Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 289

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 1
Chunk 289
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 Company’s Chief
Executive Officer and Principal Financial Officer concluded as of December 31, 2024 that the Company’s disclosure controls and
procedures were ineffective as the information required to be disclosed in the Company’s United States Securities and Exchange
Commission (the “SEC”) reports is recorded, processed, summarized and reported within the time periods specified in the
SEC rules and forms, and is accumulated and communicated to the Company’s management, including its Chief Executive Officer
and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Management’s
Annual Report on Internal Control over Financial Reporting

Based
on its evaluation under the framework in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission as of December 31, 2021, the Company’s management, with the participation of its
Chief Executive Officer and Chief Financial Officer, concluded that some of its internal controls over financial reporting were ineffective as of December 31, 2024. The Company also continues to work on improving those controls on an active basis. There will be an emphasis
on improving controls over affiliate transactions and equity transactions. Controls identified as ineffective:

    ●
    System
of internal controls failed to identify multiple journal entries that were identified by the external auditor
  
    ●
    Lack
of formal control process related to the identification and approval of related party transactions
  
    ●
    We
are not able to fully maintain segregation of duties within our financial operations due to our reliance on limited personnel in the
finance function
  
    ●
    As
a smaller company we lack sufficient resources to perform the internal audit function
  
    ●
    Documentation
of all proper accounting procedures is not yet complete.

This
annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control
over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant
to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which permanently exempts non-accelerated filers from complying with
Section 404(b) of the Sarbanes-Oxley Act of 2002.

Attached
as exhibits to this Form 10-K are certifications of Laser Photonics’ Chief Executive Officer (“CEO”) and Principal
Financial Officer (“CFO”), which are required in accordance with Rule 13a-14 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). This “Controls and Procedures”