Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 758

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 3
Chunk 758
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 Year Ended December 31, 

    2024 (Audited)  
    2023 (Audited) 
  
    Fixed Assets 

    Accumulated Depreciation 
    $(2,513,551) 
    $(729,956)
  
    Machinery & Equipment 
     2,458,986  
     796,783 
  
    Office Furniture & Computer Equipment 
     301,487  
     77,487 
  
    Vehicles 
     117,894  
     90,959 
  
    R&D Equipment 
     43,268  
     37,973 
  
    Software 
     50,671  
     - 
  
    Leasehold improvements 
     257,558  
     31,775 
  
    Demonstration equipment 
     1,155,721  
     647,790 
  
    Property, Plant and Equipment, Gross 
     1,155,721  
     647,790 

    Total Fixed Assets 
    $1,872,034  
    $952,811 

As
of December 31, 2024, the Company recorded $1,872,034
of capital assets net of depreciation in comparison
to $952,811 recorded
on December 31, 2023. Accordingly, depreciation in 2024 was recorded at $571,530
in comparison to $267,381
in 2023. $507,931 of demonstration inventory
was reclassified to fixed assets during the year ending December 31. 2024.

Intangible
Assets

Intangible
assets consist primarily of capitalized equipment design documentation, software costs for equipment manufactured for sale, research,
and development, as well as certain patent, trademark and license costs. Capitalized software and equipment design documentation development
costs are recorded in accordance with Accounting Standard Codification (“ASC”) 985 “Software” with costs amortized
using the straight-line method over a ten-year period. Patent, trademark and license costs are amortized using the straight-line method
over their estimated useful lives of 15 years. On an ongoing basis, management reviews the valuation of intangible assets to determine
if there has been impairment by comparing the related assets’ carrying value to the undiscounted estimated future cash flows and/or
operating income from related operations.

The
Company’s intangible assets are deemed to have indefinite lives and, accordingly, are not