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ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended
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Dec. 31, 2023
ORGANIZATION AND DESCRIPTION OF BUSINESS |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Laser Photonics Corporation (the “Company”) was formed under the laws of Wyoming on November 8, 2019, and changed its domicile to Delaware on March 5, 2020. The Company is a vertically integrated manufacturing company for photonics based industrial products and solutions, primarily disruptive laser cleaning technologies. Its 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. There is substantial doubt about the ability to continue with sustained operating losses. Going Concern The Company has not earned sufficient revenue since inception and has sustained operating losses during the year ended December 31, 2023 mainly due to investments into sales and Marketing Infrastructure. The Company had enough working capital as of December 31, 2023. The Company’s continuation as a going concern is dependent on its ability to generate additional cash flows from operations to meet its obligations and/or obtaining additional financing from its members or other sources, as may be required. There is a substantial doubt of the ability to continue is a going concern. The Company’s accounting year end is December 31. Restatement of Previously Issued Consolidated Financial Statements Upon reaudit of 2022 financial statement certain previously reported items have to be restated. Specifically, Revenue and AR previously reported were determined to not be recognizable according to provision ASC606. Additionally, Liability for stock to be issued was determined to not be a liability upon reaudit of financials. Note 1. Restatement of Previously Issued Financial Statements (In Millions)
(In Millions) |  |  |  |  | Restatement |  |  |  |
Balance Sheet |  | As Filed |  |  | Adjustments |  |  | As Restated |
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalent |  | $ | 12,182 |  |  | $ | 0 |  |  | $ | 12,182 |
Accounts receivable, net |  | $ | 1,347 |  |  | $ | -926 |  |  | $ | 421 |
Prepaid expenses and other current assets |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Inventory |  | $ | 1,693 |  |  | $ | -647 |  |  | $ | 1,046 |
Other Assets |  | $ | 72 |  |  | $ | 0 |  |  | $ | 72 |
Total current assets |  | $ | 15,294 |  |  | $ | -1575 |  |  | $ | 13,721 |
PP&E |  | $ | 1,091 |  |  | $ | 0 |  |  | $ | 1,091 |
Intangible Assets Net |  | $ | 2,939 |  |  | $ | 0 |  |  | $ | 2,939 |
Operating Lease Right of Use Asset |  | $ | 832 |  |  | $ | 0 |  |  | $ | 832 |
Total assets |  | $ | 20,156 |  |  | $ | -1575 |  |  | $ | 18,583 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 190 |  |  | $ | 0 |  |  | $ | 190 |
Deferred revenue |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Current Portion of Operating Lease |  | $ | 345 |  |  | $ | 0 |  |  | $ | 345 |
Accrued expenses |  | $ | 351 |  |  | $ | 78 |  |  | $ | 429 |
Total current liabilities |  | $ | 886 |  |  | $ | 78 |  |  | $ | 964 |
Long Term Liabilities |  | $ |  |  |  | $ |  |  |  | $ | 0 |
Lease Liability less current |  | $ | 488 |  |  | $ | 0 |  |  | $ | 488 |
Total Long Term liabilities |  | $ | 488 |  |  | $ | 0 |  |  | $ | 488 |
Total Liabilitiy |  | $ | 1,374 |  |  | $ | 78 |  |  | $ | 1,452 |
Stockholders’ Equity |  | $ |  |  |  |  |  |  |  |  | 0 |
Preferred Stock |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Common Stock |  | $ | 78 |  |  | $ | 0 |  |  | $ | 78 |
Shares to be issued |  | $ | 829 |  |  | $ | 0 |  |  | $ | 829 |
Additional paid-in capital |  | $ | 18,141 |  |  | $ | 0 |  |  | $ | 18,141 |
Retained Earnings |  | $ | -720 |  |  | $ | -1,197 |  |  | $ | -1,917 |
Total stockholders’ equity |  | $ | 18,328 |  |  | $ | -360 |  |  | $ | 17,131 |
Total liabilities and stockholders’ equity |  | $ | 19,702 |  |  | $ | -282 |  |  | $ | 18,583 |
|  |  |  |  | Restatement |  |  |  |
(In Millions) |  | As Filed |  |  | Adjustments |  |  | As Restated |
Statement of operations |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 4,955 |  |  | $ | -1,061 |  |  | $ | 3,894 |
Other income |  | $ |  |  |  | $ | 7 |  |  | $ | 7 |
Cost of Sales |  | $ | 2,088 |  |  | $ | -134 |  |  | $ | 1,954 |
Gross Profit |  | $ | 2,867 |  |  | $ | -920 |  |  | $ | 1,947 |
Operating Expenses: |  | $ |  |  |  | $ |  |  |  | $ |  |
Sales & Marketing |  | $ | 1,678 |  |  | $ | 0 |  |  | $ | 1,678 |
General & Administrative |  | $ | 1,823 |  |  | $ | -929 |  |  | $ | 894 |
Depreciation & Amortization |  | $ | 345 |  |  | $ | 94 |  |  | $ | 438 |
Payroll Expenses |  | $ | 811 |  |  | $ | 78 |  |  | $ | 889 |
Total other Income Expense |  | $ | 18 |  |  | $ |  |  |  | $ | 18 |
Research & Development |  | $ | 100 |  |  | $ |  |  |  | $ | 100 |
Total Operating Expenses |  | $ | 4,775 |  |  | $ | -757 |  |  | $ | 4,017 |
Operating Income (Loss) |  | $ | -1,908 |  |  | $ | -163 |  |  | $ | -2,070 |
Interest Expense |  | $ | -25 |  |  | $ | 0 |  |  | $ | -25 |
Income (Loss) Before Tax |  | $ | -1,933 |  |  | $ | -163 |  |  | $ | -2,095 |
Onter income |  | $ | 7 |  |  | $ | -7 |  |  | $ | 0 |
Net Income (Loss) |  | $ | -1,926 |  |  | $ | -170 |  |  | $ | -2,095 |
Income (Loss) per Share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | -0.18 |  |  | $ | -0.17 |  |  | $ | -0.37 |
Diluted |  | $ | -0.18 |  |  | $ | -0.09 |  |  | $ | -0.37 |
|  |  |  |  | Restatement |  |  |  |
(In Millions) |  | As Filed |  |  | Adjustments |  |  | As Restated |
Statement of cash flows |  |  |  |  |  |  |  |  |
OPERATING ACTIVITIES |  | $ | -997 |  |  | $ | -1,097 |  |  | $ | -2,094 |
Net Income (Loss) |  | $ |  |  |  | $ | 0 |  |  |  | 0 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Flow from Operating Activities: |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Shares to be issued as consideration for services |  | $ | 0 |  |  | $ | 829 |  |  |  | 829 |
Depreciation & Amortization |  | $ | 345 |  |  | $ | 93 |  |  |  | 438 |
Lease liability - less current |  | $ | 0 |  |  | $ | 0 |  |  |  | 0 |
Operating lease right-of-use |  | $ | 0 |  |  | $ | 0 |  |  |  | 0 |
Net Change, Right-of-Use Asset & Liabilities |  | $ | 0 |  |  | $ | 0 |  |  |  | 0 |
Change in Operating Assets & Liabilities: |  | $ |  |  |  | $ | 0 |  |  |  | 0 |
Accounts Receivable |  | $ | 1,263 |  |  | $ | -1,574 |  |  |  | -311 |
Inventory |  | $ | 97 |  |  | $ | 648 |  |  |  | 745 |
Prepaids & Other Current Assets |  | $ | 77 |  |  | $ | -132 |  |  |  | -55 |
Stock Account |  | $ | 0 |  |  | $ | 0 |  |  |  | 0 |
Accounts Payable |  | $ | 77 |  |  | $ | 8 |  |  |  | 85 |
Accrued Expenses |  | $ | 1,181 |  |  | $ | -790 |  |  |  | 391 |
21030 Deferred Revenue |  | $ | 0 |  |  | $ | -92 |  |  |  | -92 |
24240 Lease liability Current Portion |  | $ | 0 |  |  | $ | 173 |  |  |  | 173 |
Net Cash From (Used In) Operating Activities |  | $ | -737 |  |  | $ | 673 |  |  |  | -64 |
INVESTING ACTIVITIES |  | $ | 0 |  |  | $ | 0 |  |  |  | 0 |
Purchase of Equipment |  | $ | 0 |  |  | $ | -689 |  |  |  | -689 |
Leashold improvments |  | $ | -17 |  |  | $ | 17 |  |  |  | 0 |
Affiliate companies |  | $ | 0 |  |  | $ | -4 |  |  |  | -4 |
Purchase of R&D Equipment |  | $ | 0 |  |  | $ | 0 |  |  |  | 0 |
Demonstration Equipment |  | $ | 0 |  |  | $ | 0 |  |  |  | 0 |
Purchase of Intangible Assets |  | $ | -1 |  |  | $ | 1 |  |  |  | 0 |
Net Cash From (Used In) Investing Activities |  | $ | -46 |  |  | $ | -647 |  |  |  | -693 |
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from (Repayment of) Notes |  | $ | -262 |  |  | $ | 0 |  |  |  | -262 |
Proceeds from (Repayment of) PPP Loan |  | $ | -317 |  |  | $ | 0 |  |  |  | -317 |
Dividends Paid |  | $ | 0 |  |  | $ | 0 |  |  |  | 0 |
Proceeds from Sale of Common Stock |  | $ | 12,927 |  |  | $ | -30 |  |  |  | 12,897 |
Net Cash From (Used In) Financing Activities |  | $ | 12,348 |  |  | $ | -782 |  |  |  | 11,566 |
Net Cash Flow for Period |  | $ | 11,566 |  |  | $ | 0 |  |  |  | 11,566 |
Cash - Beginning of Period |  | $ | 616 |  |  | $ | 0 |  |  |  | 616 |
Cash - End of Period |  | $ | 12,182 |  |  | $ | 0 |  |  |  | 12,182 |
NON-CASH INVESTING AND FINANCING ACTIVITIES |  | $ | 0 |  |  | $ | 0 |  |  |  | 0 |
Shares issued on conversion of debt |  | $ | 0 |  |  | $ | 0 |  |  |  | 0 |
Shares issued as consideration for services |  | $ | 0 |  |  | $ | 0 |  |  |  | 0 |
Share issued for purchase of license |  | $ | 0 |  |  | $ | 0 |  |  |  | 0 |
SUPPLEMENTARY CASH FLOW INFORMATION |  | $ | 0 |  |  | $ | 0 |  |  |  | 0 |
Cash Received / Paid During the Period for: |  | $ | 0 |  |  | $ | 0 |  |  |  | 0 |
Income Taxes |  | $ | 0 |  |  | $ | -109 |  |  |  | -109 |
Interest |  | $ | 0 |  |  | $ | -24 |  |  |  | -24 |
Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. Basis of Presentation These financial statements are presented in United States dollars and have been prepared in accordance with United States generally accepted accounting principles.

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