Company: BLIS
Filing Date: 2025-10-09
Form Type: 10-Q
Source: 0001199835-25-000342
Chunk: 63

Company: NAPC Defense, Inc.
Filing Date: 2025-10-09
Form: 10-Q
Item: Part I, Item 8
Chunk 63
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 disposed of by sale or abandonment is reported as discontinued operations if the transaction represents
a strategic shift that will have a major effect on an entity’s operations and financial results. The results of discontinued operations
are aggregated and presented separately in the Consolidated Statement of Operations. Assets and liabilities of the discontinued operations
are aggregated and reported separately as assets and liabilities of discontinued operations in the Consolidated Balance Sheet, including
the comparative prior year period.

Amounts
presented in discontinued operations have been derived from our consolidated financial statements and accounting records using the historical
basis of assets, liabilities, and historical results of our wholly-owned subsidiaries, NAPC Defense Media Group, Inc,, and TSR Holdings,
Inc. The discontinued operations exclude general corporate allocations.

    11

Segment
Information

In
November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*,
enhancing segment expense transparency. The Company has adopted this standard in fiscal year ended April 30, 2025. The Company has determined
that it has one reportable segment, which includes defense related business including generating revenue and incurring expenses.
The Company will focus on the production and supply of CornerShot® units under license from Silver Shadow of Israel to overseas militaries
and governments, subject to U.S. Government approval, as well as to U.S.-based law enforcement agencies. The single segment was
identified based on how the Chief Operating Decision Maker, who the Company has determined to be its Chief Executive Officer, manages
and evaluates performance and allocates resources.

Recent
Accounting Pronouncements

In
November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures
(Subtopic 220-40), which requires entities to provide more detailed disaggregation of expenses in the income statement, focusing on the
nature of the expenses rather than their function. The new disclosures will require entities to separately present expenses for significant
line items, including but not limited to, depreciation, amortization, and employee compensation. Entities will also be required to provide
a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively,
disclose the total amount of selling expenses and, in annual reporting periods, provide a definition of what constitutes selling expenses.
This pronouncement is effective for fiscal years beginning after December 15,