Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 579

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 1C
Chunk 579
---
. 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 amortized, but are evaluated for impairment
at least annually, but more often whenever changes in facts and circumstances occur which may indicate that the carrying value may not
be recoverable.

The
Company employs various core technologies across many different product families and applications in an effort to maximize the impact
of our research and development costs and increase economies of scale and to leverage its technology-specific expertise across multiple
product platforms. The technologies inherent in its laser equipment products include application documentation, proprietary and custom
software developed for operation of its equipment, specific knowledge of supply chain and, most important, equipment design documentation,
consisting of 3D engineering drawings, bills of materials, wiring diagrams, parts AutoCad drawings, software architecture documentation,
etc. Intangible assets were received from a related party, ICT Investments, and therefore transferred and booked by Laser Photonics Corp.
at their historical cost.

The Company contracted with a third party to test
impairment of their intangible assets. After the evaluation was completed the company recognized an impairment of $932,669. This impairment
has been recognized and is reflected in the current financial statements for year ending December 31, 2024.

As
of December 31, 2024, and December 31, 2023, the Company had $5,458,522 and $4,279,986, respectively of intangible property. Amortization
expense for the year ending December 31, 2023, was $233,099 and for the year ending December 31, 2024, was $400,605.

SCHEDULE
OF INTANGIBLE ASSETS

    Year Ended December 31, 

    2024 (Audited)  
    2023 (Audited) 
  
    Intangible Assets 

    Accumulated Amortization 
    $(