Company: BLIS
Filing Date: 2025-03-26
Form Type: 10-Q
Source: 0001199835-25-000092
Chunk: 87

Company: NAPC Defense, Inc.
Filing Date: 2025-03-26
Form: 10-Q
Item: Part I, Item 2
Chunk 87
---
defense and law enforcement business. Pursuant to the Board of Directors resolution there was no change in control of the Issuer to any
party. The change in officers and directors was made to include the following for the change in the main direction of the Company: The
Agreement was entered into without abandoning the treasure and recovery business, while the board made a change in officers and directors.
There was no change in control of the Company.

Thus,
pursuant to the Board of Directors intent for the new addition of a business line for defense, it was decided and concluded that as of
April 1, 2024, Craig A. Huffman, Patrick Scheider, and Frederick Conte, resigned as officer and directors, with Craig A. Huffman to continue
as Secretary and Chief Legal Officer for the Corporation while overseeing and approval of the acquisition, overseeing corporate compliance,
contracting and numerous other matters on a continuing basis. The board appointed Edward K. West as Director and Chief Executive Officer,
Evelyn R. Gurba as director, Derrick West as director, and John Spence as director and Chief Financial Officer.

As
of April 1, 2024, the Company determined the new 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.

Results
of operations

We
have incurred recurring losses to date. At January 31, 2025, the Company’s had a working capital deficit of 1,035,381, which indicates
that it is not able to cover its current liabilities with its current assets. 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.

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 March 24,
2025.

Summary
of the Nine Months Ended January 31, 2025 Results of Operations Compared to the Nine Months Ended January 31, 2024 Results of Operations

Revenue