Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 1030

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 6
Chunk 1030
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 prices in active markets for similar assets
    or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that
    are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

    ☐
    Level
    3 -
    unobservable
    inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The
carrying amount of the Company’s financial instruments approximates their fair value as of December 31, 2024 and 2023, due to the
short-term nature of these instruments.

    F-13

Income
Taxes.

Under
ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable
to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax
bases.

Provisions
for income taxes are based on taxes payable or refundable for the current year and deferred income taxes. Deferred income taxes are provided
on differences between the tax bases of assets and liabilities and their reported amounts in the financial statements and on tax carry
forwards. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable
to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates
are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. A valuation allowance is provided
against deferred income tax assets when it is not more likely than not that the deferred income tax assets will be realized.

Deferred
tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or
all of the deferred tax assets will not be realized. As of December 31, 2024 there were no deferred taxes due to the uncertainty
of the realization of net operating loss or carry forward prior to expiration.

The
provision for income taxes is calculated at a US corporate tax rate of approximately 21% (2023: 21%) as follows:

SCHEDULE OF INCOME TAXES

    2024  
    2023 

    $  
    $ 
  
    Expected income tax (expense) recovery from net (income) loss 
     528,