Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 945

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 5
Chunk 945
---
 income tax (expense) recovery from net (income) loss 
     528,953  
     790,846 
  
    Tax effect of expenses not deductible for income tax: 

    Annual effect of book/tax differences 
     1,099,453  
     3,765,932 
  
    Change in the valuation allowance 
     (1,628,406) 
     (4,586,841)

Recently
Issued Accounting Pronouncements 

From
time to time, new accounting pronouncements are issued by FASB or other standard setting bodies that are adopted by the Company as of
the specified effective date.

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 the chief operating decision maker in deciding how to allocate resources.

Laser Photonics operates as one segment located in
Orlando, FL. Our company develops industrial laser cleaning, cutting, welding, marking, and wire stripping across multiple industries
and customer bases. The chief operating decision maker (CODM) being the Chief Executive Officer. The CODM uses the financial statements from operations
to evaluate and make key operating decisions.

ASU
2016-13 Current Expected Credit Loss (ASC326)

In
December 2021, the FASB issued an update to ASU No. 2016-13 the Current Expected Credit Losses (CECL) standard (ASC 326), which is designed
to provide greater transparency and understanding of credit risk by incorporating estimated, forward-looking data when measuring lifetime
Estimated Credit Losses (ECL) and requires enhanced financial statement disclosures. This guidance was adopted on January 1, 2023.

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 financial statements.

    F-14

NOTE
3 – RELATED PARTY TRANSACTIONS –

ICT
Investments owns 4,438,695 shares of the