Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 374

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 1A
Chunk 374
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, we entered a sub-lease with ICT Investments for 5,000 sf of manufacturing space on a month-to  -month basis
at $4,050 per month. In January 2020, we expanded the lease with ICT Investments to include the entire facility of 18,000 sf. In October
of 2021, a direct lease was signed with the landlord for three years, terminating on October 31, 2024. In November we entered into a
lease amendment that expires December 31, 2025.The facility is currently equipped with three of our latest advanced laser cleaning demonstration
models. It includes a materials stock room, a ramp and high dock, loading and moving equipment, a machine shop, an electronics room,
and an equipment assembly area. The monthly rent for this facility is currently $15,549.

In
December 2022, we entered into an agreement with 2701 Maitland Building Associates to rent 8,000 sf of additional office space nearby
the main facility, for our growing sales and marketing program. The monthly rent for this space is currently $14,805. On February 10,
2025, we entered into a Lease Termination Agreement with 2701 Maitland Building Associates, LLC, the Landlord of Suite 125 containing
approximately 7,981 rentable square feet that Laser Photonics had leased from November 7, 2022 through December 31, 2025, at a base monthly
rent of $14,818.06 (“Suite 125”). In light of our entering into a long-term lease at 250 Technology Park. Lake Mary, FL 32746
on July 1, 2024, we determined that we did not need Suite 125 for our future growth and, since we could not sublet this space, we entered
into the Lease Termination Agreement to reduce our lease expense. Under the terms of the Lease Termination Agreement, we agreed to pay
a monthly termination fee of $14,912.14 base rent plus operating expenses for five months, saving us approximately $80,000 in lease payments
for 2025.

On
July 1, 2024, we entered into a lease agreement for 48,481 square feet of office space at a base monthly rent of $ 50,354.42
with an annual increase of 3%, that has a term of 10.5 years. The location of the facility is 250 Technology Park. Lake