Company: BLIS
Filing Date: 2025-10-09
Form Type: 10-Q
Source: 0001199835-25-000342
Chunk: 23

Company: NAPC Defense, Inc.
Filing Date: 2025-10-09
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 also issued 5,500,000 shares of the Company’s common stock
and stock warrants to the note holder to purchase 5,500,000 shares of the Company’s common stock at $0.01. The common stock and
warrants were recorded at their relative fair values of $21,176 and $21,161 for the warrants. The resulting debt discount for this note
was $42,336.

On
July 18, 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 October 17, 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 $10,695 for the common stock and $10,694 for the warrants.
The resulting debt discount for this note was $21,390.

On
July 21, 2025 the Company entered into a convertible promissory note with a face value of $13,750, an annual rate of interest of 10%
that is convertible into shares of common stock at $0.02, and that is due on October 21, 2025. The company received proceeds of $12,500
net of issue costs of $1,250 which were immediately expensed. The Company also issued 1,375,000
shares of common stock and stock warrants to the note holder to purchase 1,375,000 shares of the Company’s common stock at $0.01.
The common stock and warrants were recorded at their relative fair values of $4,485 for the common stock and $4,484 for the warrants.
The resulting debt discount for this note was $8,969.

Prior
Period Convertible Notes Payable

On
May 19, 2021, the Company entered into a convertible note payable with a corporation. The note payable, had an original face value of
$150,000, including a $15,000 original issue discount, bears interest at 10.0% per annum and was due on February 19