Company: BLIS
Filing Date: 2025-03-26
Form Type: 10-Q
Source: 0001199835-25-000092
Chunk: 90

Company: NAPC Defense, Inc.
Filing Date: 2025-03-26
Form: 10-Q
Item: Part I, Item 2
Chunk 90
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 office and warehouse facility. Legal fees were $8,100 during
the three month period ended January 31, 2025 and $2,175 during the three month period ended January 31, 2024, a year-over-year increase
of approximately 272%. Operating expenses increased during the three month period ended January 31, 2025 because the Company was transitioning
into new ventures.

Other
Income (Expense)

Interest
expense was $23,701 during the three month period ended January 31, 2025 and $12,881 during the three month period ended January 31,
2024, an increase of 84%. The increase in interest expense during the three month period ended January 31, 2025 was a result of the issuance
of new convertible notes. The Company’s other income (expense) for the three months ended January 31, 2025 also included finance
fees ($277,050 ) and amortization of debt discount ($78,963).

Net
Loss

For
the three month period ended January 31, 2025 the Company incurred net losses of $639,212 versus net losses of $87,746 for the three
month period ended January 31, 2024, a year-over-year increase of $551,466.

Liquidity
and capital resources

As
of January 31, 2025, our total assets were $1,631,686.

As
of January 31, 2025, our current assets were $15,686, our current liabilities were $1,051,067 and Stockholders’ equity was
$580,569.

As
of January 31, 2025 we had a net capital working deficit of $1,035,381.

Cash
flows from operating activities

For
the nine months ended January 31, 2025 net cash flows used in operating activities was $639,609.

For
the nine months ended January 31, 2024 net cash flows used in operating activities was $380,148.

23

Cash
flows from financing activities

For
the nine months ended January 31, 2025 we have generated $655,295 in cash flows from financing activities.

For
the nine months ended January 31, 2024 we have generated $173,426 in cash flows from financing activities.

We
qualify as a “smaller reporting company” under the JOBS Act. As a result, we are permitted to