Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 938

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 5
Chunk 938
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D engineering drawings, bills of materials, wiring diagrams, parts AutoCad drawings, software architecture documentation,
etc. Intangible assets were received from a related party, ICT Investments, and therefore transferred and booked by Laser Photonics Corp.
at their historical cost.

The Company contracted with a third party to test
impairment of their intangible assets. After the evaluation was completed the company recognized an impairment of $932,669. This impairment
has been recognized and is reflected in the current financial statements for year ending December 31, 2024.

As
of December 31, 2024, and December 31, 2023, the Company had $5,458,522 and $4,279,986, respectively of intangible property. Amortization
expense for the year ending December 31, 2023, was $233,099 and for the year ending December 31, 2024, was $400,605.

SCHEDULE
OF INTANGIBLE ASSETS

    Year Ended December 31, 

    2024 (Audited)  
    2023 (Audited) 
  
    Intangible Assets 

    Accumulated Amortization 
    $(1,125,025) 
    $(725,228)
  
    Customer Relationships 
     211,000  
     211,000 
  
    Equipment Design Documentation 
     2,675,000  
     2,675,000 
  
    Operational Software & Website 
     381,539  
     339,539 
  
    Trademarks 
     787,800  
     216,800 
  
    License & Patents 
     3,460,877  
     1,562,876 
  
    Accumulated Impairment Loss 
     (932,669) 
     0 

    Total Intangible Assets 
    $5,458,522  
    $4,279,987 

    F-10

Long-
Lived Assets

Long-lived
assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
Impairment is measured by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected
to result from use of the assets and their ultimate disposition. In instances where impairment is determined to exist, the Company writes
down the asset to its fair value based on the present value of estimated