Laser Photonics Corp Reports Non-Reliance on Prior Financial Statements

Laser Photonics Corp (LASE) Announcement:

On August 21, 2024, the Audit Committee of Laser Photonics Corporation’s Board of Directors concluded, based on management’s recommendation, that the previously released financial statements in the Company’s Annual Report for the year ending December 31, 2023, and the Quarterly Report for the period ending June 30, 2024, should no longer be considered reliable. This decision arose after the Company’s prior auditor, Fruci & Associates II, PLLC, identified an adjusting entry that had been proposed by them and subsequently recorded by the Company, resulting in an overstatement of deferred revenue that required correction. Further details on this issue can be found in Note 7 of the revised financial statements for December 31, 2023, which were submitted on August 28, 2024, along with the amended report filed on September 12, 2024. As the financial statements for both the year ended December 31, 2023, and the quarter ended June 30, 2024, have now been corrected, no additional adjustments are necessary.

The Audit Committee, in collaboration with management, discussed these matters with both Fruci and the Company’s current independent auditor, M&K CPAS PLLC.