Company: BLIS
Filing Date: 2025-09-11
Form Type: 10-K
Source: 0001199835-25-000302
Chunk: 3

Company: NAPC Defense, Inc.
Filing Date: 2025-09-11
Form: 10-K
Item: Item 7
Chunk 3
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 the year
ended April 30, 2024 which was all related to interest expenses.

Discontinued Operations

During the year ended April 30, 2025, the Company
had a loss from operations of discontinued operations of $143,732.

During the year ended April 30, 2024, the Company
had a loss from operations of discontinued operations of $199,713.

Net Loss

For the year ended April 30, 2025 the Company incurred
net losses of $3,376,999 versus net losses of $711,986, for the year ended April 30, 2024. The increase in net loss of $2,665,013 during
the year ended April 30, 2025 was due to increases in operating expenses and other expenses.

Deemed Dividend

During the year ended April 30, 2025, the Company
had a deemed dividend of $82,913 related to a price protection exercise price adjustment on warrants.

Net Loss Applicable To Common Stockholders

During the year ended April 30, 2025, net loss applicable
to common stockholders was $3,459,912. During the year ended April 30, 2024, net loss applicable to common stockholders was $711,986.

Liquidity and Capital Resources and Cash Requirements

Liquidity and capital resources

As at April 30, 2025, our total assets were $16,452.

As at April 30, 2025, our current liabilities were
$1,163,126 and stockholders’ deficit was $1,146,674.

As of April 30, 2025, we had a net working capital
deficit of $1,146,674.

Cash
flows from operating activities

For
the year ended April 30, 2025 net cash flows used in operating activities was $797,225

For
the year ended April 30, 2024 net cash flows used in operating activities was $340,738.

The
increase in cash used in operating activities is primarily attributable to an increase in net loss.

Cash
flows from financing activities

For
the year ended April 30, 2025 cash flows provided by financing activities were $809,037.

For
the year ended April 30, 2024 cash flows provided by financing activities were $134,016.

The
increase in cash provided by financing activities is attributable to an increase in proceeds from convertible