Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 495

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 1B
Chunk 495
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Laser Photonics operates as one segment located in
Orlando, FL. Our company develops industrial laser cleaning, cutting, welding, marking, and wire stripping across multiple industries
and customer bases. The chief operating decision maker (CODM) being the Chief Executive Officer. The CODM uses the financial statements from operations
to evaluate and make key operating decisions.

ASU
2016-13 Current Expected Credit Loss (ASC326)

In
December 2021, the FASB issued an update to ASU No. 2016-13 the Current Expected Credit Losses (CECL) standard (ASC 326), which is designed
to provide greater transparency and understanding of credit risk by incorporating estimated, forward-looking data when measuring lifetime
Estimated Credit Losses (ECL) and requires enhanced financial statement disclosures. This guidance was adopted on January 1, 2023.

The
Company evaluates all Accounting Standard Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”)
for consideration of their applicability. ASUs not included in our disclosures were assessed and determined to be either not applicable
or are not expected to have a material impact on our financial statements.

    F-14

NOTE
3 – RELATED PARTY TRANSACTIONS –

ICT
Investments owns 4,438,695 shares of the Company’s common stock. Prior to the closing of the Company’s IPO on October 4,
2022, this represented 96.1% of the total shares outstanding. As of December 31, 2022, ICT Investments owns 31.13% of the total shares
outstanding. Dmitriy Nikitin is the Managing Partner of ICT Investments and has controlled the Company since its inception. As of the
end of 2023 the % is 58.7.%, considering the shares owned by Fonon Corporation and Fonon Technology.

Since
the date of incorporation on November 8, 2019, the Company has engaged in the following transactions with our directors, executive officers,
holders of more than 5% of its voting securities, and affiliates or immediately family members of its directors, executive officers,
and holders of more than 5% of our voting securities, and its co-founders. The Company believes that all these transactions were on terms
as favorable as could have been obtained from unrelated third parties.

In
October 2020, the Company issued a promissory note 2 to ICT Investments in the principal amount of