Company: BLIS
Filing Date: 2025-10-09
Form Type: 10-Q
Source: 0001199835-25-000342
Chunk: 17

Company: NAPC Defense, Inc.
Filing Date: 2025-10-09
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively,
disclose the total amount of selling expenses and, in annual reporting periods, provide a definition of what constitutes selling expenses.
This pronouncement is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning
after December 15, 2027, with early adoption permitted. The Company does not expect the adoption of this new guidance to have a material
impact on the financial statements.  

In
December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”)
No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which will require the Company
to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling
items that meet a quantitative threshold. ASU 2023-09 will also require the Company to disaggregate its income taxes paid disclosure
by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. The Company will
adopt ASU 2023-09 in its fourth quarter of 2026. ASU 2023-09 allows for adoption using either a prospective or retrospective transition
method.

All
other recent accounting pronouncements are not believed by management to have a material impact on the Company’s present or future
consolidated financial statements. 

NOTE
4 – INTELLECTUAL PROPERTY INCLUDING PRODUCT RIGHTS, CONTRACTUAL RIGHTS AND RELATED INFORMATION

On
March 26, 2024 The Company entered into an Agreement for Acquisition (the “Agreement”) with a disabled veteran Native American and
woman owned limited liability company, Native American Pride Constructors, LLC, (“NAPC, LLC”) that is involved with government
construction contracts as its primary business, and has access to a license opportunity with intellectual property rights as held, the
business leads, letter of intent for overseas sales overseas opportunity for Saudi Arabia, other foreign sales of arms related items
under US approved transactions, and matters specified in the agreement subject to final approval of the enumerated items, to be
acquired by the Company and in exchange for restricted common share of the Company. The Board determined that it would enter the defense
and law enforcement arena as an additional business realm and is only acquiring rights to defense related product rights and the complimentary
knowledge, expertise,