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NAPC Defense Inc. (BLIS+5.88%) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing that the company generated $67,467 in revenue, which was later deemed uncollectible. Operating expenses for the quarter were $259,498, compared to $74,865 in the same quarter the previous year.
The company reported a net loss of $639,212 for the quarter, compared to a net loss of $87,746 in the same quarter of the previous year. The increase in net loss is attributed to higher operating expenses and interest expenses.
NAPC Defense Inc. has incurred recurring losses and has a working capital deficit of $1,035,381 as of January 31, 2025. The company is seeking additional capital to continue operations.
The filing details the company's transition into the defense and law enforcement field, including the acquisition of rights related to the CornerShot firearms technology and other defense-related products.
The company has entered into several convertible note agreements, which may lead to significant dilution of existing shareholders if converted into equity.
Management has identified a material weakness in internal controls over financial reporting due to limited resources and lack of segregation of duties.
NAPC Defense Inc. continues to focus on its new business direction in defense and law enforcement while maintaining its treasure recovery business on a limited basis.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NAPC Defense Inc. quarterly 10-Q report dated March 26, 2025. To report an error, please email earnings@qz.com.