We believe LASE is worthless and will end like all of Nikitin’s previous ventures, with investors wiped out, and new lawsuits alleging fraud.

• Nikitin has a long history of financial fraud, including using shell companies, misleading investors, and leaving a trail of losses for investors, creditors, and customers.
• LASE is the reincarnation of a company called Fonon Corp. (OTC: FNON), which was founded and controlled by the same people.
• We uncovered a multimillion dollar fraud at Fonon, where the company paid a related party $5m in shares for a worthless solar system.
  • Fonon granted the related party $200k in shares when the company went public.
  • The related party purchased the solar farm in a bankruptcy auction for $160k.
  • The auction was held to sell off the assets of Nikitin’s previous company, BlueChip Energy, which went bankrupt after defrauding customers, lenders, and the US government.
  • Fonon then purchased the solar farm from the related party for $5m in Fonon shares.
• LASE is using decades-old technology recycled from previous failed ventures and is simply repackaging old assets into new companies in a scheme to defraud investors and enrich themselves.
• Despite the stock surging from $1 to $16, recent filings and insider activity indicate the company is worth far less than the current market price.
• A recent private placement valued shares at $2.00, 87% lower than the current stock price, a clear indication that the company knows the current share price is unsustainable.
• The company recently restated its financials, admitting that none of the last six reports can be relied upon — a major red flag for any public company.
• The Nikitins have been sued numerous times, with allegations including:
  • Stealing company funds
  • Lying to investors
  • Hiding assets in a complex web of shell companies
  • Defrauding government subsidy programs
  • Defrauding customers with counterfeit products
  • Selling assets which they did not own
  • Destroying evidence in a federal lawsuit
• Nikitin lives a lavish lifestyle on the proceeds of his frauds. He used stolen money to purchase a boat, a luxury car, and a second home in Florida.
• Nikitin and his wife have a long history of financial misdeeds and unpaid debts, including:
  • A federal tax lien on their home for $81,500 in unpaid taxes
  • A lien on their home for not paying the company that did construction work on their swimming pool
  • Bank of America garnished Dmitri Nikitin’s wages for unpaid debts
  • A tax collector’s warrant for failure to pay county property taxes
  • The Nikitins filed for bankruptcy to avoid paying over $10m in debts including millions of dollars in court judgments against them.
• In the Nikitins’ bankruptcy case, multiple creditors alleged that the Nikitins had hidden assets including some overseas.
• The Nikitins’ financial troubles are not the result of a single setback or rough patch. The couple has for decades lived beyond their means and sustained their lifestyle through unpaid debts and numerous frauds.
• The Nikitins have a pattern of ripping off lenders. On more than one occasion they have signed sale lease-back agreements, collected the cash, and stopped making payments within three months of signing the deals.

Introduction

Laser Photonics Corp (NASDAQ: LASE) is a recently public company, having IPO’d in September 2022. However, the company is not new, rather, it’s the latest incarnation of a company that has been ripping people off for over 25 years.