Company: BLIS
Filing Date: 2025-09-11
Form Type: 10-K
Source: 0001199835-25-000302
Chunk: 18

Company: NAPC Defense, Inc.
Filing Date: 2025-09-11
Form: 10-K
Item: Item 8
Chunk 18
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 discontinued operations
are aggregated and presented separately in the Consolidated Statement of Operations. Assets and liabilities of the discontinued operations
are aggregated and reported separately as assets and liabilities of discontinued operations in the Consolidated Balance Sheet, including
the comparative prior year period.

Amounts presented in discontinued
operations have been derived from our consolidated financial statements and accounting records using the historical basis of assets,
liabilities, and historical results of our wholly-owned subsidiaries, NAPC Defense Media Group, Inc,, and TSR Holdings, Inc. The discontinued
operations exclude general corporate allocations.

Segment Information

In
November 2023, the FASB issued ASU 2023-07, * Segment Reporting Improvements to Reportable Segment Disclosures

Recent
Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income
Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires entities to
provide more detailed disaggregation of expenses in the income statement, focusing on the nature of the expenses rather than their function.
The new disclosures will require entities to separately present expenses for significant line items, including but not limited to, depreciation,
amortization, and employee compensation. Entities will also be required to provide a qualitative description of the amounts remaining
in relevant expense captions that are not separately disaggregated quantitatively, disclose the total amount of selling expenses and,
in annual reporting periods, provide a definition of what constitutes selling expenses. This pronouncement is effective for fiscal years
beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted.
The Company does not expect the adoption of this new guidance to have a material impact on the financial statements.

In December 2023, the Financial Accounting Standards
Board (the “ FASB”) issued Accounting Standards Update (“ ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements
to Income Tax Disclosures (“ ASU 2023-09”), which will require the Company to disclose specified additional information in
its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09
will also require the Company to disaggregate its income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation
required for significant individual jurisdictions. The Company will adopt ASU 2023-09 in its