Wed, Oct 2, 10:39 AM (9 days ago)
NAPC Defense, Inc. (formerly Treasure & Shipwreck Recovery, Inc.) reported a net loss of $435,863 for Q1 2024, a 69% increase from a loss of $258,479 in Q1 2023. The company generated $67,467 in revenue from consulting services, marking its first revenue since inception, while operating expenses rose to $324,499, primarily due to increased general and administrative costs. Total assets increased to $3,164,231, while total liabilities reached $2,219,876, resulting in a working capital deficit of $968,267. Cash flow from operations was negative at $163,549, though financing activities generated $170,288. The company faces significant liquidity challenges, with management indicating that available cash may be depleted within a month. Future operations depend heavily on raising additional capital, which remains uncertain. The company has also acknowledged material weaknesses in internal controls and is exploring new business opportunities in the defense sector, including rights to produce and sell military equipment.