Company: BLIS
Filing Date: 2025-10-09
Form Type: 10-Q
Source: 0001199835-25-000342
Chunk: 27

Company: NAPC Defense, Inc.
Filing Date: 2025-10-09
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 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 October 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. 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 $6,833 and $30,258 respectively. The resulting
debt discount on this note was $44,591. The principal balance of the note at July 31, 2025 and April 30, 2025 was $75,000.

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. The principal balance of the note at July 31, 2025 and April 30,
2025 is $10,000.

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 $