Company: BLIS
Filing Date: 2025-09-11
Form Type: 10-K
Source: 0001199835-25-000302
Chunk: 36

Company: NAPC Defense, Inc.
Filing Date: 2025-09-11
Form: 10-K
Item: Item 8
Chunk 36
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 Company’s stock on the date of the agreement. Upon completion of due diligence and a verification of certain
terms and conditions, the deal closed and the shares issued to NAPC, LLC were reclassified from a prepaid asset to intellectual property
on May 1, 2025. NAPC Defense, Inc.’s management has determined that the intellectual property should be impaired based on the Company
not having closed sales and licensing deals for CornerShot and related products and services as of April 30, 2025. Accordingly, the Company
impaired the balance of $1,615,000 of the intellectual property to $0 which is included in general and administrative expenses in the
accompanying consolidated statement of operations for the year ended April 30, 2025.

F-20

In
June of 2023, the Company issued to a former related party director, the amount of 2,525,618 shares for debt conversion and satisfaction
of a note for $50,000, including $25,769 in accrued interest, at the rate of $0.03 per share.

The
above transactions and amounts are not necessarily what third parties would agree to.

Related
Party Loans

See
Note 5 - Notes Payable for information regarding related party loans.

NOTE
9 - DISCONTINUED OPERATIONS

At
April 30, 2025 NAPC Defense, Inc. decided to discontinue its treasure and shipwreck recovery business in order to focus on its defense
related business. Accordingly, the Company categorized its treasure and shipwreck recovery business as discontinued operations for the
year ended April 30, 2025 and 2024.

The
operating results for discontinued operations have been presented in the accompanying consolidated statements of operations for the year
ended April 30, 2025 and 2024 as discontinued operations and are summarized below:

                                                       Year Ended April                                      
                                                       30,                                                   
                                                       2025                               2024               
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Total revenue                                        $                     -            $         -        
  Operating expenses                                                         143,732                199,713  
  Income from operations                                                     -                      -        
  Other expenses                                                             -                      -        
  Loss from operations of discontinued operations      $                     143,732      $         199,713  

The
assets and liabilities of the discontinued operations at April 30, 2025 and 2024