Company: BLIS
Filing Date: 2025-09-11
Form Type: 10-K
Source: 0001199835-25-000302
Chunk: 2

Company: NAPC Defense, Inc.
Filing Date: 2025-09-11
Form: 10-K
Item: Item 7
Chunk 2
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 Company expects to expend its available cash in less than one month from the issuance
date of these financial statements.

Summary
of the Year Ended April 30, 2025 Results of Operations Compared to the Year Ended April 30, 2024 Results of Operations

Revenue

The
Company recorded revenue of $0 and during the years ended April 30, 2025 and 2024, respectively.

Operating Expenses

During the year ended April
30, 2025, the Company incurred general and administrative expense of $1,832,398, rent expense of $315,070, consulting and accounting
expense of $274,864, legal fees of $42,942, research and development expenses of $15,632, and professional fees of $4,054.

During the year ended April
30, 2024, the Company incurred consulting and accounting expense of $248,722, general and administrative expense of $94,345, legal fees
of $17,040, professional fees of $14,300, and rent expense of $9,600.

Total operating expenses were
$2,484,960 for the year ended April 30, 2025 versus $384,007 for the year ended April 30, 2024, an increase of $2,100,953 in 2025 or
547.1%. The increase in operating expenses for the year ended April 30, 2025 is largely attributable to increases in general and administrative
expense of $1,738,053 which includes impairment expense of $1,755,296, rent expense of $305,470, consulting and accounting expense of
$26,142, legal fees of $25,902, and research and development of $15,632. These increases offset decreases in professional fees of $10,246.

Other Expenses

Total other expenses were $748,307 during the year
ended April 30, 2025 and $128,266 during the year ended April 30, 2024, an increase of $620,041 or 483.4% in 2025. Other expenses increased
during the year ended April 30, 2025 primarily due to increases of $314,772 for financing fees, $248,667 for amortization of debt discount,
$57,646 decrease in interest expense, $67,000 for fair value of warrants, and $47,998 for loss on extinguishment of debt.

Total other expenses were $128,266 during