Company: BLIS
Filing Date: 2025-09-19
Form Type: 10-K/A
Source: 0001199835-25-000330
Chunk: 45

Company: NAPC Defense, Inc.
Filing Date: 2025-09-19
Form: 10-K/A
Chunk 45
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, respectively.

Impairment expense for the discontinued operations
was $140,296 for the year ended April 30, 2025.

<div align='center'>F-21</div>

NOTE 10 – SERVICES REVENUE

For the years ended April 30, 2025 and 2024 the Company’s revenues were $0, respectively.

NOTE 11 – INCOME TAXES

The Company adopted the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. The Company has no tax position at April 30, 2025 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company does recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the period presented. The Company had no accruals for interest and penalties at April 30, 2025 and 2024. The Company’s utilization of any net operating loss carry forward may be unlikely as a result of its intended activities.

The valuation allowance at April 30, 2025 and 2024
was $1,308,887 and $1,047,389, respectively. The net change in valuation allowance during the years ended April 30, 2025 and 2024 was
$261,498. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion
or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon
the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers
the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this
assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization
of the deferred income tax asset balances to warrant the application of a full valuation allowance as of April 30, 2025 and 2024. All
tax years since inception remains open for examination only by taxing authorities.

Reconciliation between the provision for income taxes and the expected tax benefit using the federal statutory rate of 21% for 2025 and 2024:

Schedule of Effective Income Tax Rate Reconciliation

|                                      |     | For the Year Ended | April 30, 2025 |    |     | For the Year Ended | April 30, 2024 |