Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 626

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 2
Chunk 626
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On
December 1, 2019, we entered a sub-lease with ICT Investments for 5,000 sf of manufacturing space on a month-to-month basis at $4,050
per month. In January 2020, we expanded the lease with ICT Investments to include the entire facility of 18,000 sf. In October 2021,
we signed a direct lease 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. On July 1, 2024,
we determined that we did not need this facility for our future growth and, since we could not sublet this space, we entered into the
Lease Termination Agreement to reduce our lease expense. Under the terms of the Lease Termination Agreement, we agreed to pay a monthly
termination fee of $14,912.14 base rent plus operating expenses for five months, saving us approximately $80,000 in lease payments for
2025.

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.

Upon
acquisition of Control Micro Systems in on October 31, 2024 at 4420 Metric Dr. Winter Park Florida. The lease expires on October 31,
2025. The facility is 52,200 square ft total at a cost of $27,700 per month.

ITEM
3. LEGAL PROCEEDINGS

From
time to time, we have been and will continue to be subject to legal proceedings and claims. We are not presently a party to any legal
proceedings that, if determined adversely to us, would individually or taken together have a material adverse effect on our business,
results of operations, financial condition, or cash flows.

ITEM
4. MINE SAFETY DISCLOSURES

None.

36

Table Of Contents

PART
II

ITEM
5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISS