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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2021 | Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |  |
Inventory |
|  | September 30, 2021 |  |  | December 31, 2020 |
Inventory |  |  |  |  |  |
Equipment Parts Inventory |  |  | 706,230 |  |  |  | 690,069 |
Finished Goods Inventory |  |  | 95,603 |  |  |  | 181,453 |
Sales Demo Inventory |  |  | 1,074,240 |  |  |  | 1,281,564 |
Work in process Inventory |  |  | 66,360 |  |  |  | 19,241 |
Total Inventory |  |  | 1,942,433 |  |  |  | 2,172,327 |
|  | Dec 31, 20 |  |  | Dec 31, 19 |
Inventory |  |  |  |  |  |
Equipment Parts Inventory |  |  | 690,069 |  |  |  | 0 |
Finished Goods Inventory |  |  | 186,463 |  |  |  | 0 |
Sales Demo Inventory |  |  | 1,281,564 |  |  |  | 495,150 |
Work in process Inventory |  |  | 19,241 |  |  |  | 0 |
Total Inventory |  |  | 2,172,327 |  |  |  | 495,150 |
Estimated useful lives for significant property and equipment |  |
Intangible assets |
Category |  | Economic Useful Life |
Office furniture and fixtures |  |  | 3-5 years |
Machinery and equipment |  |  | 5-7 years |
|  | September 30, 2021 |  |  | December 31, 2020 |
Fixed Assets: |  |  |  |  |  |
Accumulated Depreciation |  |  | (746,200 | ) |  |  | (26,409 | )
Machinery & Equipment |  |  | 797,695 |  |  |  | 794,945 |
Office and Computer Equipment |  |  | 8,420 |  |  |  | 8,420 |
Office Furniture |  |  | 31,029 |  |  |  | 31,029 |
R&D Equipment |  |  | 31,053 |  |  |  | 31,053 |
Vehicles |  |  | 9,989 |  |  |  | 9,989 |
Total |  |  | 738,907 |  |  |  | 849,027 |
Intangible Assets: |  | Useful Life |  | September 30, 2021 |  |  | December 31, 2020 |
Customer Relationships |  | 8 years |  |  | 191,219 |  |  |  | 211,000 |
Equipment Design Documentation |  | 15 years |  |  | 2,541,520 |  |  |  | 2,675,000 |
Operational Software & Website |  | 10 years |  |  | 276,678 |  |  |  | 298,280 |
Total Intangible Assets, net |  |  |  |  | 3,011,145 |  |  |  | 3,184,280 |
Intangible Assets: |  | Useful Life |  | December 2020 |  |  | December 2019 |
Customer Relationships |  | 8 yrs |  | $ | 211,000 |  |  |  | 0 |
Equipment Design Documentation |  | 15 yrs |  |  | 2,675,000 |  |  |  | 0 |
Operational Software & Website |  | 10 yrs |  |  | 298,280 |  |  |  | 0 |
Total Intangible Assets |  |  |  | $ | 3,184,280 |  |  |  | 0 |
Stock price valuation |  |
Number of Shares Issued and Outstanding |  |  | 29,270,502 |  |  |  | 29,270,502 |
EBITDA |  |  | 1,219,141 |  |  |  |  |
EBITDA Multiple |  |  | 7.00 |  |  |  |  |
Free Equity |  |  |  |  |  |  | 5,286,620 |
LPC Stock Price Value |  |  | 0.29 |  |  |  | 0.18 |
Liabilities |  |
|  | Dec 31, 20 |  |  | Dec 31, 19 |
Liabilities |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |
Accounts Payable |  | $ | 55,756 |  |  | $ | 5,280 |
Deferred Revenue |  |  | 779,128 |  |  |  | 0 |
Lease liability current portion |  |  | 181,199 |  |  |  | 0 |
Sales Tax Liability |  |  | 12,665 |  |  |  | 0 |
Total Current Liabilities |  |  | 1,028,749 |  |  |  | 5,280 |
Long Term Liabilities |  |  | 1,169,373 |  |  |  | 0 |
Total Liabilities |  | $ | 2,198,122 |  |  | $ | 5,280 |
Long term liabilities |  |
Long-Term Liabilities |  | Dec 31, 20 |  |  | Dec 31, 19 |
PPP Loan |  |  | 198,750 |  |  |  | 0 |
Lease Liability less Current |  |  | 43,855 |  |  |  | 0 |
Notes Payable |  |  | 926,768 |  |  |  | 0 |
Total Long-Term Liabilities |  |  | 1,169,373 |  |  |  | 0 |
Cash flows provided by (used in) operating, investing and financing activities |  |
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
Net cash provided by Operating Activities |  |  | (1,328,899 | ) |  |  | (505,506 | )
Net cash provided by Investing Activities |  |  | (4,256,015 | ) |  |  | 0 |
Net cash provided by Financing Activities |  |  | 5,911,628 |  |  |  | 505,506 |
Working capital |  |
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
Cash And Cash Equivalents |  |  | 326,713 |  |  |  | 0 |
Working Capital (excluding cash and cash equivalents) |  |  | 1,899,674 |  |  |  | 489,870 |
Total Working Capital |  |  | 2,226,387 |  |  |  | 489,870 |
Summary of ICT asset sales for Laser Photonics Corp stock |  |
Sales Demo Inventory |  | $ | 786,413 |
Equipment and Furniture: Machinery & Equipment : |  |  | 819,136 |
Intangible Assets: Customer relationship Database |  |  | 211,000 |
Intangible Assets: Equipment Design Documentation |  |  | 2,675,000 |
Intangible Assets: Operational Software & Website |  |  | 294,560 |
Total non-cash asset purchase |  | $ | 4,786,109 |
Stock issued for purchase of assets from ICT Investments (at par) |  | $ | 266,092 |
Additional paid in capital |  |  | 4,520,018 |
Total non-cash consideration |  | $ | 4,786,109 |
Long term liabilities |
|  | For the three months ended |  |  | For the nine months ended |  |  | For the three months ended |  |  | For the nine months ended |
|  | September 30, 2021 |  |  | September 30, 2021 |  |  | September 30, 2020 |  |  | September 30, 2020 |
Product Sales |  | $ | 1,075,494 |  |  | $ | 2,936,306 |  |  | $ | 588,902 |  |  | $ | 1,259,162 |
Service revenue/other |  |  | 23,097 |  |  |  | 52,802 |  |  |  | 18,785 |  |  |  | 86,301 |
Net revenue |  | $ | 1,098,591 |  |  | $ | 2,989,108 |  |  | $ | 607,687 |  |  | $ | 1,345,463 |

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