Company: BLIS
Filing Date: 2025-09-11
Form Type: 10-K
Source: 0001199835-25-000302
Chunk: 8

Company: NAPC Defense, Inc.
Filing Date: 2025-09-11
Form: 10-K
Item: Item 8
Chunk 8
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holders of

(formerly
Treasure & Shipwreck Recovery, Inc.)

Opinion
on the Financial Statements

We
have audited the accompanying consolidated balance sheet of NAPC Defense, Inc. (the Company) as of April 30, 2024, and the related consolidated
statements of operations, stockholders’ equity, and cash flows for the year ended April 30, 2024, and the related notes and schedules
(collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Company as of April 30, 2024, and the results of its operations and its cash flows for the year ended April
30, 2024, in conformity with accounting principles generally accepted in the United States of America.

Substantial
Doubt about the Company’s Ability to Continue as a Going Concern

The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 2, the Company has incurred net losses and negative cash flow from operations since inception. These factors, and the need for
additional financing in order for the Company to meet its business plans raises substantial doubt about the Company’s ability to
continue as a going concern. Our opinion is not modified with respect to that matter.

Basis
for Opinion

These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U. S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our
audit