Company: BLIS
Filing Date: 2025-03-26
Form Type: 10-Q
Source: 0001199835-25-000092
Chunk: 77

Company: NAPC Defense, Inc.
Filing Date: 2025-03-26
Form: 10-Q
Item: Part I, Item 8
Chunk 77
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 month from March 24, 2025.

The
Company may not be able to continue as a going concern. The report of our independent auditors for the years ended April 30, 2024 and
2023 raises substantial doubt as to our ability to continue as a going concern. If the Company is not able to continue as a going concern,
it is highly likely that all capital invested in the Company will be lost.

Management
believes that current trends toward lower capital investment in start-up companies pose the most significant challenge to the Company’s
success over the next year and in future years. Additionally, the Company will have to meet all the financial disclosure and reporting
requirements associated with being a publicly reporting company. The Company’s management will have to spend additional time on
policies and procedures to make sure it is compliant with various regulatory requirements, especially that of Section 404 of the Sarbanes-Oxley
Act of 2002. This additional corporate governance time required of management could limit the amount of time management has to implement
its business plan and impede the speed of its operations.

Recently
Issued Accounting Pronouncements

The
Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on
the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements
that have been issued that might have a material impact on its financial position or results of operations.

Off-Balance
Sheet Arrangements

The
Company has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on its financial
condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

24

ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

None

ITEM
4. CONTROLS AND PROCEDURES

Management’s
Responsibility for Controls and Procedures

The
Company’s management is responsible for establishing and maintaining adequate internal control over the Company’s financial
reporting. The Company’s controls over financial reporting are designed under the supervision of the Company’s President
and Principal Financial Officer to ensure that information required to be disclosed by the Company in the reports that the Company files
or submits under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is accumulated and communicated to
the Company’s management, including the Company’s principal executive officer and principal