Company: BLIS
Filing Date: 2025-09-19
Form Type: 10-K/A
Source: 0001199835-25-000330
Chunk: 20

Company: NAPC Defense, Inc.
Filing Date: 2025-09-19
Form: 10-K/A
Chunk 20
---
 for the years ended April 30, 2025 and 2024 include valuation of property, plant and equipment, valuation of intangible
assets, valuation allowances against deferred tax assets, and the fair value of non cash equity transactions.

Reclassifications

Certain prior year amounts have been reclassified
to conform with the current year presentation. These related to (i) reclassifications from fixed assets, net of depreciation to assets
of discontinued operations, non-current, (ii) reclassification between short term loans and related party short term loans, (iii) reclassification
between short-term loans and related party convertible loans, (iv) reclassification of operating expenses to loss from operations of
discontinued operations, and (v) reclassification from unearned compensation to prepaid consulting fees. For the year ended April 30,
2024, fixed assets, net of depreciation changed from $143,732 per filed to $0 per revised. The amount of $143,732 was reclassified to
assets of discontinued operations, non-current. For the year ended April 30, 2024, short terms loans of $63,791 were reclassified to
related party convertible loans. For the year ended April 30, 2024, short term loans changed from $22,925 per filed to $2,700 per revised.
For the year ended April 30, 2024, related party short term loans changed from $0 per filed to $20,225 per revised. For the year ended
April 30, 2024, boat expense and labor expense changed from $108,499 and $73,992, respectively per filed to $0 per revised. The total
amount of $199,713 was reclassified to loss from operations of discontinued operations. This caused the operating expenses to change
from $583,720 per filed to $384,007. For the year ended April 30, 2024, $54,599 was reclassified from unearned compensation to prepaid
consulting fees.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

There were no cash equivalents at April 30, 2025 and 2024. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000. As of April 30, 2025,