Company: BLIS
Filing Date: 2025-10-09
Form Type: 10-Q
Source: 0001199835-25-000342
Chunk: 92

Company: NAPC Defense, Inc.
Filing Date: 2025-10-09
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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 new segment of the Company into the
defense and law enforcement business. Pursuant to the Board of Directors resolution there was no change in control of the Issuer to any
party. The change in officers and directors was made to include the following for the change in the main direction of the Company: The
Agreement was entered into without abandoning the treasure and recovery business, while the board made a change in officers and directors.
There was no change in control of the Company.

Thus,
pursuant to the Board of Directors intent for the new addition of a business line for defense, it was decided and concluded that as of
April 1, 2024, Craig A. Huffman, Patrick Scheider, and Frederick Conte, resigned as officer and directors, with Craig A. Huffman to continue
as Secretary and Chief Legal Officer for the Corporation while overseeing and approval of the acquisition, overseeing corporate compliance,
contracting and numerous other matters on a continuing basis. The board appointed Edward K. West as Director and Chief Executive Officer,
Evelyn R. Gurba as director, Derrick West as director, and John Spence as director and Chief Financial Officer.

The
Company determined the new business priority would best be reflected by a change in the name to NAPC Defense, which was reflected by
a change of the corporate name in the State of Nevada to NAPC Defense, Inc.

At
April 30, 2025 NAPC Defense, Inc. decided to discontinue its treasure and shipwreck recovery business in order to focus on its defense
related business.

23

Results
of operations

We
have incurred recurring losses to date. Our consolidated financial statements have been prepared assuming that we will continue as a
going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and
classification of liabilities that might be necessary should we be unable to continue in operation.

We
will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other
things, the sale of equity or debt securities. However, there can be no assurances that we will be able to raise additional capital.
Based on its historical rate of expenditures, the Company expects to expend its available cash in less than one month from the issuance
date of these financial statements.

Summary
of the Three Months Ended July 31, 2025 Results of Operations Compared to the Three Months Ended July 31, 2024 Results of Operations

Revenue

The Company recorded revenue