Laser Photonics Corp. Amends 2023 10-K Filing

TL;DR

LASE filed an amendment to its 2023 10-K on 9/12/24. Updated financials for year-end 2023.

AI Summary

Laser Photonics Corp. filed an amendment to its 2023 10-K on September 12, 2024, to provide updated financial information. The company, headquartered in Orlando, FL, operates in the miscellaneous electrical machinery sector. This filing is an amendment to their annual report for the fiscal year ending December 31, 2023.

Why It Matters

This amendment provides updated financial disclosures for Laser Photonics Corp., which is crucial for investors to assess the company's financial health and performance as of December 31, 2023.

Risk Assessment

Risk Level: low — This filing is an amendment to a previous 10-K, primarily for updating financial information, and does not appear to introduce new significant risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the amended 10-K filing.)
• 2024-09-12 — Filing Date (The date the 10-K/A was submitted to the SEC.)

Key Players & Entities

• Laser Photonics Corp. (company) — Filer of the 10-K/A
• Orlando, FL (location) — Business and mailing address
• September 12, 2024 (date) — Filing date of the 10-K/A
• December 31, 2023 (date) — Fiscal year end for the reported 10-K

FAQ

Key Financial Figures

• $0.001 — CTION 12(g) OF THE ACT: COMMON STOCK, $0.001 PAR VALUE Title of each class Tradi
• $5,078,539 — ecember 31, 2022, we had gross sales of $5,078,539 and net sales of $4,954,689. We sell ou
• $4,954,689 — ss sales of $5,078,539 and net sales of $4,954,689. We sell our products globally to end u
• $9 billion — r cleaning market value is estimated at $9 billion in 2021 and projected to be $12 billion
• $12 billion — $9 billion in 2021 and projected to be $12 billion by 2025, which includes laser cleaning
• $46 billion — d equipment markets, cumulatively worth $46 billion. Media blasting is used in nearly every
• $10 billion — for growth considering the size of the $10 billion abrasive cleaning market, and the ancil
• $1 billion — sive cleaning market, and the ancillary $1 billion sandblasting media market, which are be
• $150.64 billion — O industry, has a total market value of $150.64 billion as of 2021, with forecast revenue of $1
• $178.85 billion — on as of 2021, with forecast revenue of $178.85 billion for 2028. Annual Pentagon spending on c
• $22 billion — rrosion control alone is forecast to be $22 billion. The North America MRO distribution m
• $142.65 billion — distribution market size was valued at $142.65 billion in 2020 and is expected to grow at a co
• $178.85 billion — supply chain plan. Of the anticipated $178.85 billion MRO market in North America in 2028, $4

Filing Documents

• form10-ka.htm (10-K/A) — 1684KB
• ex3-2.htm (EX-3.2) — 1KB
• ex10-3.htm (EX-10.3) — 58KB
• ex14-1.htm (EX-14.1) — 9KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• ex97-1.htm (EX-97.1) — 53KB
• form10-ka_004.jpg (GRAPHIC) — 16KB
• form10-ka_002.jpg (GRAPHIC) — 6KB
• form10-ka_001.jpg (GRAPHIC) — 7KB
• form10-ka_003.jpg (GRAPHIC) — 6KB
• form10-ka_005.jpg (GRAPHIC) — 7KB
• form10-ka_007.jpg (GRAPHIC) — 4KB
• form10-ka_006.jpg (GRAPHIC) — 11KB
• ex3-2_001.jpg (GRAPHIC) — 3462KB
• 0001493152-24-036018.txt ( ) — 12009KB
• lase-20231231.xsd (EX-101.SCH) — 31KB
• lase-20231231_cal.xml (EX-101.CAL) — 48KB
• lase-20231231_def.xml (EX-101.DEF) — 188KB
• lase-20231231_lab.xml (EX-101.LAB) — 292KB
• lase-20231231_pre.xml (EX-101.PRE) — 291KB
• form10-ka_htm.xml (XML) — 1049KB

BUSINESS

BUSINESS 4 ITEM 1A.

RISK FACTORS

RISK FACTORS 18 ITEM 1B. UNRESOLVED STAFF COMMENTS 39 ITEM 1C. CYBERSECURITY 40 ITEM 2.

PROPERTIES

PROPERTIES 41 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 41 ITEM 4. MINE SAFETYDISCLOSURES 41 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITYSECURITIES 42 ITEM 6.

SELECTED FINANCIAL DATA

SELECTED FINANCIAL DATA 43 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 45 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 57 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 58 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTINGAND FINANCIAL DISCLOSURE 59 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 59 ITEM 9B OTHER INFORMATION 59 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 59 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERANCE 60 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 65 ITEM 12. SECURITYOWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 72 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 73 ITEM 14. PRINCIPAL ACCOUNTINGFEES AND SERVICES 76 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 77

SIGNATURES

SIGNATURES 78 3 Table Of Contents PART I ITEM 1. BUSINESS OVERVIEW We are pioneering a new generation of laser blasting technologies focused on disrupting the sandblasting and abrasives blasting markets. We offer a full portfolio of integrated laser blasting solutions for corrosion control, rust removal, de-coating, pre- and post-welding, laser cleaning and surface conditioning. Our solutions span use cases throughout product lifecycles, from product fabrication to maintenance and repair, as well as aftermarket operations. Our laser blasting solutions are applicable in every industry dealing with materials processing, including automotive, aerospace, healthcare, consumer products, shipbuilding, aerospace, heavy industry, machine manufacturing, nuclear maintenance and de-commissioning and surface coating. We believe that our laser cleaning technology, which we refer to as Laser Blasting, is one of the most exciting and transformational innovations of our time. It has the capacity to change the way society combats corrosion, nuclear contamination (transmutation), material surface preparation, rust removal, equipment and engine maintenance and repair, as well as myriad number of other industrial processes, currently employing unhealthy, dangerous, and environmentally hazardous old technologies. Our mission is to make laser blasting accessible to operation personnel in every industry involved in any type of material treatment. In doing so, we believe we will empower businesses to adopt radical new approach to design, produce, maintain and repair equipment utilizing cleaner, safer, energy efficient and more cost-effective laser-based technologies to outcompete and outperform competitors using obsolete 19th century technologies. With our state-of- the-art technology, small service companies working in high-growth industries can achieve superior financial results that will propel future global economic growth. At this moment, "do no harm" corporate social

View Full Filing

View this 10-K/A filing on SEC EDGAR