Company: BLIS
Filing Date: 2025-10-09
Form Type: 10-Q
Source: 0001199835-25-000342
Chunk: 107

Company: NAPC Defense, Inc.
Filing Date: 2025-10-09
Form: 10-Q
Item: Part I, Item 2
Chunk 107
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 business priority would best be reflected by a change in the name to NAPC Defense, which was reflected by
a change of the corporate name in the State of Nevada to NAPC Defense, Inc.

At
April 30, 2025 NAPC Defense, Inc. decided to discontinue its treasure and shipwreck recovery business in order to focus on its defense
related business.

23

Results
of operations

We
have incurred recurring losses to date. Our consolidated financial statements have been prepared assuming that we will continue as a
going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and
classification of liabilities that might be necessary should we be unable to continue in operation.

We
will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other
things, the sale of equity or debt securities. However, there can be no assurances that we will be able to raise additional capital.
Based on its historical rate of expenditures, the Company expects to expend its available cash in less than one month from the issuance
date of these financial statements.

Summary
of the Three Months Ended July 31, 2025 Results of Operations Compared to the Three Months Ended July 31, 2024 Results of Operations

Revenue

The Company recorded revenue of $0 and $67,467 during
the three months ended July 31, 2025 and 2024, respectively.

During the three month period
ended July 31, 2025, the Company incurred general and administrative expense of $29,874, rent expense of $13,001, consulting and accounting
expense of $152,586, legal fees of $2,210, research and development expenses of $6,126, and professional fees of $54,262.

During the three month period ended July 31,
2024, the Company incurred consulting and accounting expense of $69,617, general and administrative expense of $137,450, legal fees of
$20,650, professional fees of $3,150, research and development of $4,103 and rent expense of $80,000.

Total operating expenses were
$258,059 for three month period ended July 31, 2025 versus $314,970 for the three month period ended July 31, 2024, a decrease of $56,911
or 18.1%. The decrease in operating expenses for the three month period ended April 30