NAPC Defense, Inc. (BLIS) reported that it changed its corporate name from Beliss Corp. to NAPC Defense, Inc. and its OTC ticker symbol from BLIS to NAPD, effective August 19, 2026, prior to the market open. The Board of Directors approved the name change under Nevada law, and no stockholder action was required for either the name or ticker change; the CUSIP and transfer agent remain unchanged.
NAPC Defense describes itself as a U.S.-licensed defense manufacturer and primary subcontractor to Native American Pride Constructors, LLC, supporting U.S. government contracts that include approximately $38.1 million in announced task orders and access to multi-billion-dollar Navy and Air Force IDIQ contract ceilings. The company states it has filed its latest 10-K and is current on SEC filings, has published a strategic white paper on its website, and confirms that shareholders do not need to take any action for the ticker change, as existing shares will automatically trade under NAPD once effective.
NAPC Defense, Inc. (BLIS) filed an amended annual report for the year ended April 30, 2026, primarily to add iXBRL exhibits and correct a minor typographical error; all business and financial disclosures are unchanged from the original filing. The company has transitioned fully into the defense and security sector, focusing on CornerShot® systems, ballistic protection, small arms, munitions brokering, and armored vehicles, and generated $1,421,220 in related-party revenue from subcontracting on U.S. Department of Defense contracts.
Despite this revenue, cost of sales of $2,112,770 produced a negative gross profit, and the company recorded a net loss of $2,882,376 and a stockholders’ deficit of $2,097,219. Current liabilities of $2,936,045 and a working capital deficit of $2,127,166 led the auditor and management to state substantial doubt about the company’s ability to continue as a going concern. Operations have been funded largely through highly dilutive convertible promissory notes and warrants, increasing common shares outstanding to 444,899,171 at April 30, 2026 and 491,254,930 by August 13, 2026. The stock trades thinly on the Pink Sheets with significant price volatility and no dividends paid.
NAPC Defense, Inc. reports results for the year ended April 30, 2026 as it pivots fully into defense and law-enforcement technologies, including CornerShot® systems and DoD subcontract management. The company generated $1,421,220 in related-party revenue from managing Department of Defense contracts but recorded cost of sales of $2,112,770, producing a negative gross profit.
Operating expenses fell sharply to $1,353,302 from $2,484,960, mainly from lower general and administrative and rent costs, while other expenses rose to $837,524 driven by higher amortization of debt discounts and interest. Net loss narrowed to $2,882,376, with net loss applicable to common stockholders of $3,138,472 after a $256,096 deemed dividend from warrant price protection.
Liquidity remains strained: at April 30, 2026 cash was $718,440 against current liabilities of $2,936,045, a working capital deficit of $2,127,166 and stockholders’ deficit of $2,097,219. Management and the auditor highlight substantial doubt about the company’s ability to continue as a going concern, given recurring losses, heavy use of convertible promissory notes and warrants, and notes already in default that could lead to asset foreclosure and significant shareholder dilution.
NAPC Defense, Inc., formerly Treasure & Shipwreck Recovery, Inc., reports it could not complete its Form 10-K for the period ended April 30, 2026 by the July 29, 2026 deadline without unreasonable effort or expense. The delay stems from finalizing the presentation of financial statements and subsequent events and from its independent registered public accounting firm needing additional time to complete its review.
The company states it expects to file the annual report within the 15-calendar-day extension allowed under Rule 12b-25. It indicates that all other required periodic reports over the past 12 months have been filed and that it does not anticipate any significant change in results of operations versus the prior fiscal year in the forthcoming Form 10-K.
NAPC Defense, Inc. removed its Chief Legal Officer, Craig Huffman, effective immediately on June 8, 2026, following approval by the Board of Directors. The company stated that it is evaluating its legal and compliance leadership structure and may appoint a successor Chief Legal Officer at a later date.
NAPC Defense, Inc. reported a weak quarter as it continues transitioning fully into defense products. For the three and nine months ended January 31, 2026, the company generated no revenue, compared with $67,467 in revenue for the prior-year nine-month period, and posted net losses of $290,266 and $1,771,934, respectively.
Total assets were only $163,072, versus liabilities of $1,774,523, resulting in a stockholders’ deficit of $1,611,451. The company disclosed a working capital deficit of $1,653,789 and stated it expects to exhaust available cash in less than one month, raising substantial doubt about its ability to continue as a going concern.
Operations are being funded largely through highly dilutive convertible notes and share issuances. As of January 31, 2026, there were 375,182,322 common shares outstanding, rising to 397,474,072 by March 17, 2026, and approximately 202,373,123 additional shares were underlying outstanding convertible notes and warrants. Several notes are already in default, and lenders could pursue foreclosure on collateral if the company cannot refinance or raise new capital.
NAPC Defense, Inc. received an amended Schedule 13G reporting a significant shareholder. Educational Group, LLC disclosed beneficial ownership of 28,746,428 shares of NAPC Defense common stock, representing 8.6% of the class as of the reporting date.
Educational Group, LLC reports sole power to vote and dispose of all 28,746,428 shares and no shared voting or dispositive power. The filing is signed by Managing Member Teresa Griggs Haynes, confirming the accuracy of this passive ownership disclosure.
NAPC Defense, Inc. reports a net loss of $897,416 for the quarter and $1,481,668 for the six months ended October 31, 2025, with no revenue and higher operating expenses. Cash was $27,492 against current liabilities of $1,825,051, creating a working capital deficit of $1,775,936 and total stockholders’ deficit of $1,744,727.
The company discloses substantial doubt about its ability to continue as a going concern, expects no significant revenues for the foreseeable future, and relies on $1,379,631 of convertible notes payable plus $174,954 of accrued interest, including some notes already in default. As of October 31, 2025 it had 334,633,460 common shares outstanding and about 190,814,779 shares underlying outstanding convertible notes and warrants, highlighting significant potential dilution. NAPC has exited its former business lines to focus on defense products such as CornerShot systems, ballistic protection and small arms, increased authorized common shares to 2,000,000,000, and authorized a new Voting Control Preferred class representing 70% of total voting power, though no such preferred shares have been issued.
NAPC Defense, Inc. reported two board-approved actions on October 14, 2025: a major increase in authorized capital and the creation of a new voting control class.
The Board expanded authorized capital from 500,000,000 to 2,000,000,000 shares to support future acquisitions, joint ventures, equity financings, and other strategic initiatives. This adds flexibility for potential transactions and growth plans.
The company also designated a new series of “Voting Control Preferred” shares, consisting of 70 shares. Each carries 1% of aggregate voting power, for a total of 70% voting power. These shares are non-transferable, non-convertible, carry no dividends or liquidation rights, and have no monetary or residual value. They vote exclusively as a block directed by the Board on matters requiring shareholder approval, including amendments to the articles, changes in authorized shares, mergers, significant asset sales, and other fundamental actions. Both actions were authorized under Nevada law and the company’s Articles of Incorporation.
NAPC Defense, Inc. (BLIS) filed a 10-Q showing the company is operating with constrained liquidity and has an immediate need for additional working capital of $1,486,603. The company reported a number of accounting reclassifications for discontinued operations that reduced operating expenses and other expense line items, and recorded a material non-cash impairment: $1,615,000 of intellectual property originally recorded as prepaid product rights was written to $0 after management found no closed sales or licenses as of April 30, 2025. The filing discloses 500,000,000 authorized common shares and significant potential dilution from 163,582,925 shares underlying convertible notes and 35,536,302 warrants. The company also recorded a deemed dividend of $117,629 tied to additional warrants issuable under full ratchet protection.
The company entered a three-year lease for ~2,900 sq ft in Clearwater, Florida with base rent starting at $3,138 per month and escalating through the lease term, indicating ongoing operating presence while it seeks financing options (debt, equity, or combination).