Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 919

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 5
Chunk 919
---
 annual tax rate is based on our income, statutory tax rates and tax planning opportunities available
to us in the various jurisdictions in which we operate.

Goodwill
and Long-lived assets impairment. We review our intangible assets and property, plant and equipment for impairment when events or changes
in circumstances indicate the carrying value may not be recoverable. Goodwill is required to be tested for impairment at least annually.
We perform our annual goodwill impairment review as of the first day of our fourth quarter, or more frequently if events or circumstances
indicate it is more likely than not that the fair value of a reporting unit is less than the carrying amount.

Recent
Accounting Pronouncements

The
Company evaluates all Accounting Standard Updates (“ASUs”) issued by the Financial Accounting Standards Board
(“FASB”) for consideration of their applicability. ASUs not included in our disclosures were assessed and determined to be
either not applicable or are not expected to have a material impact on our consolidated financial statements.

On
November 27, 2023, FASB issues ASU 2023-07. ASU 2023-07 is effective for public entities fiscal years beginning after December 15, 2023,
and interim periods within fiscal years beginning after December 15, 2024. ASU 2023-07 enhances segment reporting under Topic 280 by
expanding the breadth and frequency of segment disclosures. Its amendments fall into the following categories. Topic 280 requires a public
entity to disclose entity-wide and segment information in the notes to financial statements. This includes the measure of profit or loss
that the CODM uses to assess segment performance and decide how to allocate resources, as well as certain specified amounts included
in that measure – e.g. revenue, depreciation and amortization, interest and income tax expense. However, investors have observed
that there has been limited information reported about a segment’s expenses. The analysis of the company after acquisition of CMS
concluded that we have only one segment and according to this, the results will be disclosed consolidated.

ASC-280
Segment Reporting 

Financial
Accounting Standard Board (“FASB”) ASC Topic 280, “Segment Reporting,” requires annual and interim reporting
for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers.
An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and
expenses, and about which separate financial information is regularly evaluated by