Form 10-Q/A - Quarterly report [Sections 13 or 15(d)]: [Amend]

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q/A

(Amendment No. 2)

 

(Mark One)

 

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended: June 30, 2024

 

or

 

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________________ to __________________

 

Commission File Number: 001-41515

 

Laser Photonics Corporation

(Exact name of registrant as specified in its charter)

 

Delaware		84-3628771
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

 

1101 N. Keller Road, Suite G Orlando, FL		32810
(Address of Principal Executive Offices)		Zip Code

 

[phone]

Registrant’s Telephone Number, Including Area Code

 

Not Applicable

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

 

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: NONE

 

COMMON STOCK, $0.001 PAR VALUE

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		LASE		The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large, accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting Company, or an emerging growth Company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting Company,” and “emerging growth Company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated Filer	☒	Smaller reporting Company	☒
		Emerging growth company	☒

 

If an emerging growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

 

Indicate by check mark whether the registrant is a shell Company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

 

As of August 22, 2024, the registrant had 12,270,427  shares of common stock, par value $.001 per share, issued and outstanding.

 

 

 

 

EXPLANATORY NOTE

 

Laser Photonics Corporation (the “Company”) is filing this Amendment No. 2 (“Amendment No. 2”) to its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024, as filed with the Securities Exchange Commission (“SEC”) on August 29, 2024 (the “Original Filing”) and amended on September 12, 2024 (“Amendment No. 1”), to amend its financial statements in response to a comment letter from the SEC dated September 4, 2024, to adopt the accounting treatment in its Original Filing in which the Company treated certain sales and marketing costs paid by the Company to an affiliate, Fonon Corporation, as equity distributions to an affiliate rather than as G&A expenses as set forth in Amendment No. 1. Our current independent registered accounting firm, M&K CPAS, PLLC, has now agreed, following certain information provided to them by the Company, with the treatment of such expenses being equity distributions to an affiliate rather than G&A expenses as was the position taken by our prior independent registered accounting firm., Fruci & Associates II, LLC, in our annual report on Form 10-K for its fiscal year ended December 31, 2023 and the Original Filing. In addition, the Company has updated the certifications of our Chief Executive Officer and Chief Financial Officer (Exhibits 31.1, 31.2, 32.1 and 32.2), as required under Sections 302 and 906 of the Sarbanes-Oxley Act of 2002.

 

This Amendment No. 2 continues to speak as of the date of the Original Filing and does not reflect events that may have occurred subsequent to the Original Filing and does not modify or update in any way disclosures made in the Original Filing and Amendment No. 1 except as set forth above.

 

 

TABLE OF CONTENTS

 

		Page No.
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	21
Item 4.	Controls and Procedures	23
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 3.	Defaults Upon Senior Securities	24
Item 4.	Mine Safety Disclosures	24
Item 5.	Other Information	24
Item 6.	Exhibits	24
Signatures		25
Certifications

 

2

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PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

LASER PHOTONICS CORPORATION

CONDENSED BALANCE SHEETS

(UNAUDITED)

 

		As of June 30, 2024 (Restated)				As of December 31, 2023 (Restated)
Assets
Current Assets:
Cash and Cash Equivalents		$	2,747,633			$	6,201,137
Accounts Receivable, Net			446,016				816,364
Inventory			2,105,421				2,237,455
Other Assets			405,638				39,190
Total Current Assets			5,704,708				9,294,146
Property, Plant, & Equipment, Net			923,674				952,811
Intangible Assets, Net			4,077,662				4,279,987
Operating Lease Right-of-Use Asset			374,559				597,143
Total Assets		$	11,080,603			$	15,124,087
Liabilities & Stockholders’ Equity
Current Liabilities:
Accounts Payable		$	198,236			$	223,040
Deferred Revenue			116,564				213,114
Current Portion of Operating Lease			197,614				434,152
Accrued Expenses			107,614				161,538
Total Current Liabilities			620,028				1,031,844
Long Term Liabilities:
Lease liability - less current			176,945				162,991
Total Long Term Liabilities			176,945				162,991
Total Liabilities			796,973				1,194,835
Commitments and Contingencies (Note 3)			-				-
Stockholders’ Equity:
Preferred stock Par value $0.001: 10,000,000 shares authorized. 0 Issued: shares were outstanding as of June 30, 2024 and December 31, 2023			-				-
Common Stock Par Value $0.001: 100,000,000 shares authorized; 12,270,427 and 9,253,419 issued, 12,245,490 and 9,228,482 outstanding as of June 30 , 2024, and December 31, 2023			12,270				9,253
Additional Paid in Capital			17,012,051				19,180,725
Retained Earnings (Deficit)			(6,715,451	)			(5,235,486	)
Treasury Stock			(25,240	)			(25,240	)
Total Stockholders’ Equity			10,283,630				13,929,252
Total Liabilities & Stockholders’ Equity		$	11,080,603			$	15,124,087

 

*

The reclassification from par to Additional Paid in Capital was done in Q2, 2024

 

See accompanying notes to financial statements.

 

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LASER PHOTONICS CORPORATION

CONDENSED STATEMENTS OF PROFIT AND LOSS

(UNAUDITED)

 

		Three Months Ended								Six Months Ended
		June 30, 2024 (Restated)				June 30, 2023 (Restated)				June 30, 2024 (Restated)				June 30, 2023 (Restated)
Net Sales		$	623,435			$	965,440			$	1,366,426			$	1,641,632
Cost of Sales			308,081				283,864				665,204				553,761
Gross Profit			315,354				681,576				701,222				1,087,871
Operating Expenses:
Sales & Marketing			266,282				522,918				402,891				785,842
General & Administrative			435,776				393,352				792,042				969,217
Depreciation & Amortization			245,894				100,947				431,210				184,084
Payroll Expenses			238,703				302,409				447,158				646,111
Research and Development Cost			60,232				40,205				107,923				80,459
Total Operating Expenses			1,246,887				1,359,831				2,181,224				2,665,713
Operating Income (Loss)			(931,533	)			(678,255	)			(1,480,002	)			(1,577,842	)
Other Income (Expenses):
Total Other Income (Loss)			(2,723	)			(639	)			37				(358,657	)
Income (Loss) Before Tax			(934,256	)			(678,894	)			(1,479,965	)			(1,936,499	)
Tax Provision			-				-				-				-
Net Income (Loss)		$	(934,256	)		$	(678,894	)		$	(1,479,965	)		$	(1,936,499	)
Deemed Dividend from Software Acquisition			(6,615,000	)			-				(6,615,000	)			-
Net Comprehensive loss attributed to Common Shareholders			(7,549,256	)			(678,894	)			(8,094,965	)			(1,936,499	)
Earning (Loss) per Share:
Basic and Diluted		$	(0.09	)		$	(0.09	)		$	(0.15	)		$	(0.25	)
Loss per share (attributable to common shareholders)			(0.71	)			(0.09	)			(0.82	)			(0.25	)
Weighted Average of Shares Outstanding			10,589,108				7,878,419				9,924,908				7,878,419

 

See accompanying notes to financial statements.

 

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LASER PHOTONICS CORPORATION

CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

		Six Months Ended
		June 30, 2024 (Restated)				June 30, 2023
OPERATING ACTIVITIES
Net Loss		$	(1,479,965	)		$	(1,936,499	)
Adjustments to Reconcile Net Loss to Net Cash Flow from Operating Activities:
Shares issued for compensation			33,336				-
Distribution to affiliate			(2,198,993	)
Depreciation & Amortization			431,210				184,084
Change in Operating Assets & Liabilities:
Accounts Receivable			370,348				664,005
Inventory			132,034				(493,474	)
Prepaids & Other Current Assets			(366,448	)			(209,490	)
Accounts Payable			(24,804	)			26,810
Accrued Expenses			(53,924	)			(322,846	)
Deferred Revenue			(96,550	)			-
Net Cash Used in Operating Activities			(3,253,756	)			(2,087,409	)
INVESTING ACTIVITIES
Purchase of Property, Plant an Equipment			(12,934	)			(183,941	)
Purchase of Research & Development Equipment			(4,095	)			-
Purchase of Operational Software & Website			-				(6,199	)
Invest in Leasehold Improvements			(182,719	)			(19,707	)
Net Cash Used in Investing Activities			(199,748	)			(209,847	)
FINANCING ACTIVITIES
Common stock.01 x 100,000,000			(92,533)
Common stock .001 x 100,000,000			12,253
Additional Paid in Capital			80,280
Net Cash Used in Financing Activities			0				-
Net Cash Flow for Period			(3,453,504	)			(2,297,256	)
Cash and Cassh Equivalents - Beginning of Period			6,201,137				12,181,799
Cash and Cash Equivalents- End of Period		$	2,747,633			$	9,884,543
NON-CASH INVESTING AND FINANCING ACTIVITIES
Shares issued on conversion of debt			-				-
Share issued for purchase of license			6,615,000				-
SUPPLEMENTARY CASH FLOW INFORMATION
Cash Received / Paid During the Period for:
Income Taxes			-				-
Interest			-				-

 

See accompanying notes to financial statements

 

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LASER PHOTONICS CORPORATION

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

(UNAUDITED)

(Restated)

 

																														Additional				Accumulated				Stockholders’
		Preferred Stock								Common Stock								Shares to be issued.								Treasury				Paid-in				Gain				Equity
		Shares				Amount				Shares				Amount				Shares				Amount				Stock				Capital				(Deficit)				(Deficit)
			#				$				#				$				#				$				$				$				$				$
As at December 31, 2023 (Restated)			-				-				9,253,419				9,253				-				-				(25,240	)			19,180,725				(5,235,486	)			13,929,252
Net loss			-				-				-				-				-				-				-				-				(545,709	)			(545,709	)
Distribution to affiliate			-				-				-				-				-				-				-				(1,019,687	)			-				(1,019,687)
Stock Issued for compensation			-				-				17,008				17				-				-				-				33,319				-				33,336
As at March 31, 2024			-				-				9,270,427				9,270				-				-				(25,240	)			18,194,357				(5,781,195	)			12,397,192
Net loss			-				-				-				-				-				-				-				-				(934,256	)			(934,256	)
Distribution to affiliate			-				-				-				-				-				-				-				(1,179,306	)			-				(1,179,306	)
Stock issued for Software purchases			-				-				3,000,000				3,000				-				-				-				6,612,000				-				6,615,000
Deemed Divvident to APIC			-				-				-				-				-				-				-				(6,615,000	)			-				(6,615,000	)
As at June 30, 2024 (Restated)			-				-				12,270,427				12,270				-				-				(25,240	)			17,012,051				(6,715,451	)			10,283,630

 

		Six Months Ended June 30, 2023
		Common Stock								Additional Paid in				Accumulated				Shares to be				Stockholders’
		Shares				Amount				Capital				Deficit				issued				Equity
Balance, January 1, 2023. 1,000,000,000 authorized at 0.01			7,878,419			$	7,878			$	18,211,425			$	(1,917,315	)		$	829,500			$	17,131,488
Net Income from the six months ended June 30, 2023			-				-				-				(1,936,499	)			-				(1,936,499	)
Balance, June 30, 2023			7,878,419			$	7,878			$	18,211,425			$	(3,853,814	)		$	829,500			$	15,194,989

 

See accompanying notes to financial statements

 

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LASER PHOTONICS CORPORATION

 

NOTES TO FINANCIAL STATEMENTS

(UNAUDITED)

 

NOTE 1 –BASIS OF PRESENTATION

 

The accompanying unaudited condensed financial statements and notes of Laser Photonics Corporation (the “Company”) are presented in United States dollars and have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, those do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These financial statements should be read in conjunction with the financial statements, notes and significant accounting policies included in our Annual Report on Form 10-K for the year ended December 31, 2023.

 

Going Concern

 

The Company has not earned sufficient revenue since inception and has sustained operating losses during the year ended December 31, 2023, and through June 30, 2024. The Company had positive working capital as of June 30, 2024. 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. These factors create substantial doubt about the Company’s ability to continue as a going concern within the twelve-month period subsequent to the date that these financial statements are issued.

 

Restatement of Q2 2023.

 

Q2 2023 was unaudited and as we were preparing our Q2 2024 filing we noticed the balances in our ledger did not match what was filed. Our system of record current financials is the basis for the financials as they are presented, not the prior Q2 2023 filing.

 

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Restatement as of June 30, 2023, Reconciliation:

 

Note 2. Restatement of Previously Issued Financial Statements as of June 30, 2023.

 

 

						Restatement
		As Filed				Adjustments				As Restated
Statement of operations
Net Sales		$	2,205,096			$	(563,464	)		$	1,641,632
Other income
Cost of Sales			524,992				28,769				553,761
Gross Profit			1,680,104				(592,233	)			1,087,871
Operating Expenses:
Sales & Marketing			910,771				(124,929	)			785,842
General & Administrative			1,787,533				(818,316	)			969,217
Depreciation & Amortization			184,084				0				184,084
Payroll Expenses			0				646,111				646,111
Total Other Income/Expense			200,730				157,927				358,657
Research & Development			0				80,459				80,459
Total Operating Expenses		$	3,083,118			$	(58,748	)		$	3,024,370
Operating Income (Loss)			(1,403,014	)			(533,485	)			(1,936,499	)
Interest Expenses			-				-				-
Income (Loss) Before Tax			(1,403,014	)			(533,485	)			(1,936,499	)
Net Income (Loss)		$	(1,403,014	)		$	(533,485	)		$	(1,936,499	)
Earning (Loss) per Share
Basic and diluted		$	(0.17	)						$	(0.25	)

 

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						Restatement
		As Filed				Adjustments				As Restated
Statement of cash flows
OPERATING ACTIVITIES
Net Income (Loss)		$	(1,403,014	)		$	(533,485	)		$	(1,936,499	)
Adjustments to Reconcile Net Income (Loss) to Net Cash Flow from Operating Activities:
Shares issued for compensation
Distribution to affiliate
Depreciation & Amortization			184,084				0				184,084
Net Change, Right-of-Use Asset & Liabilities			-19706				19,706				0
Change in Operating Assets & Liabilities:
Accounts Receivable			(57,462	)			721,467				664,005
Inventory			(522,243	)			28,770				(493,473	)
Prepaids & Other Current Assets			(259,490	)			78,654				(180,836	)
Stock Account			-				-				-
Accounts Payable			105,464				(78,654	)			26,810
Accrued Expenses			(1,181,000	)			829,500				(351,500	)
21030 Deferred Revenue
Net Cash From (Used In) Operating Activities		$	(3,153,366	)		$	1,065,957				(2,087,409	)
INVESTING ACTIVITIES
Purchase of Equipment		$	0			$	(1,399	)			(1,399	)
Purchase of Computers			0				(119,416	)			(119,416	)
Leashold improvements			0				(19,707	)			(19,707	)
Purchase of Long Term Assets			(183,941	)			120,815				(63,126	)
Purchase of Intangible Assets			(6,199	)			0				(6,199	)
Net Cash From (Used In) Investing Activities		$	(190,140	)		$	(19,707	)			(209,847	)
FINANCING ACTIVITIES
Common Stock			10359				(10,359	)			0
Additional Paid in Capital			1,035,891				(1,035,891	)			0
Retained Earnings			-				-				-
Net Cash From (Used In) Financing Activities		$	1,046,250			$	(1,046,250	)			0
Net Cash Flow for Period		$	(2,297,256	)		$	0				(2,297,256	)
Cash - Beginning of Period			12,181,799				0				12,181,799
Cash - End of Period		$	9,884,543			$	0				9,884,543
NON-CASH INVESTING AND FINANCING ACTIVITIES
Shares issued on conversion of debt		$	-			$	-			$	-
Shares issued as consideration for services			-				-				-
Share issued for purchase of license			-				-				-
SUPPLEMENTARY CASH FLOW INFORMATION
Cash Received / Paid During the Period for:		$				$
Income Taxes		$	-			$	-				-
Interest		$	-			$	-				-

 

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Restatement of Q2 2024.

 

The financial statements are adjusted to reflect the Fonon Corporation amounts as distribution to affiliate. Prior treatment considered the transaction to be a related party but is now properly reflecting the transaction under common control and in line with prior 2023 financials.

 

Note 2. Restatement of Previously Issued Financial Statements 2024 Q2

 

Six Months Ended June 30, 2024 Balance Sheet

 

						Restatement
		As Filed				Adjustments				As Restated
Assets
Total assets		$	11,080,603			$	0			$	11,080,603
Liabilities
Total Liabilitiy		$	796,973			$	0			$	796,973
Common Stock Par Value $0.001			12,270				0				12,270
Additional Paid In Capital			19,211,044				-2,198,993				17,012,051
Retained Earnings			-8,914,444				2,198,993				-6,715,451
Treasury Stock			-25,240				0				-25,240
Total stockholders’ equity		$	10,283,630			$	0			$	10,283,630
Total liabilities and stockholders’ equity		$	11,080,603			$	0			$	11,080,603

 

Three Months ended June 30, 2024 Statement of operations

 

		As Filed				Adjustments				As Restated
						Restatement
		As Filed				Adjustments				As Restated
Net Sales		$	623,435			$	0			$	623,435
Cost of Sales		$	308,081			$				$	308,081
Gross Profit		$	315,354			$				$	315,354
General & Administrative		$	1,615,082				-1,179,306				435,776
Operating Expenses:		$	2,426,193			$	-1,179,306			$	1,246,887
Operating Income		$	-2,110,839				1,179,306				-931,533
Onter income		$	-2,723			$	0			$	-2,723
Net Income (Loss)		$	-2,113,562			$	1,179,306			$	-934,256
Income (Loss) per Share
Basic and diluted		$	-0.20			$	0.11			$	-0.09
Loss per share attributable to common shareholders		$	-0.82			$	0.11			$	-0.71

 

Six Months ended June 30, 2024 Statement of operations

 

		As Filed				Adjustments				As Restated
Net Sales		$	1,366,426			$	0			$	1,366,426
Cost of Sales		$	665,204			$				$	665,204
Gross Profit		$	701,222			$				$	701,222
General & Administrative		$	2,991,035				-2,198,993				792,042
Operating Expenses:		$	4,380,217			$	-2,198,993			$	2,181,224
Operating Income		$	-3,678,995				2,198,993				-1,480,002
Onter income		$	37			$	0			$	37
Net Income (Loss)		$	-3,678,958			$	2,198,993			$	-1,479,965
Income (Loss) per Share
Basic and diluted		$	-0.37			$	0.22			$	-0.15
Loss per share attributable to common shareholders		$	-1.04			$	0.22			$	-0.82

  

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Six Months Ended June 30, 2024 Cash Flows From:

 

						Restatement
		As Filed				Adjustments				As Restated
OPERATING ACTIVITIES		$
Net Income (Loss)		$	-3,678,958			$	2,198,993				-1,479,965
Adjustments to Reconcile Net Income (Loss) to Net Cash Flow from Operating Activities:
Shares issued for compensation		$	33,336			$	0				33,336
Distribution to affiliate		$	0			$	-2,198,993				-2,198,993
Depreciation & Amortization		$	431,210			$	0				431,210
Net Change, Right-of-Use Asset & Liabilities		$	0			$	0				0
Accounts Receivable		$	370,348			$	0				370,348
Inventory		$	132,034			$	0				132,034
Prepaids & Other Current Assets		$	-366,448			$	0				-366,448
Accounts Payable		$	-24,804			$	0				-24,804
Accrued Expenses		$	-53,924			$	0				-53,924
21030 Deferred Revenue		$	-96,550			$	0				-96,550
Net Cash From (Used In) Operating Activities		$	-3,253,756			$	0				-3,253,756
INVESTING ACTIVITIES
Net Cash From (Used In) Investing Activities		$	-199,748			$	0				-199,748
FINANCING ACTIVITIES
Net Cash From (Used In) Financing Activities		$	0			$	0				0
Net Cash Flow for Period		$	-3,453,504			$	0				-3,453,504
Cash - Beginning of Period		$	6,201,137			$	0				6,201,137
Cash - End of Period		$	2,747,633			$	0				2,747,633
NON-CASH INVESTING AND FINANCING ACTIVITIES
Share issued for purchase of license		$	6,615,000			$	0				6,615,000
SUPPLEMENTARY CASH FLOW INFORMATION		$				$	0
Cash Received / Paid During the Period for:
Income Taxes		$	-							$	-
Interest		$	0			$	0				0

 

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES & USE OF ESTIMATES.

 

Our significant accounting policies are provided in “Note 2 – Summary of Significant Accounting Policies” in our Financial Statements 2023 Form 10-K. There have been no material changes to our significant accounting policies from those disclosed in our 2023 Form 10-K for the fiscal year ended December 31, 2023.

 

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 expenses related to share-based awards is recognized over the requisite service period, which is generally the vesting period.

 

The preparation of financial statements in conformity with U.S. GAAP 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. In the opinion of management, our financial statements reflect all adjustments considered necessary by management to fairly state the results of operations, financial position and cash flows of the Company for the periods presented.

 

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.

 

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, and it is the customers’ contractual responsibility to ensure their goods reach their destination.

 

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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 combined balance sheets.

 

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.

 

All revenues are reported in net of any sales discounts or taxes.

 

Other Revenue Recognition Matters related to Distributors.

 

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 an item is sold to end customer at which time the company recognizes revenue.

 

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 a cost, which approximates fair value. The company has $2,539,472 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.

 

Current Liabilities

 

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 June 30, 2024, and December 31, 2023, our accounts payable were recorded at $198,236 and $223,040, respectively.

 

Deferred Revenue

 

Deferred Revenue is primarily comprised of products that have been made available to key distributors that have not been sold. As of June 30, 2024, the Company had $ 116,564, and December 31, 2023, the Company’s deferred revenue liabilities were recorded $213,114.

 

As of June 30, 2024, there were no loan balances owed by the Company.

 

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Net 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.

 

Accounts Receivable

 

Trade accounts receivable is 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. In addition, most sales orders are not accepted without a substantial deposit. As of June 30, 2024, the balance of collectible accounts was $446,016. There is no Allowance of Bad Debt considered as of June 30, 2024.

 

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 our sales force for demonstrations and held for sale. Sales demonstration inventory is held in our demo facilities or by our 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. The amounts in this account represent items at various stages of completion at the date of these financial statements.

 

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 that delivery and setup.

 

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As of June 30, 2024, and December 31, 2023, respectively, our inventory consisted of the following:

 

Inventory		As of June 30, 2024 (Unaudited)				As of December 31, 2023 (Audited)
Equipment Parts Inventory		$	992,741			$	862,940
Finished Goods Inventory			931,227				992,744
Sales Demo Inventory			258,954				162,958.00
Work in process Inventory			203,683				243,029
Inventory Reserve			(281,184	)			(24,216	)
Total Inventory		$	2,105,421			$	2,237,455

 

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.

 

Category		Economic Useful Life
Office furniture and fixtures		5-7 years
Machinery. Vehicles and equipment		5-7 years
Leasehold improvements		1-3 years

 

 SCHEDULE OF FIXED ASSETS

Fixed Assets		As of June 30, 2024 (Unaudited)				As of December 31, 2023 (Audited)
Accumulated Depreciation		$	(958,842	)		$	(729,956	)
Machinery & Equipment			799,652				796,783
Office Furniture & Computer Equipment			87,553				77,487
Vehicles			90,959				90,959
R&D Equipment			42,068				37,973
Leasehold improvements			214,494				31,775
Demonstration equipment			647,790				647,790
Total Fixed Assets		$	923,674			$	952,811

 

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Intangible Assets

 

Intangible assets consist primarily of capitalized equipment design documentation, software costs for equipment manufactured for sale, 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 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.

 

Intangible Assets		As of June 30, 2024 (Unaudited)				As of December 31, 2023 (Audited)
Accumulated Amortization		$	(927,553	)		$	(725,228	)
Customer Relationships			211,000				211,000
Equipment Design Documentation			2,675,000				2,675,000
Operational Software & Website			339,539				339,539
Trademarks			216,800				216,800
License & Patents			1,562,876				1,562,876
Intangible Assets, Gross			1,562,876				1,562,876
Total Intangible Assets		$	4,077,662			$	4,279,987

 

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 will write down the asset to its fair value based on the present value of estimated future cash flows.

 

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NOTE 4 – LEASES

 

Our leases consist of operating leases only related to our two facilities located in Orlando, Florida. The operating leases for our facilities are non-cancelable operating leases and are included in Operating lease right-of-use (“ROU”) asset, Lease liability, and Lease liability – less current portion in our balance sheets. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

 

		Three Months Ended June 30,								Six Months Ended June 30,
			2024 (Unaudited)				2023 (Unaudited)				2024 (Unaudited)				2023 (Audited)
Operating Lease Expense		$	79,847			$	91,062			$	159,694			$	181,670

 

NOTE 5 – STOCKHOLDERS’ EQUITY/DEFICIT

 

General

 

The following description of our securities and certain provisions of our amended and restated certificate of incorporation and amended and restated bylaws are summaries and are qualified by reference to the amended and restated certificate of incorporation and our bylaws that will be in effect on the closing of this offering. Copies of these documents have been filed with the SEC as exhibits to our registration statement, of which this prospectus forms a part. The descriptions of the Shares, and preferred stock reflect changes to our capital structure that will be in effect on the closing of this offering.

 

Preferred Stock

 

	●	Par value: $0.001
	●	Authorized: 10,000,000
	●	Issued: There were no preferred shares issued and outstanding as of June 30, 2024

 

Common Stock

 

	●	Par value: $0.001
	●	Authorized: 100,000,000
	●	Issued: 12,270,427 as of June 30, 2024

 

On February 2^nd, 2024, 17,008 Shares of Common stock were issued to Jade Barnwell, the former Laser Photonics CFO, under the terms of employment.

 

On May 21, 2024, 3,000,000 of Common stock were issued and transferred to Fonon Corporation in exchange for licenses for all commercial and noncommercial applications of Fonon Corp for laser cutting, marking, engraving, welding, semiconductor applications and flat panel display. The stock was valued at it’s fair-market value of $6,615,000 and recorded as a deemed dividend.

 

Warrants

 

As of June 30, 2024, there were 180,000 Warrants Outstanding

 

Options

 

As of June 30, 2024, there were no Options Issued or Outstanding

 

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NOTE 6 – RELATED PARTY TRANSACTIONS 

 

ICT Investments provides the Company with accounting services and various management services on a as needed basis. For the six months ended June 30, pursuant to an arrangement with ICT Investment, the Company paid in total $35,760 and $28,217, respectively, for various accounting services and management resources. Any distributions between Laser Photonics and ICT must be distributed to affiliate company.

 

ICT Investments owns 626,918 shares of the Company’s common stock. ICT Investments owned 4,688,695 shares of the Company’s common stock prior to the closing of the Company’s IPO on October 4, 2022, this represented 96.1% of the total shares outstanding. As of December 31, 2022, ICT Investments owns 59.5% of the total shares outstanding. Dmitriy Nikitin is the Managing Partner of ICT Investments and has controlled the Company since its inception. As of the end of 2023 the % is 58.7.%

 

On May 21, 2024 3,000,000 of Common stock were issued and transferred to Fonon Corporation in exchange for licenses for all commercial and noncommercial applications of Fonon Corp for laser cutting, marking, engraving, welding, semiconductor applications and flat panel display. The stock was valued at its fair-market value of $6,615,000 and recorded as a deemed dividend.

 

For the 6 months ending June 30,2024 $2,198,993 was distributed to an affiliate party Fonon Corporation . The financial statements are adjusted to reflect the Fonon Corporation amounts as distribution to affiliate. Prior treatment considered the transaction to be a related party but is now properly reflecting the transaction under common control and in line with prior 2023 financials.

 

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NOTE 7 – COMMITMENTS AND CONTINGENCIES

 

In October 2021, a lease on 18,000 SF facility was signed with the landlord for three years, terminating on October 31, 2024. The monthly rent for this facility is currently $15,109. The Company entered into a lease for additional 8000 SF of office space adjacent to the original facility for an additional $10,000/ month in October 2023. The combined expense monthly expense is $25,109

 

In December 2022, we entered into an agreement with 2701 Maitland Building Associates to rent 8,000 sf of additional office space nearby the main facility, for our growing sales and marketing program. The monthly rent for this space is currently $14,805.

 

As of January 1, 2020, we adopted ASU 2016-02 employing the cumulative-effect adjustment transition method, resulting in the recognition on our balance sheet of $597,143 as a right-of-use asset for operating leases, $434,153 as a current operating lease liability, and $ 162,990 as a lease liability less the current portion.

 

We only have $374,559 in lease liability on the balances sheet. Current amount is $197,614 and long-term amount is $176,945 as of June 30, 2024.

 

The maturity amounts of our lease liabilities are as follows:

 

Year ending December 31,		Operating Leases
2024		$	197,614
2025		$	176,945
Total		$	374,559

 

NOTE 8 – SUBSEQUENT EVENTS 

 

The Company’s management has evaluated subsequent events up to September 21, 2024, the date the financial statements were issued, pursuant to the requirements of ASC 855 and has the following to report:

 

On August 16, 2024, Laser Photonics Corporation (the “Company”) entered a private placement transaction (the “Private Placement”) pursuant to a Securities Purchase Agreement (the “Securities Purchase Agreement”) with certain institutional investors (the “Purchasers”) for aggregate gross proceeds of $3.0 million, before deducting fees to the placement agent and other expenses payable by the Company in connection with the Private Placement. The Company intends to use the net proceeds from the Private Placement for working capital and general corporate purposes. Aegis Capital Corp. (“Aegis”), acted as the exclusive placement agent for the Private Placement, which closed on August 19, 2024.

 

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion of our financial condition and results of operations should be read in conjunction with our unaudited financial statements and the notes to those financial statements appearing elsewhere in this Report.

 

Certain statements in this Report constitute forward-looking statements. These forward-looking statements include statements, which involve risks and uncertainties, regarding, among other things, (a) our projected sales, profitability, and cash flows, (b) our growth strategy, (c) anticipated trends in our industry, (d) our future financing plans, and (e) our anticipated needs for, and use of, working capital. They are generally identifiable by use of the words “may,” “will,” “should,” “anticipate,” “estimate,” “plan,” “potential,” “project,” “continuing,” “ongoing,” “expects,” “management believes,” “we believe,” “we intend,” or the negative of these words or other variations on these words or comparable terminology. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur. You should not place undue reliance on these forward-looking statements.

 

The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.

 

The “Company,” “we,” “us,” or “our,” are references to the business of Laser Photonics Corporation, a Wyoming corporation.

 

Overview

 

We are a vertically integrated manufacturing Company for photonics based industrial products and solutions, primarily disruptive laser cleaning technologies. Our 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.

 

Our principal executive offices are located at 1101 N Keller Rd, Orlando FL, 32810, and our telephone number is [phone]. Our website address is www.laserphotonics.com. The Company’s annual reports, quarterly reports, current reports on Form 8-K and amendments to such reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”), and other information related to the Company, are available, free of charge, on that website as soon as we electronically file those documents with, or otherwise furnish them to, the SEC. The Company’s website and the information contained therein, or connected thereto, are not and are not intended to be incorporated into this Quarterly Report on Form 10-Q.

 

We intend to continue to stay ahead of the technology curve by researching and developing cutting edge products and technologies for both large and small businesses. We view the small companies as an attractive market opportunity since they were previously unable to take advantage of laser processing equipment due to high prices, significant operating costs and the technical complexities of the laser equipment. As a result, we are developing an array of laser cleaning equipment that we have named the CleanTech™ product line, which we believe represents a new generation of high-power laser cleaning systems applicable to numerous material processing operations.

 

Factors and Trends That Affect Our Operations and Financial Results

 

In reading our financial statements, you should be aware of the following factors and trends that our management believes are important in understanding our financial performance.

 

Supply Chain. We are experiencing increased lead times for certain parts and components purchased from third party suppliers; particularly electronic components. We, our customers and our suppliers continue to face constraints related to supply chain and logistics, including availability of capacity, materials, air cargo space, sea containers and higher freight rates and import duties. Supply chain and logistics constraints are expected to continue for the foreseeable future and could impact our ability to supply products and our customers’ demand for our product or readiness to accept deliveries. Notwithstanding these effects, we believe we have the ability to meet the near-term demand for our products, but the situation is fluid and subject to change.

 

Net sales. Our net sales have historically fluctuated from quarter to quarter. The increase or decrease in sales from the previous quarter can be affected by the timing of orders received from customers, the shipment, installation and acceptance of products at our customers’ facilities. Net sales can be affected by the time taken to qualify our products for use in new applications in the end markets that we serve. Our sales cycle varies substantially, ranging from a period of a few weeks to as long as one year or more, but is typically several months. The adoption of our products by a new customer or qualification in a new application can lead to an increase in net sales for a period, which may then slow until we penetrate new markets or obtain new customers.

 

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Our business depends substantially upon capital expenditures by end users, particularly by manufacturers using our products for materials processing, which includes general manufacturing, automotive including electric vehicles (EV), other transportation, aerospace, heavy industry, consumer, semiconductor and electronics. Approximately 92% of our revenues for first quarter of 2022 and 91% of our revenues for the full 2021 fiscal year were from customers using our products for materials processing. Although applications within materials processing are broad, the capital equipment market in general is cyclical and historically has experienced sudden and severe downturns. For the foreseeable future, our operations will continue to depend upon capital expenditures by end users of materials processing equipment and will be subject to the broader fluctuations of capital equipment spending.

 

Gross margin. Our total gross margin in any period can be significantly affected by several factors, including net sales, production volumes, competitive factors, product mix, and by other factors such as changes in foreign exchange rates relative to the U.S. Dollar. Many of these factors are not under our control. The following are examples of factors affecting gross margin:

 

● As our products mature, we can experience additional competition which tends to decrease average selling prices and affects gross margin.

 

● Our gross margin can be significantly affected by product mix. Within each of our product categories, the gross margin is generally higher for devices with greater average power. These higher power products often have better performance, more difficult specifications to attain and fewer competing products in the marketplace.

 

Selling and Marketing expenses. In the first quarter of 2024, we invested in Selling and Marketing costs in order to support continued growth in the Company. As the secular shift to laser blasting technology matures, our sales growth becomes more susceptible to the cyclical trends typical of capital equipment manufacturers. Accordingly, our future management of and investments in selling and marketing expenses will also be influenced by these trends, although we may still invest in selling and marketing functions to support sales sustainability even in economic down cycles.

 

Research and development expenses. We plan to continue to invest in research and development to improve our existing laser blasting technology and equipment and develop new products, systems and applications. We believe that these investments will sustain our position as a leader in the laser blasting industry and will support development of new products that can address new markets and growth opportunities. The amount of research and development expenses we incur may vary from period to period.

 

Service of Laser Blasting Equipment

 

Liquidity and Capital Resources

 

The following is a summary of the Company’s cash flows provided and (and used in) operating, investing, and financing activities for six months ended as of June 30, 2024 and June 30, 2023.

 

		Six months ended on June 30,
Cash flow data		2024				2023
Net cash provided by (used in) operating activities		$	(3,253,756	)		$	(2,087,409	)
Net cash provided by (used in) investing activities		$	(199,748	)		$	(209,847	)
Net cash provided by (used in) financing activities		$	0			$	-
Net change in cash and cash equivalents		$	(3,453,504	)		$	(2,297,256	)
Cash at end of period		$	2,747,633			$	9,884,543

 

As of June 30, 2024, the Company had $2,747,633 in cash, $2,957,074 in current assets (without cash and cash equivalents) and $620,028 in current liabilities.

 

As a result, on June 30, 2024, the Company had 5,048,679 in total working capital, compared to $8,262,302 of total working capital on December 31, 2023.

 

We will have to meet all the financial disclosure and reporting requirements associated with being a publicly reporting Company. Our management will have to spend additional time on policies and procedures to make sure it is compliant with various regulatory requirements, especially that of Section 404 of the Sarbanes-Oxley Act of 2002. This additional corporate governance time required of management could limit the amount of time our management has to implement our business plan and may delay our anticipated growth plans.

 

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

 

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Revenues

 

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. We only apply 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. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Refunds and returns, which are minimal, are recorded as a reduction of revenue. Payments received by customers prior to our satisfying the above criteria are recorded as unearned income in the combined balance sheets. All revenues were reported in net of any sales discounts or taxes.

 

Inventory — 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. We maintain 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, 2022, we recorded $101,698 in Inventory Obsolescence.

 

For the six months ending June 30, 2024, we recognized revenue of $1,366,426, as compared to $1,641,632 in revenue for the same period in 2023, a decrease of $275,206. The decrease is primarily due to the timing of orders expected to be booked in Q2 2024.

 

		Three Months Ended June 30,								Six Months Ended June 30,
		2024 (Unaudited)				2023 (Audited)				2024 (Unaudited)				2023 (Audited)
Revenue		$	623,435			$	965,440			$	1,366,426			$	1,641,632

 

For the six months ending June 30, 2024, our net income was $(1,479,965) as compared to $(1,936,499) in the same period of 2023.

 

We are entering into laser equipment sales agreements with customers for specific equipment based upon purchase orders and our standard terms and conditions of sale.

 

Under our customer contracts or/and purchase orders, we transfer title and risk of loss to the customer and recognize revenue upon shipment. Our customers do not have extended payment terms or rights of return under these contracts.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

Summary Financial Information – Non-GAAP EBITDA

 

		Three Months Ending June 30,								Six Months Ending June 30,
		2024 (Restated)				2023 (Audited)				2024 (Restated)				2023 (Audited)
Other financial data:
EBITDA(1)		$	(675,733	)		$	(577,947	)		$	(1,036,126	)		$	(1,752,415	)
Adjusted EBITDA(2)		$	(675,733	)		$	(577,947	)		$	(1,036,126	)		$	(1,752,415	)

 

In addition to providing financial measurements based on generally accepted accounting principles in the United States (“GAAP”), we provide the following additional financial metrics that are not prepared in accordance with GAAP (non-GAAP): EBITDA and adjusted EBITDA. Management uses these non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate our financial performance. We believe that these non-GAAP financial measures help us to identify underlying trends in our business that could otherwise be masked by the effect of certain expenses that we exclude in the calculations of the non-GAAP financial measures.

 

21

Table of Contents

 

Accordingly, we believe that these non-GAAP financial measures reflect our ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business and provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and prospects.

 

These non-GAAP financial measures do not replace the presentation of our GAAP financial results and should only be used as a supplement to, not as a substitute for, our financial results presented in accordance with GAAP. There are limitations in the use of non-GAAP measures, because they do not include all the expenses that must be included under GAAP and because they involve the exercise of judgment concerning exclusions of items from the comparable non-GAAP financial measure. In addition, other companies may use other non-GAAP measures to evaluate their performance, or may calculate non-GAAP measures differently, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.

 

(1)	EBITDA is a non-GAAP financial measure used by management, lenders, and certain investors as a supplemental measure in the evaluation of some aspects of a corporation’s financial position and core operating performance. Investors sometimes use EBITDA, as it allows for some level of comparability of profitability trends between those businesses differing as to capital structure and capital intensity by removing the impacts of depreciation and amortization. EBITDA also does not include changes in major working capital items, such as receivables, inventory and payables, which can also indicate a significant need for, or source of, cash. Since decisions regarding capital investment and financing and changes in working capital components can have a significant impact on cash flow, EBITDA is not necessarily a good indicator of a business’s cash flows. We use EBITDA for evaluating the relative underlying performance of our core operations and for planning purposes. We calculate EBITDA by adjusting net income to exclude net interest expense, income tax expense or benefit, depreciation and amortization, thus the term “Earnings Before Interest, Taxes, Depreciation and Amortization” and the acronym “EBITDA.”
(2)	Adjusted EBITDA is defined as net income (loss) as reported in our consolidated statements of income excluding the impact of (i) interest expense; (ii) income tax provision; (iii) depreciation and amortization; (iv) stock-based compensation expense; (v) accretion of debt discounts; (vi) other income - forgiveness of Paycheck Protection Program loan; (vii) other financing costs; (viii) loss on extinguishment of debt; (ix) warrant inducement expense; (x) amortization of right-of-use assets; and (xi) change in fair value of derivative liabilities. Our Adjusted EBITDA measure eliminates potential differences in performance caused by variations in capital structures (affecting finance costs), tax positions, the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense). We also exclude certain one-time and non-cash costs. Our definition of Adjusted EBITDA may differ from similarly titled measures used by other companies, and any such differences could be material.

 

We believe EBITDA and Adjusted EBITDA are helpful for investors to better understand our underlying business operations. The following table adjusts Net Income to EBITDA and Adjusted EBITDA for the three- and six-months ending June 30, 2024, and 2023.

 

		Three Months Ending June 30,								Six Months Ending June 30,
		2024 (Restated)				2023 (Audited)				2024 (Restated)				2023 (Audited)
Reconciliation of EBITDA:
Net Income (Loss)		$	(934,256	)		$	(678,894	)		$	(1,479,965	)		$	(1,936,499	)
Add (deduct):
Interest expense			-				-				-				-
Taxes			12,629				-				12,629				-
Other			-				-
Depreciation & Amortization			245,894				100,947				431,210				184,084
EBITDA(1)			(675,733	)			(577,947	)			(1,036,126	)			(1,752,415	)
Other adjustments			-				-								-
Adjusted EBITDA(2)		$	(675,733	)		$	(577,947	)		$	(1,036,126	)		$	(1,752,415	)

 

22

Table of Contents

 

Subsequent Events

 

None

 

Off-Balance Sheet Arrangements

 

As of June 30, 2024, we did not have any off-balance sheet arrangements.

 

Table of Contents

 

Pursuant to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as it is a “smaller reporting Company,” as defined by Rule 229.10(f)(1).

 

We have not utilized any derivative financial instruments such as futures contracts, options and swaps, forward foreign exchange contracts or interest rate swaps and futures. We believe that adequate controls are in place to monitor any hedging activities. We do not have any borrowings and, consequently, we are not affected by changes in market interest rates. We do not currently have any sales or own assets and operate facilities in countries outside the United States and, consequently, we are not affected by foreign currency fluctuations or exchange rate changes. Overall, we believe that our exposure to interest rate risk and foreign currency exchange rate changes is not material to our financial condition or results of operations.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Disclosures Control and Procedures

 

Under the supervision of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), our management has evaluated the effectiveness of the design and operation of our “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this Quarterly Report on Form 10-Q (the “Evaluation Date”). Based upon that evaluation, our CEO and CFO have concluded that, as of the Evaluation Date, our disclosure controls and procedures are not effective. Management is implementing controls and procedures during 2024 to bring to effective.

 

Changes in Internal Controls over Financial Reporting

 

There was no material change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Exchange Act) that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

23

Table of Contents

 

PART II – OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS.

 

We are not involved in any legal proceedings, including routine litigation arising in the normal course of business that we believe will have a material adverse effect on our business, financial condition or results of operations.

 

ITEM 1A. RISK FACTORS

 

Not applicable to a smaller reporting Company.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

There were no sales of unregistered securities during the reported period.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES.

 

Not applicable.

 

ITEM 5. OTHER INFORMATION.

 

None.

 

ITEM 6. EXHIBITS.

 

31.1		Rule 13(a)-14(a)/15(d)-14(a) Certification of principal executive officer
31.2		Rule 13(a)-14(a)/15(d)-14(a) Certification of principal financial and accounting officer
32.1		Section 1350 Certification of principal executive officer
32.2		Section 1350 Certification of principal financial and accounting officer
101*		Inline XBRL data files of Financial Statements and Notes contained in this Quarterly Report on Form 10-Q.

 

* In accordance with Regulation S-T, the Interactive Data Files in Exhibit 101 to the Quarterly Report on Form 10-Q shall be deemed “furnished” and not “filed.”

 

24

Table of Contents

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

	Laser Photonics Corporation
Date: September 24, 2024	By:	/s/ Wayne Tupuola
		President and Chief Executive Officer (Principal Executive Officer)

 

Date: September 24, 2024	By	/s/ Carlos Sardinas
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

 

25

 

EXHIBIT 31.1

 

CERTIFICATIONS

 

I, Wayne Tupuola, certify that:

 

1.	I have reviewed this quarterly report on Form 10-Q/A of Laser Photonics Corporation (the “registrant”).
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: September 24, 2024	By:	/s/ Wayne Tupuola
		President/CEO
		(Principal Executive Officer)

 

 

EXHIBIT 31.2

 

CERTIFICATIONS

 

I, Carlos Sardinas, certify that:

 

1.	I have reviewed this quarterly report on Form 10-Q/A of Laser Photonics Corporation (the “registrant”).
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: September 24, 2024	By:	/s/ Carlos Sardinas
		VP, Finance
		(Principal Financial and Accounting Officer)

 

 

EXHIBIT 32.1

 

PURSUANT TO 18 U.S.C. 1350

 

Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Laser Photonics Corporation, a Delaware corporation (the “Company”), does hereby certify, to such officer’s knowledge, that:

 

The Quarterly Report on Form 10-Q/A for the six months ended June 30, 2024 (the “Form 10-Q) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

September 24, 2024	By:	/s/ Wayne Tupuola
		President/CEO
		(Principal Executive Officer)

 

The foregoing certification is being furnished solely pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as a separate disclosure document.

 

 

EXHIBIT 32.2

 

PURSUANT TO 18 U.S.C. 1350

 

Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Laser Photonics Corporation, a Delaware corporation (the “Company”), does hereby certify, to such officer’s knowledge, that:

 

The Quarterly Report on Form 10-Q/A for the six months ended June 30, 2024 (the “Form 10-Q) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

September 24, 2024	By:	/s/ Carlos Sardinas
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

 

The foregoing certification is being furnished solely pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as a separate disclosure document.

 

Cover - $ / shares	6 Months Ended
	Jun. 30, 2024	Aug. 22, 2024
Cover [Abstract]
Document Type	10-Q/A
Amendment Flag	true
Amendment Description	Laser Photonics Corporation (the “Company”) is filing this Amendment No. 2 (“Amendment No. 2”) to its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024, as filed with the Securities Exchange Commission (“SEC”) on August 29, 2024 (the “Original Filing”) and amended on September 12, 2024 (“Amendment No. 1”), to amend its financial statements in response to a comment letter from the SEC dated September 4, 2024, to adopt the accounting treatment in its Original Filing in which the Company treated certain sales and marketing costs paid by the Company to an affiliate, Fonon Corporation, as equity distributions to an affiliate rather than as G&A expenses as set forth in Amendment No. 1. Our current independent registered accounting firm, M&K CPAS, PLLC, has now agreed, following certain information provided to them by the Company, with the treatment of such expenses being equity distributions to an affiliate rather than G&A expenses as was the position taken by our prior independent registered accounting firm., Fruci & Associates II, LLC, in our annual report on Form 10-K for its fiscal year ended December 31, 2023 and the Original Filing. In addition, the Company has updated the certifications of our Chief Executive Officer and Chief Financial Officer (Exhibits 31.1, 31.2, 32.1 and 32.2), as required under Sections 302 and 906 of the Sarbanes-Oxley Act of 2002.  This Amendment No. 2 continues to speak as of the date of the Original Filing and does not reflect events that may have occurred subsequent to the Original Filing and does not modify or update in any way disclosures made in the Original Filing and Amendment No. 1 except as set forth above.
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-41515
Entity Registrant Name	Laser Photonics Corporation
Entity Central Index Key	0001807887
Entity Tax Identification Number	84-3628771
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1101 N. Keller Road
Entity Address, Address Line Two	Suite G
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32810
City Area Code	(407)
Local Phone Number	804 1000
Title of 12(b) Security	Common Stock
Trading Symbol	LASE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,270,427
Entity Information, Former Legal or Registered Name	Not Applicable
Entity Listing, Par Value Per Share	$ 0.001

Condensed Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and Cash Equivalents	$ 2,747,633	$ 6,201,137
Accounts Receivable, Net	446,016	816,364
Inventory	2,105,421	2,237,455
Other Assets	405,638	39,190
Total Current Assets	5,704,708	9,294,146
Property, Plant, & Equipment, Net	923,674	952,811
Intangible Assets, Net	4,077,662	4,279,987
Operating Lease Right-of-Use Asset	374,559	597,143
Total Assets	11,080,603	15,124,087
Current Liabilities:
Accounts Payable	198,236	223,040
Deferred Revenue	116,564	213,114
Current Portion of Operating Lease	197,614	434,152
Accrued Expenses	107,614	161,538
Total Current Liabilities	620,028	1,031,844
Long Term Liabilities:
Lease liability - less current	176,945	162,991
Total Long Term Liabilities	176,945	162,991
Total Liabilities	796,973	1,194,835
Commitments and Contingencies (Note 3)
Stockholders’ Equity:
Preferred stock Par value $0.001: 10,000,000 shares authorized. 0 Issued: shares were outstanding as of June 30, 2024 and December 31, 2023
Common Stock Par Value $0.001: 100,000,000 shares authorized; 12,270,427 and 9,253,419 issued, 12,245,490 and 9,228,482 outstanding as of June 30 , 2024, and December 31, 2023	12,270	9,253
Additional Paid in Capital	17,012,051	19,180,725
Retained Earnings (Deficit)	(6,715,451)	(5,235,486)
Treasury Stock	(25,240)	(25,240)
Total Stockholders’ Equity	10,283,630	13,929,252
Total Liabilities & Stockholders’ Equity	$ 11,080,603	$ 15,124,087

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	12,270,427	9,253,419
Common stock, shares outstanding	12,245,490	9,228,482

Condensed Statements of Profit and Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net Sales	$ 623,435	$ 965,440	$ 1,366,426	$ 1,641,632
Cost of Sales	308,081	283,864	665,204	553,761
Gross Profit	315,354	681,576	701,222	1,087,871
Operating Expenses:
Sales & Marketing	266,282	522,918	402,891	785,842
General & Administrative	435,776	393,352	792,042	969,217
Depreciation & Amortization	245,894	100,947	431,210	184,084
Payroll Expenses	238,703	302,409	447,158	646,111
Research and Development Cost	60,232	40,205	107,923	80,459
Total Operating Expenses	1,246,887	1,359,831	2,181,224	2,665,713
Operating Income (Loss)	(931,533)	(678,255)	(1,480,002)	(1,577,842)
Other Income (Expenses):
Total Other Income (Loss)	(2,723)	(639)	37	(358,657)
Income (Loss) Before Tax	(934,256)	(678,894)	(1,479,965)	(1,936,499)
Tax Provision
Net Income (Loss)	(934,256)	(678,894)	(1,479,965)	(1,936,499)
Deemed Dividend from Software Acquisition	(6,615,000)		(6,615,000)
Net Comprehensive loss attributed to Common Shareholders	$ (7,549,256)	$ (678,894)	$ (8,094,965)	$ (1,936,499)
Earning (Loss) per Share:
Basic	$ (0.09)	$ (0.09)	$ (0.15)	$ (0.25)
Diluted	(0.09)	(0.09)	(0.15)	(0.25)
Loss per share (attributable to common shareholders), basic	(0.71)	(0.09)		(0.25)
Loss per share (attributable to common shareholders), diluted	$ (0.71)	$ (0.09)	$ (0.82)	$ (0.25)
Weighted average of shares oustanding, basic	10,589,108	7,878,419	9,924,908	7,878,419
Weighted average of shares oustanding, diluted	10,589,108	7,878,419	9,924,908	7,878,419

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES
Net Loss	$ (1,479,965)	$ (1,936,499)
Adjustments to Reconcile Net Loss to Net Cash Flow from Operating Activities:
Shares issued for compensation	33,336
Distribution to affiliate	(2,198,993)
Depreciation & Amortization	431,210	184,084
Change in Operating Assets & Liabilities:
Accounts Receivable	370,348	664,005
Inventory	132,034	(493,474)
Prepaids & Other Current Assets	(366,448)	(209,490)
Accounts Payable	(24,804)	26,810
Accrued Expenses	(53,924)	(322,846)
Deferred Revenue	(96,550)
Net Cash Used in Operating Activities	(3,253,756)	(2,087,409)
INVESTING ACTIVITIES
Purchase of Property, Plant an Equipment	(12,934)	(183,941)
Purchase of Research & Development Equipment	(4,095)
Purchase of Operational Software & Website		(6,199)
Invest in Leasehold Improvements	(182,719)	(19,707)
Net Cash Used in Investing Activities	(199,748)	(209,847)
FINANCING ACTIVITIES
Common stock.01 x 100,000,000	(92,533)
Common stock .001 x 100,000,000	12,253
Additional Paid in Capital	80,280
Net Cash Used in Financing Activities	0
Net Cash Flow for Period	(3,453,504)	(2,297,256)
Cash and Cassh Equivalents - Beginning of Period	6,201,137	12,181,799
Cash and Cash Equivalents- End of Period	2,747,633	9,884,543
NON-CASH INVESTING AND FINANCING ACTIVITIES
Shares issued on conversion of debt
Share issued for purchase of license	6,615,000
SUPPLEMENTARY CASH FLOW INFORMATION
Income Taxes
Interest

Condensed Statements of Cash Flows (Unaudited) (Parenthetical)	Jun. 30, 2024 $ / shares shares
Common stock, par value | $ / shares	$ 0.001
Common stock, shares authorized | shares	100,000,000
Common Stock [Member]
Common stock, par value | $ / shares	$ 0.01
Common stock, shares authorized | shares	100,000,000
Common Stock One [Member]
Common stock, par value | $ / shares	$ 0.001
Common stock, shares authorized | shares	100,000,000

Condensed Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Shares To Be Issued [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2022		$ 7,878	$ 829,500		$ 18,211,425	$ (1,917,315)	$ 17,131,488
Balance, Shares at Dec. 31, 2022		7,878,419
Net Income (loss)						(1,936,499)	(1,936,499)
Balance at Jun. 30, 2023		$ 7,878	829,500		18,211,425	(3,853,814)	15,194,989
Balance, Shares at Jun. 30, 2023		7,878,419
Balance at Dec. 31, 2023		$ 9,253		$ (25,240)	19,180,725	(5,235,486)	13,929,252
Balance, Shares at Dec. 31, 2023		9,253,419
Net Income (loss)						(545,709)	(545,709)
Distribution to affiliate					(1,019,687)		(1,019,687)
Stock Issued for compensation		$ 17			33,319		33,336
Stock Issued for compensation, shares		17,008
Balance at Mar. 31, 2024		$ 9,270		(25,240)	18,194,357	(5,781,195)	12,397,192
Balance, Shares at Mar. 31, 2024		9,270,427
Balance at Dec. 31, 2023		$ 9,253		(25,240)	19,180,725	(5,235,486)	13,929,252
Balance, Shares at Dec. 31, 2023		9,253,419
Net Income (loss)							(1,479,965)
Balance at Jun. 30, 2024		$ 12,270		(25,240)	17,012,051	(6,715,451)	10,283,630
Balance, Shares at Jun. 30, 2024		12,270,427
Balance at Mar. 31, 2024		$ 9,270		(25,240)	18,194,357	(5,781,195)	12,397,192
Balance, Shares at Mar. 31, 2024		9,270,427
Net Income (loss)						(934,256)	(934,256)
Distribution to affiliate					(1,179,306)		(1,179,306)
Stock issued for Software purchases		$ 3,000			6,612,000		6,615,000
Stock issued for Software purchases, shares		3,000,000
Deemed Divvident to APIC					(6,615,000)		(6,615,000)
Balance at Jun. 30, 2024		$ 12,270		$ (25,240)	$ 17,012,051	$ (6,715,451)	$ 10,283,630
Balance, Shares at Jun. 30, 2024		12,270,427

Condensed Statements of Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, shares authorized	100,000,000	100,000,000	1,000,000,000
Common stock, par value	$ 0.001	$ 0.001	$ 0.01

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION	NOTE 1 –BASIS OF PRESENTATION   The accompanying unaudited condensed financial statements and notes of Laser Photonics Corporation (the “Company”) are presented in United States dollars and have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, those do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These financial statements should be read in conjunction with the financial statements, notes and significant accounting policies included in our Annual Report on Form 10-K for the year ended December 31, 2023.   Going Concern   The Company has not earned sufficient revenue since inception and has sustained operating losses during the year ended December 31, 2023, and through June 30, 2024. The Company had positive working capital as of June 30, 2024. 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. These factors create substantial doubt about the Company’s ability to continue as a going concern within the twelve-month period subsequent to the date that these financial statements are issued.   Restatement of Q2 2023.   Q2 2023 was unaudited and as we were preparing our Q2 2024 filing we noticed the balances in our ledger did not match what was filed. Our system of record current financials is the basis for the financials as they are presented, not the prior Q2 2023 filing.     Restatement as of June 30, 2023, Reconciliation:

Restatement of Previously Issued Financial Statements	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Restatement of Previously Issued Financial Statements	Note 2. Restatement of Previously Issued Financial Statements as of June 30, 2023.               Restatement             As Filed     Adjustments     As Restated   Statement of operations                         Net Sales   $ 2,205,096     $ (563,464 )   $ 1,641,632   Other income                         Cost of Sales     524,992       28,769       553,761   Gross Profit     1,680,104       (592,233 )     1,087,871   Operating Expenses:                         Sales & Marketing     910,771       (124,929 )     785,842   General & Administrative     1,787,533       (818,316 )     969,217   Depreciation & Amortization     184,084       0       184,084   Payroll Expenses     0       646,111       646,111                             Total Other Income/Expense     200,730       157,927       358,657   Research & Development     0       80,459       80,459   Total Operating Expenses   $ 3,083,118     $ (58,748 )   $ 3,024,370   Operating Income (Loss)     (1,403,014 )     (533,485 )     (1,936,499 ) Interest Expenses     -       -       -   Income (Loss) Before Tax     (1,403,014 )     (533,485 )     (1,936,499 ) Net Income (Loss)   $ (1,403,014 )   $ (533,485 )   $ (1,936,499 )                           Earning (Loss) per Share                         Basic and diluted   $ (0.17 )           $ (0.25 )               Restatement             As Filed     Adjustments     As Restated   Statement of cash flows                         OPERATING ACTIVITIES                         Net Income (Loss)   $ (1,403,014 )   $ (533,485 )   $ (1,936,499 ) Adjustments to Reconcile Net Income (Loss) to Net Cash Flow from Operating Activities:                         Shares issued for compensation                         Distribution to affiliate                         Depreciation & Amortization     184,084       0       184,084   Net Change, Right-of-Use Asset & Liabilities     -19706       19,706       0   Change in Operating Assets & Liabilities:                         Accounts Receivable     (57,462 )     721,467       664,005   Inventory     (522,243 )     28,770       (493,473 ) Prepaids & Other Current Assets     (259,490 )     78,654       (180,836 ) Stock Account     -        -        -    Accounts Payable     105,464       (78,654 )     26,810   Accrued Expenses     (1,181,000 )     829,500       (351,500 ) 21030 Deferred Revenue                         Net Cash From (Used In) Operating Activities   $ (3,153,366 )   $ 1,065,957       (2,087,409 )                           INVESTING ACTIVITIES                         Purchase of Equipment   $ 0     $ (1,399 )     (1,399 ) Purchase of Computers     0       (119,416 )     (119,416 ) Leashold improvements     0       (19,707 )     (19,707 ) Purchase of Long Term Assets     (183,941 )     120,815       (63,126 ) Purchase of Intangible Assets     (6,199 )     0       (6,199 ) Net Cash From (Used In) Investing Activities   $ (190,140 )   $ (19,707 )     (209,847 )                           FINANCING ACTIVITIES                         Common Stock     10359       (10,359 )     0   Additional Paid in Capital     1,035,891       (1,035,891 )     0   Retained Earnings     -        -        -    Net Cash From (Used In) Financing Activities   $ 1,046,250     $ (1,046,250 )     0   Net Cash Flow for Period   $ (2,297,256 )   $ 0       (2,297,256 ) Cash - Beginning of Period     12,181,799       0       12,181,799   Cash - End of Period   $ 9,884,543     $ 0       9,884,543   NON-CASH INVESTING AND FINANCING ACTIVITIES                         Shares issued on conversion of debt   $ -      $ -      $ -    Shares issued as consideration for services     -        -        -    Share issued for purchase of license     -        -        -    SUPPLEMENTARY CASH FLOW INFORMATION                         Cash Received / Paid During the Period for:   $         $             Income Taxes   $ -      $ -        -    Interest   $ -      $ -        -        Restatement of Q2 2024.   The financial statements are adjusted to reflect the Fonon Corporation amounts as distribution to affiliate. Prior treatment considered the transaction to be a related party but is now properly reflecting the transaction under common control and in line with prior 2023 financials.   Note 2. Restatement of Previously Issued Financial Statements 2024 Q2   Six Months Ended June 30, 2024 Balance Sheet             Restatement             As Filed     Adjustments     As Restated   Assets                         Total assets   $ 11,080,603     $ 0     $ 11,080,603                             Liabilities                         Total Liabilitiy   $ 796,973     $ 0     $ 796,973   Common Stock Par Value $0.001     12,270       0       12,270   Additional Paid In Capital     19,211,044       -2,198,993       17,012,051   Retained Earnings     -8,914,444       2,198,993       -6,715,451   Treasury Stock     -25,240       0       -25,240   Total stockholders’ equity   $ 10,283,630     $ 0     $ 10,283,630   Total liabilities and stockholders’ equity   $ 11,080,603     $ 0     $ 11,080,603     Three Months ended June 30, 2024 Statement of operations       As Filed     Adjustments     As Restated             Restatement             As Filed     Adjustments     As Restated   Net Sales   $ 623,435     $ 0     $ 623,435   Cost of Sales   $ 308,081     $     $ 308,081   Gross Profit   $ 315,354     $     $ 315,354   General & Administrative   $ 1,615,082       -1,179,306       435,776   Operating Expenses:   $ 2,426,193     $ -1,179,306     $ 1,246,887   Operating Income   $ -2,110,839       1,179,306       -931,533   Onter income      $ -2,723     $ 0     $ -2,723   Net Income (Loss)   $ -2,113,562     $ 1,179,306     $ -934,256                             Income (Loss) per Share                         Basic and diluted   $ -0.20     $ 0.11     $ -0.09   Loss per share attributable to common shareholders   $ -0.82     $ 0.11     $ -0.71     Six Months ended June 30, 2024 Statement of operations       As Filed     Adjustments     As Restated   Net Sales   $ 1,366,426     $ 0     $ 1,366,426   Cost of Sales   $ 665,204     $     $ 665,204   Gross Profit   $ 701,222     $     $ 701,222   General & Administrative   $ 2,991,035       -2,198,993       792,042   Operating Expenses:   $ 4,380,217     $ -2,198,993     $ 2,181,224   Operating Income   $ -3,678,995       2,198,993       -1,480,002   Onter income   $ 37     $ 0     $ 37   Net Income (Loss)   $ -3,678,958     $ 2,198,993     $ -1,479,965                             Income (Loss) per Share                         Basic and diluted   $ -0.37     $ 0.22     $ -0.15   Loss per share attributable to common shareholders   $ -1.04     $ 0.22     $ -0.82        Six Months Ended June 30, 2024 Cash Flows From:             Restatement             As Filed     Adjustments     As Restated                       OPERATING ACTIVITIES   $                      Net Income (Loss)   $ -3,678,958     $ 2,198,993       -1,479,965   Adjustments to Reconcile Net Income (Loss) to Net Cash Flow from Operating Activities:                  Shares issued for compensation   $ 33,336     $ 0       33,336   Distribution to affiliate   $ 0     $ -2,198,993       -2,198,993   Depreciation & Amortization   $ 431,210     $ 0       431,210   Net Change, Right-of-Use Asset & Liabilities   $ 0     $ 0       0   Accounts Receivable   $ 370,348     $ 0       370,348   Inventory   $ 132,034     $ 0       132,034   Prepaids & Other Current Assets   $ -366,448     $ 0       -366,448   Accounts Payable   $ -24,804     $ 0       -24,804   Accrued Expenses   $ -53,924     $ 0       -53,924   21030 Deferred Revenue   $ -96,550     $ 0       -96,550   Net Cash From (Used In) Operating Activities   $ -3,253,756     $ 0       -3,253,756                             INVESTING ACTIVITIES                         Net Cash From (Used In) Investing Activities   $ -199,748     $ 0       -199,748                       FINANCING ACTIVITIES                   Net Cash From (Used In) Financing Activities   $ 0     $ 0       0   Net Cash Flow for Period   $ -3,453,504     $ 0       -3,453,504   Cash - Beginning of Period   $ 6,201,137     $ 0       6,201,137   Cash - End of Period   $ 2,747,633     $ 0       2,747,633   NON-CASH INVESTING AND FINANCING ACTIVITIES                   Share issued for purchase of license   $ 6,615,000     $ 0       6,615,000   SUPPLEMENTARY CASH FLOW INFORMATION   $       $ 0           Cash Received / Paid During the Period for:                   Income Taxes   $ -             $ -   Interest   $ 0     $ 0       0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES & USE OF ESTIMATES	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES & USE OF ESTIMATES	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES & USE OF ESTIMATES.   Our significant accounting policies are provided in “Note 2 – Summary of Significant Accounting Policies” in our Financial Statements 2023 Form 10-K. There have been no material changes to our significant accounting policies from those disclosed in our 2023 Form 10-K for the fiscal year ended December 31, 2023.   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 expenses related to share-based awards is recognized over the requisite service period, which is generally the vesting period.   The preparation of financial statements in conformity with U.S. GAAP 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. In the opinion of management, our financial statements reflect all adjustments considered necessary by management to fairly state the results of operations, financial position and cash flows of the Company for the periods presented.   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.   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, and it is the customers’ contractual responsibility to ensure their goods reach their destination.     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 combined balance sheets.   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.   All revenues are reported in net of any sales discounts or taxes.   Other Revenue Recognition Matters related to Distributors.   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 an item is sold to end customer at which time the company recognizes revenue.   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 a cost, which approximates fair value. The company has $2,539,472 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.   Current Liabilities   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 June 30, 2024, and December 31, 2023, our accounts payable were recorded at $198,236 and $223,040, respectively.   Deferred Revenue   Deferred Revenue is primarily comprised of products that have been made available to key distributors that have not been sold. As of June 30, 2024, the Company had $ 116,564, and December 31, 2023, the Company’s deferred revenue liabilities were recorded $213,114.   As of June 30, 2024, there were no loan balances owed by the Company.     Net 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.   Accounts Receivable   Trade accounts receivable is 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. In addition, most sales orders are not accepted without a substantial deposit. As of June 30, 2024, the balance of collectible accounts was $446,016. There is no Allowance of Bad Debt considered as of June 30, 2024.   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 our sales force for demonstrations and held for sale. Sales demonstration inventory is held in our demo facilities or by our 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. The amounts in this account represent items at various stages of completion at the date of these financial statements.   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 that delivery and setup.     As of June 30, 2024, and December 31, 2023, respectively, our inventory consisted of the following:   Inventory   As of June 30, 2024 (Unaudited)     As of December 31, 2023 (Audited)                 Equipment Parts Inventory   $ 992,741     $ 862,940   Finished Goods Inventory     931,227       992,744   Sales Demo Inventory     258,954       162,958.00   Work in process Inventory     203,683       243,029   Inventory Reserve     (281,184 )     (24,216 ) Total Inventory   $ 2,105,421     $ 2,237,455     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.   Category   Economic Useful Life Office furniture and fixtures   5-7 years Machinery. Vehicles and equipment   5-7 years Leasehold improvements   1-3 years    SCHEDULE OF FIXED ASSETS Fixed Assets   As of June 30, 2024 (Unaudited)     As of December 31, 2023 (Audited)                 Accumulated Depreciation   $ (958,842 )   $ (729,956 ) Machinery & Equipment     799,652       796,783   Office Furniture & Computer Equipment     87,553       77,487   Vehicles     90,959       90,959   R&D Equipment     42,068       37,973   Leasehold improvements     214,494       31,775   Demonstration equipment     647,790       647,790   Total Fixed Assets   $ 923,674     $ 952,811       Intangible Assets   Intangible assets consist primarily of capitalized equipment design documentation, software costs for equipment manufactured for sale, 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 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.   Intangible Assets   As of June 30, 2024 (Unaudited)     As of December 31, 2023 (Audited)                 Accumulated Amortization   $ (927,553 )   $ (725,228 ) Customer Relationships     211,000       211,000   Equipment Design Documentation     2,675,000       2,675,000   Operational Software & Website     339,539       339,539   Trademarks     216,800       216,800   License & Patents     1,562,876       1,562,876   Intangible Assets, Gross     1,562,876       1,562,876   Total Intangible Assets   $ 4,077,662     $ 4,279,987     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 will write down the asset to its fair value based on the present value of estimated future cash flows.

LEASES	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
LEASES	NOTE 4 – LEASES   Our leases consist of operating leases only related to our two facilities located in Orlando, Florida. The operating leases for our facilities are non-cancelable operating leases and are included in Operating lease right-of-use (“ROU”) asset, Lease liability, and Lease liability – less current portion in our balance sheets. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Lease expense for lease payments is recognized on a straight-line basis over the lease term.       Three Months Ended June 30,     Six Months Ended June 30,         2024 (Unaudited)       2023 (Unaudited)       2024 (Unaudited)       2023 (Audited)                                     Operating Lease Expense   $ 79,847     $ 91,062     $ 159,694     $ 181,670

STOCKHOLDERS’ EQUITY/DEFICIT	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCKHOLDERS’ EQUITY/DEFICIT	NOTE 5 – STOCKHOLDERS’ EQUITY/DEFICIT   General   The following description of our securities and certain provisions of our amended and restated certificate of incorporation and amended and restated bylaws are summaries and are qualified by reference to the amended and restated certificate of incorporation and our bylaws that will be in effect on the closing of this offering. Copies of these documents have been filed with the SEC as exhibits to our registration statement, of which this prospectus forms a part. The descriptions of the Shares, and preferred stock reflect changes to our capital structure that will be in effect on the closing of this offering.   Preferred Stock     ● Par value: $0.001   ● Authorized: 10,000,000   ● Issued: There were no preferred shares issued and outstanding as of June 30, 2024   Common Stock     ● Par value: $0.001   ● Authorized: 100,000,000   ● Issued: 12,270,427 as of June 30, 2024   On February 2nd, 2024, 17,008 Shares of Common stock were issued to Jade Barnwell, the former Laser Photonics CFO, under the terms of employment.   On May 21, 2024, 3,000,000 of Common stock were issued and transferred to Fonon Corporation in exchange for licenses for all commercial and noncommercial applications of Fonon Corp for laser cutting, marking, engraving, welding, semiconductor applications and flat panel display. The stock was valued at it’s fair-market value of $6,615,000 and recorded as a deemed dividend.   Warrants   As of June 30, 2024, there were 180,000 Warrants Outstanding   Options   As of June 30, 2024, there were no Options Issued or Outstanding

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 6 – RELATED PARTY TRANSACTIONS    ICT Investments provides the Company with accounting services and various management services on a as needed basis. For the six months ended June 30, pursuant to an arrangement with ICT Investment, the Company paid in total $35,760 and $28,217, respectively, for various accounting services and management resources. Any distributions between Laser Photonics and ICT must be distributed to affiliate company.   ICT Investments owns 626,918 shares of the Company’s common stock. ICT Investments owned 4,688,695 shares of the Company’s common stock prior to the closing of the Company’s IPO on October 4, 2022, this represented 96.1% of the total shares outstanding. As of December 31, 2022, ICT Investments owns 59.5% of the total shares outstanding. Dmitriy Nikitin is the Managing Partner of ICT Investments and has controlled the Company since its inception. As of the end of 2023 the % is 58.7.%   On May 21, 2024 3,000,000 of Common stock were issued and transferred to Fonon Corporation in exchange for licenses for all commercial and noncommercial applications of Fonon Corp for laser cutting, marking, engraving, welding, semiconductor applications and flat panel display. The stock was valued at its fair-market value of $6,615,000 and recorded as a deemed dividend.   For the 6 months ending June 30,2024 $2,198,993 was distributed to an affiliate party Fonon Corporation . The financial statements are adjusted to reflect the Fonon Corporation amounts as distribution to affiliate. Prior treatment considered the transaction to be a related party but is now properly reflecting the transaction under common control and in line with prior 2023 financials.

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 7 – COMMITMENTS AND CONTINGENCIES   In October 2021, a lease on 18,000 SF facility was signed with the landlord for three years, terminating on October 31, 2024. The monthly rent for this facility is currently $15,109. The Company entered into a lease for additional 8000 SF of office space adjacent to the original facility for an additional $10,000/ month in October 2023. The combined expense monthly expense is $25,109   In December 2022, we entered into an agreement with 2701 Maitland Building Associates to rent 8,000 sf of additional office space nearby the main facility, for our growing sales and marketing program. The monthly rent for this space is currently $14,805.   As of January 1, 2020, we adopted ASU 2016-02 employing the cumulative-effect adjustment transition method, resulting in the recognition on our balance sheet of $597,143 as a right-of-use asset for operating leases, $434,153 as a current operating lease liability, and $ 162,990 as a lease liability less the current portion.   We only have $374,559 in lease liability on the balances sheet. Current amount is $197,614 and long-term amount is $176,945 as of June 30, 2024.   The maturity amounts of our lease liabilities are as follows:   Year ending December 31,   Operating Leases   2024   $ 197,614   2025   $ 176,945   Total   $ 374,559

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 8 – SUBSEQUENT EVENTS    The Company’s management has evaluated subsequent events up to September 21, 2024, the date the financial statements were issued, pursuant to the requirements of ASC 855 and has the following to report:   On August 16, 2024, Laser Photonics Corporation (the “Company”) entered a private placement transaction (the “Private Placement”) pursuant to a Securities Purchase Agreement (the “Securities Purchase Agreement”) with certain institutional investors (the “Purchasers”) for aggregate gross proceeds of $3.0 million, before deducting fees to the placement agent and other expenses payable by the Company in connection with the Private Placement. The Company intends to use the net proceeds from the Private Placement for working capital and general corporate purposes. Aegis Capital Corp. (“Aegis”), acted as the exclusive placement agent for the Private Placement, which closed on August 19, 2024.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES & USE OF ESTIMATES (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Stock Based Compensation	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 expenses related to share-based awards is recognized over the requisite service period, which is generally the vesting period.   The preparation of financial statements in conformity with U.S. GAAP 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. In the opinion of management, our financial statements reflect all adjustments considered necessary by management to fairly state the results of operations, financial position and cash flows of the Company for the periods presented.
Revenue Recognition	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.   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, and it is the customers’ contractual responsibility to ensure their goods reach their destination.     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 combined balance sheets.   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.   All revenues are reported in net of any sales discounts or taxes.   Other Revenue Recognition Matters related to Distributors.   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 an item is sold to end customer at which time the company recognizes revenue.
Cash and Cash Equivalents	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 a cost, which approximates fair value. The company has $2,539,472 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.
Current Liabilities	Current Liabilities   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 June 30, 2024, and December 31, 2023, our accounts payable were recorded at $198,236 and $223,040, respectively.   Deferred Revenue   Deferred Revenue is primarily comprised of products that have been made available to key distributors that have not been sold. As of June 30, 2024, the Company had $ 116,564, and December 31, 2023, the Company’s deferred revenue liabilities were recorded $213,114.   As of June 30, 2024, there were no loan balances owed by the Company.
Net Earnings/Loss per Share	Net 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.
Accounts Receivable	Accounts Receivable   Trade accounts receivable is 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. In addition, most sales orders are not accepted without a substantial deposit. As of June 30, 2024, the balance of collectible accounts was $446,016. There is no Allowance of Bad Debt considered as of June 30, 2024.
Inventory	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 our sales force for demonstrations and held for sale. Sales demonstration inventory is held in our demo facilities or by our 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. The amounts in this account represent items at various stages of completion at the date of these financial statements.   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 that delivery and setup.     As of June 30, 2024, and December 31, 2023, respectively, our inventory consisted of the following:   Inventory   As of June 30, 2024 (Unaudited)     As of December 31, 2023 (Audited)                 Equipment Parts Inventory   $ 992,741     $ 862,940   Finished Goods Inventory     931,227       992,744   Sales Demo Inventory     258,954       162,958.00   Work in process Inventory     203,683       243,029   Inventory Reserve     (281,184 )     (24,216 ) Total Inventory   $ 2,105,421     $ 2,237,455
Fixed Assets - Plant Machinery and Equipment	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.   Category   Economic Useful Life Office furniture and fixtures   5-7 years Machinery. Vehicles and equipment   5-7 years Leasehold improvements   1-3 years    SCHEDULE OF FIXED ASSETS Fixed Assets   As of June 30, 2024 (Unaudited)     As of December 31, 2023 (Audited)                 Accumulated Depreciation   $ (958,842 )   $ (729,956 ) Machinery & Equipment     799,652       796,783   Office Furniture & Computer Equipment     87,553       77,487   Vehicles     90,959       90,959   R&D Equipment     42,068       37,973   Leasehold improvements     214,494       31,775   Demonstration equipment     647,790       647,790   Total Fixed Assets   $ 923,674     $ 952,811
Intangible Assets	Intangible Assets   Intangible assets consist primarily of capitalized equipment design documentation, software costs for equipment manufactured for sale, 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 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.   Intangible Assets   As of June 30, 2024 (Unaudited)     As of December 31, 2023 (Audited)                 Accumulated Amortization   $ (927,553 )   $ (725,228 ) Customer Relationships     211,000       211,000   Equipment Design Documentation     2,675,000       2,675,000   Operational Software & Website     339,539       339,539   Trademarks     216,800       216,800   License & Patents     1,562,876       1,562,876   Intangible Assets, Gross     1,562,876       1,562,876   Total Intangible Assets   $ 4,077,662     $ 4,279,987
Long-Lived Assets	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 will write down the asset to its fair value based on the present value of estimated future cash flows.

Restatement of Previously Issued Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
SCHEDULE OF RESTATEMENT OF RECONCILIATION	Restatement             As Filed     Adjustments     As Restated   Statement of operations                         Net Sales   $ 2,205,096     $ (563,464 )   $ 1,641,632   Other income                         Cost of Sales     524,992       28,769       553,761   Gross Profit     1,680,104       (592,233 )     1,087,871   Operating Expenses:                         Sales & Marketing     910,771       (124,929 )     785,842   General & Administrative     1,787,533       (818,316 )     969,217   Depreciation & Amortization     184,084       0       184,084   Payroll Expenses     0       646,111       646,111                             Total Other Income/Expense     200,730       157,927       358,657   Research & Development     0       80,459       80,459   Total Operating Expenses   $ 3,083,118     $ (58,748 )   $ 3,024,370   Operating Income (Loss)     (1,403,014 )     (533,485 )     (1,936,499 ) Interest Expenses     -       -       -   Income (Loss) Before Tax     (1,403,014 )     (533,485 )     (1,936,499 ) Net Income (Loss)   $ (1,403,014 )   $ (533,485 )   $ (1,936,499 )                           Earning (Loss) per Share                         Basic and diluted   $ (0.17 )           $ (0.25 )               Restatement             As Filed     Adjustments     As Restated   Statement of cash flows                         OPERATING ACTIVITIES                         Net Income (Loss)   $ (1,403,014 )   $ (533,485 )   $ (1,936,499 ) Adjustments to Reconcile Net Income (Loss) to Net Cash Flow from Operating Activities:                         Shares issued for compensation                         Distribution to affiliate                         Depreciation & Amortization     184,084       0       184,084   Net Change, Right-of-Use Asset & Liabilities     -19706       19,706       0   Change in Operating Assets & Liabilities:                         Accounts Receivable     (57,462 )     721,467       664,005   Inventory     (522,243 )     28,770       (493,473 ) Prepaids & Other Current Assets     (259,490 )     78,654       (180,836 ) Stock Account     -        -        -    Accounts Payable     105,464       (78,654 )     26,810   Accrued Expenses     (1,181,000 )     829,500       (351,500 ) 21030 Deferred Revenue                         Net Cash From (Used In) Operating Activities   $ (3,153,366 )   $ 1,065,957       (2,087,409 )                           INVESTING ACTIVITIES                         Purchase of Equipment   $ 0     $ (1,399 )     (1,399 ) Purchase of Computers     0       (119,416 )     (119,416 ) Leashold improvements     0       (19,707 )     (19,707 ) Purchase of Long Term Assets     (183,941 )     120,815       (63,126 ) Purchase of Intangible Assets     (6,199 )     0       (6,199 ) Net Cash From (Used In) Investing Activities   $ (190,140 )   $ (19,707 )     (209,847 )                           FINANCING ACTIVITIES                         Common Stock     10359       (10,359 )     0   Additional Paid in Capital     1,035,891       (1,035,891 )     0   Retained Earnings     -        -        -    Net Cash From (Used In) Financing Activities   $ 1,046,250     $ (1,046,250 )     0   Net Cash Flow for Period   $ (2,297,256 )   $ 0       (2,297,256 ) Cash - Beginning of Period     12,181,799       0       12,181,799   Cash - End of Period   $ 9,884,543     $ 0       9,884,543   NON-CASH INVESTING AND FINANCING ACTIVITIES                         Shares issued on conversion of debt   $ -      $ -      $ -    Shares issued as consideration for services     -        -        -    Share issued for purchase of license     -        -        -    SUPPLEMENTARY CASH FLOW INFORMATION                         Cash Received / Paid During the Period for:   $         $             Income Taxes   $ -      $ -        -    Interest   $ -      $ -        -        Restatement of Q2 2024.   The financial statements are adjusted to reflect the Fonon Corporation amounts as distribution to affiliate. Prior treatment considered the transaction to be a related party but is now properly reflecting the transaction under common control and in line with prior 2023 financials.   Note 2. Restatement of Previously Issued Financial Statements 2024 Q2   Six Months Ended June 30, 2024 Balance Sheet             Restatement             As Filed     Adjustments     As Restated   Assets                         Total assets   $ 11,080,603     $ 0     $ 11,080,603                             Liabilities                         Total Liabilitiy   $ 796,973     $ 0     $ 796,973   Common Stock Par Value $0.001     12,270       0       12,270   Additional Paid In Capital     19,211,044       -2,198,993       17,012,051   Retained Earnings     -8,914,444       2,198,993       -6,715,451   Treasury Stock     -25,240       0       -25,240   Total stockholders’ equity   $ 10,283,630     $ 0     $ 10,283,630   Total liabilities and stockholders’ equity   $ 11,080,603     $ 0     $ 11,080,603     Three Months ended June 30, 2024 Statement of operations       As Filed     Adjustments     As Restated             Restatement             As Filed     Adjustments     As Restated   Net Sales   $ 623,435     $ 0     $ 623,435   Cost of Sales   $ 308,081     $     $ 308,081   Gross Profit   $ 315,354     $     $ 315,354   General & Administrative   $ 1,615,082       -1,179,306       435,776   Operating Expenses:   $ 2,426,193     $ -1,179,306     $ 1,246,887   Operating Income   $ -2,110,839       1,179,306       -931,533   Onter income      $ -2,723     $ 0     $ -2,723   Net Income (Loss)   $ -2,113,562     $ 1,179,306     $ -934,256                             Income (Loss) per Share                         Basic and diluted   $ -0.20     $ 0.11     $ -0.09   Loss per share attributable to common shareholders   $ -0.82     $ 0.11     $ -0.71     Six Months ended June 30, 2024 Statement of operations       As Filed     Adjustments     As Restated   Net Sales   $ 1,366,426     $ 0     $ 1,366,426   Cost of Sales   $ 665,204     $     $ 665,204   Gross Profit   $ 701,222     $     $ 701,222   General & Administrative   $ 2,991,035       -2,198,993       792,042   Operating Expenses:   $ 4,380,217     $ -2,198,993     $ 2,181,224   Operating Income   $ -3,678,995       2,198,993       -1,480,002   Onter income   $ 37     $ 0     $ 37   Net Income (Loss)   $ -3,678,958     $ 2,198,993     $ -1,479,965                             Income (Loss) per Share                         Basic and diluted   $ -0.37     $ 0.22     $ -0.15   Loss per share attributable to common shareholders   $ -1.04     $ 0.22     $ -0.82        Six Months Ended June 30, 2024 Cash Flows From:             Restatement             As Filed     Adjustments     As Restated                       OPERATING ACTIVITIES   $                      Net Income (Loss)   $ -3,678,958     $ 2,198,993       -1,479,965   Adjustments to Reconcile Net Income (Loss) to Net Cash Flow from Operating Activities:                  Shares issued for compensation   $ 33,336     $ 0       33,336   Distribution to affiliate   $ 0     $ -2,198,993       -2,198,993   Depreciation & Amortization   $ 431,210     $ 0       431,210   Net Change, Right-of-Use Asset & Liabilities   $ 0     $ 0       0   Accounts Receivable   $ 370,348     $ 0       370,348   Inventory   $ 132,034     $ 0       132,034   Prepaids & Other Current Assets   $ -366,448     $ 0       -366,448   Accounts Payable   $ -24,804     $ 0       -24,804   Accrued Expenses   $ -53,924     $ 0       -53,924   21030 Deferred Revenue   $ -96,550     $ 0       -96,550   Net Cash From (Used In) Operating Activities   $ -3,253,756     $ 0       -3,253,756                             INVESTING ACTIVITIES                         Net Cash From (Used In) Investing Activities   $ -199,748     $ 0       -199,748                       FINANCING ACTIVITIES                   Net Cash From (Used In) Financing Activities   $ 0     $ 0       0   Net Cash Flow for Period   $ -3,453,504     $ 0       -3,453,504   Cash - Beginning of Period   $ 6,201,137     $ 0       6,201,137   Cash - End of Period   $ 2,747,633     $ 0       2,747,633   NON-CASH INVESTING AND FINANCING ACTIVITIES                   Share issued for purchase of license   $ 6,615,000     $ 0       6,615,000   SUPPLEMENTARY CASH FLOW INFORMATION   $       $ 0           Cash Received / Paid During the Period for:                   Income Taxes   $ -             $ -   Interest   $ 0     $ 0       0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES & USE OF ESTIMATES (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
SCHEDULE OF INVENTORY	As of June 30, 2024, and December 31, 2023, respectively, our inventory consisted of the following:   Inventory   As of June 30, 2024 (Unaudited)     As of December 31, 2023 (Audited)                 Equipment Parts Inventory   $ 992,741     $ 862,940   Finished Goods Inventory     931,227       992,744   Sales Demo Inventory     258,954       162,958.00   Work in process Inventory     203,683       243,029   Inventory Reserve     (281,184 )     (24,216 ) Total Inventory   $ 2,105,421     $ 2,237,455
SCHEDULE OF ESTIMATED USEFUL LIVES FOR SIGNIFICANT PROPERTY AND EQUIPMENT	Category   Economic Useful Life Office furniture and fixtures   5-7 years Machinery. Vehicles and equipment   5-7 years Leasehold improvements   1-3 years
SCHEDULE OF FIXED ASSETS	SCHEDULE OF FIXED ASSETS Fixed Assets   As of June 30, 2024 (Unaudited)     As of December 31, 2023 (Audited)                 Accumulated Depreciation   $ (958,842 )   $ (729,956 ) Machinery & Equipment     799,652       796,783   Office Furniture & Computer Equipment     87,553       77,487   Vehicles     90,959       90,959   R&D Equipment     42,068       37,973   Leasehold improvements     214,494       31,775   Demonstration equipment     647,790       647,790   Total Fixed Assets   $ 923,674     $ 952,811
SCHEDULE OF INTANGIBLE ASSETS ASSETS	Intangible Assets   As of June 30, 2024 (Unaudited)     As of December 31, 2023 (Audited)                 Accumulated Amortization   $ (927,553 )   $ (725,228 ) Customer Relationships     211,000       211,000   Equipment Design Documentation     2,675,000       2,675,000   Operational Software & Website     339,539       339,539   Trademarks     216,800       216,800   License & Patents     1,562,876       1,562,876   Intangible Assets, Gross     1,562,876       1,562,876   Total Intangible Assets   $ 4,077,662     $ 4,279,987

LEASES (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
SCHEDULE OF OPERATING LEASES EXPENSES	Three Months Ended June 30,     Six Months Ended June 30,         2024 (Unaudited)       2023 (Unaudited)       2024 (Unaudited)       2023 (Audited)                                     Operating Lease Expense   $ 79,847     $ 91,062     $ 159,694     $ 181,670

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
SCHEDULE OF MATURITY OF LEASE LIABILITIES	The maturity amounts of our lease liabilities are as follows:   Year ending December 31,   Operating Leases   2024   $ 197,614   2025   $ 176,945   Total   $ 374,559

SCHEDULE OF RESTATEMENT OF RECONCILIATION (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Sales	$ 623,435		$ 965,440	$ 1,366,426	$ 1,641,632
Cost of Sales	308,081		283,864	665,204	553,761
Gross Profit	315,354		681,576	701,222	1,087,871
Operating Expenses:
Sales & Marketing	266,282		522,918	402,891	785,842
General & Administrative	435,776		393,352	792,042	969,217
Depreciation & Amortization	245,894		100,947	431,210	184,084
Payroll Expenses	238,703		302,409	447,158	646,111
Research & Development	60,232		40,205	107,923	80,459
Operating Expenses:	1,246,887		1,359,831	2,181,224	2,665,713
Operating Income	(931,533)		(678,255)	(1,480,002)	(1,577,842)
Onter income	(2,723)		(639)	37	(358,657)
Income (Loss) Before Tax	(934,256)		(678,894)	(1,479,965)	(1,936,499)
Net Income (Loss)	$ (934,256)	$ (545,709)	$ (678,894)	$ (1,479,965)	$ (1,936,499)
Income (Loss) per Share
Basic	$ (0.09)		$ (0.09)	$ (0.15)	$ (0.25)
Diluted	(0.09)		(0.09)	(0.15)	(0.25)
Loss per share attributable to common shareholders, basic	(0.71)		(0.09)		(0.25)
Loss per share attributable to common shareholders, diluted	$ (0.71)		$ (0.09)	$ (0.82)	$ (0.25)
Adjustments to Reconcile Net Income (Loss) to Net Cash Flow from Operating Activities:
Shares issued for compensation				$ 33,336
Distribution to affiliate				2,198,993
Change in Operating Assets & Liabilities:
Accounts Receivable				370,348	664,005
Inventory				132,034	(493,474)
Prepaids & Other Current Assets				(366,448)	(209,490)
Accounts Payable				(24,804)	26,810
Accrued Expenses				(53,924)	(322,846)
21030 Deferred Revenue				(96,550)
Net Cash From (Used In) Operating Activities				(3,253,756)	(2,087,409)
INVESTING ACTIVITIES
Net Cash From (Used In) Investing Activities				(199,748)	(209,847)
FINANCING ACTIVITIES
Common Stock				12,253
Net Cash From (Used In) Financing Activities				0
Net Cash Flow for Period				(3,453,504)	(2,297,256)
Cash and Cassh Equivalents - Beginning of Period		6,201,137		6,201,137	12,181,799
Cash and Cash Equivalents- End of Period	$ 2,747,633		$ 9,884,543	2,747,633	9,884,543
NON-CASH INVESTING AND FINANCING ACTIVITIES
Shares issued on conversion of debt
Share issued for purchase of license				6,615,000
SUPPLEMENTARY CASH FLOW INFORMATION
Income Taxes
Assets
Total assets	11,080,603			11,080,603		$ 15,124,087
Liabilities
Total Liabilitiy	796,973			796,973		1,194,835
Common Stock Par Value $0.001	12,270			12,270		9,253
Additional Paid In Capital	17,012,051			17,012,051		19,180,725
Retained Earnings	(6,715,451)			(6,715,451)		(5,235,486)
Treasury Stock	(25,240)			(25,240)		(25,240)
Total stockholders’ equity	10,283,630	12,397,192	15,194,989	10,283,630	15,194,989	13,929,252	$ 17,131,488
Total liabilities and stockholders’ equity	11,080,603			11,080,603		$ 15,124,087
Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Sales	623,435			1,366,426	2,205,096
Cost of Sales	308,081			665,204	524,992
Gross Profit	315,354			701,222	1,680,104
Operating Expenses:
Sales & Marketing					910,771
General & Administrative	1,615,082			2,991,035	1,787,533
Depreciation & Amortization				431,210	184,084
Payroll Expenses					0
Total Other Income/Expense					200,730
Research & Development					0
Operating Expenses:	2,426,193			4,380,217	3,083,118
Operating Income	(2,110,839)			(3,678,995)	(1,403,014)
Onter income	(2,723)			37
Interest Expenses
Income (Loss) Before Tax					(1,403,014)
Net Income (Loss)	$ (2,113,562)			$ (3,678,958)	$ (1,403,014)
Income (Loss) per Share
Basic	$ (0.20)			$ (0.37)	$ (0.17)
Diluted	(0.20)			(0.37)	(0.17)
Loss per share attributable to common shareholders, basic	(0.82)			(1.04)
Loss per share attributable to common shareholders, diluted	$ (0.82)			$ (1.04)
Adjustments to Reconcile Net Income (Loss) to Net Cash Flow from Operating Activities:
Shares issued for compensation				$ 33,336
Distribution to affiliate				0
Net Change, Right-of-Use Asset & Liabilities				0	$ (19,706)
Change in Operating Assets & Liabilities:
Accounts Receivable				370,348	(57,462)
Inventory				132,034	(522,243)
Prepaids & Other Current Assets				(366,448)	(259,490)
Stock Account
Accounts Payable				(24,804)	105,464
Accrued Expenses				(53,924)	(1,181,000)
21030 Deferred Revenue				(96,550)
Net Cash From (Used In) Operating Activities				(3,253,756)	(3,153,366)
INVESTING ACTIVITIES
Purchase of Equipment					0
Purchase of Computers					0
Leashold improvements					0
Purchase of Long Term Assets					(183,941)
Purchase of Intangible Assets					(6,199)
Net Cash From (Used In) Investing Activities				(199,748)	(190,140)
FINANCING ACTIVITIES
Common Stock					10,359
Additional Paid in Capital					1,035,891
Retained Earnings
Net Cash From (Used In) Financing Activities				0	1,046,250
Net Cash Flow for Period				(3,453,504)	(2,297,256)
Cash and Cassh Equivalents - Beginning of Period		6,201,137		6,201,137	12,181,799
Cash and Cash Equivalents- End of Period	$ 2,747,633		9,884,543	2,747,633	9,884,543
NON-CASH INVESTING AND FINANCING ACTIVITIES
Shares issued on conversion of debt
Shares issued as consideration for services
Share issued for purchase of license				6,615,000
SUPPLEMENTARY CASH FLOW INFORMATION
Cash Received / Paid During the Period for:					$
Income Taxes
Interest				0
Assets
Total assets	11,080,603			11,080,603
Liabilities
Total Liabilitiy	796,973			796,973
Common Stock Par Value $0.001	12,270			12,270
Additional Paid In Capital	19,211,044			19,211,044
Retained Earnings	(8,914,444)			(8,914,444)
Treasury Stock	(25,240)			(25,240)
Total stockholders’ equity	10,283,630			10,283,630
Total liabilities and stockholders’ equity	11,080,603			11,080,603
Revision of Prior Period, Reclassification, Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Sales	0			0	(563,464)
Cost of Sales					28,769
Gross Profit					(592,233)
Operating Expenses:
Sales & Marketing					(124,929)
General & Administrative	(1,179,306)			(2,198,993)	(818,316)
Depreciation & Amortization				0	0
Payroll Expenses					646,111
Total Other Income/Expense					157,927
Research & Development					80,459
Operating Expenses:	(1,179,306)			(2,198,993)	(58,748)
Operating Income	1,179,306			2,198,993	(533,485)
Onter income	0			0
Interest Expenses
Income (Loss) Before Tax					(533,485)
Net Income (Loss)	$ 1,179,306			$ 2,198,993	(533,485)
Income (Loss) per Share
Basic	$ 0.11			$ 0.22
Diluted	0.11			0.22
Loss per share attributable to common shareholders, basic	0.11			0.22
Loss per share attributable to common shareholders, diluted	$ 0.11			$ 0.22
Adjustments to Reconcile Net Income (Loss) to Net Cash Flow from Operating Activities:
Shares issued for compensation				$ 0
Distribution to affiliate				(2,198,993)
Net Change, Right-of-Use Asset & Liabilities				0	19,706
Change in Operating Assets & Liabilities:
Accounts Receivable				0	721,467
Inventory				0	28,770
Prepaids & Other Current Assets				0	78,654
Stock Account
Accounts Payable				0	(78,654)
Accrued Expenses				0	829,500
21030 Deferred Revenue				0
Net Cash From (Used In) Operating Activities				0	1,065,957
INVESTING ACTIVITIES
Purchase of Equipment					(1,399)
Purchase of Computers					(119,416)
Leashold improvements					(19,707)
Purchase of Long Term Assets					120,815
Purchase of Intangible Assets					0
Net Cash From (Used In) Investing Activities				0	(19,707)
FINANCING ACTIVITIES
Common Stock					(10,359)
Additional Paid in Capital					(1,035,891)
Retained Earnings
Net Cash From (Used In) Financing Activities				0	(1,046,250)
Net Cash Flow for Period				0	0
Cash and Cassh Equivalents - Beginning of Period		0		0	0
Cash and Cash Equivalents- End of Period	$ 0		0	0	0
NON-CASH INVESTING AND FINANCING ACTIVITIES
Shares issued on conversion of debt
Shares issued as consideration for services
Share issued for purchase of license				0
SUPPLEMENTARY CASH FLOW INFORMATION
Cash Received / Paid During the Period for:					$
Income Taxes
Interest				0
Assets
Total assets	0			0
Liabilities
Total Liabilitiy	0			0
Common Stock Par Value $0.001	0			0
Additional Paid In Capital	(2,198,993)			(2,198,993)
Retained Earnings	2,198,993			2,198,993
Treasury Stock	0			0
Total stockholders’ equity	0			0
Total liabilities and stockholders’ equity	0			0
As Restated [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Sales	623,435			1,366,426	1,641,632
Cost of Sales	308,081			665,204	553,761
Gross Profit	315,354			701,222	1,087,871
Operating Expenses:
Sales & Marketing					785,842
General & Administrative	435,776			792,042	969,217
Depreciation & Amortization				431,210	184,084
Payroll Expenses					646,111
Total Other Income/Expense					358,657
Research & Development					80,459
Operating Expenses:	1,246,887			2,181,224	3,024,370
Operating Income	(931,533)			(1,480,002)	(1,936,499)
Onter income	(2,723)			37
Interest Expenses
Income (Loss) Before Tax					(1,936,499)
Net Income (Loss)	$ (934,256)			$ (1,479,965)	$ (1,936,499)
Income (Loss) per Share
Basic	$ (0.09)			$ (0.15)	$ (0.25)
Diluted	(0.09)			(0.15)	$ (0.25)
Loss per share attributable to common shareholders, basic	(0.71)			(0.82)
Loss per share attributable to common shareholders, diluted	$ (0.71)			$ (0.82)
Adjustments to Reconcile Net Income (Loss) to Net Cash Flow from Operating Activities:
Shares issued for compensation				$ 33,336
Distribution to affiliate				(2,198,993)
Net Change, Right-of-Use Asset & Liabilities				0	$ 0
Change in Operating Assets & Liabilities:
Accounts Receivable				370,348	664,005
Inventory				132,034	(493,473)
Prepaids & Other Current Assets				(366,448)	(180,836)
Stock Account
Accounts Payable				(24,804)	26,810
Accrued Expenses				(53,924)	(351,500)
21030 Deferred Revenue				(96,550)
Net Cash From (Used In) Operating Activities				(3,253,756)	(2,087,409)
INVESTING ACTIVITIES
Purchase of Equipment					(1,399)
Purchase of Computers					(119,416)
Leashold improvements					(19,707)
Purchase of Long Term Assets					(63,126)
Purchase of Intangible Assets					(6,199)
Net Cash From (Used In) Investing Activities				(199,748)	(209,847)
FINANCING ACTIVITIES
Common Stock					0
Additional Paid in Capital					0
Retained Earnings
Net Cash From (Used In) Financing Activities				0	0
Net Cash Flow for Period				(3,453,504)	(2,297,256)
Cash and Cassh Equivalents - Beginning of Period		$ 6,201,137		6,201,137	12,181,799
Cash and Cash Equivalents- End of Period	$ 2,747,633		$ 9,884,543	2,747,633	9,884,543
NON-CASH INVESTING AND FINANCING ACTIVITIES
Shares issued on conversion of debt
Shares issued as consideration for services
Share issued for purchase of license				6,615,000
SUPPLEMENTARY CASH FLOW INFORMATION
Income Taxes
Interest				0
Assets
Total assets	11,080,603			11,080,603
Liabilities
Total Liabilitiy	796,973			796,973
Common Stock Par Value $0.001	12,270			12,270
Additional Paid In Capital	17,012,051			17,012,051
Retained Earnings	(6,715,451)			(6,715,451)
Treasury Stock	(25,240)			(25,240)
Total stockholders’ equity	10,283,630			10,283,630
Total liabilities and stockholders’ equity	$ 11,080,603			$ 11,080,603

SCHEDULE OF INVENTORY (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Equipment Parts Inventory	$ 992,741	$ 862,940
Finished Goods Inventory	931,227	992,744
Sales Demo Inventory	258,954	162,958.00
Work in process Inventory	203,683	243,029
Inventory Reserve	(281,184)	(24,216)
Total Inventory	$ 2,105,421	$ 2,237,455

SCHEDULE OF ESTIMATED USEFUL LIVES FOR SIGNIFICANT PROPERTY AND EQUIPMENT (Details)	Jun. 30, 2024
Property, Plant and Equipment [Line Items]
Useful life	15 years
Office, Furniture and Fixtures [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	5 years
Office, Furniture and Fixtures [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	7 years
Machinery, Vehicles and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	5 years
Machinery, Vehicles and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	7 years
Leasehold Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	1 year
Leasehold Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	3 years

SCHEDULE OF FIXED ASSETS (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Accumulated Depreciation	$ (958,842)	$ (729,956)
Total Fixed Assets	923,674	952,811
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	799,652	796,783
Office Furniture & Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	87,553	77,487
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	90,959	90,959
In Process Research and Development [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	42,068	37,973
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	214,494	31,775
Demostration Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 647,790	$ 647,790

SCHEDULE OF INTANGIBLE ASSETS ASSETS (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (927,553)	$ (725,228)
Total Intangible Assets	4,077,662	4,279,987
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	211,000	211,000
Equipment Design Documentation [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	2,675,000	2,675,000
Operational Software & Website [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	339,539	339,539
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	216,800	216,800
License & Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	$ 1,562,876	$ 1,562,876

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES & USE OF ESTIMATES (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Deposits	$ 2,539,472
Deposits description	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.
Accounts payable	$ 198,236	$ 223,040
Deferred revenue	116,564	$ 213,114
Accounts receivable	446,016
Allowance of bad debt	$ 0
Economic useful life	15 years

SCHEDULE OF OPERATING LEASES EXPENSES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Operating Lease Expense	$ 79,847	$ 91,062	$ 159,694	$ 181,670

STOCKHOLDERS’ EQUITY/DEFICIT (Details Narrative) - USD ($)			6 Months Ended
	May 21, 2024	Feb. 02, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, par value			$ 0.001		$ 0.001
Preferred stock, shares authorized			10,000,000		10,000,000
Preferred stock, shares issued			0	0	0
Preferred stock, shares outstanding			0	0	0
Common stock, par value			$ 0.001		$ 0.001	$ 0.01
Common stock, shares authorized			100,000,000		100,000,000	1,000,000,000
Common stock, shares issued			12,270,427		9,253,419
Options issued			0
Options outstanding			0
Warrant [Member]
Warrants outstanding			180,000
Fonon Corporation [Member]
Common stock, shares issued	3,000,000
Deemed dividend	$ 6,615,000
Jade Barnwell [Member]
Stock Issued for compensation, shares		17,008

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)		6 Months Ended
	May 21, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Oct. 04, 2022
Related Party Transaction [Line Items]
ICT investments owns shares		626,918				4,688,695
Common stock, shares issued		12,270,427		9,253,419
Fonon Corporation [Member]
Related Party Transaction [Line Items]
Common stock, shares issued	3,000,000
Deemed dividend	$ 6,615,000
Related party payment		$ 2,198,993
ICT Investments [Member]
Related Party Transaction [Line Items]
Ownership interest percentage					59.50%	96.10%
ICT Investments [Member] | Dmitriy Nikitin [Member]
Related Party Transaction [Line Items]
Ownership interest percentage				58.70%
ICT Investments [Member]
Related Party Transaction [Line Items]
Payments for other Fees		$ 35,760	$ 28,217

SCHEDULE OF MATURITY OF LEASE LIABILITIES (Details)	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 197,614
2025	176,945
Total	$ 374,559

COMMITMENTS AND CONTINGENCIES (Details Narrative)			1 Months Ended
	Oct. 31, 2023 USD ($) ft²	Oct. 31, 2021 USD ($) ft²	Dec. 31, 2022 USD ($) ft²	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 01, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Area of land | ft²	8,000	18,000	8,000
Rent monthly payment	$ 10,000	$ 15,109	$ 14,805
Combined monthly expense		$ 25,109
Operating lease right-of-use asset				$ 374,559	$ 597,143	$ 597,143
Operating lease liability current				197,614	434,152	434,153
Operating lease liability non current				176,945	$ 162,991	$ 162,990
Operating lease liability				$ 374,559

SUBSEQUENT EVENTS (Details Narrative) $ in Millions	Aug. 16, 2024 USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Gross proceeds from issuance of private placement	$ 3.0

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