Company: BLIS
Filing Date: 2025-09-11
Form Type: 10-K
Source: 0001199835-25-000302
Chunk: 37

Company: NAPC Defense, Inc.
Filing Date: 2025-09-11
Form: 10-K
Item: Item 8
Chunk 37
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 are summarized below:

                                                           April 30, 2025      April 30, 2024               
  Current assets                                           $                   $                   -        
  Other assets                                                                                     -        
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Total Assets of discontinued operations, current                                                 -        
  Property and equipment, net                                                                      143,732  
  Assets of discontinued operations, non-current                                                            
  Total Assets                                             $                   $                   143,732  
  Contingent liability                                                                             -        
  Liabilities of discontinued operations, current                                                  -        
  Liabilities of discontinued operations, non-current                                              -        
  Total Liabilities                                        $                   $                   -        

Property and equipment

Fixed
assets, at cost, for the discontinued operations consisted of the following at April 30, 2025 and 2024:

  Fixed Assets                       April                      April                  
                                     30, 2025                   30, 2024               
 ───────────────────────────────────────────────────────────────────────────────────────
  Diving Vessel                      $             36,390       $              36,390  
  Magnetometer                                     -                           24,000  
  Diving Vessel (Boston Whaler)                    -                           10,800  
  Diving Vessel (Commander)                        -                          137,425  
  Accumulated Depreciation                         (36,390                    (64,883  
  Fixed Assets, Net                  $             -            $             143,732  

Depreciation expense for the discontinued operations
for the years ended April 30, 2025 and 2024 was $3,346 and $17,222, respectively.

Impairment expense for the discontinued operations
was $140,296 for the year ended April 30, 2025.

F-21

NOTE
10 - SERVICES REVENUE

For
the years ended April 30, 2025 and 2024 the Company’s revenues were $0, respectively.

NOTE
11 - INCOME TAXES

The
Company adopted the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. The Company has no tax position at April 30,
2025 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.
The Company does recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.
No such interest or penalties were recognized during