Company: BLIS
Filing Date: 2025-09-19
Form Type: 10-K/A
Source: 0001199835-25-000330
Chunk: 42

Company: NAPC Defense, Inc.
Filing Date: 2025-09-19
Form: 10-K/A
Chunk 42
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 into a loan agreement with an individual. Under the terms of the loan agreement, the lender provided a vessel loan to NAPC Defense, Inc. toward the purchase price of a vessel at auction in the amount of $50,000 at a 0% per annum rate of interest. In exchange for the loan, NAPC Defense, 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. NAPC Defense, Inc. may never have to pay the lender under this agreement because the Company has discontinued its treasure recovery its operations.

Commercial Office Space Lease Agreement

NAPC Defense Inc. entered
into a lease agreement on May 1, 2024 with a related party. On August 1, 2024, the lease agreement was amended to change the term of
the lease from fixed period to month-to-month. The base rent of the lease was $25,000 per month. 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. See Note 8 – Related Party Transactions. Due to
the short term nature of the lease the Company has determined that the lease is not subject to accounting under ASC 842. Rent expense
for the year ended April 30, 2025 was $315,070. At April 30, 2025 the Company had a payable of $25,000 for rent.

NOTE 8 – RELATED PARTY TRANSACTIONS

Period ended April 30, 2025:

On May 1, 2024, NAPC Defense, Inc. entered into a
lease agreement for 13,000 square feet