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RESTATEMENT

12 Months Ended

Dec. 31, 2021

NOTE 3 - RESTATEMENT

The Company restated its previously issued financial statements by amending its Annual Report on Form 10-K, filed with the SEC on June 15, 2022.

The restated financial statements are indicated as “Restated” in the financial statements and accompanying notes, as applicable.

The Company is presenting below a reconciliation from the December 31, 2021 year end, as previously reported, to the restated values. The values as previously reported were derived from the Company’s Annual Report on Form 10-K which presented the audited financial statements for the year ended December 31, 2021.

LASER PHOTONICS CORPORATION

STATEMENTS OF CASH FLOWS

DECEMBER 31, 2021 AND DECEMBER 31, 2020

(As Restated)

	Year Ended December 31,
	2021			2020
Cash Flows From:	(As Restated)			(As Restated)
OPERATING ACTIVITIES
Net Income (Loss)		584,394			10,641
Adjustments to reconcile Net Income (Loss) to net cash used in operating activities:
Depreciation		160,117			26,409
Accumulated Amortization		236,130			-
Net change right-of-use assets and liabilities		(19,313	)		28,755
Change in operating assets and liabilities:
Accounts Receivable		671,730			(756,095	)
Employee Cash Advances		(3,000	)		-
Equipment Parts Inventory		(41,793	)		(690,069	)
Finished Goods Inventory		19,535			(181,453	)
Work in process Inventory		7,584			(19,241	)
Sales Demo Inventory		396,050			(786,414	)
Accounts Payable		(636,147	)		50,476
Unearned product Revenues					779,128
Sales tax payable					12,665
Net cash used in Operating Activities		1,375,287			(1,525,198	)
INVESTING ACTIVITIES
Purchase of Machinery & Equipment		(2,750	)		(794,945	)
Purchase of Vehicles		-			(9,989	)
Purchase of Office & Computer Equipment		(2,995	)		(39,449	)
Purchase of R&D Equipment		(6,920	)		(31,053	)
Purchase of Intangible assets		(216,800	)		(3,184,280	)
Net cash used in Investing Activities		(229,465	)		(4,059,716	)
FINANCING ACTIVITIES
Proceeds from Notes		(665,084	)		926,768
Proceeds from PPP Loan		118,578			198,750
Dividends paid		(310,280	)		-
Proceeds from Sale of Common Stock					4,786,110
Net cash provided by Financing Activities		(856,787	)		5,911,628
Net cash increase for period		289,035			326,714
Cash at the beginning of period		326,714			-
Cash at end of period		615,749		$	326,714

SUPPLEMENTARY CASH FLOW INFORMATION:
Cash Paid During the Year for:
Income taxes		15,456			68
Interest		49,351			43,300

SUPPLEMENTARY CASH FLOW INFORMATION:
Notes Paid During the Year for:
ICT Investments Loan: Note 2		(428,243	)		(689,937	)
ICT Investments Loan: Note 2		(236,841	)		(236,841	)
Total Note		(665,084	)		(926,778	)

LASER PHOTONICS CORPORATION

STATEMENTS OF CASH FLOWS

DECEMBER 31, 2021 AND DECEMBER 31, 2020

(As Previously Reported)

	For the Year Ended December 31,
	2021			2020
Cash Flows From:
OPERATING ACTIVITIES
Net Income (Loss)		584,394			10,641
Adjustments to reconcile Net Income (Loss) to net cash used in operating activities:
Change in operating assets and liabilities:
Accounts Receivable		671,730			(756,095	)
Employee Cash Advances		(3,000	)
Equipment Parts Inventory		(41,793	)		(690,069	)
Finished Goods Inventory		19,535			(181,453	)
Work in process Inventory		7,584			(19,241	)
Sales Demo Inventory		396,050			(786,414	)
Accounts Payable		(636,147	)		50,476
Unearned product Revenues					779,128
Lease Liability		312,901			225,054
Sales tax payable					12,665
Net cash used in Operating Activities		1,311,254			(1,355,308	)
INVESTING ACTIVITIES
Depreciation and amortization		160,117			26,409
Purchase of Machinery & Equipment		(2,750	)		(794,945	)
Purchase of Vehicles		-			(9,989	)
Purchase of Office & Computer Equipment		(2,995	)		(39,449	)
Purchase of R&D Equipment		(6,920	)		(31,053	)
Purchase of Intangible assets		(216,800	)		(3,184,280	)
Accumulated Amortization		236,130
Operating lease right-of-use		(303,459	)		(196,299	)
Net cash used in Investing Activities		(136,677	)		(4,229,606	)
FINANCING ACTIVITIES
Proceeds from Notes		(665,084	)		926,768
Deferred Lease Liability		(28,755	)
Proceeds from PPP Loan		118,578			198,750
Dividends paid		(310,280	)
Proceeds from Sale of Common Stock					4,786,110
Net cash provided by Financing Activities		(885,541	)		5,911,628
Net cash increase for period		289,035			326,714
Cash at the beginning of period		326,714			0
Cash at end of period	$	615,749		$	326,714

SUPPLEMENTARY CASH FLOW INFORMATION:
Cash Paid During the Year for:
Income taxes		15,456			68
Interest		49,351			43,300

SUPPLEMENTARY CASH FLOW INFORMATION:
Notes Paid During the Year for:
ICT Investments Loan: Note 2		(428,243	)		(689,937	)
ICT Investments Loan: Note 2		(236,841	)		(236,841	)
Total Note		(665,084	)		(926,778	)

1. To reclassify depreciation, accumulated amortization and right of use asset into operating section of statement of cash flows.

2. The impact of the reclassification impacted cash flow from operations, financing and investing accordingly:

	Year ended December 31,
	2021			Adjustment			2021			2020			Adjustment			2020
	(As Previously Reported)						(Restated)			(As Previously Reported)						(Restated)
Net cash provided by Operating Activities		1,311,254			64,033			1,375,287			(1,328,899	)		(196,299	)		(1,525,198	)
Net cash provided by Investing Activities		(136,677	)		(92,788	)		(229,465	)		(4,256,015	)		196,299			(4,059,716	)
Net cash provided by Financing Activities		(885,541	)		28,754			(856,787	)		5,911,628						5,911,628
Cash at the beginning of period		326,714						326,714			-						-
Net cash increase for period		289,035			-			289,035			326,714			-			326,714
Cash at end of period		615,749			-			615,749			326,714			-			326,714