美國
證券交易委員會
華盛頓特區，20549
表格
(馬克 一)
| 根據1934年證券交易法第13或15（d）節提交的季度報告書 |
截至季度結束：
or
| 根據1934年證券交易法第13或15（d）節提交的過渡報告書 |
對於 至 的過渡期
委員會
文件編號：
| （公司章程規定的準確名稱） |
| （註冊人的州或其他管轄區） 組織或機構) |
(國稅局稅務號) 識別號碼。 |
| （總部地址） | 郵編 |
| 註冊人電話號碼（包括區號） |
| 不適用 |
根據《證券法》第12（b）條登記的證券： NONE
普通股，$0.001面值
| 每一類別的名稱 | 交易符號 | 在每個交易所註冊的名稱 | ||
| 股 |
請勾選標記以指示註冊者是否（1）在過去12個月內（或註冊者需要提交這些報告的更短時間內）已提交證券交易所法案第13或15（d）節要求提交的所有報告，及 （2）是否已被提交要求過去90天的提交要求所制約。
請在勾選框內勾選，以指示註冊人在過去的12個月內(或註冊人需要提交這些文件的時間更短)是否已經電子提交了每一份互動數據文件，該提交是根據證券法規定第405條規則和本章第232.405條規則規定。
Retained Earnings (Deficit)
| 大型加速文件提交人 | ☐ | 加速文件提交人 | ☐ |
| ☒ | |||
| 新興成長公司 |
截至2024年9月30日，註冊人有 每股普通股的面值爲$每股面值爲$13的本公司普通股股票於截至2023年9月30日和2022年9月30日三個月內的運營報告中，分別已發行並流通，股份均爲180,641,272股。
目錄
| 頁面 沒有。 | ||
| 第一部分 — 財務信息 | ||
| 物品 1。 | 財務報表 | 3 |
| 物品 2。 | 管理層對財務狀況和經營業績的討論和分析 | 20 |
| 物品 3. | 關於市場風險的定量和定性披露 | 22 |
| 物品 4。 | 控制和程序 | 24 |
| 第二部分 — 其他信息 | ||
| 物品 1。 | 法律訴訟 | 25 |
| 物品 2。 | 未註冊的股權證券銷售和所得款項的使用 | 25 |
| 物品 3. | 優先證券違約 | 25 |
| 物品 4。 | 礦山安全披露 | 25 |
| 物品 5。 | 其他信息 | 25 |
| 物品 6。 | 展品 | 25 |
| 簽名 | 26 | |
| 認證 | ||
| 2 |
部分I—財務信息
項目1.基本報表
激光光電公司
簡化資產負債表
(未經審計)
截至 2024年9月30日 (未經審計) | 截至 2023年12月31日 (已經審計) | |||||||
| 資產 | ||||||||
| 流動資產： | ||||||||
| 現金及現金等價物 | $ | $ | ||||||
| 應收賬款淨額 | ||||||||
| 帳戶 應收款附屬公司 | ||||||||
| 存貨 | ||||||||
| 其他 資產 | ||||||||
| 總流動資產 | ||||||||
| 資產、 工廠，& 設備，淨值 | ||||||||
| 無形資產，淨額 | ||||||||
| 其他長期資產 | ||||||||
| 運營 租賃使用權資產 | ||||||||
| 資產總額 | $ | $ | ||||||
| 負債 & 股東權益 | ||||||||
| 流動負債： | ||||||||
| 應付賬款 | $ | $ | ||||||
| 應付賬款 相關公司 | ||||||||
| 遞延營業收入 | ||||||||
| 當前 經營租賃的部分 | ||||||||
| 應計費用 | ||||||||
| 總計 流動負債 | ||||||||
| 開多 期負債: | ||||||||
| 租賃 負債 - 減去當前部分 | ||||||||
| 長期負債合計 | ||||||||
| 總負債 | ||||||||
| 承諾 和或有事項（註釋 3） | ||||||||
| 股東權益： | ||||||||
| 優先股面值 $: 已授權股份。 已經發行：截至2024年9月30日和2023年12月31日的股份 | ||||||||
| 普通股面值 $: 授權股份； 和 發佈和 和 截至2024年9月30日和2023年12月31日的未償還金額 | ||||||||
| 資本公積 | ||||||||
| 保留盈餘（赤字） | ( | ) | ( | ) | ||||
| 庫藏 股 | ( | ) | ( | ) | ||||
| 股東權益合計 | ||||||||
| 總負債 & 股東權益 | $ | $ | ||||||
* 2024年第二季度將面值重新分類爲額外支付的資本。
請見財務報表的附註。
| 3 |
激光光電公司
濃縮 損益表
(未經審計)
| 三個月結束 | 截至九個月結束 | |||||||||||||||
2024年9月30日 (未經審計) | 2023年9月30日 (已調整) | 2024年9月30日 (未經審計) | 2023年9月30日 (已調整) | |||||||||||||
| 淨銷售額 | $ | $ | $ | $ | ||||||||||||
| 淨銷售聯盟 | ||||||||||||||||
| 銷售成本 | ||||||||||||||||
| 毛利潤 | ||||||||||||||||
| 運營費用： | ||||||||||||||||
| 銷售 & 營銷 | ||||||||||||||||
| 一般 和管理費用 | ||||||||||||||||
| 折舊與攤銷 | ||||||||||||||||
| 工資單 費用 | ||||||||||||||||
| 研究 和開發成本 | ||||||||||||||||
| 總營業費用 | ||||||||||||||||
| 營業收入（損失） | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| 其他 收入（費用）： | ||||||||||||||||
| 總 其他收入（損失） | ( | ) | ( | ) | ||||||||||||
| 稅前利潤（損失） | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| 稅款準備 | ||||||||||||||||
| 淨收入（損失） | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| 軟件收購視爲股息 | ( | ) | ||||||||||||||
| 歸屬普通股股東的淨綜合損失 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| 每股收益（損失）： | ||||||||||||||||
| 基本及稀釋 | $ | ) | $ | ) | $ | ) | $ | ) | ||||||||
| 每股虧損（歸屬於普通股股東） | ) | ) | ) | ) | ||||||||||||
| 已發行股份的加權平均數 | ||||||||||||||||
請參閱基本報表附註。
| 4 |
激光光電公司
現金流量表摘要
(未經審計)
| 截至九個月 | ||||||||
2024年9月30日 (未經審計) | 2023年9月30日 (已調整) | |||||||
| 營業收入 | ||||||||
| 淨損失 | $ | ( | ) | $ | ( | ) | ||
| 壞賬 | ||||||||
| 爲補償發行的股票 | ||||||||
| 分銷給關聯方 | ( | ) | ||||||
| 折舊與攤銷 | ||||||||
| Deferred Revenue | ||||||||
| 應收賬款 | ( | ) | ( | ) | ||||
| 存貨 | ( | ) | ( | ) | ||||
| ( | ) | |||||||
| 其他負債 | ||||||||
| 應付賬款 | ||||||||
| 應計費用 | ( | ) | ( | ) | ||||
| 按金 | ( | ) | ||||||
| 遞延收入 | ( | ) | ||||||
| 經營活動中的現金流量淨額 | ( | ) | ( | ) | ||||
| 投資活動 | ||||||||
| ( | ) | ( | ) | |||||
| 281,184 | ( | ) | ||||||
| 車輛 | ( | ) | ||||||
| 許可證和專利 | ( | ) | ||||||
| ( | ) | |||||||
| ( | ) | ( | ) | |||||
| 投資活動中使用的淨現金流量 | ( | ) | ( | ) | ||||
| 籌資活動 | ||||||||
| 股票補償的更正 | ( | ) | ||||||
| PIPE發行的股份 | ||||||||
| 籌資活動提供的現金淨額 | ( | ) | ||||||
| ( | ) | ( | ) | |||||
| 期初現金及現金等價物餘額 | ||||||||
| 期末現金及現金等價物 | $ | $ | ||||||
| 非現金投融資活動 | ||||||||
| 普通股票將用於免現行權證行權 | ||||||||
| 補充現金流量信息 | ||||||||
| 所得稅 | ||||||||
| 利息 | ||||||||
請查看基本報表附註。
| 5 |
激光光電公司
股東權益（赤字）簡明報表
(未經審計)
| 2024年9月30日止三個月 | ||||||||||||||||||||||||||||||||||||||||
| 優先 股 | 普通股 | 待發行股票 | 國庫 | 累計 | 股東。我們的修訂後的公司章程還指定了有關股東通知的表單和內容的某些要求。這些規定可能會阻止我們的股東在我們的股東年會上提出問題或在我們的股東年會上對董事進行提名。 | |||||||||||||||||||||||||||||||||||
| 股份 | 金額 | 股份 | 金額 | 股份 | 金額 | 股票 | APIC | 虧損 | 股權 | |||||||||||||||||||||||||||||||
| 餘額， 截至2024年6月30日 | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||||||||||||||||
| 截至2024年9月30日的三個月的淨虧損 | $ | ( | ) | $ | ( | ) | ||||||||||||||||||||||||||||||||||
| 分配 給關聯方 | $ | ( | ) | $ | ( | ) | ||||||||||||||||||||||||||||||||||
| 股票 發行PIPE | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
| 無現金行使 Warrants | $ | $ | ( | ) | $ | |||||||||||||||||||||||||||||||||||
| 餘額， 2024年9月30日 | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||||||||||||||||
| 截至2023年9月30日的三個月 | ||||||||||||||||||||||||||||||||||||||||
| 優先 股 | 普通股 | 待發行股票 | 國庫 | 累計 | 股東。我們的修訂後的公司章程還指定了有關股東通知的表單和內容的某些要求。這些規定可能會阻止我們的股東在我們的股東年會上提出問題或在我們的股東年會上對董事進行提名。 | |||||||||||||||||||||||||||||||||||
| 股份 | 金額 | 股份 | 金額 | 股份 | 金額 | 股票 | APIC | 虧損 | 股權 | |||||||||||||||||||||||||||||||
| 餘額， 2023年6月30日（重述） | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||||||||||||||||
| 截至2023年9月30日的三個月淨虧損 | $ | ( | ) | $ | ( | ) | ||||||||||||||||||||||||||||||||||
| 糾正與股權補償相關的錯誤 | $ | ( | ) | $ | ( | ) | ||||||||||||||||||||||||||||||||||
| 餘額， 2023年9月30日（重述） | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||||||||||||||||
| 6 |
| 截至2024年9月30日的九個月 | ||||||||||||||||||||||||||||||||||||||||
| 優先 股 | 普通股 | 將要發行的股票 | 國庫 | 累計 | 股東。我們的修訂後的公司章程還指定了有關股東通知的表單和內容的某些要求。這些規定可能會阻止我們的股東在我們的股東年會上提出問題或在我們的股東年會上對董事進行提名。 | |||||||||||||||||||||||||||||||||||
| 股份 | 金額 | 股份 | 金額 | 股份 | 金額 | 股票 | APIC | 虧損 | 股權 | |||||||||||||||||||||||||||||||
| 餘額， 截至2023年12月31日 | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||||||||||||||||
| 截至2024年9月30日的九個月淨虧損 | $ | ( | ) | $ | ( | ) | ||||||||||||||||||||||||||||||||||
| 分配 給關聯方 | $ | ( | ) | $ | ( | ) | ||||||||||||||||||||||||||||||||||
| 股票 作爲補償發行 | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
| 股票 用於軟件購買而發行 | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
| 視爲 對APIC的股息 | $ | ( | ) | $ | ( | ) | ||||||||||||||||||||||||||||||||||
| 股票 發行PIPE | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
| 無現金行使 的warrants | $ | $ | ( | ) | $ | |||||||||||||||||||||||||||||||||||
| 餘額， 2024年9月30日 | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||||||||||||||||
| 2023年9月30日結束的九個月 | ||||||||||||||||||||||||||||||||||||||||
| 優先 股 | 普通股 | 待發行股票 | 國庫 | 累計 | 股東。我們的修訂後的公司章程還指定了有關股東通知的表單和內容的某些要求。這些規定可能會阻止我們的股東在我們的股東年會上提出問題或在我們的股東年會上對董事進行提名。 | |||||||||||||||||||||||||||||||||||
| 股份 | 金額 | 股份 | 金額 | 股份 | 金額 | 股票 | APIC | 虧損 | 股權 | |||||||||||||||||||||||||||||||
| 2019年12月31日餘額 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||||||||||||||||
| 2023年9月30日止九個月淨損失 | $ | ( | ) | $ | ( | ) | ||||||||||||||||||||||||||||||||||
| 股票補償相關錯誤更正 | $ | ( | ) | $ | ( | ) | ||||||||||||||||||||||||||||||||||
| 2019年9月30日餘額（已調整） | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||||||||||||||||
請查看基本報表附註。
| 7 |
激光光電公司
基本報表註釋
(未經審計)
注意 1 -提供的基礎
隨附的未經審計的簡明財務報表和附註由Laser Photonics Corporation（以下簡稱「公司」）以美元呈現，並按照美國通用會計準則（「US GAAP」）和證券交易委員會（「SEC」）的規定和規定編制，以供臨時財務信息使用。因此，這些報表不包括所有根據US GAAP編制完整財務報表所需的信息和附註。請結合我們2023年12月31日結束的年度報告中包含的財務報表、附註和重要會計政策閱讀本財務報表。
預計繼續運營
自創立以來，公司尚未獲得足夠的營業收入，並且在截至2023年12月31日的一年內持續經營虧損，以及截至2024年9月30日。截至2024年9月30日，公司的營運資金呈正值。公司作爲持續經營存在的前提在於，其能夠通過經營產生額外的現金流以滿足其義務，或者從其成員或其他來源獲得必要的額外融資。這些因素對公司在發行這些基本報表之後的十二個月內繼續作爲持續經營產生了重大疑慮。
| 8 |
注意 2.
重新聲明 之前發佈的基本報表 2023年第三季度
2023年第三季度 未經審計，當我們準備2024年第三季度的申報時，我們注意到賬本中的餘額與已申報的金額不符。我們的記錄系統當前財務數據是所呈現財務數據的基礎，而不是之前的2023年第三季度申報。
| 2023年9月30日結束的九個月 | ||||||||||||
| 重述 | ||||||||||||
| 正式提交 | 調整 | 重述 | ||||||||||
| 經營報告 | ||||||||||||
| 淨銷售額 | $ | $ | ( | ) | $ | |||||||
| 其他收入 | ||||||||||||
| 銷售成本 | ||||||||||||
| 毛利潤 | ( | ) | ||||||||||
| 營業費用： | ||||||||||||
| 銷售和營銷 | ( | ) | ||||||||||
| 總務及行政 | ( | ) | ||||||||||
| 折舊與攤銷 | ( | ) | ||||||||||
| 研發項目 | ||||||||||||
| 總營業費用 | $ | $ | ( | ) | $ | |||||||
| 營業收入（虧損） | ( | ) | ( | ) | ( | ) | ||||||
| 其他總收入（損失） | ( | ) | ( | ) | ||||||||
| 利息支出 | ||||||||||||
| $ | ( | ) | ( | ) | ( | ) | ||||||
| 淨收入（損失） | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
| 每股收益（損失） | ||||||||||||
| 基本 | $ | ( | ) | $ | ( | ) | ||||||
| 攤薄 | $ | ( | ) | ( | ) | |||||||
| 9 |
| 重述 | ||||||||||||
| 正式提交 | 調整 | 重述 | ||||||||||
| 現金流量表 | ||||||||||||
| 營業收入 | ||||||||||||
| 淨收入（損失） | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
| 調整以將淨利潤（損失）調節爲經營活動現金流量 | ||||||||||||
| 折舊與攤銷 | ||||||||||||
| 股票補償 | ( | ) | ||||||||||
| Deferred Revenue | ||||||||||||
| 應收賬款 | ( | ) | ( | ) | ||||||||
| 存貨 | ( | ) | ( | ) | ||||||||
| 其他負債 | ||||||||||||
| 應付賬款 | ( | ) | ||||||||||
| 應計費用 | ( | ) | ( | ) | ||||||||
| Net Cash From (Used In) Operating Activities | $ | ( | ) | $ | ( | ) | ||||||
| 投資活動 | ||||||||||||
| 購買設備 | $ | $ | ( | ) | ( | ) | ||||||
| 車輛 | ( | ) | ( | ) | ||||||||
| 許可證和專利 | ( | ) | ( | ) | ||||||||
| Leashold improvements | ( | ) | ( | ) | ||||||||
| Purchase of Operational Software & Webstie | ( | ) | ( | ) | ||||||||
| 購買長期資產 | ( | ) | ||||||||||
| 購置無形資產 | ( | ) | ||||||||||
| 投資活動產生的淨現金流量 | $ | ( | ) | $ | ( | ) | ||||||
| 籌資活動 | ||||||||||||
| 普通股 | ||||||||||||
| 超額實收資本 | ( | ) | ( | ) | ||||||||
| 留存收益 | ||||||||||||
| 籌資活動產生的淨現金流量 | $ | $ | ( | ) | ( | ) | ||||||
| $ | ( | ) | $ | ( | ) | |||||||
| 期初現金餘額 | ||||||||||||
| 期末現金餘額 | $ | $ | ( | ) | ||||||||
| 非現金投融資活動 | ||||||||||||
| 發行普通股以支付市場營銷報酬 | $ | $ | ( | ) | $ | |||||||
| 10 |
| 2023年9月30日結束的三個月 | ||||||||||||
| 重述 | ||||||||||||
| 正式提交 | 調整 | 重述 | ||||||||||
| 經營報告 | ||||||||||||
| 淨銷售額 | $ | $ | $ | |||||||||
| 其他收入 | ||||||||||||
| 銷售成本 | ||||||||||||
| 毛利潤 | ||||||||||||
| 營業費用： | ||||||||||||
| 銷售和營銷 | ||||||||||||
| 總務及行政 | ( | ) | ||||||||||
| 折舊與攤銷 | ||||||||||||
| 研發項目 | ||||||||||||
| 總營業費用 | $ | $ | ( | ) | $ | |||||||
| 營業收入（虧損） | ( | ) | ( | ) | ||||||||
| 其他總收入（損失） | ( | ) | ( | ) | ||||||||
| 利息支出 | ||||||||||||
| $ | ( | ) | ( | ) | ||||||||
| 淨收入（損失） | $ | ( | ) | $ | $ | ( | ) | |||||
| 每股收益（損失） | ||||||||||||
| 基本和攤薄 | $ | ) | $ | ) | ||||||||
注意 3 – 重要會計政策概述和估計的使用.
我們的 重要會計政策在我們2023年10-K表格的「附註2 - 重要會計政策摘要」中提供。與2023年12月31日結束的財政年度中披露的會計政策相比，我們的重要會計政策沒有重大變化。
| 11 |
股權補償
公司按照ASC 718的規定覈算股權支付，該規定要求所有用於獲得貨物或服務的股權支付，包括員工期權的授予，根據其公允價值在損益表中確認，扣除預計放棄的部分。ASC 718要求在授予時估計放棄部分，並在後續期間根據實際放棄情況對此進行修訂。與股權獎勵相關的報酬費用將在合適的服務期內確認，通常是歸屬期。
按照美國通用會計準則編制財務報表需要管理層進行估計和假設，這些估計和假設會影響資產和負債的報告金額以及在財務報表日期披露的或可能的負債，同時也會影響在期間內的營業收入和費用的報告金額。實際結果可能會與這些估計不一致。在管理層看來，我們的財務報表反映了管理層認爲必要的所有調整，以公正地陳述了公司的經營結果、財務狀況和現金流量。
Revenue Recognition
根據《主題606》，當交付承諾的商品或服務並反映預期獲得的交換回報的金額時，實體才能確認營業收入。爲了判斷實體認爲適用於《主題606》範圍內的安排的營業收入確認，實體需要執行以下五個步驟：（i）確定與客戶的合同；（ii）確定合同中的履約義務；（iii）確定交易價格；（iv）將交易價格分配給合同中的履約義務；（v）在履約義務得到滿足的時候確認營業收入。僅當實體有可能收集到與其提供給客戶的商品或服務相應的交換回報時，公司才會應用這五個步驟模型來合同。在合同簽訂時，一旦確實符合《主題606》範圍，我們會評估每個合同中承諾的商品或服務，並確定哪些履約義務，並評估每個承諾的商品或服務是否獨立。然後，當（或者）履約義務得到滿足時，該公司將分配給各個履約義務的交易價格的金額確認爲營業收入。
收入 然後，當履約義務時（或作爲）履行義務時，根據分配給每項履約義務的交易價格予以確認 很滿意。對於我們的產品，收入通常在客戶發貨或提貨時予以確認。在這個階段，標題開始了 製造的設備移交給客戶，客戶負責運輸費用、保險和 運輸途中設備的任何與運輸相關的損壞。我們沒有義務在收款倉庫之外交貨，並且 客戶的合同責任是確保其貨物到達目的地。
| 12 |
退款和退貨金額很少，會被記錄爲營業收入的減少。在滿足上述標準之前，從客戶下單到收到款項的這個期間，這筆收入會被記錄爲未實現收入。
作爲對特定採購訂單或未來激光設備銷售收到的存款，被確認爲客戶存款並列入資產負債表中。當控制權轉移給客戶時，客戶存款被確認爲營業收入。
所有收入均以減去銷售折扣或稅金的淨額進行報告。
其他 與經銷商相關的營業收入確認事項。
經銷商通常沒有權利退回未銷售的設備。然而，在有限的情況下，如果公司確定經銷商的庫存已經超過了公司的新型號發佈的道德期限，公司可以根據其保修政策酌情接受退貨，併爲經銷商的交易帳戶提供信貸。這種收入是根據寄售的方式確認的，控制轉移是指商品賣給最終客戶時，公司認可收入的時間點。
現金及現金等價物
現金 現金及現金等價物包括到期日在購買日期時爲三個月或更短的高度流動性投資。 現金及現金等價物按成本計入，約等於公允價值。
流動負債
應付賬款
應付賬款
是指我們對供應商和分包商的短期負債，他們給予公司信用條款或提供貨物或
服務，並允許延期付款。截至2024年9月30日和2023年12月31日，我們的應付賬款記錄爲$
延遲營業收入
遞延收入主要由已提供給主要分銷商但尚未銷售的產品組成。截至2024年9月30日，公司的營業收入爲$
截至2024年9月30日，公司沒有貸款餘額。
| 13 |
基本 每股收益/虧損 是通過將歸屬於股東的收益/虧損除以期間內的加權平均 流通股份數來計算的。 每股收益/虧損 反映了潛在的攤薄效應，即如果證券或其他用於發行普通股的合同被行使或轉換爲普通股，或導致普通 股發行而分擔了公司的收益（虧損）。攤薄 每股收益/虧損 反映了潛在的攤薄效應，即如果證券或其他用於發行普通股的合同被行使或轉換爲普通股，或導致普通 股發行而分擔了公司的收益（虧損）。攤薄 每股收益/虧損 每股收益是通過將其除以權重平均期間的股票持有人可取得的權益計算出來的 收益/損失 用於期間和潛在總股份取平均數計算，除非此潛在總股份可能導致反稀釋。
應收賬款
交易
應收賬款按預期無法收回的賬款準備金淨額入賬。公司在正常的業務過程中向客戶提供信貸，並對其客戶進行持續的信用評估。所有被認定爲無法收回的帳戶或其部分均作爲壞賬費用沖銷，發生時記入。此外，大多數銷售訂單在沒有大額存入資金的情況下不被接受。截止到2024年9月30日，可收回帳戶的餘額爲$
存貨
庫存以先進先出（FIFO）法以更低的成本或淨可變現價值確認。公司的庫存主要分爲四類：
銷售演示庫存 - 銷售演示庫存是指用於支持我們銷售人員進行演示和持有待售的成品。銷售演示庫存保存在我們的演示設施或銷售代表處，最長可達三年，屆時將進行翻新並作爲使用設備轉移到成品，按照成本或淨實現價值的較低者進行計價。銷售演示庫存現在被記錄爲固定資產，對於大多數物品，其可用年限被認爲是七年。我們有一種物品被認爲有五年的可用年限。
設備 部件庫存 - 該庫存代表目前正在轉化爲可銷售產品批次的元件和原材料，通過製造和/或設備裝配過程。庫存包括可能是專業性質，並受迅速過時的部件和元件。公司定期審查庫存數量和賬面價值，以評估庫存是否可以收回。由於公司的垂直整合，銷售活動的顯著或突然下降可能導致超額或過時庫存估值的估計發生重大變化。與超額數量、技術過時或元件拒收的規定相關的費用將作爲銷售成本計入。
製造中存貨 - 製造中存貨包括這些基本報表日期之前部分製造或未完全組裝的存貨。這些設備、機器、零件、框架、激光器和組件是尚未準備好使用或轉售的物品。成本被累積爲製造中存貨，直到銷售準備就緒的物品完成後，它們將被轉移到成品存貨中。該帳戶中的金額代表基本報表日期時各個完成階段的物品。
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 that delivery and setup.
| 14 |
As of September 30, 2024, and December 31, 2023, respectively, our inventory consisted of the following:
| 存貨 | 截至 2024年9月30日 （未經審計） | 截至 截止2023年12月31日的九個月 經審計 | ||||||
| 設備零件庫存 | $ | $ | ||||||
| 6.存貨淨額 | ||||||||
| 銷售演示庫存 | ||||||||
| 在製品庫存 | ||||||||
| 存貨準備 | ( | ) | ( | ) | ||||
| 存貨總額 | $ | $ | ||||||
固定資產 - 機械設備
資產和設備按成本進行記錄。 主要增加和改進的支出被資本化，而較小的更換、維護和修理支出則在發生時計入費用。 當資產和設備報廢或以其他方式處理時，成本和累計折舊將從帳戶中移除，任何由此產生的損益將包括在相應期間的營運結果中。
機械和設備
折舊 是根據相關資產的估計使用壽命，採用直線法提供，用於財務報表目的。
| 類別 | 經濟 有用壽命 |
||
| 辦公傢俱和固定裝置 | |||
| 機械、車輛和設備 | |||
| 租賃改良 | 租賃 期限 |
| 固定資產 | 截至 2024 年 9 月 30 日 （未經審計） | 截至 2023 年 12 月 31 日 （已審計） | ||||||
| 累計折舊 | $ | ( | ) | $ | ( | ) | ||
| 機械和設備 | ||||||||
| 辦公傢俱和計算機設備 | ||||||||
| 車輛 | ||||||||
| 研發設備 | ||||||||
| 租賃權益改善 | ||||||||
| 演示設備 | ||||||||
| 固定資產總額 | $ | $ | ||||||
| 15 |
無形資產
無形資產主要包括資本化的設備設計文件、爲銷售製造的設備的軟件成本，以及某些專利、商標和許可成本。資本化軟件和設備設計文件開發成本按照會計準則「ASC」985「軟件」記錄，使用直線法分攤成本，分攤期限爲十年。專利、商標和許可成本使用直線法攤銷，攤銷期限爲15年。管理層定期審查無形資產的估值，通過將相關資產的賬面價值與從相關業務運營中未折現的未來現金流量和/或營業收入進行比較，判斷是否存在減值。
The Company employs various core technologies across many different product families and applications in an effort to maximize the impact of our research and development costs and increase economies of scale and to leverage its technology-specific expertise across multiple product platforms. The technologies inherent in its laser equipment products include application documentation, proprietary and custom software developed for operation of its equipment, specific knowledge of supply chain and, mostly important, equipment design documentation, consisting of 3D engineering drawings, bills of materials, wiring diagrams, parts AutoCad drawings, software architecture documentation, etc. Intangible assets were received from a related party, ICT Investments, and therefore transferred and booked by Laser Photonics Corp. at their historical cost.
| Intangible Assets | As of September 30, 2024 (Unaudited) | As of December 31, 2023 (Audited) | ||||||
| Accumulated Amortization | $ | ( | ) | $ | ( | ) | ||
| Customer Relationships | ||||||||
| Equipment Design Documentation | ||||||||
| Operational Software & Website | ||||||||
| Trademarks | ||||||||
| License & Patents | ||||||||
| Total Intangible Assets | $ | $ | ||||||
Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment is measured by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from use of the assets and their ultimate disposition. In instances where impairment is determined to exist, the Company will write down the asset to its fair value based on the present value of estimated future cash flows.
| 16 |
NOTE 4 – LEASES
Our leases consist of operating leases only related to our two facilities located in Orlando, Florida. The operating leases for our facilities are non-cancelable operating leases and are included in Operating lease right-of-use (“ROU”) asset, Lease liability, and Lease liability – less current portion in our balance sheets. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 (Unaudited) | 2023 (Restated) | 2024 (Unaudited) | 2023 (Restated) | |||||||||||||
| Operating Lease Expense | $ | $ | $ | $ | ||||||||||||
NOTE 5 – STOCKHOLDERS’ EQUITY/DEFICIT
General
The following description of our securities and certain provisions of our amended and restated certificate of incorporation and amended and restated bylaws are summaries and are qualified by reference to the amended and restated certificate of incorporation and our bylaws that will be in effect on the closing of this offering. Copies of these documents have been filed with the SEC as exhibits to our registration statement, of which this prospectus forms a part. The descriptions of the Shares, and preferred stock reflect changes to our capital structure that will be in effect on the closing of this offering.
Preferred Stock
| ● | Par value: $ | |
| ● | Authorized: | |
| ● | Issued: There were preferred shares issued and outstanding as of September 30, 2024 |
Common Stock
| ● | Par value: $ | |
| ● | Authorized: | |
| ● | Issued: as of September 30, 2024 |
On February 2nd, 2024, Shares of Common stock were issued to Jade Barnwell, the former Laser Photonics CFO, under the terms of employment.
On
May 21, 2024, of Common stock were issued and transferred to Fonon Corporation in exchange for licenses for all commercial
and noncommercial applications of Fonon Corp for laser cutting, marking, engraving, welding, semiconductor applications and flat panel
display. The stock was valued at it’s fair-market value of $
On
August 16, 2024, Laser Photonics Corporation (the “Company”) entered a private placement transaction (the “Private
Placement”) pursuant to a Securities Purchase Agreement (the “Securities Purchase Agreement”) with certain institutional
investors (the “Purchasers”) for aggregate gross proceeds of $
On
September 16, 2024,
Warrants
As
of September 30, 2024, there were
Options
As of September 30, 2024, there were Options Issued or Outstanding
| 17 |
NOTE 6 – RELATED PARTY TRANSACTIONS
ICT
Investments provides the Company with accounting services and various management services on a as needed basis. For the six months ended
September 30, pursuant to an arrangement with ICT Investment, the Company paid in total $
ICT
Investments owns shares of the Company’s common stock. ICT Investments owned shares of the Company’s common
stock prior to the closing of the Company’s IPO on October 4, 2022, this represented
On
May 21, 2024 of Common stock were issued and transferred to Fonon Corporation in exchange for licenses for all commercial and
noncommercial applications of Fonon Corp for laser cutting, marking, engraving, welding, semiconductor applications and flat panel display.
The stock was valued at its fair-market value of $
For
the 9 months ending September 30,2024 there was related party liability of $
For
the 9 months ending September 30,2024 $
| 18 |
NOTE 7 – COMMITMENTS AND CONTINGENCIES
In
October 2021, a lease on
In
December 2022, we entered into an agreement with 2701 Maitland Building Associates to rent
As
of January 1, 2020, we adopted ASU 2016-02 employing the cumulative-effect adjustment transition method, resulting in the recognition
on our balance sheet of $
We
only have $
The maturity amounts of our lease liabilities are as follows:
| Year ending December 31, | Operating Leases | |||
| 2024 | $ | |||
| 2025 | $ | |||
| Total | $ | |||
NOTE 8 – SUBSEQUENT EVENTS
The Company’s management has evaluated subsequent events up to November 21, 2024, the date the financial statements were issued, pursuant to the requirements of ASC 855 and has the following to report:
On October 31, 2024 completed the acquisition of Control Micro Systems, Inc. (CMS).
| 19 |
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion of our financial condition and results of operations should be read in conjunction with our unaudited financial statements and the notes to those financial statements appearing elsewhere in this Report.
Certain statements in this Report constitute forward-looking statements. These forward-looking statements include statements, which involve risks and uncertainties, regarding, among other things, (a) our projected sales, profitability, and cash flows, (b) our growth strategy, (c) anticipated trends in our industry, (d) our future financing plans, and (e) our anticipated needs for, and use of, working capital. They are generally identifiable by use of the words “may,” “will,” “should,” “anticipate,” “estimate,” “plan,” “potential,” “project,” “continuing,” “ongoing,” “expects,” “management believes,” “we believe,” “we intend,” or the negative of these words or other variations on these words or comparable terminology. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur. You should not place undue reliance on these forward-looking statements.
The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.
The “Company,” “we,” “us,” or “our,” are references to the business of Laser Photonics Corporation, a Delaware corporation.
Overview
We are a vertically integrated manufacturing Company for photonics based industrial products and solutions, primarily disruptive laser cleaning technologies. Our vertically integrated operations allow us to reduce development and advanced laser equipment manufacturing time, offer better prices, control quality and protect our proprietary knowhow and technology compared to other laser cleaning companies and companies with competing technologies.
Our principal executive offices are located at 1101 N Keller Rd, Orlando FL, 32810, and our telephone number is (407) 804 1000. Our website address is www.laserphotonics.com. The Company’s annual reports, quarterly reports, current reports on Form 8-K and amendments to such reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”), and other information related to the Company, are available, free of charge, on that website as soon as we electronically file those documents with, or otherwise furnish them to, the SEC. The Company’s website and the information contained therein, or connected thereto, are not and are not intended to be incorporated into this Quarterly Report on Form 10-Q.
We intend to continue to stay ahead of the technology curve by researching and developing cutting edge products and technologies for both large and small businesses. We view the small companies as an attractive market opportunity since they were previously unable to take advantage of laser processing equipment due to high prices, significant operating costs and the technical complexities of the laser equipment. As a result, we are developing an array of laser cleaning equipment that we have named the CleanTech™ product line, which we believe represents a new generation of high-power laser cleaning systems applicable to numerous material processing operations.
Factors and Trends That Affect Our Operations and Financial Results
In reading our financial statements, you should be aware of the following factors and trends that our management believes are important in understanding our financial performance.
Supply Chain. We are experiencing increased lead times for certain parts and components purchased from third party suppliers; particularly electronic components. We, our customers and our suppliers continue to face constraints related to supply chain and logistics, including availability of capacity, materials, air cargo space, sea containers and higher freight rates and import duties. Supply chain and logistics constraints are expected to continue for the foreseeable future and could impact our ability to supply products and our customers’ demand for our product or readiness to accept deliveries. Notwithstanding these effects, we believe we have the ability to meet the near-term demand for our products, but the situation is fluid and subject to change.
Net sales. Our net sales have historically fluctuated from quarter to quarter. The increase or decrease in sales from the previous quarter can be affected by the timing of orders received from customers, the shipment, installation and acceptance of products at our customers’ facilities. Net sales can be affected by the time taken to qualify our products for use in new applications in the end markets that we serve. Our sales cycle varies substantially, ranging from a period of a few weeks to as long as one year or more, but is typically several months. The adoption of our products by a new customer or qualification in a new application can lead to an increase in net sales for a period, which may then slow until we penetrate new markets or obtain new customers.
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Our business depends substantially upon capital expenditures by end users, particularly by manufacturers using our products for materials processing, which includes general manufacturing, automotive including electric vehicles (EV), other transportation, aerospace, heavy industry, consumer, semiconductor and electronics. Approximately 92% of our revenues for first quarter of 2022 and 91% of our revenues for the full 2021 fiscal year were from customers using our products for materials processing. Although applications within materials processing are broad, the capital equipment market in general is cyclical and historically has experienced sudden and severe downturns. For the foreseeable future, our operations will continue to depend upon capital expenditures by end users of materials processing equipment and will be subject to the broader fluctuations of capital equipment spending.
Gross margin. Our total gross margin in any period can be significantly affected by several factors, including net sales, production volumes, competitive factors, product mix, and by other factors such as changes in foreign exchange rates relative to the U.S. Dollar. Many of these factors are not under our control. The following are examples of factors affecting gross margin:
● As our products mature, we can experience additional competition which tends to decrease average selling prices and affects gross margin.
● Our gross margin can be significantly affected by product mix. Within each of our product categories, the gross margin is generally higher for devices with greater average power. These higher power products often have better performance, more difficult specifications to attain and fewer competing products in the marketplace.
Selling and Marketing expenses. In the first quarter of 2024, we invested in Selling and Marketing costs in order to support continued growth in the Company. As the secular shift to laser blasting technology matures, our sales growth becomes more susceptible to the cyclical trends typical of capital equipment manufacturers. Accordingly, our future management of and investments in selling and marketing expenses will also be influenced by these trends, although we may still invest in selling and marketing functions to support sales sustainability even in economic down cycles.
Research and development expenses. We plan to continue to invest in research and development to improve our existing laser blasting technology and equipment and develop new products, systems and applications. We believe that these investments will sustain our position as a leader in the laser blasting industry and will support development of new products that can address new markets and growth opportunities. The amount of research and development expenses we incur may vary from period to period.
Service of Laser Blasting Equipment
Liquidity and Capital Resources
The following is a summary of the Company’s cash flows provided and (and used in) operating, investing, and financing activities for nine months ended as of September 30, 2024, and September 30, 2023.
| Nine months ended on September 30, | ||||||||
| Cash flow data | 2024 (Unaudited) | 2023 (Restated) | ||||||
| Net cash provided by (used in) operating activities | $ | (6,443,099 | ) | $ | (3,474,451 | ) | ||
| Net cash provided by (used in) investing activities | $ | (288,628 | ) | $ | (325,580 | ) | ||
| Net cash provided by (used in) financing activities | $ | 2,652,350 | $ | (71,250 | ) | |||
| Net change in cash and cash equivalents | $ | (4,079,377 | ) | $ | (3,871,281 | ) | ||
| Cash at end of period | $ | 2,121,760 | $ | 8,310,518 | ||||
As of September 30, 2024, the Company had $2,121,760 in cash, $2,961,186 in current assets (without cash and cash equivalents) and $886,796 in current liabilities.
As a result, on September 30, 2024, the Company had $3,879,770 in total working capital, compared to $8,262,302 of total working capital on December 31, 2023.
We will have to meet all the financial disclosure and reporting requirements associated with being a publicly reporting Company. Our management will have to spend additional time on policies and procedures to make sure it is compliant with various regulatory requirements, especially that of Section 404 of the Sarbanes-Oxley Act of 2002. This additional corporate governance time required of management could limit the amount of time our management has to implement our business plan and may delay our anticipated growth plans.
We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.
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Revenues
Revenue Recognition- Under Topic 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We only apply the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, we assess the goods or services promised within each contract and determine those that are performance obligations and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Refunds and returns, which are minimal, are recorded as a reduction of revenue. Payments received by customers prior to our satisfying the above criteria are recorded as unearned income in the combined balance sheets. All revenues were reported in net of any sales discounts or taxes.
Inventory — 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 obsolescence. We maintain a reserve for excess or obsolete inventory items. Inventories are written off and charged to the cost of goods sold when identified as excess or obsolete. If future sales differ from these forecasts, the valuation of excess and obsolete inventory may change, and additional inventory provisions may be required. Because of our vertical integration, a significant or sudden decrease in sales could result in a significant change in the estimates of excess or obsolete inventory valuation. On December 31, 2022, we recorded $101,698 in Inventory Obsolescence.
For the three months ending September 30, 2024, we recognized revenue of $716,697, as compared to $1,303,205 in revenue for the same period in 2023, a decrease of $586,508. The decrease is primarily due to the timing of orders expected to be booked in Q3 2024.
For the nine months ending September 30, 2024, we recognized revenue of $2,083,123, as compared to $2,944,837 in revenue for the same period in 2023, a decrease of $861,714. The decrease is primarily due to the timing of orders expected to be booked by Q3 2024 being delayed into Q4 2024.
| Three Months Ended September 30, | Nine months Ended September 30, | |||||||||||||||
| 2024 (Unaudited) | 2023 (Restated) | 2024 (Unaudited) | 2023 (Restated) | |||||||||||||
| Revenue | $ | 716,697 | $ | 1,303,205 | $ | 2,083,123 | $ | 2,944,837 | ||||||||
For the three months ending September 30, 2024, our net income was $(1,625,268) as compared to $(895,109) in the same period of 2023.
For the nine months ending September 30, 2024, our net income was $(3,105,233) as compared to $(2,831,608) in the same period of 2023.
We are entering into laser equipment sales agreements with customers for specific equipment based upon purchase orders and our standard terms and conditions of sale.
Under our customer contracts or / and purchase orders, we transfer title and risk of loss to the customer and recognize revenue upon shipment. Our customers do not have extended payment terms or rights of return under these contracts.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Summary Financial Information – Non-GAAP EBITDA
| Three Months Ending September 30, | Nine Months Ending September 30, | |||||||||||||||
| 2024 (Unaudited) | 2023 (Restated) | 2024 (Unaudited) | 2023 (Restated) | |||||||||||||
| Other financial data: | ||||||||||||||||
| EBITDA(1) | $ | (1,235,616 | ) | $ | (742,899 | ) | $ | (2,271,742 | ) | $ | (2,495,314 | ) | ||||
| Adjusted EBITDA(2) | $ | (1,235,616 | ) | $ | (742,899 | ) | $ | (2,271,742 | ) | $ | (2,495,314 | ) | ||||
In addition to providing financial measurements based on generally accepted accounting principles in the United States (“GAAP”), we provide the following additional financial metrics that are not prepared in accordance with GAAP (non-GAAP): EBITDA and adjusted EBITDA. Management uses these non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate our financial performance. We believe that these non-GAAP financial measures help us to identify underlying trends in our business that could otherwise be masked by the effect of certain expenses that we exclude in the calculations of the non-GAAP financial measures.
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Accordingly, we believe that these non-GAAP financial measures reflect our ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business and provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and prospects.
These non-GAAP financial measures do not replace the presentation of our GAAP financial results and should only be used as a supplement to, not as a substitute for, our financial results presented in accordance with GAAP. There are limitations in the use of non-GAAP measures, because they do not include all the expenses that must be included under GAAP and because they involve the exercise of judgment concerning exclusions of items from the comparable non-GAAP financial measure. In addition, other companies may use other non-GAAP measures to evaluate their performance, or may calculate non-GAAP measures differently, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.
| (1) | EBITDA is a non-GAAP financial measure used by management, lenders, and certain investors as a supplemental measure in the evaluation of some aspects of a corporation’s financial position and core operating performance. Investors sometimes use EBITDA, as it allows for some level of comparability of profitability trends between those businesses differing as to capital structure and capital intensity by removing the impacts of depreciation and amortization. EBITDA also does not include changes in major working capital items, such as receivables, inventory and payables, which can also indicate a significant need for, or source of, cash. Since decisions regarding capital investment and financing and changes in working capital components can have a significant impact on cash flow, EBITDA is not necessarily a good indicator of a business’s cash flows. We use EBITDA for evaluating the relative underlying performance of our core operations and for planning purposes. We calculate EBITDA by adjusting net income to exclude net interest expense, income tax expense or benefit, depreciation and amortization, thus the term “Earnings Before Interest, Taxes, Depreciation and Amortization” and the acronym “EBITDA.” |
| (2) | Adjusted EBITDA is defined as net income (loss) as reported in our consolidated statements of income excluding the impact of (i) interest expense; (ii) income tax provision; (iii) depreciation and amortization; (iv) stock-based compensation expense; (v) accretion of debt discounts; (vi) other income - forgiveness of Paycheck Protection Program loan; (vii) other financing costs; (viii) loss on extinguishment of debt; (ix) warrant inducement expense; (x) amortization of right-of-use assets; and (xi) change in fair value of derivative liabilities. Our Adjusted EBITDA measure eliminates potential differences in performance caused by variations in capital structures (affecting finance costs), tax positions, the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense). We also exclude certain one-time and non-cash costs. Our definition of Adjusted EBITDA may differ from similarly titled measures used by other companies, and any such differences could be material. |
We believe EBITDA and Adjusted EBITDA are helpful for investors to better understand our underlying business operations. The following table adjusts Net Income to EBITDA and Adjusted EBITDA for the three- and nine-months ending September 30, 2024, and 2023.
| Three Months Ending September 30, | Nine Months Ending September 30, | |||||||||||||||
| 2024 (Unaudited) | 2023 (Restated) | 2024 (Unaudited) | 2023 (Restated) | |||||||||||||
| Reconciliation of EBITDA: | ||||||||||||||||
| Net Income (Loss) | $ | (1,625,268 | ) | $ | (895,109 | ) | $ | (3,105,233 | ) | $ | (2,831,608 | ) | ||||
| Add (deduct): | ||||||||||||||||
| Interest expense | - | - | - | - | ||||||||||||
| Taxes | 151,035 | - | 163,664 | - | ||||||||||||
| Other | - | - | ||||||||||||||
| Depreciation & Amortization | 238,617 | 152,210 | 669,827 | 336,294 | ||||||||||||
| EBITDA(1) | (1,235,616 | ) | (742,899 | ) | (2,271,742 | ) | (2,495,314 | ) | ||||||||
| Other adjustments | - | - | - | |||||||||||||
| Adjusted EBITDA(2) | $ | (1,235,616 | ) | $ | (742,899 | ) | $ | (2,271,742 | ) | $ | (2,495,314 | ) | ||||
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Subsequent Events
None
Off-Balance Sheet Arrangements
As of September 30, 2024, we did not have any off-balance sheet arrangements.
Table of Contents
Pursuant to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as it is a “smaller reporting Company,” as defined by Rule 229.10(f)(1).
We have not utilized any derivative financial instruments such as futures contracts, options and swaps, forward foreign exchange contracts or interest rate swaps and futures. We believe that adequate controls are in place to monitor any hedging activities. We do not have any borrowings and, consequently, we are not affected by changes in market interest rates. We do not currently have any sales or own assets and operate facilities in countries outside the United States and, consequently, we are not affected by foreign currency fluctuations or exchange rate changes. Overall, we believe that our exposure to interest rate risk and foreign currency exchange rate changes is not material to our financial condition or results of operations.
ITEM 4. CONTROLS AND PROCEDURES
Disclosures Control and Procedures
Under the supervision of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), our management has evaluated the effectiveness of the design and operation of our “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this Quarterly Report on Form 10-Q (the “Evaluation Date”). Based upon that evaluation, our CEO and CFO have concluded that, as of the Evaluation Date, our disclosure controls and procedures are not effective. Management is implementing controls and procedures during 2024 to bring to effective.
Changes in Internal Controls over Financial Reporting
There was no material change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Exchange Act) that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
We are not involved in any legal proceedings, including routine litigation arising in the normal course of business that we believe will have a material adverse effect on our business, financial condition or results of operations.
ITEM 1A. RISK FACTORS
Not applicable to a smaller reporting Company.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
There were no sales of unregistered securities during the reported period.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. MINE SAFETY DISCLOSURES.
Not applicable.
ITEM 5. OTHER INFORMATION.
None.
ITEM 6. EXHIBITS.
| 31.1 | Rule 13(a)-14(a)/15(d)-14(a) Certification of principal executive officer | |
| 31.2 | Rule 13(a)-14(a)/15(d)-14(a) Certification of principal financial and accounting officer | |
| 32.1 | Section 1350 Certification of principal executive officer | |
| 32.2 | Section 1350 Certification of principal financial and accounting officer | |
| 101* | Inline XBRL data files of Financial Statements and Notes contained in this Quarterly Report on Form 10-Q. |
* In accordance with Regulation S-T, the Interactive Data Files in Exhibit 101 to the Quarterly Report on Form 10-Q shall be deemed “furnished” and not “filed.”
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Laser Photonics Corporation | ||
| Date: November 18, 2024 | By: | /s/ Wayne Tupuola |
President and Chief Executive Officer (Principal Executive Officer) | ||
| Date: November 18, 2024 | By | /s/ Carlos Sardinas |
| Chief Financial Officer | ||
| (Principal Financial and Accounting Officer) |
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