Company: BLIS
Filing Date: 2025-02-26
Form Type: 10-Q
Source: 0001199835-25-000051
Chunk: 26

Company: NAPC Defense, Inc.
Filing Date: 2025-02-26
Form: 10-Q
Item: Part I, Item 2
Chunk 26
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 a year-over-year increase of approximately 151%. There were $418 in labor expenses
during the six month period ended October 31, 2024 versus $73,992 in During the six month period ended October 31, 2023. The decrease
in labor expense is attributable to decreased exploration during the six month period ended October 31, 2024. Rent expenses were $155,000
in 2024 versus $9,600 during the six month period ended October 31, 2023, an increase of 1,515%. Rent expenses increased due to the Company
leasing a commercial office and warehouse facility. Depreciation expenses were $3,436 during the six month period ended October 31, 2024
and $8,611 during the six month period ended October 31, 2023. Operating expenses increased during the six month period ended October
31, 2024 as the Company began new ventures during its fiscal year starting May 1, 2024.

Other
Income (Expense)

Interest
expense was $41,372 during the six month period ended October 31, 2024 and $32,107 during the six month period ended October 31, 2023,
an increase of 75%. The Company’s other income (expense) for the six months ended October 31, 2024 also included losses from extinguishment
of debt ($123,653), bad debt expense ($67,467), impairment of assets ($140,296), and amortization of debt discounts ($55,234).

Net
Loss

For
the six month period ended October 31, 2024 the Company incurred net losses of $889,784 versus net losses of $419,968 for the six month
period ended October 31, 2023, a year-over-year increase of approximately 112%.

Summary of the Three Months
Ended October 31, 2024 Results of Operations Compared to the Three Months Ended October 31, 2023 Results of Operations

Revenue

The
Company did not generate any revenue during the three month periods ended October 31, 2024 and 2023.

Operating
Expenses

Operating expenses were $204,730
during the three month period ended October 31, 2024 versus $143,973 during the three month period ended October 31, 2023, a year-over-year
increase of approximately 42%. The Company incurred professional fees were $12,021 in