Company: BLIS
Filing Date: 2025-09-11
Form Type: 10-K
Source: 0001199835-25-000302
Chunk: 24

Company: NAPC Defense, Inc.
Filing Date: 2025-09-11
Form: 10-K
Item: Item 8
Chunk 24
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,258 respectively. The
resulting debt discount on this note was $44,591.

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 1,000,000 shares of common stock and stock warrants, to the note holder to purchase 1,000,000 shares of the Company’s
common stock at $0.02. The common stock and warrants were recorded at their relative fair values of $4,097 for the common stock and $3,513
for the warrants. The resulting debt discount for this note was $8,610.

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 1,500,000 shares of common stock and stock warrants, to the note holder to purchase 1,500,000 shares of the Company’s
common stock at $0.02. The common stock and warrants were recorded at their relative fair values of $6,124 for the common stock and $5,132
for the warrants. The resulting debt discount for this note was $12,756.

On December 18, 2024 the Company entered into a convertible
promissory note with a face value of $5,000, 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 $4,500 resulting in an original issue discount of $500. The Company
also issued 500,000 shares of common stock and stock warrants, to the note holder to purchase 500,000 shares of the Company’s common
stock at $0.02. The common stock and warrants were recorded at their relative fair values of $2,041 for