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

Company: NAPC Defense, Inc.
Filing Date: 2025-03-10
Form: 10-Q/A
Chunk 10
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 Information).

Income Taxes

Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

Recent Accounting Pronouncements

All other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.

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NOTE 4 – FIXED ASSETS

Fixed assets at October 31 and April 30, 2024 are summarized below:

Schedule of Fixed Assets

| Fixed Assets                  |     | October 31, 2024 |          |   |     | April 30, 2024 |         |   |
|:------------------------------|:----|:-----------------|---------:|:--|:----|:---------------|--------:|:--|
| Diving Vessel                 |     | $                |        - |   |     | $              |  36,390 |   |
| Magnetometer                  |     |                  |        - |   |     |                |  24,000 |   |
| Diving Vessel (Boston Whaler) |     |                  |        - |   |     |                |  10,800 |   |
| Diving Vessel (Commander)     |     |                  |  137,425 |   |     |                | 137,425 |   |
| Accumulated Depreciation      |     |                  | (137,425 | ) |     |                | (64,883 | ) |
| Fixed Assets, Net             |     | $                |        - |   |     | $              | 143,742 |   |

Depreciation expense was $ 3,436and $ 8,611for the six month periods ended October 31, 2024 and 2023, respectively.

During the six month period
ended October 31, 2024, the Company’s management elected to write off the balance of three of its vessels used in its treasure
search and recovery operations. The total amount that was