Q
Source: 0001199835-25-000051
Chunk: 16

Company: NAPC Defense, Inc.
Filing Date: 2025-02-26
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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, Inc. agreed to grant to the lender an amount of treasure recovered from the vessel
for the 2023, 2024, and 2025 treasure recovery seasons, at a percentage of recovery from the gross amount, being 1% for each $10,000
loaned to NAPC Defense, Inc. for such purchase up to a maximum of 5% for $50,000, or if less than an even $10,000 increment, then that
fraction of such amount as a percentage. In addition, NAPC Defense, Inc. shall allow the lender up to 3% of such treasure recovered for
a fourth year, if such amount is required to reach $30,000 or more for such purchase. The lender was also given a lien on the vessel.
During the period ended July 31, 2024, NAPC Defense, Inc. and the individual entered into a settlement for the Treasury Agreement. To
settle the Treasure Recovery Agreement, NAPC Defense, Inc. issued 1,666,667 shares of its restricted common stock.

Commercial
Office Space Lease Agreement

NAPC
Defense Inc. entered into a month to month lease agreement
with a related party. The base rent during the term of the lease is $25,000 per month. The commercial office
space is located at 1501 Lake Ave SE, Largo FL 33771. This space is made up of over 8,000 square feet of office and assembly space
with a 10,000 square foot warehouse for material and product storage. The lease also has parking spaces for employees and additional
spaces for trailers, etc. for the company.

NOTE
9 - RELATED PARTY TRANSACTIONS

Period
ended October 31, 2024:

The
Company entered into a month to month lease agreement for 13,000 square feet of commercial office space and 40,000 square feet of warehousing
and parking with a related party, with base month rent of $25,000

Period
ended October 31, 2023:

In
June 2023, the Company issued to a related party former director, the amount of 2,525,618 shares for debt conversion and satisfaction
of a note for $50,000, including $25,769 in accrued interest, at the rate of $0.03 per share.

The
above transactions and amounts are not necessarily what third parties would agree to.

Related
Party Loans