Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 189

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 1
Chunk 189
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 long-term lease at 250 Technology Park. Lake Mary, FL 32746
on July 1, 2024, we determined that we did not need Suite 125 for our future growth and, since we could not sublet this space, we entered
into the Lease Termination Agreement to reduce our lease expense. Under the terms of the Lease Termination Agreement, we agreed to pay
a monthly termination fee of $14,912.14 base rent plus operating expenses for five months, saving us approximately $80,000 in lease payments
for 2025.

On
July 1, 2024, we entered into a lease agreement for 48,481 square feet of office space at a base monthly rent of $ 50,354.42
with an annual increase of 3%, that has a term of 10.5 years. The location of the facility is 250 Technology Park. Lake Mary,
FL.

Our
facility is currently equipped with three of our latest advanced laser cleaning demonstration models.

Upon
acquisition of Control Micro Systems in on October 31, 2024 at 4420 Metric Dr. Winter Park Florida. The lease expires on October 31,
2025. The facility is 52,200 total square ft at a cost of $27,700 per month.

13

Implications
of Being an Emerging Growth Company

We
are an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”),
and therefore we intend to take advantage of certain exemptions from various public company reporting requirements, including not being
required to have our internal controls over financial reporting audited by our independent registered public accounting firm pursuant
to Section 404 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), reduced disclosure obligations regarding executive
compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote
on executive compensation and any golden parachute payments. We may take advantage of these exemptions until we are no longer an “emerging
growth company.” In addition, the JOBS Act provides that an “emerging growth company” can delay adopting new or revised
accounting standards until such time as those standards apply to private companies. We have elected to use the extended transition period
for complying with new or revised accounting standards under the JOBS Act. This election allows us to delay the adoption of new