Company: BLIS
Filing Date: 2025-03-10
Form Type: 10-Q/A
Source: 0001199835-25-000067
Chunk: 20

Company: NAPC Defense, Inc.
Filing Date: 2025-03-10
Form: 10-Q/A
Chunk 20
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 ended October 31, 2024:

The Company entered into a month to month lease agreement for 13,000 square feet of commercial office space and 40,000 square feet of warehousing and parking with a related party, with base month rent of $25,000

Period ended October 31, 2023:

In June 2023, the Company issued to a related party former 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 6 - Notes Payable for information regarding related party loans.

NOTE 10 – SEGMENT INFORMATION

NAPC Defenses, Inc’s defense and munitions related business began operations during the six month period ended October 31, 2024. Due to the Defense related starting operations which have no relation to the Company’s shipwreck and exploration recovery business, the Company evaluated this business and its impact upon the existing corporate structure. The Company has determined that the defense operations and the Company’s treasure and shipwreck operations operate as separate segments of the business. As such, the Company has presented the income (loss) from operations during the six month period ended October 31, 2024 incurred by the two separate segments below.

Segment information relating to the Company’s two operating segments for the six month period ended October 31, 2024 is as follows:

Schedule of Segment Reporting

|                          |     |           | October 31, 2024 |   |     |         | October 31, 2024 |   |     |              | October 31, 2024 |   |
|:-------------------------|:----|:----------|-----------------:|:--|:----|:--------|-----------------:|:--|:----|:-------------|-----------------:|:--|
|                          |     | Shipwreck |                  |   |     | Defense |                  |   |     | Consolidated |                  |   |
| Revenues                 |     | $         |                - |   |     | $       |           67,467 |   |     | $            |           67,467 |   |
| Total operating expenses |     |           |           10,196 |   |     |         |