NAPC Defense Pivots to Weapons, Discontinues Treasure Hunt

Ticker: BLIS · Form: 10-K/A · Filed: Sep 19, 2025 · CIK: 1703625

Sentiment: mixed

Topics: Defense Industry, Strategic Pivot, Micro-Cap Stock, CornerShot, Munitions Brokering, SEC Filing, High Volatility

Related Tickers: BLIS

TL;DR

**BLIS is all-in on defense, ditching sunken treasure for CornerShot rifles and munitions brokering, but the stock's wild volatility and micro-cap status make it a high-risk bet on unproven contracts.**

AI Summary

NAPC Defense, Inc. (BLIS) filed a 10-K/A on September 19, 2025, primarily to furnish iXBRL data and correct an immaterial typographical error for its Annual Report for the period ended April 30, 2025. The company, formerly Beliss Corp., changed its name on April 1, 2024, to reflect its strategic pivot from treasure and shipwreck recovery to the defense and security industries. This strategic shift included the acquisition of rights, intellectual property, and contracts from Native American Pride Constructors, LLC, for 95,000,000 shares of common stock, granting NAPC Defense rights to the CornerShot firearms system, overseas munitions brokering, and other defense technologies. As of April 30, 2025, the company officially discontinued its treasure business. The company reported a market value of voting common equity held by non-affiliates of approximately $1,021,867 as of its most recently completed second fiscal quarter. Its stock, traded on the Pink Sheets, experienced significant volatility, fluctuating between $0.0487 and $0.0004 for the year ended April 30, 2025. The company also disclosed a pending lawsuit seeking $20,000 from Delmar, which was pending dismissal for lack of prosecution as of April 30, 2025. Additionally, NAPC Defense wrote down the carrying value of three vessels by $140,296 to $0 due to impairment, included in the loss from discontinued operations.

Why It Matters

This filing confirms NAPC Defense's complete pivot to the defense sector, abandoning its prior treasure recovery business. For investors, this clarifies the company's future direction, focusing on high-growth, high-risk defense contracts like the potential 37,000-unit CornerShot sale to Saudi Arabia. Employees and customers will see a renewed focus on defense technologies, potentially leading to new job opportunities and product development in a competitive market dominated by established players like Lockheed Martin and Raytheon. The broader market will observe a micro-cap entering a specialized, regulated industry, which could signal future consolidation or niche market disruption if successful.

Risk Assessment

Risk Level: high — The risk level is high due to the company's complete business model pivot into a highly regulated and competitive defense industry, coupled with significant stock volatility. The stock price fluctuated between $0.0487 and $0.0004 for the year ended April 30, 2025, indicating extreme price instability. Furthermore, the company is a 'smaller reporting company' and its common stock is quoted on the Pink Sheets with 'small' trading volume, making it illiquid and susceptible to manipulation.

Analyst Insight

Investors should approach BLIS with extreme caution, recognizing the high-risk, speculative nature of this investment. Given the significant business model change and stock volatility, a 'wait and see' approach is advisable to monitor the execution of its defense strategy and the realization of any substantial contracts, such as the potential Saudi Arabian CornerShot deal.

Key Numbers

Key Players & Entities

FAQ

What is NAPC Defense, Inc.'s new business focus?

NAPC Defense, Inc. has shifted its focus entirely to the defense and security industries, including weapons systems like CornerShot, non-lethal solutions, protective systems, and munitions brokering. This change was formalized with a name change on April 1, 2024, and the discontinuation of its treasure and shipwreck recovery business as of April 30, 2025.

What was the purpose of NAPC Defense, Inc.'s 10-K/A filing?

The 10-K/A filing by NAPC Defense, Inc. on September 19, 2025, was solely to furnish Inline eXtensible Business Reporting Language (iXBRL) data under Exhibit 101 and 104 to its Annual Report on Form 10-K for the period ended April 30, 2025, and to correct an immaterial typographical error. No other changes were made to the original Form 10-K.

What significant acquisition did NAPC Defense, Inc. make?

NAPC Defense, Inc. acquired rights, intellectual property, and associated contracts from Native American Pride Constructors, LLC, for 95,000,000 shares of common stock. This acquisition included rights to the CornerShot firearms and surveillance technology from Silver Shadow of Israel, as well as opportunities in munitions brokering overseas.

Who are the key executives at NAPC Defense, Inc. after the management change?

As of April 1, 2024, Edward K. West was appointed as Director and Chief Executive Officer, Evelyn R. Gurba as director, Derrick West as director, and John Spence as director and Chief Financial Officer. Craig A. Huffman transitioned from CEO to Secretary and Chief Legal Officer.

What is the status of NAPC Defense, Inc.'s stock market performance?

NAPC Defense, Inc.'s common stock (BLIS) is quoted on the Pink Sheets and experienced significant volatility, with prices fluctuating between $0.0487 and $0.0004 for the year ended April 30, 2025. The company notes a limited trading market and advises investors that its shares are thinly traded and highly risky.

Does NAPC Defense, Inc. have any significant legal issues?

NAPC Defense, Inc. is involved in a lawsuit filed in May 2023 by Delmar, seeking $20,000 for alleged breach of contract related to a Regulation A offering in 2022. As of April 30, 2025, the suit was pending dismissal for lack of prosecution, with NAPC Defense defending on the basis that Delmar did not perform its obligations.

What is the potential value of the CornerShot contract with Saudi Arabia for NAPC Defense, Inc.?

NAPC Defense, Inc. holds rights to a Letter of Intent for a potential contract with the Saudi Ministry of Defense for approximately 37,000 units of the CornerShot firearms and tactical units. The specific monetary value of this potential contract is not disclosed but represents a significant opportunity.

How many shares of common stock does NAPC Defense, Inc. have outstanding?

As of September 11, 2025, NAPC Defense, Inc. had 274,258,460 outstanding shares of its common stock, with a $0.001 par value. As of April 30, 2025, there were 238,251,927 issued and outstanding shares held by 100 shareholders of record.

What is the risk associated with investing in NAPC Defense, Inc.?

Investing in NAPC Defense, Inc. carries a high risk due to its status as a smaller reporting company, its stock being thinly traded on the Pink Sheets, and extreme price volatility. The company explicitly states that an investment should only be considered by those who do not require liquidity and can afford a total loss.

Did NAPC Defense, Inc. pay any dividends?

No, NAPC Defense, Inc. did not pay any cash dividends on its shares of common stock during the fiscal years ended April 30, 2025, and 2024.

Risk Factors

Industry Context

NAPC Defense operates in the defense and security industry, a sector characterized by long sales cycles, significant regulatory oversight, and dependence on government contracts. The company is positioning itself to supply weapons systems like CornerShot, protective equipment, and munitions brokering services to military, law enforcement, and government agencies. Key trends include the increasing demand for advanced tactical solutions and the complexities of international arms sales and brokering.

Regulatory Implications

The company's focus on defense technologies, particularly munitions brokering and firearms sales, subjects it to stringent U.S. export controls and international regulations. Obtaining and maintaining necessary approvals from bodies like the U.S. State Department is critical for its international business operations and requires ongoing compliance efforts.

What Investors Should Do

  1. Monitor Contract Wins and Approvals
  2. Assess Execution of Strategic Pivot
  3. Evaluate Stock Volatility and Liquidity

Key Dates

Glossary

iXBRL
Inline eXtensible Business Reporting Language, a standard for tagging financial data to make it machine-readable. (The 10-K/A filing was primarily to provide this data, improving transparency and data analysis for investors and regulators.)
CornerShot
A specialized firearms system that allows operators to engage threats from protected positions. (A key technology NAPC Defense has acquired rights to, representing a significant part of its new defense business strategy.)
Munitions Brokering
Acting as an intermediary to facilitate the sale and purchase of ammunition and other ordnance, often involving international transactions and regulatory approvals. (A core business area for NAPC Defense, involving complex international sales and requiring U.S. State Department approval.)
Discontinued Operations
A component of a business that has been sold, abandoned, or is classified as held for sale, and whose operations and cash flows can be clearly distinguished from the rest of the company. (The company reported a loss from discontinued operations related to the write-down of three vessels, indicating the winding down of its former treasure recovery business.)
Smaller Reporting Company
A company that meets certain criteria regarding public float and revenue, allowing for scaled disclosure requirements. (NAPC Defense is classified as a smaller reporting company, indicating its size and potentially less extensive reporting obligations compared to larger filers.)

Year-Over-Year Comparison

This filing is an amendment (10-K/A) to the original Form 10-K for the period ended April 30, 2025, primarily to furnish iXBRL data and correct a minor typographical error. Therefore, it does not present new financial performance data or changes in risks compared to the original filing. The company's strategic pivot to defense and discontinuation of its treasure business are key developments highlighted in the original report.

Filing Stats: 4,653 words · 19 min read · ~16 pages · Grade level 12.1 · Accepted 2025-09-19 15:24:17

Key Financial Figures

Filing Documents

Signatures

Signatures 17 2 PART I Forward-looking made in this Form 10-K 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 managements 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 (GAAP). Item 1. Description of Business Overview Description of Business NAPC Defense, Inc. (the Company) was incorporated in the State of Nevada on January 24, 2016 as Beliss Corp. The Company changed its name on April 1, 2024, to NAPC Defense, Inc. with the State of Nevada to reflect its new business focus. The Company is engaged in activities in the defense and security industries, including weapons systems, tactical platforms such as CornerShot, and other technolo

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