Company: BLIS
Filing Date: 2025-03-26
Form Type: 10-Q
Source: 0001199835-25-000092
Chunk: 14

Company: NAPC Defense, Inc.
Filing Date: 2025-03-26
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 the operations of the defense business and the shipwreck
business were separate reportable segments as of the nine month period ended January 31, 2025. (see Note 10 – Segment Information).

Income
Taxes

Income
taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities
are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using
the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available
evidence, are not expected to be realized.

Recent
Accounting Pronouncements

All other recent accounting pronouncements, to include
ASU 2023-07 Segment Reporting—Improvements to Reportable Segment Disclosures,
issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities
and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future
consolidated financial statements.

11

NOTE
4 – FIXED ASSETS

Fixed
assets at January 31, 2025 and April 30, 2024 are summarized below:

Schedule of Fixed Assets

    Fixed Assets 
     January 31, 2025  
     April 30, 2024 
  
    Diving Vessel 
    $-  
    $36,390 
  
    Magnetometer 
     -  
     24,000 
  
    Diving Vessel (Boston Whaler) 
     -  
     10,800 
  
    Diving Vessel (Commander) 
     137,425  
     137,425 
  
    Accumulated Depreciation 
     (137,425) 
     (64,883)
  
    Fixed Assets, Net 
    $-  
    $143,732 

Depreciation
expense was $3,436 and $12,917 for the nine month periods ended January 31, 2025 and 2024, respectively.

During
the nine month period ended January 31, 2025, the Company’s management elected to write off the balance of three of its vessels
used in its treasure search and recovery operations. The total amount that was written off net of depreciation was $140,296.

NOTE
5 – INTELLECTUAL PROPERTY INCLUDING