Company: BLIS
Filing Date: 2025-09-11
Form Type: 10-K
Source: 0001199835-25-000302
Chunk: 13

Company: NAPC Defense, Inc.
Filing Date: 2025-09-11
Form: 10-K
Item: Item 8
Chunk 13
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 ended April 30, 2024, short term loans changed from $22,925 per filed to $2,700 per revised.
For the year ended April 30, 2024, related party short term loans changed from $0 per filed to $20,225 per revised. For the year ended
April 30, 2024, boat expense and labor expense changed from $108,499 and $73,992, respectively per filed to $0 per revised. The total
amount of $199,713 was reclassified to loss from operations of discontinued operations. This caused the operating expenses to change
from $583,720 per filed to $384,007. For the year ended April 30, 2024, $54,599 was reclassified from unearned compensation to prepaid
consulting fees.

Cash
and Cash Equivalents

The
Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

There
were no cash equivalents at April 30, 2025 and 2024. Financial instruments that potentially subject the Company to concentration of credit
risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“ FDIC”)
up to $250,000. As of April 30, 2025, the Company had $0 in excess of the FDIC insured limit.

Research
and Development Expenses

Expenditures
for research and development are expensed as incurred.

Revenue
Recognition

The Company recognizes revenue in accordance with
the Financial Accounting Standards Board’s (“ FASB”) Accounting Standards Codification (“ ASC”) Topic 606, “ Revenue
from Contracts with Customers” (“ ASC 606”) and all the related amendments.

The
core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. ASC
606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required
within the revenue recognition process than required under GAAP, including identifying performance obligations in the contract, estimating
the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance
obligation.

F-10

Basic
Loss per Share

The
Company has adopted the Financial Accounting Standards Board (“ FASB”) ASC 260