Company: BLIS
Filing Date: 2025-09-19
Form Type: 10-K/A
Source: 0001199835-25-000330
Chunk: 11

Company: NAPC Defense, Inc.
Filing Date: 2025-09-19
Form: 10-K/A
Chunk 11
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999 versus net losses of $711,986, for the year ended April 30, 2024. The increase in net loss of $2,665,013 during
the year ended April 30, 2025 was due to increases in operating expenses and other expenses.

Deemed Dividend

During the year ended April 30, 2025, the Company
had a deemed dividend of $82,913 related to a price protection exercise price adjustment on warrants.

Net Loss Applicable To Common Stockholders

During the year ended April 30, 2025, net loss applicable
to common stockholders was $3,459,912. During the year ended April 30, 2024, net loss applicable to common stockholders was $711,986.

Liquidity and Capital Resources and Cash Requirements

Liquidity and capital resources

As at April 30, 2025, our total assets were $16,452.

As at April 30, 2025, our current liabilities were
$1,163,126 and stockholders’ deficit was $1,146,674.

As of April 30, 2025, we had a net working capital
deficit of $1,146,674.

Cash flows from operating activities

For the year ended April 30, 2025 net cash flows used in operating activities was $797,225

For the year ended April 30, 2024 net cash flows used in operating activities was $340,738.

The increase in cash used in operating activities is primarily attributable to an increase in net loss.

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Cash flows from financing activities

For the year ended April 30, 2025 cash flows provided by financing activities were $809,037.

For the year ended April 30, 2024 cash flows provided by financing activities were $134,016.

The increase in cash provided by financing activities is attributable to an increase in proceeds from convertible notes payable and cash proceeds from the sale of common stock.

We qualify as a “smaller reporting company” under the JOBS Act. As a result, we are permitted to, and intend to, rely on exemptions from certain disclosure requirements.

For example, smaller reporting companies are not required to provide a compensation discussion and analysis under Item 402(b) of Regulation S-K or the auditor attestation of internal controls over financial reporting.

Future Financings

The Company will continue to rely on equity sales
of common shares and