Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 666

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 2
Chunk 666
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 components
that may be specialized in nature and subject to rapid obsolescence. The Company periodically reviews the quantities and carrying values
of inventories to assess whether the inventories are recoverable. Because of the Company’s vertical integration, a significant
or sudden decrease in sales activity could result in a significant change in the estimates of excess or obsolete inventory valuation.
The costs associated with provisions for excess quantities, technological obsolescence, or component rejections are charged to cost of
sales as incurred.

Work
in process inventory-Work in process inventory consists of inventory that is partially manufactured or not fully assembled
as of the date of these financial statements. This equipment, machines, parts, frames, lasers and assemblies are items not ready for
use or resale. Costs are accumulated as work in process until sales ready items are compete when it is moved to finished goods inventory.
Amounts in this account represent items at various stages of completion at the Registration date. Types of costs allocated to WIP include
only cost of materials and finished goods inventory used to manufacture specific product.

    F-8

Finished
goods inventory- Finished goods inventory consists of purchased inventory that was fully manufactured, assembled or in salable condition.
Finished goods inventory is comprised of items that are complete and ready for commercial application without further cost other than
delivery and setup. Finished goods inventory includes demo and other equipment, lasers, software, machines, parts or assemblies.

On
December 31, 2024, and December 31, 2023, respectively, the Company’s inventory consisted of the following:

SCHEDULE OF INVENTORY

    Year Ended December 31, 

    2024 (Audited)  
    2023 (Audited) 
  
    Inventory 

    Equipment Parts Inventory 
    $1,820347  
    $862,941 
  
    Finished Goods Inventory 
     999,100  
     992,744 
  
    Sales Demo Inventory 
     -  
     162,958 
  
    Work in process Inventory 
     295,950  
     243,029 
  
    Inventory Reserve 
     (776,638) 
     (24,216)
  
    Total Inventory 
    $2,338,759  
    $2,237,456 

Inventory
is stated at the lower of cost (first-in, first-out method) or market value. Inventory includes parts and components that may be specialized
in nature and subject to rapid