Company: BLIS
Filing Date: 2025-03-26
Form Type: 10-Q
Source: 0001199835-25-000092
Chunk: 75

Company: NAPC Defense, Inc.
Filing Date: 2025-03-26
Form: 10-Q
Item: Part I, Item 8
Chunk 75
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31, 2024 Results of Operations

Revenue

The
Company did not generate any revenue during the three month periods ended January 31, 2025 and 2024.

Operating
Expenses

Operating
expenses were $259,498 during the three month period ended January 31, 2025 versus $74,865 during the three month period ended January
31, 2024, a year-over-year increase of approximately 247 %. The Company incurred professional fees were $3,183 in 2025 versus $12,237
in 2024, a decrease of 74%. Consulting and accounting fees were $95,574 during the three month period ended January 31, 2025 and $50,222
during the three month period ended January 31, 2024, an increase of 90%. During the three month period ended January 31, 2025 general
and administrative expenses were $71,632 and during the three month period ended January 31, 2024 they were $625, an increase of $71,007. Rent expenses were $75,000 during the three month period ended January 31, 2025 and $0 during the three month period ended January
31, 2024. Rent expenses increased due to the Company leasing a commercial office and warehouse facility. Legal fees were $8,100 during
the three month period ended January 31, 2025 and $2,175 during the three month period ended January 31, 2024, a year-over-year increase
of approximately 272%. Operating expenses increased during the three month period ended January 31, 2025 because the Company was transitioning
into new ventures.

Other
Income (Expense)

Interest
expense was $23,701 during the three month period ended January 31, 2025 and $12,881 during the three month period ended 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