Company: BLIS
Filing Date: 2025-03-10
Form Type: 10-Q/A
Source: 0001199835-25-000067
Chunk: 24

Company: NAPC Defense, Inc.
Filing Date: 2025-03-10
Form: 10-Q/A
Chunk 24
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|:---------------------------------|:----|:--|-----------------------:|:--|:----|:--|-----------------------:|:--|
| Non-current deferred tax assets: |     |   |                        |   |     |   |                        |   |
| Net operating loss carryforward  |     | $ |              5,877,353 |   |     | $ |              4,695,551 |   |
| Tax rate                         |     |   |                     21 | % |     |   |                     21 | % |
| Deferred tax asset               |     |   |              1,234,244 |   |     |   |                986,066 |   |
| Valuation allowance              |     |   |             (1,234,244 | ) |     |   |               (986,066 | ) |
| Net deferred tax assets          |     | $ |                      - |   |     | $ |                      - |   |

17

The Company is currently in the process of gathering the information necessary for filing tax returns for past years, due to the Company’s lack of profitability since inception management does not believe that there is any income tax liability for past years.

NOTE 12 – SUBSEQUENT EVENTS

Subsequent to October 31, 2024 the Company issued the following shares of restricted common stock as follows:

| - | 750,000                                                          
 commitment shares for a convertible note dated October 17, 2024; |

| - | 33,402,537                 
 shares for financing fees; |

| - | 500,000                                       
 warrants issued for a subscription agreement; |

| - | 33,402,537 shares for financing fees; |

| - | 1,750,000                                        
 shares were issued for the exercise of warrants; |

| - | 1,000,000 shares were issued for consulting services; |

| - | 266,667                                                           
 shares under a subscription agreement for proceeds of $4,000; and |

| - | 100,000                                              
 shares to settle an invoice for trade show services. |

Subsequent to October 31, 2024 the Company entered into the following convertible note agreements and loans:

| - | A                                                                                                                                     
 convertible note with a face value of $10,000, an annual rate of interest of 10% that is convertible into shares at $0.02 and that is 
 due on December 15, 2025;