Company: BLIS
Filing Date: 2025-09-19
Form Type: 10-K/A
Source: 0001199835-25-000330
Chunk: 36

Company: NAPC Defense, Inc.
Filing Date: 2025-09-19
Form: 10-K/A
Chunk 36
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 note at April 30, 2025 is $60,060.

On August 1, 2023, the Company entered into a convertible
note payable with an individual who at the time was a member of the Company’s Board of Directors until the individual resigned
from the Board on March 27, 2024. The note payable, with a face value of $50,000, bears interest at 10.0% per annum and was due on August
1, 2024. The convertible note payable is convertible upon default, at the note holder’s option, into the Company’s common
shares at a fixed conversion rate of $0.01. The conversion of the note into shares of the Company’s common stock is potentially
highly dilutive to current shareholders. The principal balance of the convertible promissory note payable was $50,000 at April 30, 2025
and April 30, 2024. The loan balance of $50,000 was included in the convertible loans payable, related party at April 30, 2024.

Convertible Promissory Note Settlement

Year Ended April 30, 2025

On May 1, 2024, the Company agreed to issue 5,866,667 shares of the its restricted common stock valued at $173,653 to settle the principal balance of $112,975 and accrued interest of $12,681 for a convertible promissory note dated 04/26/21. The transaction completely settled the loan, the balance of the note at April 30, 2025 is $0.

Year Ended April 30, 2024

During the year ended April 30, 2024, the Company
issued 10,083,007 shares of its restricted common stock valued at $173,653 to settle the principal balance of $112,975 and accrued interest of $12,681 for a convertible promissory note dated 05/07/21. The transaction completely settled the loan, the balance of the note at April 30, 2024 was $0.

Convertible Notes Payable

The following table reflects the convertible notes payable as of April 30, 2025 and April 30, 2024:

|                           |     | Issue      
 Date       |     | Maturity   
 Date       |   |     | April     
 30, 2025  
 Principal 
 Balance   |          |   |     | April     
 30, 2024