Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 1095

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 8
Chunk 1095
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 and on tax carry
forwards. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable
to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates
are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. A valuation allowance is provided
against deferred income tax assets when it is not more likely than not that the deferred income tax assets will be realized.

Deferred
tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or
all of the deferred tax assets will not be realized. As of December 31, 2024 there were no deferred taxes due to the uncertainty
of the realization of net operating loss or carry forward prior to expiration.

The
provision for income taxes is calculated at a US corporate tax rate of approximately 21% (2023: 21%) as follows:

SCHEDULE OF INCOME TAXES

    2024  
    2023 

    $  
    $ 
  
    Expected 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.