UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2021 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 No. ___________ Laser Photonics Corporation (Exact name of registrant as specified in its charter) Delaware 84-3628771 (Sta ...

Revenue and Income - Revenue for the three months ended June 30, 2021, was $914,492, an increase of $354,641 (63.3%) compared to $559,851 for the same period in 2020[98] - Net income for the three months ended June 30, 2021, was $324,191, or earnings per share of $0.01, compared to net income of $138,104, or earnings per share of $0.04, for the same period in 2020[108] - Revenue for the six months ended June 30, 2021, was $1,890,517, an increase of $1,535,876 (208.4%) compared to $737,776 for the same period in 2020[110] - Net income for the six months ended June 30, 2021, was $506,234, or earnings per share of $0.02, compared to a net loss of $(17,022), or loss per share of $(0.01), for the same period in 2020[118] Gross Margin and Profit - Gross margin for the three months ended June 30, 2021, was $750,737, up from $347,016 in the same period in 2020, reflecting an increase of $403,721 (116.4%) due to higher revenue and lower cost of goods sold[104] - Gross profit for the six months ended June 30, 2021, was $1,374,725, compared to $468,147 in 2020, reflecting increased revenue and a relative decline in cost of goods sold[113] Operating Expenses - Operating expenses for the three months ended June 30, 2021, were $410,334, an increase of $201,422 (96.3%) compared to $208,912 for the same period in 2020, primarily due to increased selling and marketing expenses[105] - Operating expenses for the six months ended June 30, 2021, totaled $835,970, up from $485,169 in 2020, with a significant increase in selling and marketing expenses[114] - Payroll expenses for the three months ended June 30, 2021, were $341,995, up from $200,376 in 2020, indicating a significant increase in workforce costs[115] - Selling, general, and administrative expenses are expected to decline as a percentage of net sales over time as net sales increase[115] Cost of Goods Sold - Cost of goods sold for the three months ended June 30, 2021, was $163,755, a decrease of $49,080 (23.1%) from $212,835 for the same period in 2020[102] - For the six months ended June 30, 2021, the cost of goods sold was $515,792, an increase from $269,629 for the same period in 2020, primarily due to increased sales volume[111] Cash Flow and Working Capital - Net cash provided by operating activities for the six months ended June 30, 2021, was $200,783, compared to a net cash used of $(223,169) for the same period in 2020[92] - Working capital increased to $2,830,866 as of June 30, 2021, from $2,226,388 at December 31, 2020, representing an increase of $604,478 (27.1%)[91] Company Developments and Financial Position - The company is developing the Laser Tower™ material processing family of equipment to make laser processing affordable for over a million small and mid-sized companies[85] - The company anticipates a majority of the Paycheck Protection Program loan amount of $397,500 will be forgiven, which is crucial for maintaining liquidity[89] - The company had no off-balance sheet arrangements as of June 30, 2021, indicating a straightforward financial position[119] - Other income for the six months ended June 30, 2021, included interest expense, primarily due to an increase in loans from ICT Investments[117] - The company is classified as a "smaller reporting company" and is not required to provide certain market risk disclosures[120]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2021 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: ______________ Laser Photonics Corporation (Exact name of registrant as specified in its cha ...

Financial Performance - As of December 31, 2020, the company achieved gross sales of $3,244,186, with significant sales to Fortune 1000 companies and the U.S. Government totaling $514,319 in purchase orders[13][54]. - Gross sales reached $3,244,186 by December 31, 2020, with a marketing and sales budget equal to 10% of gross sales[54]. - The backlog of orders as of December 31, 2020, was approximately $1.09 million, up from $0.36 million at the same date in 2019, indicating a significant increase in demand[61]. - The company employs 21 full-time and 2 part-time employees as of December 31, 2020, reflecting a stable workforce[65]. Market Opportunity - The laser cleaning market is projected to grow from $611.4 million in 2020 to $713.6 million by 2023, representing a CAGR of 3.9% from 2020 to 2024[20]. - The company has identified a $10 billion abrasive cleaning market and a $1 billion sandblasting media market, which are being pressured into obsolescence, presenting a unique growth opportunity for laser cleaning technology[21]. - The estimated global abrasive blasting market is valued at $50 billion annually, with the company positioned to capture a significant share due to regulatory pressures[36]. Product and Technology - The company’s laser cleaning products accounted for 90% of total sales in 2020, with 95% of the sales pipeline for Q1 2021 focused on industrial laser cleaning systems[33]. - The laser cleaning technology is positioned as a safer, cleaner alternative to traditional methods, addressing health, safety, and environmental concerns[21][23]. - The company aims to disrupt the estimated $50 billion global abrasive blasting market by offering superior quality, cost-effective laser cleaning solutions[36]. - The company is focused on developing new applications and expanding its product offerings to capture a larger share of the laser cleaning market[32][34]. Competitive Advantage - The company holds an exclusive license for the Laser Photonics™ brand, enhancing its competitive edge in the laser cleaning equipment market[17]. - The company maintains a vertically integrated manufacturing process, allowing for quick delivery and customization of laser cleaning systems[47]. - The company aims to differentiate itself through superior product pricing, performance, and service, targeting a diverse global customer base[31]. - The company operates in a fragmented materials processing market with competitors such as Trumpf GmbH and IPG Photonics, but believes its products compete favorably across various industries[60]. Operational Capacity - The facility lease was expanded to 18,000 square feet with a monthly rent of $14,377.50, indicating growth in operational capacity[70]. - The company has a public float of less than $75 million and annual revenues of less than $50 million during the most recently completed fiscal year, qualifying it as a "smaller reporting company"[78]. Regulatory Compliance - The company is committed to compliance with various government regulations, including those from the FDA and European Commission, ensuring product safety and market access[66][68][69]. - The company is classified as an "emerging growth company," allowing it to take advantage of reduced disclosure requirements under the JOBS Act[75]. - The company has opted to take advantage of the extended transition period for complying with new or revised accounting standards, delaying adoption until applicable to private companies[77]. - The company is exempt from the auditor attestation requirement regarding the effectiveness of internal control over financial reporting[79]. - The company is not required to hold non-binding advisory votes on executive compensation or golden parachute arrangements[79]. - The company will increase its disclosure obligations if it ceases to be classified as an "emerging growth company" but will still have reduced requirements as a "smaller reporting company"[78].

Financial Performance - For the three months ended September 30, 2020, gross sales were $1,060,432 compared to $0 for the same period in 2019, and for the nine months ended September 30, 2020, gross sales totaled $2,308,053 compared to $0 in 2019[125]. - For the three months ended September 30, 2020, the company recorded gross sales of $1,060,432 and GAAP revenue of $607,687, compared to no revenue recorded for the same period in 2019[126][135][134]. - GAAP revenue for the three months ended September 30, 2020, was $607,687, and for the nine months ended September 30, 2020, it was $1,345,463, compared to no income recorded for the same periods in 2019[134]. - Gross profit for the three months ending September 30, 2020, was $346,623, and for the nine months, it was $812,853[140]. - Total expenses for the three months ended September 30, 2020, amounted to $326,291, with payroll expenses being the largest component at $217,238[144]. - Total expenses for the three months ended September 30, 2020, were $326,291, and for the nine months, they were $812,299[144]. Assets and Liabilities - As of September 30, 2020, current assets were $1,994,153, including $281,996 in cash, $878,829 in accounts receivable, and $833,328 in inventory, compared to $495,150 in current assets at December 31, 2019[103]. - Current liabilities as of September 30, 2020, totaled $1,024,958, a significant increase from $5,280 at December 31, 2019[103]. - The company recorded a lease liability of $225,055 as of September 30, 2020, related to its manufacturing facility[115]. - The total lease payments for operating leases amounted to $268,188 as of September 30, 2020[118]. - As of September 30, 2020, the company recognized $282,565 of right-of-use assets for operating leases due to the adoption of ASU 2016-02[155]. Liquidity and Financing - The company anticipates short-term liquidity needs of approximately $1,300,000 to increase sales staff and manufacturing capacity, with expected gross profits of around $2,500,000[107]. - The company received a loan of $198,750 under the Paycheck Protection Program, which is expected to be mostly forgiven if used for eligible purposes[101]. - The company anticipates minimal long-term liquidity needs, which are expected to be met through short-term borrowings or equity financing[107]. - The company expects to incur approximately $250,000 in costs over the next 12 months to comply with public company reporting requirements[104]. Research and Development - The company is developing the Laser Tower™ material processing family of equipment aimed at making laser processing affordable for over a million small and mid-sized companies[94]. - Research and development expenses for the three and nine months ended September 30, 2020, were fully expensed, with plans to establish separate accounting for R&D expenses in the near future[146]. Expenses and Cost Management - The cost of goods sold for the three-month period ended September 30, 2020, was $261,063, resulting in a gross profit of $346,623 for the same period[138][140]. - The company expects a decrease in cost of sales over the next several years due to increased capacity and efficiency in production, although this may be offset by underutilization of manufacturing capacity[137]. - The company anticipates an increase in selling, general, and administrative expenses in the near term to support business growth, but expects these expenses to decline as a percentage of net sales over time[142]. - The company recorded rent expenses of $43,162 for the three months ended September 30, 2020, related to its manufacturing facility lease[148]. - For the nine months ended September 30, 2020, the company recorded rent expense of $129,456[148]. Compliance and Accounting - The company has not utilized any derivative financial instruments and does not have borrowings, thus is not affected by interest rate changes[113]. - The company has not incurred any foreign currency gain or loss as of September 30, 2020[149]. - The company did not have any off-balance sheet arrangements as of September 30, 2020[162]. - Income taxes are imposed on the company's income by taxing authorities in various jurisdictions, principally the United States[152]. - The company is currently reviewing the provisions of ASU 2014-15 to determine any impact on its results of operations, cash flows, or financial condition[160]. - The adoption of ASU 2016-02 did not have a material impact on the company's financial statements[156]. - Significant estimates and assumptions include depreciation and the fair value of stock, stock-based compensation, and deferred tax assets[153].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2020 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: ______________ Laser Photonics Corporation (Exact name of registrant as specified in its char ...