Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 1248

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 7A
Chunk 1248
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1, a lease on 18,000 SF
facility was signed with the landlord for three years, terminating on October 31, 2024. The monthly rent for this facility is currently
$15,549.

In
December 2022, we entered into an agreement with 2701 Maitland Building Associates to rent 8,000 sf of additional office space nearby
the main facility, for our growing sales and marketing program. The monthly rent for this space is currently $14,805.

As
of January 1, 2020, we adopted ASU 2016-02 employing the cumulative-effect adjustment transition method, resulting in the recognition
on our balance sheet of $597,143 as a right-of-use asset for operating leases, $434,153 as a current operating lease liability, and $
162,990 as a lease liability less the current portion.

On
July 1, 2024, we entered into a lease agreement for 48,481 square feet of office space at a base monthly rent of $ 50,354.42 with an
annual increase of 3%, that has a term of 10.5 years. The location of the facility is 250 Technology Park. Lake Mary, FL

Our
facility is currently equipped with three of our latest advanced laser cleaning demonstration models.

Upon
acquisition of Control Micro Systems in on October 31, 2024 we were in a month to month lease located at 4420 Metric Dr. Winter Park
Florida. The latest lease expired on June 21, 2024, prior to the acquisition of the business. The facility is 52,200 square ft total
at a cost of $27,700 per month. Discussions are underway with the existing landlord for a new lease, and we expect to finalize that in
the first half of 2025.  

The
following table provides the maturities of lease liabilities at December 31, 2024:

SCHEDULE OF MATURITIES OF LEASE LIABILITIES

    Operating Lease  
    Remaining Term in Years 
  
    2025 
     1,116,277  

    2026 
     641,052  

    2027 
     660,284  

    2028 
     680,092  

    2029 
     700,495  

    2030 
     721,510  

    2031 
     743