Company: BLIS
Filing Date: 2025-03-10
Form Type: 10-Q/A
Source: 0001199835-25-000067
Chunk: 17

Company: NAPC Defense, Inc.
Filing Date: 2025-03-10
Form: 10-Q/A
Chunk 17
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.’s game net as revenue sharing. Each Series A preferred share will continue to exist, unless the game app. is sold to another entity, at which time the Series A preferred shareholders will receive their same percentage of the game sales proceeds price, if or when such occurs. The Series A preferred shares are not convertible into common shares and are subject to all other restrictions on securities as set forth.

At October 31, 2024 and April 30, 2024 the Company had 51shares of Series A preferred shares outstanding.

Warrants

There were 5,750,000warrants at an exercise price of $0.02 granted during the three month period ended October 31, 2024.

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 8,782,715
warrants granted with an exercise price of $0.028 during the three month period ended July 31, 2024. There were 5,250,000 warrants issued
with an exercise price of $0.02 during the three month period ended October 31, 2024. These warrants were valued at $56,514 using the
Black Scholes valuation model with the following assumptions - risk free interest rate, 6% and 10%, the market price of stock, $0.0259
and $0.0175, the exercise price of warrants, $0.02, the term, six months and one year, and the volatility of stock, 500%. No warrants
expired or were exercised during the six month period ended October 31, 2024. At October 31, 2024 there were 21,427,381 warrants outstanding
with a weighted average exercise price of $0.07 and weighted average remaining life of 2.75 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