Company: BLIS
Filing Date: 2025-03-26
Form Type: 10-Q
Source: 0001199835-25-000092
Chunk: 38

Company: NAPC Defense, Inc.
Filing Date: 2025-03-26
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 January 31,
2024, an increase of 84%. The increase in interest expense during the three month period ended January 31, 2025 was a result of the issuance
of new convertible notes. The Company’s other income (expense) for the three months ended January 31, 2025 also included finance
fees ($277,050 ) and amortization of debt discount ($78,963).

Net
Loss

For
the three month period ended January 31, 2025 the Company incurred net losses of $639,212 versus net losses of $87,746 for the three
month period ended January 31, 2024, a year-over-year increase of $551,466.

Liquidity
and capital resources

As
of January 31, 2025, our total assets were $1,631,686.

As
of January 31, 2025, our current assets were $15,686, our current liabilities were $1,051,067 and Stockholders’ equity was
$580,569.

As
of January 31, 2025 we had a net capital working deficit of $1,035,381.

Cash
flows from operating activities

For
the nine months ended January 31, 2025 net cash flows used in operating activities was $639,609.

For
the nine months ended January 31, 2024 net cash flows used in operating activities was $380,148.

23

Cash
flows from financing activities

For
the nine months ended January 31, 2025 we have generated $655,295 in cash flows from financing activities.

For
the nine months ended January 31, 2024 we have generated $173,426 in cash flows from financing activities.

We
qualify as a “smaller reporting company” under the JOBS Act. As a result, we are permitted to, and intend to, rely on exemptions
from certain disclosure requirements.

For
example, smaller reporting companies are not required to provide a compensation discussion and analysis under Item 402(b) of Regulation
S-K or the auditor attestation of internal controls over financial reporting.

Future
Financings

We
will continue to rely on equity sales of the Company’s common shares in order to continue to fund business operations. Issuances
of additional shares will result in dilution to existing shareholders. There is no assurance that the Company will achieve any additional
sales of equity securities or arrange for debt