Company: BLIS
Filing Date: 2025-09-11
Form Type: 10-K
Source: 0001199835-25-000302
Chunk: 22

Company: NAPC Defense, Inc.
Filing Date: 2025-09-11
Form: 10-K
Item: Item 8
Chunk 22
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 loans totaling $22,925 and $2,700 respectively. For the year ended April 30, 2025 short term loans consist of two loans
totaling $2,700 and $20,225. These two loans are unsecured, non-interest bearing and due on demand.

F-14

Year
Ended April 30, 2025 New Convertible Notes Payable

On June 14, 2024, the Company entered into a convertible
promissory note agreement with respect to the sale and issuance of: (i) an initial financing fee in the amount of 1,071,430 shares of
the Company’s restricted common stock, and(ii) a promissory note in the aggregate principal amount of $150,000 and (iii) warrants
to purchase 5,357,143 shares at $0.028. The company received proceeds of $135,000 resulting in an original issue discount of $15,000.
The convertible promissory note has a due date of June 14, 2025, and bears interest at the rate of 10% per year that is convertible into
shares of common stock at $0.028. 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. 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. The
common stock and the warrants were recorded at their relative fair values of $13,199 and $65,742 respectively. The resulting debt discount
on this note was $93,941

On July 3, 2024, the Company entered into a convertible
promissory note agreement with respect to the sale and issuance of: (i) an initial financing fee in the amount of 125,000 shares of the
Company’s restricted common stock, and (ii) a promissory note in the aggregate principal amount of $75,000 and (iii) warrants to
purchase 2,678,572 shares at $0.028. 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 July 3, 2025, and bears interest at the rate of 10% per year that is convertible into shares
of common stock at