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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 6 – SUBSEQUENT EVENTS

 

The Company’s management has evaluated subsequent events up to July 1, 2025, the date the financial statements were issued, pursuant to the requirements of ASC 855 and has the following events to report.

 

On April 3, 2025, and on April 16, 2025, the “Company received from ICT Investments, the owner of the majority of outstanding shares of the Company’s common stock, an unsecured loan in the principal amount of $220,000 and an unsecured loan in the principal amount of $440,000, respectively, to assist Laser Photonics in meeting certain expenses, including payroll. Laser Photonics issued promissory notes for each of these loans, with interest at $20,000 and $40,000 respectively, and a maturity date of May 31, 2025, and June 30, 2025, respectively.

 

On April 25, 2025, the Company” entered into a Business Loan and Security Agreement dated April 25, 2025, among Agile Capital Funding, LLC, Agile Lending, LLC, the Company and its subsidiary, Control Micro Systems Florida, LLC, under which the Company issued a Confessed Judgment Promissory Note for a term loan in the principal amount of $1,500,000 to be repaid through weekly principal and interest payments of $72,000 commencing May 6, 2025, and ending November 25, 2025, subject to payment of a $75,000 administrative agent fee paid to Agile Capital. The loan is secured by a blanket lien on the Company’s assets. The loan may be prepaid subject to payment of prepayment fee equal to the aggregate and actual amount of interest (at the contract rate of interest) that would be paid through the maturity date.