Company: BLIS
Filing Date: 2025-09-19
Form Type: 10-K/A
Source: 0001199835-25-000330
Chunk: 43

Company: NAPC Defense, Inc.
Filing Date: 2025-09-19
Form: 10-K/A
Chunk 43
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 of commercial office space and 40,000 square feet of warehousing and parking with a related party,
with base month rent of $25,000 (See Note 7).

Period ended April 30, 2024:

On March 26, 2024 The Company entered into an Agreement for Acquisition (the “Agreement”) with a disabled veteran Native American and woman owned limited liability company, Native American Pride Constructors, LLC, that is involved with government construction contracts as its primary business, and has access to a license opportunity with intellectual property rights as held, the business leads, letter of intent for overseas sales overseas opportunity for Saudi Arabia, other foreign sales of arms related items under US approved transactions, and matters specified in the agreement subject to final approval of the enumerated items, to be acquired by the Company and in exchange for restricted common share of the Company. The Board determined that it would enter the defense and law enforcement arena as an additional business realm and is only acquiring rights to such defense related contracts, rights, defense business model, and the identified persons to build the defense industry business arm. The Company did not acquire any interest in the limited liability company, but starting its own defense related business, while purchasing the potential contract rights, and other matters.

The Company issued 95,000,000 shares of its restricted
common stock valued at $1,615,000 and shown on the accompanying consolidated balance sheet as prepaid product rights as of April 30,
2024 to the limited liability company. The Company elected to classify the shares as a prepaid asset pending the closing of the deal.
The shares were issued for purchase of the business rights, leads, and contracts and are subject to issuance under control of the Company’s
prior president until sign off and final determination of certain contingent terms and conditions. The shares were valued based on the
closing price of the 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