Company: BLIS
Filing Date: 2025-03-26
Form Type: 10-Q
Source: 0001199835-25-000092
Chunk: 8

Company: NAPC Defense, Inc.
Filing Date: 2025-03-26
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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sales. Other areas of brokering existing contacts from overseas of larger scale ammunition and artillery from overseas sources is being
followed from known sources of supply for brokered sales to US approved allies and other countries. The brokering of armored vehicles
for domestic purchase and overseas sales is also being pursued. The Company has developed and will continue to develop its own line of
silencers and small arms in pistols, while it has entered into additional fields of ballistics and other less than lethal products, as
well as pursuit of numerous other categories of law enforcement and defense related technologies, but still maintain the treasure recovery
business on a more limited basis as opportunities arise.

NOTE
2 – GOING CONCERN

These
unaudited condensed consolidated financial statements have been prepared on a going concern basis, which assumes the Company will be
able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has
incurred net losses since inception, which raises substantial doubt about the Company’s ability to continue as a going concern.
Based on its historical rate of expenditures, the Company expects to expend its available cash in less than one month from March 24,
2025. Management’s plans include raising capital through the equity markets to fund operations and the generation of revenue through
its business. The Company does not expect to generate any significant revenues for the foreseeable future. At January 31, 2025,
the Company had a net working capital deficit of $1,035,381. The Company is in immediate need of further working capital and is seeking
options, with respect to financing, in the form of debt, equity or a combination thereof.

Failure
to raise adequate capital and generate adequate revenues could result in the Company having to curtail or cease operations. The Company’s
ability to raise additional capital through the future issuances of the common stock is unknown. Additionally, even if the Company does
raise sufficient capital to support its operating expenses and generate adequate revenues, there can be no assurances that the revenue
will be sufficient to enable it to develop to a level where it will generate profits and cash flows from operations. These matters raise
substantial doubt about the Company’s ability to continue as a going concern; however, the accompanying condensed consolidated
financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities
in the normal course of business. These condensed consolidated financial statements do not include any adjustments relating to the recovery
of the