Company: BLIS
Filing Date: 2025-03-26
Form Type: 10-Q
Source: 0001199835-25-000092
Chunk: 19

Company: NAPC Defense, Inc.
Filing Date: 2025-03-26
Form: 10-Q
Item: Part I, Item 1
Chunk 19
---
 Company’s restricted common stock, (ii) a promissory note in the
aggregate principal amount of $75,000, and (iii) Common stock warrants to purchase 3,750,000 shares of the Company’s common
stock at $0.02. The company received proceeds of $67,500 resulting in an original issue discount of $7,500. The convertible
promissory note has a due date of January 17, 2025, and bears interest at the rate of 10% per year that is convertible into shares
of common stock at $0.02. In the event of default as defined in the note, the outstanding balance of the note will increase to 140%
of the balance immediately prior to the occurrence of the event of default. The conversion of the note into shares of the
Company’s common stock is potentially highly dilutive to current shareholders. There are additional terms and conditions
contained in the note that could result in the Company being required to issue a significant amount of shares and/or warrants to the
lender. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common
stock, then any such sales may result in a significant decrease in the market price of the Company’s shares.

On
December 16, 2024 the Company entered into a convertible promissory note with a face value of $10,000, an annual rate of interest of
10% that is convertible into shares of common stock at $0.02, and that is due on December 15, 2025. The company received proceeds of
$9,000 resulting in an original issue discount of $1,000. The Company also issued stock warrants, valued at $11,494, to the note holder to purchase 1,000,000
shares of the Company’s common stock at $0.02.

    13

On
December 18, 2024 the Company entered into a convertible promissory note with a face value of $15,000, an annual rate of interest of
10% that is convertible into shares of common stock at $0.02, and that is due on December 18, 2025. The company received proceeds of
$13,500 resulting in an original issue discount of $1,500. The Company also issued stock warrants, valued at $12,892, to the note holder to purchase 1,500,000
shares