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ORGANIZATION AND DESCRIPTION OF BUSINESS

12 Months Ended

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.