Company: BLIS
Filing Date: 2025-03-10
Form Type: 10-Q/A
Source: 0001199835-25-000067
Chunk: 23

Company: NAPC Defense, Inc.
Filing Date: 2025-03-10
Form: 10-Q/A
Chunk 23
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 and 2023 was $248,178 and $212,490. In assessing the realizability of deferred tax assets, management considers whether
it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of
deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences
become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and
tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty
exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance
as of October 31, 2024 and 2023. All tax years since inception remains open for examination only by taxing authorities.

Reconciliation between the provision for income taxes and the expected tax benefit using the federal statutory rate of 21% for 2024 and 2023:

Schedule of Effective Income Tax Rate Reconciliation

|                                      |     |     |    For the Three 
     Months Ended 
 October 31, 2024 |    |     |     |    For the Three 
     Months Ended 
 October 31, 2023 |    |
|:-------------------------------------|:----|:----|-----------------:|:---|:----|:----|-----------------:|:---|
| Income tax at federal statutory rate |     |     |               21 | %  |     |     |               21 | %  |
| Valuation allowance                  |     |     |           (21.00 | %) |     |     |           (21.00 | %) |
| Income tax expense                   |     |     |                - |    |     |     |                - |    |

The Company has a net operating loss carryforward for tax purposes totaling $ 5,877,353at October 31, 2024, expiring through 2035. There is a limitation on the amount of taxable income that can be offset by carryforwards after a change in control (generally greater than a 50% change in ownership). Temporary differences, which give rise to a net deferred tax asset, are as follows:

Schedule of Deferred Tax Assets and Liabilities

|                                  |     |   | As of October 31, 2024 |   |     |   | As of October 31, 2023 |   |