Tue, May 21, 8:32 PM (66 days ago)
Laser Photonics Corporation's Form 10-Q/A for the quarter ended March 31, 2024, highlights a restatement of Q1 2023 financials due to discrepancies identified during the 2023 audit. The restatement was necessary to ensure accuracy and reliability. Key financial metrics for Q1 2024 show a revenue increase of 9.9% to $742,991 compared to Q1 2023. However, the company reported a net loss of $545,709, an improvement from the $1,257,605 loss in Q1 2023, attributed to reduced SG&A expenses. Total operating expenses decreased significantly to $934,338 from $1,305,882 in Q1 2023. Cash flow from operations was negative at $866,258. The company had $5,173,125 in cash and total working capital of $6,425,822 as of March 31, 2024. The amendment reflects the completed review by the independent accounting firm Fruci & Associates II, PLLC.