Company: BLIS
Filing Date: 2025-02-26
Form Type: 10-Q
Source: 0001199835-25-000051
Chunk: 25

Company: NAPC Defense, Inc.
Filing Date: 2025-02-26
Form: 10-Q
Item: Part I, Item 2
Chunk 25
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. These matters raise substantial doubt about the Company’s ability to continue as
a going concern; however, the accompanying condensed consolidated financial statements have been prepared on a going concern basis, which
contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

We
will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other
things, the sale of equity or debt securities. However, there can be no assurances that we will be able to raise additional capital.
Based on its historical rate of expenditures, the Company expects to expend its available cash in less than one month from February 26,
2025.

Summary
of the Six Months Ended October 31, 2024 Results of Operations Compared to the Six Months Ended October 31, 2023 Results of Operations

Revenue

The
Company generated $67,467 in revenue during the six month period ended October 31, 2024 and $0 revenue during the six month period ended
October 31, 2023. The Company has determined that the revenue generated during the three month period ended is uncollectible.

Operating
Expenses

Operating expenses were $529,229
during the six month period ended October 31, 2024 versus $387,861 during the six month period ended October 31, 2023, a year-over-year
increase of approximately 36%. The Company incurred boat expenses of $5,675 during the six month period ended October 31, 2024 as compared
to boat expenses of $93,200 during the six month period ended October 31, 2023, a decrease of approximately 94%. Professional fees were
$15,171 in 2024 versus $2,062 in 2023, an increase of 636%. Consulting and accounting fees were $131,246 during the six month period
ended October 31, 2024 and $155,462 during the six month period ended October 31, 2023, a decrease of 16%. During the six month period
ended October 31, 2024 general and administrative expenses were $178,530, during the six month period ended October 31, 2023 they were
$30,719, an increase of approximately 481%. Legal fees were $35,650 during the six month period ended October 31, 2024 versus $14,125
during the six month period ended October 31, 2023,