Company: BLIS
Filing Date: 2025-09-19
Form Type: 10-K/A
Source: 0001199835-25-000330
Chunk: 44

Company: NAPC Defense, Inc.
Filing Date: 2025-09-19
Form: 10-K/A
Chunk 44
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 in the
accompanying consolidated statement of operations for the year ended April 30, 2025.

F-20

In June of 2023, the Company issued to a former related party director, the amount of 2,525,618 shares for debt conversion and satisfaction of a note for $50,000, including $25,769 in accrued interest, at the rate of $0.03 per share.

The above transactions and amounts are not necessarily what third parties would agree to.

Related Party Loans

See Note 5 - Notes Payable for information regarding related party loans.

NOTE 9 – DISCONTINUED OPERATIONS

At April 30, 2025 NAPC Defense, Inc. decided to discontinue its treasure and shipwreck recovery business in order to focus on its defense related business. Accordingly, the Company categorized its treasure and shipwreck recovery business as discontinued operations for the year ended April 30, 2025 and 2024.

The operating results for discontinued operations have been presented in the accompanying consolidated statements of operations for the year ended April 30, 2025 and 2024 as discontinued operations and are summarized below:

Schedule of Statement of Operations and Balance Sheet as Discontinued Operations

|                                                 |     | Year Ended April 
 30,              |    2025 |     |   |    2024 |
|:------------------------------------------------|:----|:-----------------|--------:|:----|:--|--------:|
| Total revenue                                   |     | $                |       - |     | $ |       - |
| Operating expenses                              |     |                  | 143,732 |     |   | 199,713 |
| Income from operations                          |     |                  |       - |     |   |       - |
| Other expenses                                  |     |                  |       - |     |   |       - |
| Loss from operations of discontinued operations |     | $                | 143,732 |     | $ | 199,713 |

The assets and liabilities of the discontinued operations at April 30, 2025 and 2024 are summarized below:

|                                                     |     | April 30, 2025 |   |     | April 30, 2024 |         |
|:----------------------------------------------------|:----|:---------------|:--|:----|:---------------|--------:|
| Current assets                                      |     | $              | - |     | $              |       - |
| Other assets                                        |