Company: BLIS
Filing Date: 2025-10-09
Form Type: 10-Q
Source: 0001199835-25-000342
Chunk: 58

Company: NAPC Defense, Inc.
Filing Date: 2025-10-09
Form: 10-Q
Item: Part I, Item 8
Chunk 58
---
 changed from $5,675, $3,436 and $418, respectively per filed to $0 per revised. The total amount of $9,529 was reclassified to
loss from operations of discontinued operations. For the three month period year July 31, 2024, loss on impairment of assets changed
from $22,340 per filed to $0 per revised. The total amount of $22,340 was reclassified to loss from operations of discontinued operations.
This caused the operating expenses to change from $324,499 per filed to $314,970 and total other expenses to change from $178,831 per
filed to $156,491 per revised.

Cash
and Cash Equivalents

The
Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

There
were no cash equivalents at July 31, 2025 and 2024. Financial instruments that potentially subject the Company to concentration of credit
risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”)
up to $250,000. As of July 31, 2025, the Company had $0 in excess of the FDIC insured limit. 

Research
and Development Expenses

Expenditures
for research and development are expensed as incurred.

Revenue
Recognition

The
Company recognizes revenue in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards
Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” (“ASC 606”) and all
the related amendments.

The
core principal of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. ASC
606 defines a five-step process to achieve this core principal and, in doing so, it is possible more judgment and estimates may be required
within the revenue recognition process than required under GAAP, including identifying performance obligations in the contract, estimating
the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance
obligation.

    9

Basic
Loss per Share

The
Company has adopted the Financial Accounting Standards Board (“FASB”) ASC 260-10, which provides for the calculation of “basic”
and “diluted” earnings per share. Basic earnings per share includes