Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 933

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 5
Chunk 933
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 assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
liabilities at dates of the financial statements and the reported amounts of revenue and expenses during the periods. Actual results
could differ from these estimates. Our significant estimates and assumptions include depreciation and the fair value of our stock, stock-based
compensation, debt discount and the valuation allowance relating to the Company’s deferred tax assets.

Assets

Cash
and Cash Equivalents

Cash
and cash equivalents consist of highly liquid investments with an original maturity of three months or less at the date of purchase.
Cash and cash equivalents are carried at cost, which approximates fair value. Company had $6,000,000 in flexible CD account
with Bank of America at the beginning of 2024. The terms on this CD if flexible, there is no fixed maturity day on CD, and funds can
be withdrawn at any time without penalty. The account was closed in November 2024

As
of December 31, 2024, and December 31, 2023, the Company had $533,871 and $6,201,137 of cash, respectively.

We do have bank accounts with exposure $5,951,137 over FDIC insurability of $250,000 as of year-end 2023 and $283,871 as of year-end 2024.

Accounts
Receivable

Trade
accounts receivable are recorded net of allowance for expected uncollectible accounts. The Company extends credit to its customers in
the normal course of business and performs on-going credit evaluations of its customers. All accounts, or portions thereof, that are
deemed uncollectible are written off to bad debt expense, as incurred. As of December 31, 2024, and December 31, 2023, the Company’s
ledger had $973,605 and $816,364, respectively as a balance for collectible accounts. Allowance and amount recognized as bad debt
for 2024 is $285,486, for 2023 is $216,083.

For
the reporting periods of the year ending December 31, 2023, and for the year ending December 31, 2024, there were no customers whose Account Receivables
were greater than 10% of the total amount of A/R.

Advertising
Expenses

Marketing,
advertising and promotion expenditures are expensed in the annual period in which the expenditure is incurred.

Research
& Development Expenses

Research
&