Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 1018

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 6
Chunk 1018
---
 / Paid During the Period for: 

    Income Taxes 
     -  
     - 
  
    Interest 
     -  
     39,509 

See
accompanying notes to financial statements.

F-6

NOTES
TO FINANCIAL STATEMENTS DECEMBER 31, 2023, and 2024

NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

Laser
Photonics Corporation (the “Company”) was formed under the laws of Wyoming on November 8, 2019, and changed its domicile
to Delaware on March 5, 2020. The Company is a vertically integrated manufacturing company for photonics based industrial products and
solutions, primarily disruptive laser cleaning technologies. Its vertically integrated operations allow us to reduce development and
advanced laser equipment manufacturing time, offer better prices, control quality, and protect our proprietary knowhow and technology
compared to other laser cleaning companies and companies with competing technologies.

The
recently acquired Control Micro Systems was purchased by the Company on October 31, 2024. The company is 100% owned by Laser Photonics
Corporation.

The Company’s accounting year end is December 31.

Going
Concern

The
Company has not earned sufficient revenue since inception and has sustained operating losses during the year ended December 31, 2024
and the year ended December 31, 2023 mainly due to investments in its sales and marketing departments. The Company had sufficient
working capital as of December 31, 2023. However, the Company’s continuation as a going concern is dependent on its ability to
generate additional cash flows from operations to meet its obligations and/or obtaining additional financing, as may be required.
There is substantial doubt of the ability of the Company to continue as a going concern.

Reclassification
of Prior Year Presentation

Certain
prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on
the reported results of operations.

Basis
of Presentation

These
financial statements are presented in United States dollars and have been prepared in accordance with United States generally accepted
accounting principles.

NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use
of Estimates

The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
liabilities