Laser Photonics appoints new accounting firm

Laser Photonics Corp (NASDAQ:LASE), a company specializing in miscellaneous electrical machinery and equipment, has changed its independent registered accounting firm, according to a recent 8-K filing with the U.S. Securities and Exchange Commission (SEC). The Orlando, Florida-based company was notified on Monday that Kreit & Chiu LLP resigned as the independent registered accounting firm, effective immediately.

The resignation of Kreit & Chiu LLP on August 13, 2024, follows a previous change in accountants when Fruci & Associates II, PLLC resigned on June 5, 2024. Kreit & Chiu LLP had been engaged by Laser Photonics Corp on June 21, 2024, following Fruci's departure.

Subsequently, on Tuesday, Laser Photonics Corp, upon recommendation from the Audit Committee of the Board of Directors, appointed M&K CPAS, PLLC to take over the auditing responsibilities for the fiscal year ending December 31, 2024.

Laser Photonics Corp reported that during the quarter ended June 30, 2024, there were no disagreements with Kreit & Chiu LLP on any matters of accounting principles or practices, financial statement disclosures, or auditing procedures. Additionally, there were no reportable events as defined by the SEC regulations.

The company has provided Kreit & Chiu LLP with the disclosures made in the 8-K filing and has received a letter from the former accounting firm confirming their agreement with the statements made by Laser Photonics Corp in the filing.

This article is based on information provided in the company's SEC filing.

In other recent news, Laser Photonics Corporation has secured $3M in a private placement agreement, which will be utilized for working capital and general corporate purposes. The company has shown substantial growth with a 673% increase in its fourth-quarter revenue for 2023, reaching $0.8 million, mainly due to robust sales in CleanTech products. Laser Photonics has also managed to reduce its net losses from $3 million to $0.4 million.

In other developments, the company has secured an order for two of its laser machines from a major global oil and gas producer, marking its further expansion into the energy sector. Laser Photonics has also partnered with Boston Engineering Corporation to enhance autonomous robots with advanced laser technology for the naval defense industry.

Additionally, the company and its subsidiary Fonon Technologies have introduced the concept of their Laser Shield Anti-Drone System (LSAD).

Lastly, Laser Photonics unveiled its MarkStar Handheld VIN for the automotive industry, a product designed to enhance vehicle part traceability. The company anticipates sales of at least $1.1 million following its recent Product Roadshow.

These are some of the recent developments at Laser Photonics Corporation.

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