NAPC Defense, Inc. (BLIS) amended its annual report and disclosed a going concern uncertainty, stating it needs additional working capital and is seeking debt, equity, or combined financing. The company increased authorized common shares to 500,000,000 and reported 238,251,927 shares issued as of April 30, 2025. Management impaired intellectual property of $1,615,000 to zero because no sales or licenses were closed by that date. Convertible instruments and warrants significantly dilute equity: 127,072,970 shares underlying convertible notes and 11,867,909 underlying warrants are noted, with numerous warrants issued at low exercise prices. A full valuation allowance was maintained on deferred tax assets. Several reclassifications and discontinued-operations adjustments were made to prior-year amounts.
NAPC Defense, Inc. filed a notice that it will be late filing its Quarterly Report on Form 10-Q for the period ended July 31, 2025. The company, formerly known as Treasure & Shipwreck Recovery, Inc., says it could not meet the September 15, 2025 deadline for smaller reporting companies without unreasonable effort or expense.
NAPC Defense cites delays in finalizing the presentation of its financial statements and subsequent events, and notes that its independent registered public accounting firm needs additional time to complete its review. The company anticipates filing the Quarterly Report no later than the fifth calendar day after the prescribed due date.