LASER PHOTONICS $LASE
BMF Reports • Published August 31, 2025 • A Fraud Machine With a NASDAQ Ticker
CORE INVESTMENT THESIS
LASER PHOTONICS is a publicly traded shell controlled by ICT Investments and Dmitriy Nikitin, recycling failed assets into a NASDAQ listing and funneling cash to affiliates.
This is the latest incarnation in a 25-year pattern of failed ventures — from BlueChip Energy to Advanced Solar Photonics to Fonon Corporation — all of which collapsed into lawsuits, bankruptcies, and allegations of fraud. BMF Reports concludes LASE is effectively worthless.
COMPANY OVERVIEW
📋 What They Actually Do
Laser Photonics bills itself as a fast-growing industrial laser company with triple-digit growth and expanding gross margins, highlighting "organic expansion" into new markets through acquisitions.
Background/History: The company emerged directly from Fonon Corporation, another Nikitin vehicle that stopped filing financials. Instead of addressing those failures, Nikitin pivoted Fonon's assets and personnel into LASE — creating a publicly traded shell to recycle failed ventures.
Working capital swung from +$5.1M surplus in December 2024 to -$3.0M deficit by June 2025 — an $8M deterioration in six months.
$2M external loan (net $1.9M after fees) requires repayment of >$3M by February 2026 — an effective annual percentage rate near 100%.
ICT Investments provided $200k, $400k, and $20k loans to cover basic payroll expenses, each carrying flat 10%+ interest due within weeks.
Management admitted "multiple prior reports should not be relied upon" after 2024 restatements revealed material weaknesses in internal controls.
Working Capital Disaster - 6 Month Collapse
Ownership Structure - Complete Insider Control
KEY PLAYERS
Dmitriy Nikitin
Managing Partner, ICT Investments
Role: Controlling shareholder through ICT Investments (58.55% control)
Significance: Central figure behind 25+ years of failed ventures
Red Flag: BlueChip Energy, Advanced Solar Photonics, Fonon Corp — all ended in bankruptcies, lawsuits, and fraud allegations
Wayne Tupuola
CEO, Laser Photonics
Role: CEO of LASE and VP of Operations at ICT Investments
Significance: Placed on both sides of insider transactions
Red Flag: 2004 arrest record and undisclosed prior Fonon affiliations that SEC questioned
Carlos Sardinas
CFO, Laser Photonics
Role: Chief Financial Officer overseeing financial reporting
Significance: Face of the "300% growth" narrative in paid TV appearances
Red Flag: Visibly uneasy delivery during promotional interviews, stumbling over rehearsed talking points
Control Micro Systems
Bankrupt Acquisition Target
Role: October 2024 acquisition from Chapter 11 bankruptcy
Significance: Source of manufactured "organic growth" narrative
Red Flag: Purchased for ~$1M from bankruptcy, generated $3.86M accounting gain — not real revenue
BMF Reports' Verdict
According to BMF Reports, Laser Photonics Corp ($LASE) is a controlled entity designed to enrich insiders through a familiar 25-year playbook of asset recycling and financial extraction. With working capital collapsing, predatory financing keeping the lights on, and a history of failed Nikitin ventures ending in shareholder wipeouts, BMF Reports concludes LASE is effectively worthless.