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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended
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Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at dates of the financial statements and the reported amounts of revenue and expenses during the periods. Actual results could differ from these estimates. Our significant estimates and assumptions include depreciation and the fair value of our stock, stock-based compensation, debt discount and the valuation allowance relating to the Company’s deferred tax assets.
Cash and Cash Equivalents | Cash and cash equivalents consist of highly liquid investments with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are carried at cost, which approximates fair value. Company has $6,000,000 in flexible CD account with Bank of America. The terms on this CD if flexible, having a term of 9 months that automatically renews, Full balance and interest can be withdrawn prior to maturity. A penalty of 7 days interest will be imposed for early withdrawals within the first 6 days of the account term. As of December 31, 2023, and December 31, 2022, the Company had $6,201,137 and $12,181,799 of cash, respectively. We do have bank accounts with exposure $5,951,137 over FDIC insurability of $250,000 as of year-end 2023 and $11,931,799 as of year-end 2022.
Accounts Receivable | Trade accounts receivable are recorded net of allowance for expected uncollectible accounts. The Company extends credit to its customers in the normal course of business and performs on-going credit evaluations of its customers. All accounts, or portions thereof, that are deemed uncollectible are written off to bad debt expense, as incurred. As of December 31, 2023, and December 31, 2022, the Company’s ledger had $ 816,364 and $ 421,362, respectively as a balance for collectible accounts. Allowance and amount recognized as bad debt for 2022 is $18,397 for 2023 is $216,083. In 2023 The Company implemented processes to be in compliance with ASC326. (See Note 2 – Recently Issued Accounting Pronouncements). Bad debt amounts are included as other expenses on the statement of operations. For the reporting periods of year ending December 31 2022 2 customers totaling (90%) were greater than 10% of open AR. For year ending December 31 2023 3 customers totaling (66%) were greater than 10% of the total amount of AR.
Advertising Expenses | Marketing, advertising and promotion expenditures are expensed in the annual period in which the expenditure is incurred.
Research & Development Expenses | Research & Development expenditures are expensed in the annual period in which the expenditure is incurred.
Stock Based Compensation | The Company accounts for stock-based payments in accordance with the provision of ASC 718, which requires that all share-based payments issued to acquire goods or services, including grants of employee stock options, be recognized in the statement of operations based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to share-based awards is recognized over the requisite service period, which is generally the vesting period. The Company accounts for stock-based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable. The Company issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services.
Lease Accounting | The Company leases office space and the production facility under operating lease agreements. The lease term begins on the date of initial possession of the leased property for purposes of recognizing lease expense on a straight-line basis over the term of the lease. Lease renewal periods are considered on a lease-by-lease basis and are generally not included in the initial lease term.
Inventory | Inventories are stated at a lower cost or net realizable value using the first-in first-out (FIFO) method. The Company has four principal categories of inventory: Sales demonstration inventory-Sales demonstration inventory represents completed product used to support the Company’s sales force for demonstrations and held for sale. Sales demonstration inventory is held in the Company’s demo facilities or by its sales representatives for up to three years, at which time it would be refurbished and transferred to finished goods as used equipment, stated at the lower of cost or net realizable value. The Company expects these refurbished units to remain in finished goods inventory and sold within 12 months at prices that produce reduced gross margins. Equipment parts inventory- This inventory represents components and raw materials that are currently in the process of being converted to a certifiable lot of saleable products through the manufacturing and/or equipment assembly process. Inventories include parts and components that may be specialized in nature and subject to rapid obsolescence. The Company periodically reviews the quantities and carrying values of inventories to assess whether the inventories are recoverable. Because of the Company’s vertical integration, a significant or sudden decrease in sales activity could result in a significant change in the estimates of excess or obsolete inventory valuation. The costs associated with provisions for excess quantities, technological obsolescence, or component rejections are charged to cost of sales as incurred. Work in process inventory-Work in process inventory consists of inventory that is partially manufactured or not fully assembled as of the date of these financial statements. This equipment, machines, parts, frames, lasers and assemblies are items not ready for use or resale. Costs are accumulated as work in process until sales ready items are compete when it is moved to finished goods inventory. Amounts in this account represent items at various stages of completion at the Registration date. Types of costs allocated to WIP include only cost of materials and finished goods inventory used to manufacture specific product. 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 than delivery and setup. Finished goods inventory includes demo and other equipment, lasers, software, machines, parts or assemblies. On December 31, 2023, and December 31, 2022, respectively, the Company’s inventory consisted of the following:
Inventory |  | Dec 31, 23 |  |  | Dec 31, 22 |
Equipment Parts Inventory |  | $ | 862,941 |  |  | $ | 759,930 |
Finished Goods Inventory |  |  | 1,033,104 |  |  |  | 254,656 |
Sales Demo Inventory |  |  | 162,958 |  |  |  | 0 |
Work in process Inventory |  |  | 243,029 |  |  |  | 31,434 |
Inventory Reserve |  | $ | (24,216 | ) |  | $ |  |
Total Inventory |  | $ | 2,277,816 |  |  | $ | 1,046,020 |
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. Company maintains 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, 2023, the Company recorded $24,216 in inventory obsolescence reserve in comparison to a markdown of $101,698 in the prior year. It was determined there was no further reserve required for the year ended December 31 2022.
Fixed Assets - Plant Machinery and Equipment | Property and equipment are recorded at cost. Expenditures for major additions and improvements are capitalized and minor replacements, maintenance, and repairs are charged to expense as incurred. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations for the respective period. Machinery and Equipment Depreciation is provided over the estimated useful lives of the related assets using the straight-line method for financial statement purposes. The Company will use other depreciation methods (generally accelerated) for tax purposes where appropriate. The estimated useful lives for significant property and equipment categories are as follows:
Category |  | Economic Useful Life
Office furniture and fixtures |  | 3-5 years
Machinery and equipment |  | 5-7 years
Intangible Assets |  | 15 years
|  | 31-Dec |
Fixed Assets |  | 2023 |  |  | 2022 |
Accumulated Depreciation |  | $ | (729,956 | ) |  | $ | (483,800 | )
Machinery & Equipment |  |  | 796,783 |  |  |  | 797,695 |
Office Furniture & Computer Equipment |  |  | 77,487 |  |  |  | 80,909 |
Vehicles |  |  | 90,959 |  |  |  | 9,989 |
R&D Equipment |  |  | 37,973 |  |  |  | 37,973 |
Leasehold improvments |  |  | 31,775 |  |  |  | - |
Demostration equipment |  | $ | 647,790 |  |  | $ | 647,790 |
Total Fixed Assets |  | $ | 952,811 |  |  | $ | 1,090,556 |
As of December 31, 2023, the Company recorded $ 952,811 of capital assets net of depreciation in comparison to $1,090,556 recorded on December 31, 2022. Accordingly, depreciation in 2023 was recorded at $267,381in comparison to $204,733in 2022. Updating table for 15 years, Depreciation expense coming from team
Intangible Assets | Intangible assets consist primarily of capitalized equipment design documentation, software costs for equipment manufactured for sale, research, and development, as well as certain patent, trademark and license costs. Capitalized software and equipment design documentation development costs are recorded in accordance with Accounting Standard Codification (“ASC”) 985 “Software” with costs amortized using the straight-line method over a ten-year period. Patent, trademark and license costs are amortized using the straight-line method over their estimated useful lives of 15 years. On an ongoing basis, management reviews the valuation of intangible assets to determine if there has been impairment by comparing the related assets’ carrying value to the undiscounted estimated future cash flows and/or operating income from related operations. The Company’s intangible assets are deemed to have indefinite lives and, accordingly, are not amortized, but are evaluated for impairment at least annually, but more often whenever changes in facts and circumstances occur which may indicate that the carrying value may not be recoverable. 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. As of December 31, 2023, and December 31, 2022, the Company had $4,279,986 and $2,939,041, respectively of intangible property. Amortization expense for the year ended December 31 2022 was $233,099 and for the year ended December 31 2023 was $255,999.
|  | December 31st |
Intangible Assets |  | 2023 |  |  | 2022 |
Accumulated Amortization |  | $ | (725,228 | ) |  | $ | (469,229 | )
Customer Relationships |  |  | 211,000 |  |  |  | 211,000 |
Equipment Design Documentation |  |  | 2,675,000 |  |  |  | 2,675,000 |
Operational Software & Website |  |  | 339,539 |  |  |  | 305,470 |
Trademarks |  |  | 216,800 |  |  |  | 216,800 |
License & Patents |  | $ | 1,562,875 |  |  | $ | - |
Total Intangible Assets |  | $ | 4,279,986 |  |  | $ | 2,939,041 |
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 writes down the asset to its fair value based on the present value of estimated future cash flows.
Sales Tax Liability | Sales tax liability is created when the Company sells equipment and services to another entity located in the State of Florida. Currently the sales tax rate in the Company’s County of business is 6.5%. As of December 31, 2023, we had $106 sales tax liability as compared to $0 recorded on December 31, 2022.
Accounts Payable | Accounts payable consist of short-term liability to our vendors and sub-contractors, who extend credit terms to the Company or deliver goods or services with delayed payment terms. As of December 31, 2023, and December 31, 2022, our accounts payable were recorded at $223,040 and $190,387, respectively.
Deferred revenue | Deferred Revenue is primarily comprised of products that have been made available to key distributors that has not been sold. As of December 31, 2023 the Company had $ 701,234, and December 31, 2022 the Company’s deferred revenue liabilities were recorded at zero. As of December 31, 2023, there were no loan balances owed by the Company.
Long Term Liabilities | 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 writes down the asset to its fair value based on the present value of estimated future cash flows.
Earnings/(Loss) per Share | Basic earnings/(loss) per share is calculated by dividing the earnings/(loss) attributable to stockholders by the weighted-average number of shares outstanding for the period. Diluted earnings/(loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that shared in the earnings/(loss) of the Company. Diluted earnings/(loss) per share is computed by dividing the earnings/(loss) available to stockholders by the weighted average number of shares outstanding for the period and dilutive potential shares outstanding unless such dilutive potential shares would result in anti-dilution. There were 180,000 warrants for shares available to potentially issued at the end of 2023 and 25,000 options on December 31 of 2022. On December 31, 2023, the Company recorded a $0.45 diluted loss per share, as compared to a $0.37 diluted loss per share on December 31, 2022.
Relationship with distributors | All orders received on a revolving basis in accordance with LPC standard Terms and Conditions of Sale. Orders are not cancelable. Orders typically consist of multiple units. Payment terms ate typically Net 120 days from transferring the ownership of equipment to Distributor. Revenue recognized on a “piece by piece” equipment bases after appropriate transfer equipment ownership to Distributor. Payments are made by Distributor to The Company when Distributor collects funds from their regional customers, or then they have funds availability to reduce the outstanding balance. The company allocates payments in accordance with LPC Accounting practices. Detailed aging is accounted in MRP system – DBA Manufacturing keeping records of all equipment units ever manufactured with coordinating serial numbers. Higher level account related data with payment history is recorded in the Company’s Quick Books Accounting software.
Distributor Discounts | Distributors and representatives earn various rebates and discounts based on purchase volume commitments and the achievement of certain performance KPIs. The company estimates the number of discounts based on historical volumes, geographical market, end customer buying potential, and the ordered equipment amount. The company also utilizes various programs to offer volume cash discounts, first customer discounts, or reimburse distributors for certain expenses, mainly associated with warranty, transportation costs, and inventory interest costs incurred by the distributor for limited periods of time, generally up to eighteen months.
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. The Company only applies 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. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company’s performance obligation is generally settled with transfer of control to the customer. Revenue is then recognized for the transaction price allocated to each respective performance obligation when (or as) the performance obligation is satisfied. For our products, revenue is generally recognized upon shipment or pickup by the customer. At this stage, the title on the manufactured equipment is transferred to the customer, and the customer is responsible for transportation expenses, insurance, and any transport-related damage to the equipment in transit. We do not hold any obligation to deliver beyond the collection warehouse For the year ending December 31 2022 there two customers 2 customers totaling 21% whose revenue was more than 10% and for the year ending December 31 2023 reporting period there were no customers whose revenue was more than 10% of the total revenue. Payments received as deposits for specific purchase orders or future laser equipment sales to customers are recognized as customer deposits and included in liabilities on the balance sheet. Customer deposits are recognized as revenue when control over the ordered equipment is transferred to the customer. Refunds and returns, which are minimal, are recorded as a reduction of revenue. Payments received from customers before satisfying the above criteria are recorded as unearned income on the balance sheet. All revenues are reported in net of any sales discounts or taxes. Other Distributor related Revenue Recognition Matters Distributors generally have no right to return unsold equipment. However, in limited circumstances, if the company determines that distributor stock is morally aging beyond the company's new model releases, it may accept returns and provide the distributor with credit against their trading account at the company's discretion under its warranty policy. This revenue is recognized on a consignment basis and transfer of control is when item is sold to end customer at which time the company recognizes revenue.
Fair Value of Financial Instruments | The Company applies the accounting guidance under Financial Accounting Standards Board (“FASB”) ASC 820-10, “Fair Value Measurements”, as well as certain related FASB staff positions. This guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact business and considers assumptions that marketplace participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The guidance also establishes a fair value hierarchy for measurements of fair value as follows:
☐ | Level 1 - | quoted market prices in active markets for identical assets or liabilities.
☐ | Level 2 - | inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
☐ | Level 3 - | unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The carrying amount of the Company’s financial instruments approximates their fair value as of December 31, 2022 and 2023, due to the short-term nature of these instruments.
Income Taxes | Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Provisions for income taxes are based on taxes payable or refundable for the current year and deferred income taxes. Deferred income taxes are provided on differences between the tax bases of assets and liabilities and their reported amounts in the financial statements and on tax carry forwards. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. A valuation allowance is provided against deferred income tax assets when it is not more likely than not that the deferred income tax assets will be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2023 there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration. The provision for income taxes is calculated at a US corporate tax rate of approximately 21% (2022: 21%) as follows:
|  | 2023 |  |  | 2022 |
|  | $ |  |  | $ |
Expected income tax (expense) recovery from net (income) loss |  |  | 790,846 |  |  |  | 439,754 |
Tax effect of expenses not deductible for income tax: |  |  |  |  |  |  |  |
Annual effect of book/tax differences |  |  | 3,765,932 |  |  |  | 2,094,064 |
Change in the valuation allowance |  |  | (4,586,841 | ) |  |  | (2,533,818 | )
Recent Accounting Pronouncements | From time to time, new accounting pronouncements are issued by FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. ASU 2016-13 Current Expected Credit Loss (ASC326) In December 2021, the FASB issued an update to ASU No. 2016-13 the Current Expected Credit Losses (CECL) standard (ASC 326), which is designed to provide greater transparency and understanding of credit risk by incorporating estimated, forward-looking data when measuring lifetime Estimated Credit Losses (ECL) and requires enhanced financial statement disclosures. This guidance was adopted on January 1, 2023, As s a result Allowance and amount recorded for the year 2022 and 2023 is $18,397 and $216,083 accordingly. The Company evaluates all Accounting Standard Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”) for consideration of their applicability. ASUs not included in our disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on our financial statements.

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