Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 835

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 4
Chunk 835
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 and recorded in the appropriate period.

Allowance
for Uncollectible Accounts – Refer to Note 2 to the financial statements

Description
of the Critical Audit Matter

The
Company has material accounts receivable for which assessing the potential collectability of accounts may include subjective and potentially
complex considerations from management, as well as requiring high degrees of auditor judgment to assess the appropriateness of the audit
evidence to support the Company’s assessment.

How
the Critical Audit Matter was Addressed in the Audit

    ●
    Tested
    subsequent collections for a selection of accounts receivable balances, including both material and immaterial account balances at
    year end.

    ●
    Confirmed
    a selection of accounts receivable, including immaterial balances, to determine the completeness and accuracy of accounts receivable
    balances.

Fruci
& Associates II, PLLC – PCAOB ID #05525

We
have served as the Company’s auditor since 2023.

Spokane,
Washington

April
16, 2024, except for certain items disclosed in Note 7, as to which the date is August 27, 2024.

F-2

Table of Contents

LASER
PHOTONICS CORPORATION.

Consolidated Balance
Sheets as of December 31, 2024, and 2023

    As
                                            of
                                                                                                  December
                                            31, 2024
                                                                                (Audited)  
    As
                                            of
                                                                                                  December
                                            31, 2023
                                                                                (Restated) 
  
    Assets 

    Current Assets: 

    Cash and Cash Equivalents 
    $533,871  
    $6,201,137 
  
    Accounts Receivable, Net 
     973,605  
     816,364 

    Contract Assets 
     759,658  
     - 
  
    Inventory 
     2,338,759  
     2,237,456 

    Other Assets 
     58,567  
     39,190 

    Total Current Assets 
     4,664,460  
     9,294,147 

    Property, Plant, & Equipment, Net 
     1,872,034  
     952,811 

    Intangible Assets, Net 
     5,458,522  
     4,279,986 

    Other