Company: BLIS
Filing Date: 2025-10-09
Form Type: 10-Q
Source: 0001199835-25-000342
Chunk: 60

Company: NAPC Defense, Inc.
Filing Date: 2025-10-09
Form: 10-Q
Item: Part I, Item 8
Chunk 60
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 of operations in the period of disposition. Maintenance
and repair expenditures are charged to expense as incurred. Depreciation expense for the three months ended July 31, 2025 and 2024 was
$89 and $0 respectively.

Impairment
of Long-Lived and Intangible Assets

Long-lived
assets are reviewed for impairment whenever events or changes in circumstances indicate that the book value of the asset may not be recoverable.
The Company periodically evaluates whether events and circumstances have occurred that indicate possible impairment. When impairment
indicators exist, the Company uses market quotes, if available or an estimate of the future undiscounted net cash flows of the related
asset or asset group over the remaining life in measuring whether or not the asset values are recoverable. Identified intangible assets
are reviewed for impairment at least annually, or whenever events or changes in circumstances indicate that the carrying amount may not
be recoverable.

On
March 26, 2024 The Company entered into an Agreement for Acquisition (the “Agreement”) with a disabled veteran Native American and
woman owned limited liability company, Native American Pride Constructors, LLC, (“NAPC, LLC”) that is involved with government
construction contracts as its primary business, and has access to a license opportunity with intellectual property rights as held, the
business leads, letter of intent for overseas sales overseas opportunity for Saudi Arabia, other foreign sales of arms related items
under US approved transactions,  and matters specified in the agreement subject to final approval of the enumerated items, to be
acquired by the Company and in exchange for restricted common share of the Company. The Board determined that it would enter the defense
and law enforcement arena as an additional business realm and is only acquiring rights to defense relate product rights and the complimentary
knowledge, expertise, experience and business contacts in order to manufacture, market, distribute and broker the product. The Company
did not acquire any interest in the limited liability company, but starting its own defense related business, while purchasing the product
rights.

In
March of 2024 the Company issued 95,000,000 shares of its restricted common stock valued at $1,615,000 to NAPC, LLC which was shown on
the accompanying consolidated balance sheet as prepaid asset as of April 30, 2024. The shares were issued for the purchase of the product
rights, expertise and knowledge necessary to commercialize the product rights, and were subject to issuance under control of the Company’s
prior President