Company: BLIS
Filing Date: 2025-03-10
Form Type: 10-Q/A
Source: 0001199835-25-000067
Chunk: 22

Company: NAPC Defense, Inc.
Filing Date: 2025-03-10
Form: 10-Q/A
Chunk 22
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 Net loss from operations |     |                  | (143,973 | ) |     |                  | - |     |                  | (143,973 | ) |
| Other expenses           |     |                  |   17,516 |   |     |                  | - |     |                  |   17,516 |   |
| Net income/loss          |     | $                | (161,489 | ) |     | $                | - |     | $                | (161,489 | ) |

NOTE 11 – SERVICES REVENUE

The Company’s revenue in the six month period ended October 31, 2024 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 six month periods ended October 31, 2024 and 2023 the Company’s revenues were $ 67,467and $0, respectively. After further discussions with the private Saudi Arabian company, Management determined that accounts receivable resulting from the revenue recognized during the six period ended July 31, 2024 was not collectible. The Company wrote off the $ 67,467which is shown as bad debt expense in the accompanying statements of operations for the three and six month periods ended October 31, 2024. Furthermore, the Company decided not to recognize any further services revenues from the agreement to offset for services in Saudi Arabia.

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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 October 31, 2024 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 October 31, 2024 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 October
31, 2024 and 2023 was $1,234,244 and $986,066, respectively, and the net change in valuation allowance during the six month period ended
October 31, 2024