Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 326

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 1A
Chunk 326
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 convenience
or otherwise, irrespective of our performance as a subcontractor.

Our
failure to comply with a variety of complex procurement rules and regulations could result in our being liable for penalties, including
termination of our current and anticipated U.S. Government contracts, disqualification from bidding on future U.S. Government contracts
and suspension or debarment from U.S. Government contracting that could adversely affect our financial condition.

We
must comply with laws and regulations relating to the formation, administration and performance of our one existing and anticipated future
U.S. Government contracts, which affect how we do business with our customers and may impose added costs on our business. U.S. Government
contracts generally are subject to the Federal Acquisition Regulation (FAR), which sets forth policies, procedures and requirements for
the acquisition of goods and services by the U.S. Government, department-specific regulations that implement or supplement DFAR, such
as the DOD’s Defense Federal Acquisition Regulation Supplement (DFARS) and other applicable laws and regulations. We are also subject
to the Truth in Negotiations Act, which requires certification and disclosure of cost and pricing data in connection with certain contract
negotiations; the Procurement Integrity Act, which regulates access to competitor bid and proposal information and government source
selection information, and our ability to provide compensation to certain former government officials; the Civil False Claims Act, which
provides for substantial civil penalties for violations, including for submission of a false or fraudulent claim to the U.S. Government
for payment or approval; the Civil False Claims Act, which provides for substantial civil penalties for violations, including for submission
of a false or fraudulent claim to the U.S. Government for payment or approval; and the U.S. Government Cost Accounting Standards, which
impose accounting requirements that govern our right to reimbursement under certain cost- based U.S. Government contracts. These regulations
impose a broad range of requirements, many of which are unique to government contracting, including various procurement, import and export,
security, contract pricing and cost, contract termination and adjustment, and audit requirements. A contractor’s failure to comply
with these regulations and requirements could result in reductions to the value of contracts, contract modifications or termination,
and the assessment of penalties and fines and lead to suspension or debarment, for cause, from government contracting or subcontracting
for a period. In addition, government contractors are also subject to routine audits and investigations by U.S. Government agencies such
as the Defense Contract Audit Agency (DCAA) and