Company: BLIS
Filing Date: 2025-03-26
Form Type: 10-Q
Source: 0001199835-25-000092
Chunk: 28

Company: NAPC Defense, Inc.
Filing Date: 2025-03-26
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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331 

    Current
    liabilities 
     1,045,060  
     -  
     1,045,060 
  
    Stockholders
    equity 
     769,271  
     -  
     769,271 
  
    Total
    liabilities and equity 
     1,814,331  
     -  
     1,814,331 

    17

NOTE
11 – SERVICES REVENUE

The
Company’s revenue in the nine month period ended January 31, 2025 was from ammunition and military equipment consulting services
to a private company in Saudi Arabia. Management is providing the consulting services and is not receiving
a salary or directly receiving any portion of this revenue. For the nine month periods ended January 31, 2025 and 2024 the Company’s
revenues were $67,467 and $0, respectively. After further discussions with the private Saudi Arabian company, Management determined that
accounts receivable resulting from the revenue recognized during the nine period ended January 31, 2025 was not collectible. The Company
wrote off the $67,467 which is shown as bad debt expense in the accompanying statements of operations for the three and nine month periods
ended January 31, 2025. Furthermore, the Company decided not to recognize any further services revenues from the agreement to offset
for services in Saudi Arabia. 

NOTE
12 – INCOME TAXES

The
Company adopted the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. The Company has no tax position at January
31, 2025 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.
The Company does recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.
No such interest or penalties were recognized during the period presented. The Company had no accruals for interest and penalties at
January 31, 2025 and April 30, 2024. The Company’s utilization of any net operating loss carry forward may be unlikely as a result
of its intended activities.

The
valuation allowance at January 31, 2025 and 2024 was $1,368,479 and $1,004,492, respectively, and the net change in valuation allowance
during the nine month period ended January 31, 2025 and 2024 was $