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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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