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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

x Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended ~~October~~January 31, ~~2024~~2025

o Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________ to __________

Commission file number 333-219700

NAPC Defense, Inc.

Formerly Treasure & Shipwreck Recovery, Inc.

(Exact name of registrant as specified in its charter)

Nevada	7310	37-1844836
(State or Other Jurisdiction of Incorporation or Organization)	(Primary Standard Industrial Classification Code Number)	(IRS Employer Identification No.)

Edward K. West

Chief Executive Officer

1501 Lake Ave SE

Largo, Florida 33771

(754) 242-6272

(Address and telephone number of registrant’s principal offices)

None

Securities registered under Section 12(b) of the Exchange Act

None

Securities registered under Section 12(g) of the Exchange Act

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x Noo

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	o	Accelerated filer	o

Non-accelerated Filer	o	Smaller reporting company	x

(Do not check if a smaller reporting company)		Emerging growth company	o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: The Company has ~~226~~235,~~130~~751,~~186~~936 common shares issued and outstanding as of ~~February~~March 26, 2025.

NAPC Defense, Inc.

QUARTERLY REPORT ON FORM 10-Q

Table of Contents

		Page
PART I	FINANCIAL INFORMATION:
Item 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets as of October 31, 2024 (Unaudited) and April 30, 2024	4
	Condensed Consolidated Balance Sheets as of January 31, 2025 (Unaudited) and April 30, 2024	4
	Unaudited Condensed Consolidated Statements of Operations for the three and six months ended October 31, 2024 and 2023	5
	Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended January 31, 2025 and 2024	5
	Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three and six months ended October 31, 2024 and 2023	6
	Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three and nine months ended January 31, 2025 and 2024	6
	Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended October 31, 2024 and 2023	7
	Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended January 31, 2025 and 2024	7
	Notes to the Condensed Consolidated Unaudited Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1920
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	2425
Item 4.	Controls and Procedures	2425
PART II	OTHER INFORMATION:
Item 1.	Legal Proceedings	2526
Item 1A.	Risk Factors	2526
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	2526
Item 3.	Defaults Upon Senior Securities	2526
Item 4.	Submission of Matters to a Vote of Securities Holders	26
Item 5.	Other Information	26
Item 6.	Exhibits	2627
	Signatures	2728

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

The accompanying interim financial statements of NAPC Defense, Inc. formerly Treasure & Shipwreck Recovery, Inc. (“the Company”, “we”, “us” or “our”), have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations.

The interim financial statements are condensed and should be read in conjunction with the Company’s latest annual financial statements. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying financial statements do not include all the information and notes required by GAAP for complete financial statement presentation.

In the opinion of management, the financial statements contain all material adjustments, consisting only of normal adjustments considered necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.

NAPC Defense, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS As of January 31, 2025 and April 30, 2024

	October 31, 2024			April 30, 2024
	January 31, 2025			April 30, 2024
	Unaudited
ASSETS
Current assets:
Cash	$	1215,~~919~~686		$	-
Prepaid consulting fees		-			54,599
Total current assets		1215,~~919~~686			54,599
Fixed assets, net of depreciation		-			143,732
Prepaid product rights		-			1,615,000
Intangible assets		1,615,000			-
Security deposit		1,000			1,000
Total Assets	$	1,~~628~~631,~~919~~686		$	1,814,331
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	~~76,185~~-		$	17,536
Accrued interest expense		~~270~~247,~~505~~512			287,577
Related party advances		16,310			-
Customer deposits		8,700			8,700
Convertible notes payable, net of discounts		~~495~~642,~~461~~651			483,641
Short term loans		25,004			86,716
Related party convertible loans		110,890			110,890
Contingent liabilities		–-			50,000
Total current liabilities		1,~~003~~051,~~055~~067			1,045,060
Total Liabilities		1,~~003~~051,~~055~~067			1,045,060
Commitments and contingencies (Note 8)
Stockholders’ Equity
Preferred stock, $0.001 par value; 100 shares authorized, 51 shares issued and outstanding		-			-
Common stock, par value $0.001; 300,000,000 shares authorized, 188,860,982 and 168,416,311 shares issued and outstanding at October 31, 2024 and April 30, 2024, respectively		188,861			168,416
Common stock, par value $0.001; 300,000,000 shares authorized, 231,251,936 and 168,400,211 shares issued and outstanding at January 31, 2025 and April 30, 2024, respectively		231,253			168,416
Common stock to be issued		143,500			118,500
Additional paid in capital		6,~~170~~722,~~856~~431			5,469,924
Accumulated deficit		(56,~~877~~516,~~353~~565	)		(4,987,569	)
Total Stockholders’ Equity		~~625~~580,~~864~~619			769,271
Total Liabilities and Stockholders’ Equity	$	1,~~628~~631,~~919~~686		$	1,814,331

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

NAPC Defense, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three and nine months ended January 31, 2025 and 2024 UNAUDITED

	For the Three Months Ended						For the ~~Six~~Nine Months Ended
	October 31, 2024			October 31, 2023			October 31, 2024			October 31, 2023
	January 31, 2025			January 31, 2024			January 31, 2025			January 31, 2024
Service Revenues	$	-		$	-		$	67,467		$	-
Service Revenue	$	-		$	-		$	67,467		$	-
Gross profit		-			-			67,467			-
Operating expenses
General and administrative		4171,~~080~~632			~~4,752~~625			~~178~~250,~~530~~162			3031,~~719~~343
Rent		75,000			-			~~155~~230,000			9,600
Consulting and accounting		6195,~~629~~574			9850,~~754~~222			~~131~~226,~~246~~820			~~155~~205,~~462~~684
Legal fees		158,~~000~~100			42,~~215~~175			3543,~~650~~750			1416,~~215~~390
Boat expenses		-			295,~~884~~300			5,675			9398,~~200~~500
Research and development		-6,009			-			410,~~103~~112			-
Professional fees		123,~~021~~183			212,~~062~~237			1518,~~171~~354			214,~~062~~300
Depreciation		-			4,306			3,436			812,~~611~~917
Labor		-			-			418			73,992
Total operating expenses		~~204~~259,~~730~~498			~~143~~74,~~973~~865			~~529~~788,~~229~~727			~~387~~462,~~861~~726
Net loss from operations		(~~204~~259,~~730~~498	)		(~~143~~74,~~973~~865	)		(~~461~~721,~~762~~260	)		(~~387~~462,~~861~~726	)
Other income (expense)
Amortization of debt discount		(4078,~~244~~963	)		-			(55134,~~234~~197	)		-
Loss on impairment of assets		~~(117,956~~-	)		-			(140,296	)		-
Bad debt expense		~~(67,467~~-	)		-			(67,467	)		-
Loss on extinguishment of debt		-			-			(123,653	)		-
Interest expense		(23,524	)		(17,516	)		(41,372	)		(32,107	)
Finance fees		(277,050	)		-			(277,050	)		-
Total other income (expense)		(249,191	)		(17,516	)		(428,022	)		(32,107	)
Interest expense		(23,701	)		(12,881	)		(65,073	)		(44,988	)
Loss before income taxes		(453,921	)		(161,489	)		(889,784	)		(419,968	)
Total other income (expense)		(379,714	)		(12,881	)		(807,736	)		(44,988	)
Loss before income taxes		(639,212	)		(87,746	)		(1,528,996	)		(507,714	)
Provision for income tax		-			-			-			-
Net income (loss)	$	(453,921	)	$	(161,489	)	$	(889,784	)	$	(419,968	)
Net (loss)	$	(639,212	)	$	(87,746	)	$	(1,528,996	)	$	(507,714	)
Loss per share - basic and diluted	$	~~0.00~~-		$	~~0.00~~-		$	~~0.00~~-		$	~~(0.01~~-	)
Weighted average shares outstanding - basic and diluted		~~188~~206,~~526~~332,~~001~~426			5461,~~803~~634,~~777~~217			~~181~~189,~~564~~842,~~541~~913			5255,~~373~~607,~~657~~250

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

NAPC Defense, Inc. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’' EQUITY (DEFICIT) For the Three and ~~Six~~Nine Months Ended ~~October~~January 31, ~~2024~~2025 and ~~2023~~2024 UNAUDITED

	Preferred				Common
	Shares		Amount		Shares		Amount		Common Stock to be Issued		Additional Paid-in Capital		Unearned compensation			Accumulated Deficit			Total Stockholders’ Deficit
Balance, April 30, 2023		51	$	-		43,815,090	$	43,816	$	118,500	$	3,314,146	$	-		$	(4,275,583	)	$	(799,121	)
Shares issued for services		-		-		5,500,000		5,500		-		179,300		(155,637	)		-			29,163
Conversion of debt and interest to equity		-		-		5,488,687		5,488		-		159,173		-			-			164,661
Net loss		-		-		-		-		-		-		-			(258,479	)		(258,479	)
Balance, July 31, 2023		51		-		54,803,777		54,804		118,500		3,652,619		(155,637	)		-(4,534,062	)		(863,776	)
Exploration investment		-		-		-		-		-		50,000		-			-			50,000
Shares earned for services		-		-		-		-		-		-		29,962			-			29,962
Net loss		-		-		-		-		-		-		-			(161,489	)		(161,489	)
Balance, October 31, 2023		51	$	-		54,803,777	$	54,804	$	118,500	$	3,702,619	$	(125,675	)	$	(4,695,551	)	$	(945,303	)
Conversion of debt and accrued expenses to equity		-		-		10,380,262		10,380		-		121,038		-			-			131,418
Shares earned for services		-		-		-		-		-		-		35,538			-			35,538
Net loss		-		-		-		-		-		-		-			(87,746	)		(87,746	)
Balance, January 31, 2024		51	$	-		65,184,039	$	65,184	$	118,500	$	3,823,657	$	(90,137	)	$	(4,783,297	)	$	(866,093	)
	Preferred				Common
	Shares		Amount		Shares		Amount		Common Stock to be Issued		Additional Paid-in Capital		Unearned compensation			Accumulated Deficit			Total Stockholders’ Deficit
Balance, April 30, 2024		51	$	-		168,400,311	$	168,416	$	118,500	$	5,469,924	$	-		$	(4,987,569	)	$	769,271	)
Sale of common stock		-		-		2,892,857		2,893		-		67,607		-			-			70,500
Conversion of notes payable and accrued interest		-		-		8,428,574		8,429		-		227,571		-			-			236,000
Common stock issued as commitment fees		-		-		1,346,430		1,346		-		17,970		-			-			19,316
Common stock issued as satisfaction for contingent liability		-		-		5,866,667		5,867		-		167,786		-			-			173,653
Warrants issued with sale of common stock		-		-		-		-		-		10,500		-			-			10,500
Warrants issued with convertible notes payable		-		-		-		-		-		100,978		-			-			100,978
Net loss		-		-		-		-		-		-		-			(435,863	)		(435,863	)
Balance, July 31, 2024		51	$	-		186,934,839	$	186,951	$	118,500	$	6,062,336	$	-		$	(5,423,432	)	$	944,355
Conversion of debt and interest to equity		-		-		1,926,143		1,910		-		52,006		-			-			53,916
Warrants issued with convertible notes payable		-		-		-		-		-		56,514		-			-			56,514
Common stock to be issued		-		-		-		-		25,000		-		-			-			25,000
Net loss		-		-		-		-		-		-		-			(453,921	)		(453,921	)
Balance, October 31, 2024		51	$	-		188,860,982	$	188,861	$	143,500	$	6,170,856	$	-		$	(5,877,353	)	$	625,864
Sale of common stock		-		-		266,667		267		-		3,733		-			-			4,000
Warrants issued with convertible notes payable		-		-		-		-		-		110,368		-			-			110,368
Common stock issued as commitment fees		-		-		29,750,000		29,750		-		83,339		-			-			113,089
Conversion of debt and interest to equity		-		-		4,621,750		4,622		-		67,813		-			-			72,435
Stock issued for finance fees		-		-		4,902,537		4,903		-		243,147		-			-			248,050
Shares earned for services		-		-		1,100,000		1,100		-		9,925		-			-			11,025
Conversion of warrants		-		-		1,750,000		1,750		-		33,250		-			-			35,000
Net loss		-		-		-		-		-		-		-			(639,212	)		(639,212	)
Balance, January 31, 2025		51	$	-		231,251,936	$	231,253	$	143,500	$	6,722,431	$	-		$	(6,516,565	)	$	580,619

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

NAPC Defense, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Nine months ended January 31, 2024 and 2025 UNAUDITED

	For the Six Months Ended
	For the Nine Months Ended
	October 31, 2024			October 31, 2023
	January 31, 2025			January 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	(~~889~~1,~~784~~528,996	)	$	(~~419~~507,~~968~~714	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		3,436			812,~~611~~917
Stock compensation		-11,025			5994,~~125~~663
Amortization of debt discount		55134,~~234~~197			-
Amortization of prepaid consulting fees		5443,~~599~~574			-
Financing fees		108,310			-
Financing fees paid by issuance of common stock		277,050			-
Loss on impairment of assets		140,296			-
Bad debt expense		67,467			-
Increase (decrease) in accounts receivable		(67,467	)		-
Loss on extinguishment of debt		123,653			-
Changes in operating assets and liabilities:
Increase (decrease) in accounts payable		58(17,~~649~~536	)		1325,~~262~~885
Increase (decrease) in accrued expenses		~~(17~~157,~~072~~382	)		32(5,~~248~~899	)
Increase (decrease) in related party advances		16,310			-
Net cash from operating activities		(~~346~~639,~~369~~609	)		(~~306~~380,~~722~~148	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds proceeds from sale of common stock		91,000			-
Proceeds from sale of common stock		95,000			-
Proceeds from exploration investment					50,000
Proceeds from convertible notes payable		620,000			-
Proceeds from convertible notes payable		330,000			-
Proceeds (repayments) from short-term loans		(59,705	)		70,225
Proceeds from short-term loans					-
Proceeds (repayments) from related party convertible loans		-			103,201
Proceeds from (repayment of) short-term loans		(61,712	)		50,000
Net cash from financing activities		655,295			173,426
Net cash from financing activities		359,288			100,000
Net increase (decrease) in cash		15,686			(206,722	)
Net increase (decrease) in cash		12,919			(206,722	)
Cash - beginning of the period		-			206,722
Cash - end of the period	$	1215,~~919~~686		$	-
Supplemental disclosures of cash flows:
Cash paid for interest	$	-		$	-
Cash paid for income taxes	$	-		$	-
Supplemental disclosures of non-cash investing and financing activities:
Common stock issued as satisfaction for contingent liability	$	173,653		$	-
Warrants issued with convertible notes	$	~~148~~289,~~073~~615		$	-
Warrants issued with the sale of common stock	$	~~24,988~~-		$	-
Conversion of notes payable & accrued interest	$	290,779		$	164,661

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

NAPC Defense, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED ~~UNAUDITED~~ FINANCIAL STATEMENTS

January ~~October~~ 31, ~~2024~~2025

NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS

Overview

NAPC Defense, Inc. (Formerly Treasure & Shipwreck Recovery, Inc. (“NAPC Defense, Inc.” or the “Company”), was ~~incorporated~~ incorporated in the State of Nevada on ~~October~~January 24, 2016 as Beliss Corp. The Company was reincorporated as NAPC Defense on April 1, 2024.

Corporate History

NAPC Defense, Inc. (Formerly Treasure & Shipwreck Recovery, Inc.), was incorporated in the State of Nevada on ~~October~~January 24, 2016 as Beliss Corp. On April 1, 2024, the Company changed its name to NAPC Defense, Inc. with the State of Nevada, for an additional direction in the military arms and law enforcement field. The Company will produce and supply CornerShot units under license from Silver Shadow of Israel, to both overseas military and governments as allowed by the US Government, and sales to US based law enforcement agencies. The Company is looking to complete contracts for the CornerShot as well as its own line of small arms being developed for sales. The Company has made the transition to being a new line of arms in pistols, etc. under its own proprietary technology. Additionally, the Company has entered into partnership for distribution of balistics protection through Extremis and less than lethal products with Lamperd Less Than Lethal from Canada.

As well the Company intends and has direct lines of sourcing personal ballistics protection for personnel, such as helmets, bullet resistant vests and shields for overseas sale and domestic sale to US entities. In addition, the Company will use contacts and sources for the sale of small caliber arms in form of rifles and pistols including newly developing technologies and products for overseas and domestic sales. Other areas of brokering existing contacts from overseas of larger scale ammunition and artillery from overseas sources is being followed from known sources of supply for brokered sales to US approved allies and other countries. The brokering of armored vehicles for domestic purchase and overseas sales is also being pursued. The Company has developed and will continue to develop its own line of silencers and small arms in pistols, while it has entered into additional fields of ballistics and other less than lethal products, as well as pursuit of numerous other categories of law enforcement and defense related technologies, but still maintain the treasure recovery business on a more limited basis as opportunities arise.

NOTE 2 – GOING CONCERN

These unaudited condensed consolidated financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company ~~has~~ has incurred net losses since inception, which raises substantial doubt about the Company’s ability to continue as a going concern. Based on its historical rate of expenditures, the Company expects to expend its available cash in less than one month from ~~February~~ ~~26,~~March 24, 2025. Management’s plans include raising capital through the equity markets to fund operations and the generation of revenue through its business. The Company does not expect to generate any significant revenues for the foreseeable future. At ~~October~~ January 31, ~~2024~~2025, the Company had a net working capital deficit of $~~990~~1,~~136~~035,381. The Company is in immediate need of further working capital and is seeking options, with respect to financing, in the form of debt, equity or a combination thereof.

Failure to raise adequate capital and generate adequate revenues could result in the Company having to curtail or cease operations. The Company’s ability to raise additional capital through the future issuances of the common stock is unknown. Additionally, even if the Company does raise sufficient capital to support its operating expenses and generate adequate revenues, there can be no assurances that the revenue will be sufficient to enable it to develop to a level where it will generate profits and cash flows from operations. 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. These condensed consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classifications of the liabilities that might be necessary should the Company be unable to continue as a going concern.

Convertible Notes Payable and Notes Payable, in Default

The Company does not have additional sources of debt or equity financing to refinance or pay off its convertible notes payable that are currently in default. If the Company is unable to obtain additional capital, such lenders may file suit, including suit to foreclose on the assets held as collateral for the obligations arising under the secured notes. If any of the lenders file suit to foreclose on the assets held as collateral, then the Company may be forced to significantly scale back or cease its operations which would more than likely result in a complete loss of all capital that has been invested in or borrowed by the Company.

The convertible notes that have been issued by the Company are convertible at the lender’s option. These convertible notes represent significant potential dilution to the Company’s current shareholders. As such when these notes are converted into equity there is typically a highly dilutive effect on current shareholders and very high probability that such dilution may significantly negatively affect the trading price of the Company’s common stock.

See Note 6 – Notes Payable and Convertible Notes Payable, for further information regarding the Company’s convertible notes payable and notes that are currently in default.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of the Presentation

The accompanying condensed consolidated financial statements and related disclosures have been prepared in accordance with generally ~~accepted~~ accepted accounting principles in the United States of America (“GAAP”), and pursuant to the rules and regulations of the SEC and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the three and ~~six~~nine months ended ~~October~~January 31, ~~2024~~ 2025 and ~~2023~~2024. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such rules and regulations. They should be read in conjunction with the annual financial statements reported in the latest Form 10-K filed for the year ended April 30, 2024. The results of operations of any interim period are not necessarily indicative of the results for the full year. The fiscal year end is April 30.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses at the date of the consolidated financial statements. Estimates also affect the reported amounts of revenues and expenses during the reporting period. Actual events and results could materially differ from those assumptions and estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

There were no cash equivalents at ~~October~~January 31, ~~2024~~2025 and April 30, 2024. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of ~~October~~January 31, ~~2024~~2025, the Company had $0 in excess of the FDIC insured limit.

Research and Development Expenses

Expenditures for research and development are expensed as incurred. The Company incurred research and development expenses of $410,~~103~~112 for the ~~six month~~nine month period ended ~~October~~January 31, ~~2024~~2025 and $0 for the ~~six~~nine month period ended ~~October~~January 31, ~~2023~~2024 and the Company incurred research and development expenses of $06,009 for the three month period ended ~~October~~January 31, ~~2024~~2025 and $0 for the three month period ended ~~October~~January 31, ~~2023~~2024. which is included in operating expenses in the accompanying unaudited condensed consolidated statements of operations.

Revenue Recognition

The Company recognizes revenue in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” (“ASC 606”) and all the related amendments.

The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. ASC 606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under GAAP, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation.

The Company recognizes revenue from its services agreement to provide consulting services with respect to ammunition and military equipment to Free Falcon Limited to providers after it has provided the services required under the services agreement.

Licensing Revenue

The Company recognizes licensing revenue under ASC 606-10-55-59. In order to determine whether the Company’s promise to provide a right to access or to use its intellectual property, the Company should consider the nature of the intellectual property to which the customer will have rights. Intellectual property is either:

Functional intellectual property. Intellectual property that has significant standalone functionality (for example, the ability to process a transaction, perform a function or task, or be played or aired). Functional intellectual property derives a substantial portion of its utility (that is, its ability to provide benefit or value) from its significant standalone functionality.

Symbolic intellectual property. Intellectual property that is not functional intellectual property (that is, intellectual property that does not have significant standalone functionality). Because symbolic intellectual property does not have significant standalone functionality, substantially all of the utility of symbolic intellectual property is derived from its association with the entity’s past or ongoing activities, including its ordinary business activities.

Intellectual property that has significant standalone functionality is functional IP. Functional IP is a right to use IP because the IP has standalone functionality and the customer can use the IP as it exists at a point in time.

Basic Loss per Share

The Company has adopted the Financial Accounting Standards Board (“FASB”) ASC 260-10, which provides for the calculation of “basic” and “diluted” earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity.

The potentially dilutive common stock equivalents for the ~~six~~nine month periods ended ~~October~~January 31, ~~2024~~2025 and ~~2023~~2024 were excluded from the ~~dilutive~~ dilutive loss per share calculation as they would be antidilutive due to the net loss. As of ~~October~~January 31, ~~2024~~2025 and ~~2023~~2024, there were ~~approximately~~ 38approximately 46,~~903~~476,~~595~~214 and 169,~~322~~351,~~590~~762 shares of common stock underlying our outstanding convertible notes payable and warrants, respectively.

Fair Value of Financial Instruments

The carrying amounts of financial assets and liabilities, such as cash, accounts payable, short term loans, and the Company’s related party convertible loan from a shareholder approximate their fair values because of the short maturity of these instruments.

Fixed Assets

Fixed assets are recorded at historical cost. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. Gains and losses upon disposition are reflected in the consolidated statements of operations in the period of disposition. Maintenance and repair expenditures are charged to expense as incurred.

Impairment of Long-Lived and Intangible Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the book value of the asset may not be recoverable. The Company periodically evaluates whether events and circumstances have occurred that indicate possible impairment. When impairment indicators exist, the Company uses market quotes, if available or an estimate of the future undiscounted net cash flows of the related asset or asset group over the remaining life in measuring whether or not the asset values are recoverable. Identified intangible assets are reviewed for impairment at least annually, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. During the ~~six~~nine month period ended ~~October~~January 31, ~~2024~~2025 the Company’s Management determined that three of its vessels were impaired and the Company wrote down the value of the vessels to $0~~, a total of $22,340 net of depreciation~~.

Stock Based Compensation to Employees and Service Providers

The Company recognizes all share-based payments to employees and service providers, including grants of employee stock options, as compensation expense in the consolidated financial statements based on their fair values. That expense will be recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period) or immediately if the share-based payments vest immediately.

Convertible Debentures

The Company adheres to the guidance in Accounting Standards Updated (“ASU”) 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 simplifies an issuer’s accounting for convertible instruments and its application of the derivatives scope exception for contracts in its own equity. Additionally, ASU 2020-06 removes the requirements for accounting for beneficial conversion features.

Customer Deposits

Customer deposits are an amount paid by a customer prior to the Company providing it with goods or services. The Company has an obligation to provide the goods or services to the customer or to return the money. The Company had $8,700 in customer deposits as of ~~October~~January 31, ~~2024~~2025 and ~~2023~~2024.

Leases

The Company accounts for leases under ASU 2016-02. At the inception of a contract the Company assesses whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company will allocate the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments.

Operating lease right of use (“ROU”) assets represents the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is presented in operating expenses on the unaudited condensed consolidated statements of operations.

Finance leases are recorded as a finance lease liability and property, plant and equipment asset, based on the present value of lease payments. The asset is depreciated, and the liability is amortized with interest expense incurred over the life of the lease.

As permitted under the new guidance, the Company has made an accounting policy election not to apply the recognition provisions of the guidance to short term leases (leases with a lease term of twelve months or less that do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise); instead, the Company will recognize the lease payments for short term leases on a straight-line basis over the lease term.

Segment Information

During the ~~six~~nine month period ended ~~October~~January 31, ~~2024~~2025, NAPC Defense, Inc. began operations for its defense related business including generating revenue and incurring expenses. The defense related business has no relation to the Company’s shipwreck exploration and recovery operations other than common ownership. As such, the Company concluded that the operations of the defense business and the shipwreck business were separate reportable segments as of the ~~six~~nine month period ended ~~October~~January 31, ~~2024~~2025. (see Note 10 – Segment Information).

Income Taxes

Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

Recent Accounting Pronouncements

All other recent accounting pronouncements, to include ASU 2023-07 Segment Reporting—Improvements to Reportable Segment Disclosures, issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.

NOTE 4 – FIXED ASSETS

Fixed assets at ~~October~~January 31, 2025 and April 30, 2024 are summarized below:

Fixed Assets	October 31, 2024			April 30, 2024
Diving Vessel	$	-		$	36,390
Magnetometer		-			24,000
Diving Vessel (Boston Whaler)		-			10,800
Diving Vessel (Commander)		137,425			137,425
Accumulated Depreciation		(137,425	)		(64,883	)
Fixed Assets, Net	$	-		$	143,742

Schedule of Fixed Assets

Depreciation expense was $3,436 and $8,611 for the six month periods ended October 31, 2024 and 2023, respectively.

Fixed Assets	January 31, 2025			April 30, 2024
Diving Vessel	$	-		$	36,390
Magnetometer		-			24,000
Diving Vessel (Boston Whaler)		-			10,800
Diving Vessel (Commander)		137,425			137,425
Accumulated Depreciation		(137,425	)		(64,883	)
Fixed Assets, Net	$	-		$	143,732

~~During the six month period~~Depreciation ~~ended~~expense ~~October~~was 31$3,436 ~~2024~~and $12,917 ~~the~~for ~~Company’s management elected to write off~~ the ~~balance~~nine ofmonth ~~three~~periods ofended ~~its~~January ~~vessels~~31, ~~used~~2025 ~~in its treasure search~~ and ~~recovery~~2024, ~~operations~~respectively. ~~The total amount that was written off net of depreciation was $140,296.~~

~~NOTE~~During 5the –nine ~~INTELLECTUAL~~month ~~PROPERTY~~period ~~INCLUDING~~ended ~~PRODUCT~~January ~~RIGHTS~~31, ~~CONTRATUAL~~2025, ~~RIGHTS~~the ~~AND~~Company’s ~~RELATED~~management ~~INFORMATION~~elected to write off the balance of three of its vessels used in its treasure search and recovery operations. The total amount that was written off net of depreciation was $140,296.

NOTE 5 – INTELLECTUAL PROPERTY INCLUDING PRODUCT RIGHTS, CONTRACTUAL RIGHTS AND RELATED INFORMATION

On March 26, 2024 The Company entered into an Agreement for Acquisition (the “Agreement”) with a disabled veteran Native American and woman owned limited liability company, Native American Pride Constructors, LLC, (“NAPC, LLC”) that is involved with government construction contracts as its primary business, and has access to a license opportunity with intellectual property rights as held, the business leads, letter of intent for overseas sales overseas opportunity for Saudi Arabia, other foreign sales of arms related items under US approved transactions, and matters specified in the agreement subject to final approval of the enumerated items, to be acquired by the Company and in exchange for restricted common share of the Company. The Board determined that it would enter the defense and law enforcement arena as an additional business realm and is only acquiring rights to defense relate product rights and the complimentary knowledge, expertise, experience and business contacts in order to manufacture, market, distribute and broker the product. The Company did not acquire any interest in the limited liability company, but starting its own defense related business, while purchasing the product rights.

In March of 2024 the Company issued 95,000,000 shares of its restricted common stock valued at $1,615,000 to NAPC, LLC which was shown on the accompanying consolidated balance sheet as prepaid asset as of April 30, 2024. The shares were issued for the purchase of the product rights, expertise and knowledge necessary to commercialize the product rights, and were subject to issuance under control of the Company’s prior President until sign off and final determination of certain contingent terms and conditions. The shares were valued based on the closing price of the Company’s stock on the date of the agreement. Upon completion of due diligence and a verification of certain terms and conditions, the deal closed and the shares issued to NAPC, LLC were reclassified from a prepaid asset to intellectual property. NAPC Defense, Inc. has determined that the intellectual property has an indefinite useful life and should not be amortized and the Company will periodically review the intellectual property to determine whether the life is still indefinite. The intellectual property is shown on the accompanying consolidated balance sheet as of ~~October~~January 31, ~~2024~~2025.

NOTE 6 – NOTES PAYABLE

Related Party Convertible Loans

An officer of the Company previously provided a loan to NAPC Defense, Inc., under a convertible promissory note. This convertible promissory note is unsecured, non-interest bearing, and is convertible into common shares of the Company stock at $2.75 per share and due on demand. The balance due to the officer was $60,890 as of ~~October~~January 31, ~~2024~~2025 and April 30, 2024.

On August 1, 2023, the Company entered into a convertible note payable with an individual who was formerly a member of the Company’s Board of Directors until March 27, 2024. The note payable, with a face value of $50,000, bears interest at 10.0% per annum and was due on August 1, 2024. The convertible note payable is convertible upon default, at the note holder’s option, into the Company’s common shares at a fixed conversion rate of $0.01. The conversion of the note into shares of the Company’s common stock is potentially highly dilutive to current shareholders. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Company’s shares. The principal balance of the convertible promissory note payable was $50,000 at ~~October~~January 31, ~~2024~~2025 and April 30, 2024.

On February 1, 2024 the Company entered into a master convertible corporate note agreement with Native American Pride, LLC. Native ~~American~~ American Pride, LLC advanced $63,791 to NAPC Defense, Inc. during the year ended April 30, 2024 to cover various operating expenses. The loan balance is convertible into the shares of NAPC Defense, Inc. at the discretion of the Native American Pride, LLC at a rate of $0.03 per share. The note does not pay interest and there is no specific time frame for repayment of the principal balance. During the six month period ended ~~October~~January 31, 2024 the Company repaid $61,712 of principal to Native America Pride Constructors, LLC. The balances owed on the note were $2,079 and $63,791 at ~~October~~January 31, ~~2024~~2025 and April 30, 2024, respectively.

Short Term Loans

As of October 31, 2024 and April 30, 2024, the Company had short term loans totaling $22,925. This consists of two loans totaling $2,700 and $20,225. All loans are unsecured, non-interest bearing and due on demand.

Related Party Loan

On December 16, 2024 an officer of the Company provided a loan to NAPC Defense, Inc., in the amount of $10,000. The loan was unsecured, bears interest at 10.0% per annum and was due on demand. The Company repaid the loan and the balance due to the officer was $0 as of January, 31, 2025.

Shareholder Loan

On November 19, 2024 a shareholder provided a loan to NAPC Defense, Inc., in the amount of $16,000. The loan was unsecured, bears interest at 10.0% per annum and was due on demand. The Company repaid the loan and the balance due to the shareholder was $0 as of January, 31, 2025.

Short Term Loans

As of January 31, 2025 and April 30, 2024, the Company had short term loans totaling $22,925. This consists of two loans totaling $2,700 and $20,225. All loans are unsecured, non-interest bearing and due on demand.

New Convertible Notes Payable

On June 14, 2024, the Company entered into a convertible promissory note agreement with respect to the sale and issuance of: (i) an initial commitment fee in the amount of 1,071,430 shares of the Company’s restricted common stock, (ii) a promissory note in the aggregate principal amount of $150,000, and (iii) Common stock warrants to purchase 5,357,143 shares of the Company’s common stock at $0.028. The company received proceeds of $135,000 resulting in an original issue discount of $15,000. The convertible promissory note has a due date of June 14, 2025, and bears interest at the rate of 10% per year that is convertible into shares of common stock at $0.028. In the event of default as defined in the note, the outstanding balance of the note will increase to 140% of the balance immediately prior to the occurrence of the event of default. The conversion of the note into shares of the Company’s common stock is potentially highly dilutive to current shareholders. There are additional terms and conditions contained in the note that could result in the Company being required to issue a significant amount of shares and/or warrants to the lender. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Company’s shares.

On July 3, 2024, the Company entered into a convertible promissory note agreement with respect to the sale and issuance of: (i) an initial commitment fee in the amount of ~~150~~125,000 shares of the Company’s restricted common stock, (ii) a promissory note in the ~~aggregate~~ aggregate principal amount of $75,000, and (iii) Common stock warrants to purchase 2,678,572 shares of the Company’s common stock at $0.28. The company received proceeds of $67,500 resulting in an original issue discount of $7,500. The convertible promissory note has a due date of July 3, 2025, and bears interest at the rate of 10% per year that is convertible into shares of common stock at $0.028. In the event of default as defined in the note, the outstanding balance of the note will increase to 140% of the balance immediately prior to the occurrence of the event of default. The conversion of the note into shares of the Company’s common stock is potentially ~~highly~~ highly dilutive to current shareholders. The conversion of the note into shares of the Company’s common stock is potentially highly ~~dilutive~~ dilutive to current shareholders. There are additional terms and conditions contained in the note that could result in the Company being ~~required~~ required to issue a significant amount of shares and/or warrants to the lender. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Company’s shares.

On August 12, 2024 the Company entered into a convertible promissory note with a face value of $30,000, an annual rate of interest of 10% that is convertible into shares of common stock at $0.02, and that is due on August 12, 2025. The Company also issued stock warrants to the note holder to purchase 1,500,000 shares of the Company’s common stock at $0.02.

On October 17, 2024, the Company entered into a convertible promissory note with respect to the sale and issuance of: (i) an initial commitment fee in the amount of 1750,~~071,430~~ 000 shares of the Company’s restricted common stock, (ii) a promissory note in the aggregate principal amount of $75,000, and (iii) Common stock warrants to purchase 3,750,000 shares of the Company’s common stock at $0.02. The company received proceeds of $67,500 resulting in an original issue discount of $7,500. The convertible promissory note has a due date of ~~October~~January 17, 2025, and bears interest at the rate of 10% per year that is convertible into shares of common stock at $0.02. In the event of default as defined in the note, the outstanding balance of the note will increase to 140% of the balance immediately prior to the occurrence of the event of default. The conversion of the note into shares of the Company’s common stock is potentially highly dilutive to current shareholders. There are additional terms and conditions contained in the note that could result in the Company being required to issue a significant amount of shares and/or warrants to the lender. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Company’s shares.

On December 16, 2024 the Company entered into a convertible promissory note with a face value of $10,000, an annual rate of interest of 10% that is convertible into shares of common stock at $0.02, and that is due on December 15, 2025. The company received proceeds of $9,000 resulting in an original issue discount of $1,000. The Company also issued stock warrants, valued at $11,494, to the note holder to purchase 1,000,000 shares of the Company’s common stock at $0.02.

On December 18, 2024 the Company entered into a convertible promissory note with a face value of $15,000, an annual rate of interest of 10% that is convertible into shares of common stock at $0.02, and that is due on December 18, 2025. The company received proceeds of $13,500 resulting in an original issue discount of $1,500. The Company also issued stock warrants, valued at $12,892, to the note holder to purchase 1,500,000 shares of the Company’s common stock at $0.02.

On December 18, 2024 the Company entered into a convertible promissory note with a face value of $5,000, an annual rate of interest of 10% that is convertible into shares of common stock at $0.02, and that is due on December 18, 2025. The company received proceeds of $4,500 resulting in an original issue discount of $500. The Company also issued stock warrants, valued at $4,297, to the note holder to purchase 500,000 shares of the Company’s common stock at $0.02.

On December 20, 2024 the Company entered into a convertible promissory note with a face value of $250,000, an annual rate of interest of 10% that is convertible into shares of common stock at $0.02, and that is due on December 19, 2025. The company received proceeds of $225,000 resulting in an original issue discount of $25,000. The Company also issued stock warrants, valued at 237,367, to the note holder to purchase 25,000,000 shares of the Company’s common stock at $0.02.

On January 16, 2025 the Company entered into a convertible promissory note with a face value of $5,000, an annual rate of interest of 10% that is convertible into shares of common stock at $0.02, and that is due on January 15, 2026. The company received proceeds of $4,500 resulting in an original issue discount of $500. The Company also issued stock warrants, valued at $8,346, to the note holder to purchase 500,000 shares of the Company’s common stock at $0.02.

On January 30, 2025 the Company entered into a convertible promissory note with a face value of $5,000, an annual rate of interest of 10% that is convertible into shares of common stock at $0.02, and that is due on January 29, 2026. The company received proceeds of $4,500 resulting in an original issue discount of $500. The Company also issued stock warrants, valued at $6,597, to the note holder to purchase 500,000 shares of the Company’s common stock at $0.02.

Convertible Notes Payable

The following table reflects the convertible notes payable as of ~~October~~January 31, 2025 and April 30, 2024:

	Issue Date	Maturity Date	October 31, 2024 Principal Balance			April 30, 2024 Principal Balance		Rate	Conversion Price
Convertible notes payable
	04/26/2021	04/26/2023	$	112,975		$	112,975	10.00%	0.100
	05/05/2021	05/05/2022		53,619			150,000	10.00%	0.100
	05/19/2021	02/19/2023		131,790			150,000	10.00%	0.100
	12/06/2021	02/06/2023		70,666			70,666	10.00%	0.100
	06/16/2024	06/16/2025		150,000			-	10.00%	0.028
	07/03/2024	07/03/2025		75,000			-	10.00%	0.028
	08/12/2024	08/12/2025		30,000			-	10.00%	0.020
	10/17/2004	10/17/2025		75,000			-	10.00%	0.020
Unamortized discounts				(203,589	)		-
Balance convertible notes payable			$	495,461		$	483,641

Schedule of Notes Payable

	Issue Date	Maturity Date	January 31, 2025 Principal Balance			April 30, 2024 Principal Balance		Rate	Conversion Price
Convertible notes payable
Face Value	04/26/2021	04/26/2023	$	112,975		$	112,975	10.00%	0.100
Face Value	05/05/2021	05/05/2022		53,619			150,000	10.00%	0.100
Face Value	05/19/2021	02/19/2023		115,720			150,000	10.00%	0.100
Face Value	12/06/2021	02/06/2023		60,205			70,666	10.00%	0.100
Face Value	06/16/2024	06/16/2025		150,000			-	10.00%	0.028
Face Value	07/03/2024	07/03/2025		75,000			-	10.00%	0.028
Face Value	08/12/2024	08/12/2025		30,000			-	10.00%	0.020
Face Value	10/17/2024	10/17/2025		75,000			-	10.00%	0.020
Face Value	12/16/2024	12/25/2025		10,000			-	10.00%	0.020
Face Value	12/18/2024	12/18/2025		15,000			-	10.00%	0.020
Face Value	12/18/2024	12/18/2025		5,000			-	10.00%	0.020
Face Value	12/20/2024	12/19/2025		250,000			-	10.00%	0.020
Face Value	01/16/2025	01/15/2026		5,000			-	10.00%	0.020
Face Value	01/30/2025	01/29/2026		5,000			-	10.00%	0.020

Unamortized discounts				(319,868	)		-
Balance convertible notes payable			$	642,651		$	483,641

NOTE 7 – STOCKHOLDERS’ DEFICIT

Common Stock

On June 3, 2024, the Company increased the authorized shares per Nevada Statutes from 200,000,000 to 300,000,000 as filed with the State of Nevada.

1314

Series A Preferred Stock

On May 1, 2020, the Company’s Board authorized the creation of 100 Series A preferred shares. The Series A preferred shares will pay a quarterly payment based upon gaming revenue sharing, which all 100 Series A preferred shares will receive twenty percent of NAPC Defense, Inc.’s portion of the game revenue from its game app., which equates to thirteen percent of total game gross revenues. Each Series A preferred share was priced at $4,000 with a minimum purchase of three Series A preferred shares and are only eligible to be purchased by accredited investors. Each Series A preferred share will receive one, one hundredth of twenty percent of NAPC Defense, Inc.’s game net as revenue sharing. Each Series A preferred share will continue to exist, unless the game app. is sold to another entity, at which time the Series A preferred shareholders will receive their same percentage of the game sales proceeds price, if or when such occurs. The Series A preferred shares are not convertible into common shares and are subject to all other restrictions on securities as set forth.

At ~~October~~ January 31, ~~2024~~2025 and April 30, 2024 the Company had 51 shares of Series A preferred shares outstanding.

Warrants

At April 30, 2024, there were 6,894,666 warrants with a weighted average exercise price of $0.17 and weighted average remaining life of 1.50 years. There were 8,035,715 warrants granted with an exercise price of $0.028 during the three month period ended July 31, 2024. There were 5,750,000 warrants atissued with an exercise price of $0.02 ~~granted~~ during the three month period ended October, 2024. There were 29,750,000 warrants issued with an exercise price of $0.02 during the three month period ended January, 2025. These warrants were valued at $289,615 using the Black Scholes valuation model with the following assumptions - risk free interest rate, market price of stock, exercise price of warrants, term, and volatility of stock. No warrants expired and 3,500,000 were exercised during the nine month period ended January 31, 2025. At January 31, 2024 there were 17,208,881 warrants outstanding with a weighted average exercise price of $0.05 and weighted average remaining life of 2.5 years. There were no warrants granted during the year ended April 30, 2024. A total of 282,667 warrants expired during the year ended April 30, 2024.

At April 30, 2024, there were 6,894,666 warrants with a weighted average exercise price of $0.17 and weighted average remaining life of 1.50 years. There were 8,782,715 warrants granted with an exercise price of $0.028 during the three month period ended July 31, 2024. There were 5,250,000 warrants issued with an exercise price of $0.02 during the three month period ended October 31, 2024. These warrants were valued at $56,514 using the Black Scholes valuation model with the following assumptions - risk free interest rate, 6% and 10%, the market price of stock, $0.0259 and $0.0175, the exercise price of warrants, $0.02, the term, six months and one year, and the volatility of stock, 500%. No warrants expired or were exercised during the six month period ended October 31, 2024. At October 31, 2024 there were 21,427,381 warrants outstanding with a weighted average exercise price of $0.07 and weighted average remaining life of 2.75 years. There were no warrants granted during the year ended April 30, 2024. A total of 282,667 warrants expired during the year ended April 30, 2024.

NOTE 8 – COMMITMENTS AND CONTINGENCIES

Litigation

During the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates the merits of the case in accordance with FASB ASC 450-20-50, Contingencies. The Company evaluates its exposure to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome. If the Company determines that an unfavorable outcome is probable and can be reasonably estimated, it establishes the necessary accruals. As of ~~October~~January 31, ~~2024~~2025, the Company is not aware of any contingent liabilities that should be reflected in the consolidated financial statements.

In May of 2023, NAPC Defense, Inc. was sued in county court over a contract by the firm of Delmar which contends that NAPC Defense, Inc. NAPC Defense, Inc. did not follow through on a contract for their services related to its regulation A offering in 2022. The Company has defended and is defending such on the basis that Del Mar never performed on its obligations and therefore was discharged on the contract. Such matter is pending motions by NAPC Defense, Inc. in the county court. Such lawsuit is seeking $20,000 by Delmar. As of ~~October~~January 31, ~~2024~~ 2025, the suit was pending dismissal for lack of prosecution.

Media Use and License Agreement

On February 5, 2023, the Company entered into a Media Use and License Agreement with a corporation. Under the terms of the Media Use ~~and~~ and License Agreement, NAPC Defense, Inc. granted the user entity (the “Licensee”) an exclusive license to use photographic and video rights of NAPC Defense, Inc. ’s treasure recovery activities for use to publicize non-fungible token sales as well as appearances by NAPC Defense, Inc. persons for such publication and sales. The authority to use the works includes the right to visit and photograph or video activities of NAPC Defense, Inc. treasure recovery operations, interviews of Treasure & Shipwreck Recovery, Inc persons, crew or captains, as well as posts about the treasure industry by NAPC Defense, Inc. on media channels provided by the Licensee and other media sources. NAPC Defense, Inc. also agreed to allow the Licensee rights to purchase recovered objects or treasure as give aways or sales by the corporation to be negotiated upon recoveries being available by NAPC Defense, Inc. after the 2023 treasure season. The Licensee agreed to pay to NAPC Defense, Inc. an initial net rights fee of $85,000. NAPC Defense, Inc. shall be owed a royalty from any net revenue to the Licensee for such amounts of sales over the initial rights payment in the amount of 30% for such net sales for any which shall be calculated within thirty days of annual year end. NAPC Defense, Inc. shall have the right to review all revenues and expenditures by the Licensee related to the Media Use and License Agreement.

Vessel Loan and Treasure Recovery Agreement

On March 5, 2023, the Company entered into a loan agreement with an individual. Under the terms of the loan agreement, the lender provided a vessel loan to NAPC Defense, Inc. toward the purchase price of a vessel at auction in the amount of $50,000 at a 0% per annum rate of interest. In exchange for the loan, NAPC Defense, Inc. agreed to grant to the lender an amount of treasure recovered from the vessel for the 2023, 2024, and 2025 treasure recovery seasons, at a percentage of recovery from the gross amount, being 1% for each $10,000 loaned to NAPC Defense, Inc. for such purchase up to a maximum of 5% for $50,000, or if less than an even $10,000 increment, then that fraction of such amount as a percentage. In addition, NAPC Defense, Inc. shall allow the lender up to 3% of such treasure recovered for a fourth year, if such amount is required to reach $30,000 or more for such purchase. The lender was also given a lien on the vessel. During the period ended July 31, 2024, NAPC Defense, Inc. and the individual entered into a settlement for the Treasury Agreement. To settle the Treasure Recovery Agreement, NAPC Defense, Inc. issued 1,666,667 shares of its restricted common stock.

Commercial Office Space Lease Agreement

NAPC Defense Inc. entered into a month to month lease agreement with a related party. The base rent during the term of the lease is $25,000 per month. The commercial office space is located at 1501 Lake Ave SE, Largo FL 33771. This space is made up of over 8,000 square feet of office and assembly space with a 10,000 square foot warehouse for material and product storage. The lease also has parking spaces for employees and additional spaces for trailers, etc. for the company. See Note 9 – Related Party Transactions. Due to the short term nature of the lease the Company has determined that the lease is not subject to accounting under ASC 842.

NOTE 9 – RELATED PARTY TRANSACTIONS

Period ended ~~October~~January 31, ~~2024~~2025:

The Company entered into a month to month lease agreement for 13,000 square feet of commercial office space and 40,000 square feet of warehousing and parking with a related party, with base month rent of $25,000 .

Period ended ~~October~~January 31, ~~2023~~2024:

In June 2023, the Company issued to a related party former director, the amount of 2,525,618 shares for debt conversion and satisfaction of a note for $50,000, including $25,769 in accrued interest, at the rate of $0.03 per share.

The above transactions and amounts are not necessarily what third parties would agree to.

Related Party Loans

See Note 6 - Notes Payable for information regarding related party loans.

NOTE 10 – SEGMENT INFORMATION

NAPC Defenses, Inc’s defense and munitions related business began operations during the ~~six~~nine month period ended ~~October~~January 31, ~~2024~~2025. ~~Due~~ Due to the Defense related starting operations which have no relation to the Company’s shipwreck and exploration recovery business, the Company evaluated this business and its impact upon the existing corporate structure. The Company has determined that the defense operations and the Company’s treasure and shipwreck operations operate as separate segments of the business. As such, the Company has presented the income (loss) from operations during the ~~six~~nine month period ended ~~October~~January 31, ~~2024~~2025 incurred by the two separate segments below.

Segment information relating to the Company’s two operating segments for the ~~six~~nine month period ended ~~October~~January 31, ~~2024~~2025 is as follows:

	October 31, 2024			October 31, 2024			October 31, 2024
	Shipwreck			Defense			Consolidated
Revenues	$	-		$	67,467		$	67,467
Total operating expenses		10,196			519,033			529,229
Net loss from operations		(10,196	)		(451,566	)		(461,762	)
Other expenses		263,949			164,073			428,022
Net income/loss	($	(274,145	)	($	(615,639	)	($	(889,784	)

Schedule of Segment Reporting

	January 31, 2025			January 31, 2025			January 31, 2025
	Shipwreck			Defense			Consolidated
Revenues	$	-		$	67,467		$	67,467

Total operating expenses		9,529			779,198			788,727

Net loss from operations		(9,529	)		(711,731	)		(721,260	)

Other expenses		263,949			543,787			807,736

Net income/loss	$	(273,478	)	$	(1,255,518	)	$	(1,528,996	)

Segment information relating to the Company’s two operating segments for the six month period ended October 31, 2023 is as follows:

	October 31, 2023			October 31, 2023		October 31, 2023
	Shipwreck			Defense		Consolidated
Revenues	$	-		$	-	$	-
Total operating expenses		387,861			-		387,861
Net loss from operations		(387,861	)		-		(387,861	)
Other expenses		32,107			-		32,107
Net income/loss	$	(419,968	)	$	-	$	(419,968	)

Segment information relating to the Company’s two operating segments for the three month period ended October 31, 2024 is as follows:

	October 31, 2024			October 31, 2024			October 31, 2024
	Shipwreck			Defense			Consolidated
Revenues	$	-		$	-		$	-
Total operating expenses		667			204,063			204,730
Net loss from operations		(667	)		(204,063	)		(204,730	)
Other expenses		117,956			131,235			249,191
Net income/loss	$	(118,623	)	$	(335,298	)	$	(453,921	)

Segment information relating to the Company’s two operating segments for the three month period ended October 31, 2023 is as follows:

	October 31, 2023			October 31, 2023		October 31, 2023
	Shipwreck			Defense		Consolidated
Revenues	$	-		$	-	$	-
Total operating expenses		143,973			-		143,973
Net loss from operations		(143,973	)		-		(143,973	)
Other expenses		17,516			-		17,516
Net income/loss	$	(161,489	)	$	-	$	(161,489	)

NOTE 11 – SERVICES REVENUE

The Company’s revenue in the six month period ended October 31, 2024 was from ammunition and military equipment consulting services to a private company in Saudi Arabia. Management is providing the consulting services and is not receiving a salary or directly receiving any portion of this revenue. For the six month periods ended October 31, 2024 and 2023 the Company’s revenues were $67,467 and $0, respectively. After further discussions with the private Saudi Arabian company, Management determined that accounts receivable resulting from the revenue recognized during the six period ended July 31, 2024 was not collectible. The Company wrote off the $67,467 which is shown as bad debt expense in the accompanying statements of operations for the three and six month periods ended October 31, 2024. Furthermore, the Company decided not to recognize any further services revenues from the agreement to offset for services in Saudi Arabia.

~~NOTE~~Segment 12information –relating ~~INCOME~~to ~~TAXES~~the Company’s two operating segments for the nine month period ended January 31, 2024 is as follows:

The Company adopted the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. The Company has no tax position at October 31, 2024 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 October 31, 2024 and April 30, 2024. The Company’s utilization of any net operating loss carry forward may be unlikely as a result of its intended activities.

	January 31, 2024			January 31, 2024		January 31, 2024
	Shipwreck			Defense		Consolidated
Revenues	$	-		$	-	$	-

Total operating expenses		462,726			-		462,726

Net loss from operations		(462,726	)		-		(462,726	)

Other expenses		44,988			-		44,988

Net income/loss	$	(507,714	)	$	-	$	(507,714	)

~~The valuation allowance at October~~Segment ~~31,~~information ~~2024~~relating ~~and~~to ~~2023 was $1,234,244 and $986,066, respectively, and~~ the ~~net~~Company’s ~~change~~two inoperating ~~valuation~~segments ~~allowance~~for ~~during~~ the ~~six~~three month period ended ~~October~~ January 31, ~~2024~~2025 ~~and 2023 was $248,178 and $212,490. 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 October 31, 2024 and 2023. All tax years since inception remains open for examination only by taxing authorities.~~follows:

Reconciliation between the provision for income taxes and the expected tax benefit using the federal statutory rate of 21% for 2024 and 2023:

	January 31, 2025		January 31, 2025			January 31, 2025
	Shipwreck		Defense			Consolidated
Revenues	$	-	$	-		$	-

Total operating expenses		-		259,498			259,498

Net loss from operations		-		(259,498	)		(259,498	)

Other expenses		-		379,714			379,714

Net income/loss	$	-	$	(639,212	)	$	(639,212	)

	For the Three Months Ended October 31, 2024			For the Three Months Ended October 31, 2023
Income tax at federal statutory rate		21	%		21	%
Valuation allowance		(21.00	%)		(21.00	%)
Income tax expense		-			-

Segment information relating to the Company’s two operating segments for the three month period ended January 31, 2024 is as follows:

The Company has a net operating loss carryforward for tax purposes totaling $5,837,379 at October 31, 2024, expiring through 2035. There is a limitation on the amount of taxable income that can be offset by carryforwards after a change in control (generally greater than a 50% change in ownership). Temporary differences, which give rise to a net deferred tax asset, are as follows:

	January 31, 2024			January 31, 2024		January 31, 2024
	Shipwreck			Defense		Consolidated
Revenues	$	-		$	-	$	-

Total operating expenses		74,865			-		74,865

Net loss from operations		(74,865	)		-		(74,865	)

Other expenses		12,881			-		12,881

Net income/loss	$	(87,746	)	$	-	$	(87,746	)

	As of October 31, 2024			As of October 31, 2023
Non-current deferred tax assets:
Net operating loss carryforward	$	5,877,353		$	4,695,551
Tax rate		21	%		21	%
Deferred tax asset		1,234,244			986,066
Valuation allowance		(1,234,244	)		(986,066	)
Net deferred tax assets	$	-		$	-

Segment Balance Sheet information relating to the Company’s two operating segments for the nine month periods ended January 31, 2025 and 2024 is as follows:

	January 31, 2025		January 31, 2025		January 31, 2025
	Shipwreck		Defense		Consolidated
Current assets	$	-	$	15,686	$	15,686
Other assets		-		1,616,000		1,616,000
Total assets		-		1,631,686		1,631,686

Current liabilities		-		1,051,067		1,051,067
Stockholders equity		-		580,619		580,619
Total liabilities and equity		-		1,631,686		1,631,686

	April 30, 2024		April 30, 2024		April 30, 2024
	Shipwreck		Defense		Consolidated
Current assets	$	54,599	$	-	$	54,599
Other assets		1,759,712		-		1,759,712
Total assets		1,814,331		-		1,814,331

Current liabilities		1,045,060		-		1,045,060
Stockholders equity		769,271		-		769,271
Total liabilities and equity		1,814,331		-		1,814,331

~~The~~NOTE ~~Company~~11 is– ~~currently~~SERVICES in the process of gathering the information necessary for filing tax returns for past years, due to the Company’s lack of profitability since inception management does not believe that there is any income tax liability for past years.REVENUE

~~NOTE~~The 12Company’s –revenue ~~SUBSEQUENT~~in ~~EVENTS~~the nine month period ended January 31, 2025 was from ammunition and military equipment consulting services to a private company in Saudi Arabia. Management is providing the consulting services and is not receiving a salary or directly receiving any portion of this revenue. For the nine month periods ended January 31, 2025 and 2024 the Company’s revenues were $67,467 and $0, respectively. After further discussions with the private Saudi Arabian company, Management determined that accounts receivable resulting from the revenue recognized during the nine period ended January 31, 2025 was not collectible. The Company wrote off the $67,467 which is shown as bad debt expense in the accompanying statements of operations for the three and nine month periods ended January 31, 2025. Furthermore, the Company decided not to recognize any further services revenues from the agreement to offset for services in Saudi Arabia.

~~Subsequent~~NOTE to12 ~~October~~– ~~31,~~INCOME ~~2024 the Company issued the following shares of restricted common stock as follows:~~TAXES

The Company adopted the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. ~~750~~The Company has no tax position at January 31,~~000~~ ~~commitment~~2025 ~~shares~~for which the ultimate deductibility is highly certain but for awhich ~~convertible~~there ~~note~~is ~~dated~~uncertainty ~~October~~about 17the 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 January 31, 2025 and April 30, 2024;. The Company’s utilization of any net operating loss carry forward may be unlikely as a result of its intended activities.

-The valuation 33allowance at January 31,~~402~~ 2025 and 2024 was $1,~~537~~368,479 ~~shares~~and $1,004,492, respectively, and the net change in valuation allowance during the nine month period ended January 31, 2025 and 2024 was $363,987 and $227,983. 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 January 31, 2025 and 2024. All tax years since inception remains open for ~~financing~~examination ~~fees;~~only by taxing authorities.

-Reconciliation between ~~500,000~~the ~~warrants~~provision ~~issued~~for income taxes and the expected tax benefit using the federal statutory rate of 21% for a2025 ~~subscription~~and ~~agreement;~~2024:

-Schedule ~~33,402,537~~of ~~shares~~Effective ~~for~~Income ~~financing~~Tax ~~fees;~~Rate Reconciliation

- 1,750,000 shares were issued for the exercise of warrants;

	For the Three Months Ended January 31, 2025			For the Three Months Ended January 31, 2024
Income tax at federal statutory rate		21	%		21	%
Valuation allowance		(21.00	%)		(21.00	%)
Income tax expense		-			-

-The Company 1has a net operating loss carryforward for tax purposes totaling $6,~~000~~516,~~000~~565 ~~shares~~at ~~were~~January ~~issued~~31, ~~for~~2025, ~~consulting~~expiring ~~services;~~through 2035. There is a limitation on the amount of taxable income that can be offset by carryforwards after a change in control (generally greater than a 50% change in ownership). Temporary differences, which give rise to a net deferred tax asset, are as follows:

-Schedule ~~266,667~~of ~~shares~~Deferred ~~under~~Tax aAssets ~~subscription agreement for proceeds of $4,000;~~ and Liabilities

- 100,000 shares to settle an invoice for trade show services.

	As of January 31, 2025			As of January 31, 2024
Non-current deferred tax assets:
Net operating loss carryforward	$	6,516,565		$	4,783,297
Tax rate		21	%		21	%
Deferred tax asset		1,368,479			1,004,492
Valuation allowance		(1,368,479	)		(1,004,492	)
Net deferred tax assets	$	-		$	-

Subsequent to October 31, 2024 the Company entered into the following convertible note agreements and loans:

- A convertible note with a face value of $10,000, an annual rate of interest of 10% that is convertible into shares at $0.02 and that is due on December 15, 2025;

- A convertible note with a face value of $15,000, an annual rate of interest of 10% that is convertible into shares at $0.02 and that is due on December 18, 2025;

- A convertible note with a face value of $5,000, an annual rate of interest of 10% that is convertible into shares at $0.02 and that is due on December 18, 2025;

- A convertible note with a face value of $250,000, an annual rate of interest of 10% that is convertible into shares at $0.02 and that is due on December 19, 2025;

- A convertible note with a face value of $5,000, an annual rate of interest of 10% that is convertible into shares at $0.02 and that is due on January 15, 2025;

- A convertible note with a face value of $5,000, an annual rate of interest of 10% that is convertible into shares at $0.02 and that is due on January 29, 2026;

- A loan in the amount of $10,000 with the Company’s CEO. The loan has an annual interest rate of 10% and is due on demand; and

- A loan in the amount of $16,000 with an individual lender. The loan has an annual interest rate of 10% and is due on demand.

The Company is currently in the process of gathering the information necessary for filing tax returns for past years, due to the Company’s lack of profitability since inception management does not believe that there is any income tax liability for past years.

NOTE 13 – SUBSEQUENT EVENTS

Subsequent to January 31, 2025 the Company issued the following shares of restricted common stock and warrants as follows:

4,000,000 shares for the conversion of the principal, accrued interest and fees of convertible notes;

500,000 shares of restricted common stock that were due under a subscription agreement;

500,000 warrants with an exercise price of $0.02 that were due under a subscription agreement; and

Subsequent to January 31, 2025 the Company entered into the following convertible note agreements and loans:

	-	A loan dated February 28, 2025 in the amount of $6,000 with one of the Company’s Directors. The loan has an annual interest rate of 10%, is guaranteed by the Company and is due on demand.

	-	A loan dated March 04, 2025 in the amount of $15,000 with one of the Company’s Directors. The loan has an annual interest rate of 10%, is guaranteed by the Company and is due on demand.

	-	A loan dated March 11, 2025 in the amount of $30,000 with one of the Company’s Directors. The loan has an annual interest rate of 10%, is guaranteed by the Company and is due on demand.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-looking statements

Statements made in this Form 10-Q that are not historical or current facts are “forward-looking statements” made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the “Act”) and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “approximate” or “continue,” or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management’s best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

Financial information contained in this report and in our financial statements is stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles.

Description of Business

Overview

NAPC Defense, Inc. (Formerly Treasure & Shipwreck Recovery, Inc (the “Company”), was incorporated in the State of Nevada on ~~October~~January 24, 2016 as Beliss Corp. The Company changed its name to Treasure & Shipwreck Recovery Inc. on June 26, 2019. The Company is in the colonial era treasure shipwreck recovery business operating salvage crews on the east coast of Florida. On April 1, 2024, the Company changed its name to NAPC Defense, Inc. with the State of Nevada, for an additional direction in the military arms and law enforcement field.

Corporate History

The Company will produce and supply CornerShot units under license from Silver Shadow of Israel, to both overseas military and governments as allowed by the US Government, and sales to US based law enforcement agencies. As well the Company intends and has direct lines of sourcing personal ballistics protection for personnel, such as helmets, bullet resistant vests and shields for overseas sale and domestic sale to US entities. In addition, the Company will use contacts and sources for the sale of small caliber arms in form of rifles and pistols including newly developing technologies and products for overseas and domestic sales. Other areas of brokering existing contacts from overseas of larger scale ammunition and artillery from overseas sources is being followed from known sources of supply for brokered sales to US approved allies and other countries. The brokering of armored vehicles for domestic purchase and overseas sales is also being pursued.

1920

By March 2024, the board determined and entered into an acquisition agreement for the acquisition of the rights, intellectual property, and associated contracts, letters of intent, and assets from Native American Pride Constructors, LLC for acquisition of certain rights to sale and production of the CornerShot firearms and surveillance technology, owned by Silver Shadow of Israel and licensed to Native American Pride Constructors LLC (Native American), and other associated leads and rights into the defense industry, including munitions brokering overseas under United Stated State Department Approval for artillery, rocket, and other munitions sales from off shore sources to U.S. approved allies and other countries. Native American held rights to a number of ATF licenses for sale and production of arms, was a party to a transaction for potential contract and sale of the Cornershot to Saudi Arabia and for sale in the US, and held large access to broker munitions under US approval overseas, from foreign sourced to US Allies and approved countries.

In addition, other defense lines of technology development including small arms, suppressor technology development business, and other items of opportunity held by Native American Pride Constructors LLC, the board determined that an acquisition agreement of such rights was in the best interest of the Company to pursue as an additional business direction while maintaining its treasure related business. Such agreement was reached on March 26, 2024, however, was subject to further diligence and verification of the list of acquired rights and business plans with a close out date of May 1, 2024 and sign off by NAPC Defense, Inc./BLIS by the CEO for release of the consideration to be made for the purchase of such rights. The board concluded that the addition of this business direction was in the best interest of the Company, regardless of the specific acquisition transaction closing. Pursuant to the March 26, 2024 agreement such acquisition of rights was made for 95,000,000 shares of common stock to be distributed upon approval by NAPC Defense, Inc../BLIS to enumerated parties at such time being May 1, 2024 or after. Such shares were not to be distributed to Native American upon release, so there was no change in control to Native American. There was an acquisition of such rights, intellectual property, sales leads, letters of intent, contract rights and leads, and other matters set forth in such agreement to gain the rights from Native American Pride and change the Company’s name to its new defense line of work to NAPC Defense, Inc. but still maintain the treasure business on a more limited basis.

Such shares were subject to release by the Company upon approval of the business lines, by the then current but now former CEO and Director. Such shares did not cause a change in ownership control by any majority shareholder and have been under the rights as set forth in the acquisition agreement. The matters of diligence to be completed for the acquisition completion were as follows:

Items acquired for NAPC Defense, Inc. on acquisition made, including

●

CornerShot rights for sale, domestically and through Saudi Arabia as existing with Silver Shadow of Israel, including the LOI for the CornerShot sale for Saudi Arabia from the Ministry of Defense, which is expected, for an expected order and contract for some 37,000 units of the CornerShot firearms and tactical units to Saudi Arabia as held by Native American Pride for the Silver Shadow of Israel, amount owed for Saudi Arabian payment potential under a contract if transacted. Such rights include the ability to contract and utilize the ATF licenses held for production and sale of firearms and accessories related to such technology under contract with NAPC Defense, Inc./BLIS, and existing approvals from the Department of State for foreign arms transactions, an existing or expected approval for firearms under approval from the Saudi Government. As well this includes the existing relationship with the Saudi Ministry of Defense for interest in the CornerShot purchase, including the relationship and visits expected for closing of such contract. Rights to the proceeds from the joint venture in Saudi Arabia for such introductions and potential future sales, visit to occur in Saudi Arabia, and domestic US sales potentials, including domestic law enforcement shows, conventions and US Military demonstration.

●

In addition, the ability and agreements to produce the CornerShot domestically in the United States which includes a current plastics manufacturer relationship and metals production relationship, both to be contracted, for such units of the CornerShot to be produced for all contracts or purchase orders which could be achieved. The Company attended various industry and networking conventions and conferences in Florida in June 2024, in New Jersey in June 2024 and the visit to Saudi Arabia in the summer of 2024.

●

Rights as existing to the CornerShot from Silver Shadow of Israel. To include the foreign sales to Saudi Arabia created by persons related to Native American, as well as domestic sales to law enforcement or government agencies in the United States. To include all media, CornerShot units, additional show and demonstration units, videos, and other rights.

●

Overseas brokering opportunities of ammunition sales to US Allies, with State Dept. the DDTC (Directorate of Defense Trade Controls, a government agency within the United States Department of State) as a registered broker the ability to request pre-brokering approval. This includes the sources and leads existing to large scale munitions inventories from third parties, including those on a revolving list that is held by parties which are available overseas for sale, to approved countries and end users. This includes all contacts and relations to overseas producers, holders, and potential purchasers of large-scale munitions sales for such areas as Allied and US military or foreign add to Ukraine. These leads and brokering needed confirmation as to available inventories from owners overseas by the Company through relations created with the new operations. The amounts and the available rolling catalogues of available munitions and sources were subject to review and approval for final distribution. The verification was to be made as of or after May 1, 2024, through the former CEO with his experience and knowledge.

●

Verification for ability to design, manufacture and sell new items and lines of firearms and accessories to include but not be limited to rifles, small arms, ammunition, and accessories. the Company had additional information and contacts and will use the abilities of production and sales under the Native American Pride permits to conduct such study of new technologies, firearms, production, prototyping knowledge, and sales rights as necessary.

2021

Thus on April 1, 2024 there was the change in officers and directors, which was made for an additional new segment of the Company into the 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 ~~October~~January 31, ~~2024~~2025, the Company’s had a working capital deficit of ~~$990~~1,~~136~~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 ~~February~~March 2624, 2025.

Summary of the ~~Six~~Nine Months Ended ~~October~~January 31, ~~2024~~2025 Results of Operations Compared to the ~~Six~~Nine Months Ended ~~October~~January 31, ~~2023~~2024 Results of Operations

Revenue

The Company generated $67,467 in revenue during the ~~six~~nine month period ended ~~October~~January 31, ~~2024~~2025 and $0 revenue during the ~~six~~nine month period ~~ended~~ ~~October~~ended January 31, ~~2023~~2024. The Company has determined that the revenue generated during the ~~three~~nine month period ended is uncollectible.

Operating Expenses

Operating expenses were $~~529~~788,~~229~~ 727 during the ~~six~~nine month period ended ~~October~~January 31, ~~2024~~2025 versus $~~387~~462,~~861~~726 during the ~~six~~nine month period ended ~~October~~ January 31, ~~2023~~2024, a year-over-year increase of approximately 3670 %. The Company incurred boat expenses of $5,675 during the ~~six~~nine month period ended ~~October~~January 31, ~~2024~~2025 as compared to boat expenses of $9398,~~200~~500 during the ~~six~~nine month period ended ~~October~~January 31, ~~2023~~2024, a decrease of approximately 94%. Professional fees were $1518,~~171~~354 in ~~2024~~2025 versus $214,~~062~~300 in ~~2023~~2024, an increase of ~~636~~28%. Consulting and accounting fees were $~~131~~226,~~246~~ 820 during the ~~six~~nine month period ended ~~October~~January 31, ~~2024~~2025 and $~~155~~205,~~462~~684 during the ~~six~~nine month period ended ~~October~~January 31, ~~2023~~2024, aan ~~decrease~~increase of 16 10%. During the ~~six~~nine month period ended ~~October~~January 31, ~~2024~~2025 general and administrative expenses were $~~178~~250,~~530~~162, during the ~~six~~nine month period ended ~~October~~January 31, ~~2023~~2024 they were $3031,~~719~~343, an increase of approximately ~~481~~698 %. Legal fees were $3543,~~650~~750 during the ~~six~~nine month period ended January ~~October~~ 31, ~~2024~~2025 versus $1416,~~125~~ 390 during the ~~six~~nine month period ended ~~October~~January 31, ~~2023~~2024, a year-over-year increase of approximately ~~151~~167%. There were $418 in labor expenses during the ~~six~~nine month period ended ~~October~~January 31, ~~2024~~2025 versus $73,992 induring ~~During~~ the ~~six~~nine month period ended ~~October~~January 31, ~~2023~~2024. The decrease in labor expense is attributable to decreased exploration during the ~~six~~nine month period ended ~~October~~ January 31, ~~2024~~2025. Rent expenses were $~~155~~230,000 in ~~2024~~2025 versus $9,600 during the ~~six~~nine month period ended ~~October~~January 31, ~~2023~~2024, an increase of 1$220,~~515%~~400. Rent expenses increased due to the Company leasing a commercial office and warehouse facility. Depreciation expenses were $3,436 during the ~~six~~nine month period ended ~~October~~January 31, ~~2024~~ 2025 and $8,611 during the ~~six~~nine month period ended ~~October~~January 31, ~~2023~~2024. Operating expenses increased during the ~~six~~nine month period ended ~~October~~ January 31, ~~2024~~2025 as the Company began new ventures during its fiscal year starting May 1, 2024.

2122

Other Income (Expense)

Interest expense was $4165,~~372~~073 during the ~~six~~nine month period ended ~~October~~January 31, ~~2024~~2025 and $3244,~~107~~988 during the ~~six~~nine month period ended ~~October~~January 31, ~~2023~~2024, an increase of 7545%. The Company’s other income (expense) for the ~~six~~nine months ended ~~October~~January 31, ~~2024~~2025 also included losses from extinguishment of debt ($123,653), bad debt expense ($67,467), impairment of assets ($140,296), ~~and~~ amortization of debt discounts ($55134,~~234~~197), and financing fees ($277,050).

Net Loss

For the ~~six~~nine month period ended ~~October~~January 31, ~~2024~~2025 the Company incurred net losses of $~~889~~1,~~784~~528,996 versus net losses of $~~419~~507,~~968~~714 for the ~~six month~~nine month period ended ~~October~~January 31, ~~2023~~2024, a year-over-year increase of approximately ~~112~~201 %.

Summary of the Three Months Ended ~~October~~January 31, ~~2024~~2025 Results of Operations Compared to the Three Months Ended ~~October~~January 31, ~~2023~~2024 Results of Operations

Revenue

The Company did not generate any revenue during the three month periods ended ~~October~~January 31, ~~2024~~2025 and ~~2023~~2024.

Operating Expenses

Operating expenses were $~~204~~259,~~730~~ 498 during the three month period ended ~~October~~January 31, ~~2024~~2025 versus $~~143~~74,~~973~~865 during the three month period ended ~~October~~ January 31, ~~2023~~2024, a year-over-year increase of approximately 42247 %. The Company incurred professional fees were $123,~~021~~183 in ~~2024~~2025 versus $212,~~062~~ 237 in ~~2023~~2024, ana ~~increase~~decrease of ~~483~~74%. ~~The~~ ~~increase is attributable to an expansion into new business ventures.~~ Consulting and accounting fees were $6195,~~629~~574 during the three month period ended ~~October~~January 31, ~~2024~~2025 and $9850,~~754~~ 222 during the three month period ended ~~October~~January 31, ~~2023~~2024, aan ~~decrease~~increase of 3890%. During the three month period ended ~~October~~January 31, ~~2024~~2025 general and administrative expenses were $4171,~~080~~632 and during the three month period ended ~~October~~ January 31, ~~2023~~2024 they were $4625,~~752,~~ an increase of ~~approximately 764%~~$71,007. Rent expenses were $75,000 during the three month period ended ~~October~~ January 31, ~~2024~~2025 and $0 during the three month period ended ~~October~~ January 31, ~~2023~~2024. Rent expenses increased due to the Company leasing a commercial office and warehouse facility. Legal fees were $158,~~000~~100 in during the three month period ended ~~October~~January 31, ~~2024~~2025 and $42,~~215~~175 during the three month period ended ~~October~~January 31, ~~2023~~2024, a year-over-year increase of approximately ~~256~~272%. Operating expenses increased during the three month period ended ~~October~~January 31, ~~2024~~2025 because the Company was transitioning into new ventures.

Other Income (Expense)

Interest expense was $23,~~524~~ 701 during the three month period ended ~~October~~January 31, ~~2024~~2025 and $1712,~~516~~881 during the three month period ended ~~October~~January 31, ~~2023~~ 2024, an increase of 34 84%. The increase in interest expense during the three month period ended ~~October~~January 31, ~~2024~~2025 was a result of the issuance of new convertible notes. The Company’s other income (expense) for the three months ended ~~October~~January 31, ~~2024~~2025 also included ~~bad~~finance fees ~~debt expense~~ ($67277,~~467~~050 ), and amortization of debt discount ($4078,~~244~~963) ~~and impairment of assets ($117,956)~~.

Net Loss

For the three month period ended ~~October~~January 31, ~~2024~~2025 the Company incurred net losses of $~~453~~639,~~921~~212 versus net losses of $~~161~~87,~~489~~746 for the ~~three~~ three month period ended ~~October~~January 31, ~~2023~~2024, a year-over-year increase of ~~approximately 181%~~$551,466.

Liquidity and capital resources

As of ~~October~~January 31, ~~2024~~2025, our total assets were $1,~~628~~631,~~919~~686.

As of ~~October~~January 31, ~~2024~~2025, our current assets were $15,686, our current liabilities were $1,~~003~~051,~~055~~067 and Stockholders’ equity was $~~625~~580,~~864~~569.

As of ~~October~~January 31, ~~2024~~2025 we had a net capital working deficit of $~~990~~1,~~136~~035,381.

Cash flows from operating activities

For the ~~six~~nine months ended ~~October~~January 31, ~~2024~~2025 net cash flows used in operating activities was $~~346~~639,~~369~~609.

For the ~~six~~nine months ended ~~October~~January 31, ~~2023~~2024 net cash flows used in operating activities was $~~306~~380,~~722~~148.

2223

Cash flows from financing activities

For the ~~six~~nine months ended ~~October~~January 31, ~~2024~~2025 we have generated $~~359~~655,~~288~~295 in cash flows from financing activities.

For the ~~six~~nine months ended ~~October~~January 31, ~~2023~~2024 we have generated $~~100~~173,~~000~~426 in cash flows from financing activities.

We qualify as a “smaller reporting company” under the JOBS Act. As a result, we are permitted to, and intend to, rely on exemptions from certain disclosure requirements.

For example, smaller reporting companies are not required to provide a compensation discussion and analysis under Item 402(b) of Regulation S-K or the auditor attestation of internal controls over financial reporting.

Future Financings

We will continue to rely on equity sales of the Company’s common shares in order to continue to fund business operations. Issuances of additional shares will result in dilution to existing shareholders. There is no assurance that the Company will achieve any additional sales of equity securities or arrange for debt or other financing to fund planned operations.

Liquidity and Capital Resources and Cash Requirements

As of the date of this report, the current funds available to the Company will not be sufficient to continue maintaining a reporting status. At ~~October~~January 31, ~~2024~~2025, the Company had a working capital deficit of $~~990~~1,~~136~~035,381. The Company is in immediate need of further working capital and is seeking options, with respect to financing, in the form of debt, equity or a combination thereof. Based on its historical rate of expenditures, the Company expects to expend its available cash in less than one month from ~~February~~March 2624, 2025.

The Company may not be able to continue as a going concern. The report of our independent auditors for the years ended April 30, 2024 and 2023 raises substantial doubt as to our ability to continue as a going concern. If the Company is not able to continue as a going concern, it is highly likely that all capital invested in the Company will be lost.

Management believes that current trends toward lower capital investment in start-up companies pose the most significant challenge to the Company’s success over the next year and in future years. Additionally, the Company will have to meet all the financial disclosure and reporting requirements associated with being a publicly reporting company. The Company’s management will have to spend additional time on policies and procedures to make sure it is compliant with various regulatory requirements, especially that of Section 404 of the Sarbanes-Oxley Act of 2002. This additional corporate governance time required of management could limit the amount of time management has to implement its business plan and impede the speed of its operations.

Recently Issued Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Off-Balance Sheet Arrangements

The Company has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

None

ITEM 4. CONTROLS AND PROCEDURES

Management’s Responsibility for Controls and Procedures

The Company’s management is responsible for establishing and maintaining adequate internal control over the Company’s financial reporting. The Company’s controls over financial reporting are designed under the supervision of the Company’s President and Principal Financial Officer to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is accumulated and communicated to the Company’s management, including the Company’s principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our President and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Exchange Act, as of ~~October~~January 31, ~~2024~~2025. Based on this evaluation, management concluded that our financial disclosure controls and procedures were not effective so as to timely record, process, summarize and report financial information required to be included on our Securities and Exchange Commission (“SEC”) reports due to the Company’s limited internal resources and lack of ability to have multiple levels of transaction review. However, as a result of our evaluation and review process, management believes that the financial statements and other information presented herewith are materially correct.

Internal Control Over Financial Reporting

As of ~~October~~January 31, ~~2024~~2025, under the supervision and with the participation of our management, we conducted an evaluation of the effectiveness of the design and operations of our internal control over financial reporting, as defined in Rules 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934 and based on the criteria for effective internal control described in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (as revised). Based on our evaluation, management concluded that our internal control over financial reporting was not effective so as to timely record, process, summarize and report financial information required to be included on our Securities and Exchange Commission (“SEC”) reports due to the Company’s limited internal resources and lack of ability to have multiple levels of transaction review. However, as a result of our evaluation and review process, management believes that the financial statements and other information presented herewith are materially correct.

The management including its Principal Executive Officer/Principal Financial Officer, does not expect that its disclosure controls and procedures, or its internal controls over financial reporting will prevent all error and all fraud. A control system no matter how well conceived and operated, can provide only reasonable not absolute assurance that the objectives of the control system are met. Further, the design of the control system must reflect the fact that there are resource constraints, and the benefit of controls must be considered relative to their costs.

Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.

The Company has limited resources and as a result, a material weakness in financial reporting currently exists, because of our limited resources and personnel, including those described below.

*	The Company has an insufficient quantity of dedicated resources and experienced personnel involved in reviewing and designing internal controls. As a result, a material misstatement of the interim and annual financial statements could occur and not be prevented or detected on a timely basis.

*	We have not achieved the optimal level of segregation of duties relative to key financial reporting functions.

*	We do not have an audit committee or an independent audit committee financial expert. While not being legally obligated to have an audit committee or independent audit committee financial expert, it is managements view that to have an audit committee, comprised of independent board members, and an independent audit committee financial expert is an important entity-level control over the Company’s financial statements.

A material weakness is a deficiency (within the meaning of the Public Company Accounting Oversight Board (PCAOB) auditing standard 5) or combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management has determined that a material weakness exists due to a lack of segregation of duties, resulting from the Company’s limited resources and personnel.

Remediation Efforts to Address Deficiencies in Internal Control Over Financial Reporting

As a result of these findings, management, upon obtaining sufficient capital and operations, intends to take practical, cost-effective steps in implementing internal controls, including the possible remedial measures set forth below. As of ~~October~~January 31, ~~2024~~2025, we did not have sufficient capital and/or operations to implement any of the remedial measures described below.

*	Assessing the current duties of existing personnel and consultants, assigning additional duties to existing personnel and consultants, and, in a cost effective manner, potentially hiring additional personnel to assist with the preparation of the Company’s financial statements to allow for proper segregation of duties, as well as additional resources for control documentation.

*	Assessing the duties of the existing officers of the Company and, in a cost effective manner, possibly promote or hire additional personnel to diversify duties and responsibilities of such executive officers.

*	Board to review and make recommendations to shareholders concerning the composition of the Board of Directors, with particular focus on issues of independence. The Board of Directors will consider nominating an audit committee and audit committee financial expert, which may or may not consist of independent members.

*	Interviewing and potentially hiring outside consultants that are experts in designing internal controls over financial reporting based on criteria established in Internal Control Integrated Framework issued by Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) (as revised).

This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to temporary rules of the SEC that permit us to provide only management’s report in this annual report.

(b) Change in Internal Control Over Financial Reporting

The Company has not made any change in our internal control over financial reporting during the ~~six~~nine month period ended ~~October~~January 31, ~~2024~~2025.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is not presently involved in any litigation nor is it aware of any pending or threatened litigation against us of a material nature.

In May of 2023, NAPC Defense, Inc. was sued in county court over a contract by the firm of Delmar which contends that NAPC Defense, Inc. NAPC Defense, Inc. did not follow through on a contract for their services related to its regulation A offering in 2022. The Company has defended and is defending such on the basis that Del Mar never performed on its obligations and therefore was discharged on the contract. Such matter is pending motions by NAPC Defense, Inc. in the county court. Such lawsuit is seeking $20,000 by Delmar. As of ~~October~~January 31, 2024, the suit was pending dismissal for lack of prosecution.

ITEM 1A. RISK FACTORS

Not required.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

During the ~~six~~nine month period ended ~~October~~January 31, ~~2024~~2025 the Company entered into subscription agreements to sell 2,892,857 shares of its restricted common stock in exchange for proceeds of $81,000. The proceeds received were used for general corporate purposes, working capital and repayment of some debt.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS

None.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

The following exhibits are included as part of this report by reference:

31.1	Certification of Principal Executive Officer Pursuant to Rule 13A-14(A) Under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Principal Financial Officer Pursuant to Rule 13A-14(A) Under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.
32.2	Certification pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.
99.1	Temporary Hardship Exemption
101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.INS*	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)
104*	Cover Page Interactive Data File (embedded within the Inline XBRL document)

* To be furnished by amendment per Temporary Hardship Exemption under Regulation S-T.27

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 26, 2025	By:	/s/ Edward K.West
Date: March 26, 2025	By:	/s/ Edward K.West
		Edward K. West Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer )
Date: February 26, 2025	By:	/s/ John Spence
Date: March 26, 2025	By:	/s/ John Spence
		John Spence Chief Financial Officer Director
Date: February 26, 2025	By:	/s/ Craig A Huffman
Date: March 26, 2025	By:	/s/ Craig A Huffman
		Craig A. Huffman Chief Legal Officer, Principal Financial Officer, Secretary
Date: February 26, 2025	By:	/s/ Evelyn R. Gurba
Date: March 26, 2025	By:	/s/ Evelyn R. Gurba
		Director
Date: February 26, 2025	By:	/s/ Derrick West
Date: March 26, 2025	By:	/s/ Derrick West
		Director

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Filing Compare · NAPC Defense, Inc.