Company: BLIS
Filing Date: 2025-09-19
Form Type: 10-K/A
Source: 0001199835-25-000330
Chunk: 26

Company: NAPC Defense, Inc.
Filing Date: 2025-09-19
Form: 10-K/A
Chunk 26
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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 fourth quarter of 2026. ASU 2023-09 allows
for adoption using either a prospective or retrospective transition method.

All other recent accounting pronouncements are not
believed by management to have a material impact on the Company’s present or future consolidated financial statements.

NOTE 4 – INTELLECTUAL PROPERTY INCLUDING PRODUCT RIGHTS, CONTRACTUAL RIGHTS AND RELATED INFORMATION

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, (“NAPC, 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