NAPC Defense Files Q3 2024 10-Q
Ticker: BLIS · Form: 10-Q · Filed: Sep 23, 2024 · CIK: 1703625
Sentiment: neutral
Topics: 10-Q, quarterly-report, company-name-change
TL;DR
NAPC Defense filed its 10-Q for Q3 2024. Formerly Treasure & Shipwreck Recovery.
AI Summary
NAPC Defense, Inc. filed its quarterly report on Form 10-Q for the period ended July 31, 2024. The company, formerly known as Treasure & Shipwreck Recovery, Inc., is incorporated in Nevada and operates in the advertising services sector. Its principal offices are located in Largo, Florida.
Why It Matters
This filing provides investors with an update on NAPC Defense, Inc.'s financial performance and operational status for the third quarter of fiscal year 2024.
Risk Assessment
Risk Level: low — This is a routine quarterly filing with no immediate red flags or significant financial disclosures that would indicate high risk.
Key Players & Entities
- NAPC Defense, Inc. (company) — Registrant
- July 31, 2024 (date) — Quarterly period end date
- Treasure & Shipwreck Recovery, Inc. (company) — Former company name
- Edward K. West (person) — Chief Executive Officer
- 1501 Lake Ave SE Largo, Florida 33771 (location) — Principal office address
FAQ
What is the primary business of NAPC Defense, Inc.?
NAPC Defense, Inc. is classified under SERVICES-ADVERTISING [7310].
When was NAPC Defense, Inc. formerly known as Treasure & Shipwreck Recovery, Inc.?
The company's name change from Treasure & Shipwreck Recovery, Inc. to NAPC Defense, Inc. occurred on August 15, 2019.
What is the fiscal year end for NAPC Defense, Inc.?
The fiscal year end for NAPC Defense, Inc. is April 30.
What is the filing date of this 10-Q report?
This 10-Q report was filed on September 23, 2024.
Where is NAPC Defense, Inc. incorporated?
NAPC Defense, Inc. is incorporated in Nevada.
Filing Stats: 4,483 words · 18 min read · ~15 pages · Grade level 16.1 · Accepted 2024-09-23 15:46:12
Key Financial Figures
- $0.001 — olders’ Equity Preferred stock, $0.001 par value; 100 shares authorized, 51 sh
- $968,267 — ny had a net working capital deficit of $968,267. The Company is in immediate need of fu
- $250,000 — osit Insurance Corporation (FDIC) up to $250,000. As of July 31, 2024, the Company had $
- $0 — 0. As of July 31, 2024, the Company had $0 in excess of the FDIC insured limit.
- $4,103 — ed research and development expenses of $4,103 for the three month period ended July 3
- $22,340 — f both of the vessels to $0, a total of $22,340 net of depreciation. Stock Based Comp
- $8,700 — or to return the money. The Company had $8,700 in customer deposits as of July 31, 202
Filing Documents
- napc-10q.htm (10-Q) — 481KB
- napc-ex31_1.htm (EX-31.1) — 14KB
- napc-ex31_2.htm (EX-31.2) — 14KB
- napc-ex32_1.htm (EX-32.1) — 5KB
- napc-ex32_2.htm (EX-32.2) — 5KB
- napc-ex99_1.htm (EX-99.1) — 1KB
- 0001199835-24-000421.txt ( ) — 523KB
Financial Statements
Financial Statements 3 Condensed Consolidated Balance Sheets as of July 31, 2024 (Unaudited) and April 30, 2023 4 Unaudited Condensed Consolidated Statements of Operations for the three months ended July 31, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Deficit for the three months ended July 31, 2024 and 2023 6 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended July 31, 2024 and 2023 7 Notes to the Condensed Consolidated Unaudited Financial Statements 8 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.
Controls and Procedures
Controls and Procedures 23 PART II OTHER INFORMATION: Item 1.
Legal Proceedings
Legal Proceedings 24 Item 1A.
Risk Factors
Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults Upon Senior Securities 24 Item 4. Submission of Matters to a Vote of Securities Holders 25 Item 5. Other Information 25 Item 6. Exhibits 25
Signatures
Signatures 26 2 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 Companys 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. 3 NAPC Defense, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS July 31, 2024 April 30, 2024 Unaudited ASSETS Current assets: Cash $ 6,739 $ - Accounts receivable 67,467 - Prepaid consulting fees 37,312 54,599 Total current assets 111,518 54,599 Right of use asset 1,318,757 - Fixed assets, net of depreciation 117,956 143,732 Prepaid product rights - 1,615,000 Intangible assets 1,615,000 - Security deposit 1,000 1,000 Total