Duos Technologies Group, Inc. (“Duos” or
the “Company”) (Nasdaq: DUOT), a provider of machine
vision and artificial intelligence that analyzes fast moving
vehicles, reported financial results for the third quarter (“Q3
2023”) ended September 30, 2023.
Third Quarter 2023 and Recent
Operational Highlights
- Implemented first subscription
services agreement with a passenger transit operator. In connection
with the agreement, Duos will offer access to its RIP and
artificial intelligence detection models for key inspection points.
The agreement, renewable annually, is initially valued at more than
$300,000 and encompasses customer training, setup and ongoing
railcar data services across three existing, active portals.
- Performed 2.3 million comprehensive railcar scans in the third
quarter across 13 portals. This metric encompasses all railcars
scanned at locations across the U.S., Canada, and Mexico.
- Upgraded the Company’s
centraco® and truevue360™ systems to enable near
“real-time” reporting and facilitate immediate alerts to on-board
personnel of any issue that is deemed critical.
- Appointed power and logistics
industry veteran Christopher King as Chief Commercial Officer. King
joins Duos with over 20 years of operational and commercial
leadership experience within the energy and supply chain sectors.
In this role, King will be focused on commercial and technical
delivery in support of current and prospective customers as well as
building an intensified growth strategy and strengthening the
Company’s technical strategic partners as it expands its offerings
and transitions to a recurring subscription model.
- As of the end of the third quarter,
the Company had $6.4 million of revenue in backlog and expects $1.0
million to $2.0 million to be recognized during the remainder of
2023.
- Strengthened industry
collaborations with Dell Technologies and NVIDIA to support AI
development and achieve significant increases in performance at
near “real-time” reporting.
Third Quarter 2023 Financial ResultsIt should
be noted that the following Financial Results represent the
consolidation of the Company with its subsidiaries Duos
Technologies, Inc. and TrueVue360, Inc.
Total revenue for Q3 2023
decreased 62% to $1.53 million compared to $4.02 million in the
third quarter of 2022 (“Q3 2022”). Total revenue for Q3 2023
represents an aggregate of approximately $706,000 of technology
systems revenue and approximately $825,000 in recurring services
and consulting revenue. The decrease in total revenue was primarily
attributed to a combination of factors. Those factors include
delays during Q3 2023, which were outside of the Company’s control,
related to the ongoing production and delivery of two high-speed
RIPs as well as year-over-year timing differences with two freight
RIPs under construction during Q3 2022. These timing differences
contributed to the year-over-year variance along with one-time
services for major site improvements occurring in Q3 2022 also
contributing to the change in services and consulting revenues in
Q3 2023. The Company sees opportunities to continue to expand its
programs with existing customers during the current year and
beyond. In spite of the timing delays putting pressure on the
quarterly results, management remains confident in the long-term
potential of the RIP product.
Cost of revenues for Q3 2023
decreased 55% to $1.30 million compared to $2.92 million for Q3
2022. The decrease in cost of revenues was mainly attributable to
the Company remaining in the production and manufacturing phase of
the two high-speed RIPs just noted in Q3 2023 while being in the
installation phase for the two freight RIPs in Q3 2022.
Gross margin for Q3 2023
decreased 79% to $227,000 compared to $1.10 million for Q3 2022.
The decrease in gross margin was driven by the two previously noted
project discrepancies, in Q3 2023 and Q3 2022, respectively.
Operating expenses for Q3 2023
increased 8% to $3.20 million compared to $2.97 million for Q3
2022. Sales and marketing costs saw a marginal increase primarily
as a result of increased staffing within the team, while research
and development expenses increased by 37% for prospective
technologies testing. Overall, the Company continues to focus on
stabilizing operating expenses while meeting the increased needs of
its customers.
Net operating loss for Q3 2023
totaled $2.97 million compared to net operating loss of $1.87
million for Q3 2022. The increase in loss from operations was
primarily the result of lower revenues recorded in the current
quarter as a consequence of delays in going to field.
Net loss for Q3 2023 totaled
$2.95 million compared to net loss of $1.93 million for Q3 2022.
The increase in net loss was mostly attributable to the lower
revenues associated with the timing of project delays noted
previously.
Cash and cash equivalents at
September 30, 2023 totaled $3.27 million compared to $1.12 million
at December 31, 2022. As of quarter end, the Company had an
additional $259,000 in receivables. Duos also held $1.53 million in
inventory as of September 30, 2023, consisting primarily of
long-lead items for future RIP installations.
Nine Month 2023 Financial
Results
Total revenue decreased
35% to $5.95 million from $9.08 million in the same period last
year. Total revenue for the first nine months of 2023 represents an
aggregate of approximately $3.40 million of technology systems
revenue and approximately $2.54 million in recurring services and
consulting revenue. The decrease in total revenue was primarily due
to the previously noted timing differences. The Company remains
optimistic about its long-term outlook and sees opportunities to
continue to expand its programs with existing customers during the
current year and beyond through its growing artificial intelligence
catalogue and improved services and maintenance. Despite this
positive outlook, a longer commercial cycle paired with
still-protracted supply chain timelines may result in revenue
recognition pushing further into 2024. The Company remains focused
on revenue and margin performance in the current environment.
Cost of revenues decreased
24% to $4.94 million from $6.47 million in the same period last
year. The decrease in cost of revenues was mainly attributable to
project timing discrepancies in the respective periods previously
noted.
Gross margin decreased 61%
to $1.01 million from $2.60 million in the same period last year.
The decrease in gross margin was driven by project timing
discrepancies in the respective periods previously noted.
Operating
expenses increased 9% to $9.27 million from $8.51
million in the same period last year. The Company managed to
maintain its costs for sales and marketing and research and
development at a consistent level, while observing a slight rise in
general and administration costs. This increase can be primarily
attributed to a combination of the timing of personnel incentives
awarded in 2023 compared to the same period in 2022 and increased
amortization charges stemming from increased investment in
artificial intelligence algorithms.
Net operating loss totaled
$8.27 million compared to net operating loss of $5.91 million in
the same period last year. The increase in loss from operations was
primarily the result of lower revenues recorded in the first nine
months of 2023 as a consequence of the delays noted previously.
Net loss totaled $8.08
million compared to a net loss of $5.91 million in the same period
last year. The increase in net loss was mostly attributable to the
lower revenues associated with the timing discrepancies noted
previously.
Financial Outlook At the end of
the third quarter, the Company’s contracts in backlog represented
approximately $6.4 million in revenue, of which approximately $1.0
to $2.0 million is expected to be recognized during the remainder
of 2023. The balance of contract backlog is comprised of multi-year
service and software agreements as well as project revenues
spanning into fiscal 2024. The Company also expects a near-term
intake of $5.0 million to $7.0 million in multi-year service and
artificial intelligence renewals and contract modifications, which
are anticipated to close by the end of this year or early 2024.
Based on the factors previously noted, including
project delays out of the Company’s control, additional delays in
customers’ extended budgeting cycles and other macroeconomic
challenges, Duos is withdrawing its previously provided guidance
for the full year 2023. The Company will reevaluate providing
financial projections on an ongoing basis and may provide an
updated outlook at a later date.
Management Commentary“Our
results for the third quarter were impacted by several external
factors, underscoring the challenges of operating a capex-focused
business and further reinforcing our ongoing efforts to focus on a
primarily subscription-based model in the future,” said Duos Chief
Executive Officer Chuck Ferry. “These challenges included a
postponement of installation for a major transit system in the
Northeast U.S., additional planned projects being pushed out for
budgetary reasons and temporary delays in the initial rollout of
our subscription business, the last of which has now been
addressed, enabling us to monetize our first subscription
agreement. In response, we have proactively initiated cost
reductions in several non-essential areas to lessen the cash burn
during this transition phase while revenues are lower than
originally anticipated.
“Commercially, we have a high level of interest
from all Class 1 railroads as well as several short lines and
passenger railroads. We currently have active proposals in
evaluation with a handful of different rail carriers for several
dozen portals both within our core market in North America and
abroad. Regarding subscriptions, we expect to begin executing a
subscription with a large railcar group in the near future, and we
are in discussions with another dozen prospective subscribers. Our
current backlog is $6.4 million, and we have another $5 million to
$7 million in near-term renewals and contract modifications, which
we anticipate closing in late Q4 2023 and into early Q1 2024.
“Our goal is that the Duos Railcar Inspection
Portal becomes the industry standard for machine vision wayside
detection, and I believe that we are a Company that has the
leadership position in the rail sector under that premise. Our
transition over the next 12 to 18 months into a recurring revenue
business model puts us in a very strong position to give an
expected high return on investment. Despite our current short-term
revenue challenges, the Company remains in a strong financial
position with sufficient cash for operations, meaningful near-term
business opportunities, and, most importantly, a growing acceptance
of Duos’ technology that will set the stage for the growth that we
are anticipating to take Duos to its next evolution.”
Conference CallThe Company’s
management will host a conference call today, November 14, 2023, at
4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these
results, followed by a question-and-answer period.
Date: Tuesday, November 14, 2023Time: 4:30 p.m.
Eastern time (1:30 p.m. Pacific time)U.S. dial-in:
866-682-6100International dial-in: 862-298-0702Confirmation:
13742203
Please call the conference telephone number 5-10
minutes prior to the start time of the conference call. An operator
will register your name and organization.
If you have any difficulty connecting with the
conference call, please contact Gateway Investor Relations at
949-574-3860.
The conference call will be broadcast live via telephone and
available for online replay via the investor section of the
Company's website here.
About Duos Technologies Group,
Inc. Duos Technologies Group, Inc. (Nasdaq: DUOT),
based in Jacksonville, Florida, through its wholly owned
subsidiary, Duos Technologies, Inc., designs, develops, deploys and
operates intelligent vision based technology solutions supporting
rail, logistics, intermodal and government customers that
streamline operations, improve safety and reduce costs. The Company
provides cutting edge solutions that automate the mechanical and
security inspection of fast-moving trains, trucks and automobiles
through a broad range of proprietary hardware, software,
information technology and artificial intelligence. For more
information, visit www.duostech.com.
Forward- Looking
Statements This news release includes forward-looking
statements regarding the Company's financial results and estimates
and business prospects that involve substantial risks and
uncertainties that could cause actual results to differ materially.
Forward-looking statements relate to future events and typically
address the Company's expected future business and financial
performance. The forward-looking statements in this news release
relate to, among other things, information regarding anticipated
timing for the installation, development and delivery dates of our
systems; anticipated entry into additional contracts; anticipated
effects of macro-economic factors (including effects relating to
supply chain disruptions and inflation); timing with respect to
revenue recognition; trends in the rate at which our costs increase
relative to increases in our revenue; anticipated reductions in
costs due to changes in the Company's organizational structure;
potential increases in revenue, including increases in recurring
revenue; potential changes in gross margin (including the timing
thereof); statements regarding our backlog and potential revenues
deriving therefrom; and statements about future profitability and
potential growth of the Company. Words such as "believe," "expect,"
"anticipate," "should," "plan," "aim," "will," "may," "should,"
"could," "intend," "estimate," "project," "forecast," "target,"
"potential" and other words and terms of similar meaning, typically
identify such forward-looking statements. Forward-looking
statements involve risks and uncertainties and there are important
factors that could cause actual results to differ materially from
those expressed or implied by these forward-looking statements.
These factors include, but are not limited to, the Company's
ability to continue as a going concern, the Company's ability to
generate sufficient cash to continue and expand operations, the
competitive environment generally and in the Company's specific
market areas, changes in technology, the availability of and the
terms of financing, changes in costs and availability of goods and
services, economic conditions in general and in the Company's
specific market areas, changes in federal, state and/or local
government laws and regulations potentially affecting the use of
the Company's technology, changes in operating strategy or
development plans and the ability to attract and retain qualified
personnel. The Company cautions that the foregoing list of risks,
uncertainties and factors is not exclusive. Additional information
concerning these and other risk factors is contained in the
Company's most recently filed Annual Report on Form 10-K,
subsequent Quarterly Reports on Form 10-Q, recent Current Reports
on Form 8-K, and other filings filed by the Company with the U.S.
Securities and Exchange Commission (the "SEC"), which are available
at the SEC's website, http://www.sec.gov. The Company believes its
plans, intentions and expectations reflected in or suggested by
these forward-looking statements are based on reasonable
assumptions. No assurance, however, can be given that the Company
will achieve or realize these plans, intentions or expectations.
Indeed, it is likely that some of the Company's assumptions may
prove to be incorrect. The Company's actual results and financial
position may vary from those projected or implied in the
forward-looking statements and the variances may be material. Each
forward-looking statement speaks only as of the date of the
particular statement. We do not undertake or accept any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in our
expectations or any change in events, conditions or circumstances
on which any forward-looking statement is based, except as required
by law. All subsequent written and oral forward-looking statements
concerning the Company or other matters attributable to the Company
or any person acting on its behalf are expressly qualified in their
entirety by the cautionary statements above.
|
|
DUOS
TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
For the Three Months Ended |
|
|
For the Nine Months Ended |
For the Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
September 30, |
|
September 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
|
|
|
Technology
systems |
|
$ |
705,849 |
|
|
$ |
2,709,899 |
|
|
|
$ |
3,404,107 |
|
|
$ |
6,273,213 |
|
|
Services and
consulting |
|
|
825,074 |
|
|
|
1,312,339 |
|
|
|
|
2,541,163 |
|
|
|
2,805,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenues |
|
|
1,530,923 |
|
|
|
4,022,238 |
|
|
|
|
5,945,270 |
|
|
|
9,078,696 |
|
|
|
|
|
|
|
|
|
|
|
|
COST OF REVENUES: |
|
|
|
|
|
|
|
|
|
|
Technology
systems |
|
|
883,836 |
|
|
|
2,176,761 |
|
|
|
|
3,723,151 |
|
|
|
5,016,551 |
|
|
Services and
consulting |
|
|
420,499 |
|
|
|
745,925 |
|
|
|
|
1,217,022 |
|
|
|
1,457,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cost
of Revenues |
|
|
1,304,335 |
|
|
|
2,922,686 |
|
|
|
|
4,940,173 |
|
|
|
6,474,464 |
|
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN |
|
|
226,588 |
|
|
|
1,099,552 |
|
|
|
|
1,005,097 |
|
|
|
2,604,232 |
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
Sales and
marketing |
|
|
353,386 |
|
|
|
297,057 |
|
|
|
|
962,040 |
|
|
|
956,937 |
|
|
Research and
development |
|
|
450,006 |
|
|
|
329,424 |
|
|
|
|
1,392,692 |
|
|
|
1,296,480 |
|
|
General and
administration |
|
|
2,394,173 |
|
|
|
2,342,089 |
|
|
|
|
6,916,390 |
|
|
|
6,255,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Operating Expenses |
|
|
3,197,565 |
|
|
|
2,968,570 |
|
|
|
|
9,271,122 |
|
|
|
8,509,343 |
|
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM OPERATIONS |
|
|
(2,970,977 |
) |
|
|
(1,869,018 |
) |
|
|
|
(8,266,025 |
) |
|
|
(5,905,111 |
) |
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSES): |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(1,406 |
) |
|
|
(2,057 |
) |
|
|
|
(5,816 |
) |
|
|
(7,943 |
) |
Other income, net |
|
|
24,647 |
|
|
|
(53,993 |
) |
|
|
|
191,022 |
|
|
|
698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Income (Expenses) |
|
|
23,241 |
|
|
|
(56,050 |
) |
|
|
|
185,206 |
|
|
|
(7,245 |
) |
|
|
|
|
|
|
|
|
|
|
|
NET LOSS |
|
$ |
(2,947,736 |
) |
|
$ |
(1,925,068 |
) |
|
|
$ |
(8,080,819 |
) |
|
$ |
(5,912,356 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted Net Loss Per Share |
|
$ |
(0.41 |
) |
|
$ |
(0.30 |
) |
|
|
$ |
(1.12 |
) |
|
$ |
(1.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares-Basic and Diluted |
|
|
7,240,632 |
|
|
|
6,450,180 |
|
|
|
|
7,189,256 |
|
|
|
5,859,375 |
|
|
|
|
|
|
|
|
|
|
|
|
DUOS
TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
Cash |
|
$ |
3,266,916 |
|
|
$ |
1,121,092 |
|
|
Accounts receivable, net |
|
|
258,874 |
|
|
|
3,418,263 |
|
|
Contract assets |
|
|
1,346,731 |
|
|
|
425,722 |
|
|
Inventory |
|
|
1,525,913 |
|
|
|
1,428,360 |
|
|
Prepaid expenses and other current assets |
|
|
355,978 |
|
|
|
441,320 |
|
|
|
|
|
|
|
|
|
Total Current Assets |
|
|
6,754,412 |
|
|
|
6,834,757 |
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
555,485 |
|
|
|
629,490 |
|
|
Operating lease right of use asset |
|
|
4,454,714 |
|
|
|
4,689,931 |
|
|
Security deposit |
|
|
550,000 |
|
|
|
600,000 |
|
|
|
|
|
|
|
|
OTHER ASSETS: |
|
|
|
|
|
Note receivable, net |
|
|
151,875 |
|
|
|
- |
|
|
Patents and trademarks, net |
|
|
121,051 |
|
|
|
69,733 |
|
|
Software development costs, net |
|
|
793,618 |
|
|
|
265,208 |
|
|
Total Other Assets |
|
|
1,066,544 |
|
|
|
334,941 |
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
13,381,155 |
|
|
$ |
13,089,119 |
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
Accounts payable |
|
$ |
619,765 |
|
|
$ |
2,290,390 |
|
|
Notes payable - financing agreements |
|
|
137,816 |
|
|
|
74,575 |
|
|
Accrued expenses |
|
|
275,277 |
|
|
|
453,023 |
|
|
Equipment financing payable-current portion |
|
|
- |
|
|
|
22,851 |
|
|
Operating lease obligations-current portion |
|
|
774,306 |
|
|
|
696,869 |
|
|
Contract liabilities |
|
|
1,588,928 |
|
|
|
957,997 |
|
|
|
|
|
|
|
|
|
Total Current Liabilities |
|
|
3,396,092 |
|
|
|
4,495,705 |
|
|
|
|
|
|
|
|
|
Operating lease obligations, less current portion |
|
|
4,310,853 |
|
|
|
4,542,943 |
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
7,706,945 |
|
|
|
9,038,648 |
|
|
|
|
|
|
|
|
Commitments and Contingencies (Note 4) |
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
Preferred stock: $0.001 par value, 10,000,000 authorized, 9,441,000
shares available to be designated |
|
|
- |
|
|
|
- |
|
|
Series A redeemable convertible preferred stock, $10 stated
value per share, |
|
|
|
|
|
500,000 shares designated; 0 and 0 issued and outstanding at
September 30, 2023 and December 31, 2022, respectively, |
|
|
|
convertible into common stock at $6.30 per share |
|
|
|
|
|
Series B convertible preferred stock, $1,000 stated value per
share, |
|
|
- |
|
|
|
- |
|
|
15,000 shares designated; 0 and 0 issued and outstanding at
September 30, 2023 |
|
|
|
|
|
and December 31, 2022, respectively, convertible into common
stock at $7 per share |
|
|
|
|
|
Series C convertible preferred stock, $1,000 stated value per
share, |
|
|
- |
|
|
|
- |
|
|
5,000 shares designated; 0 and 0 issued |
|
|
|
|
|
and outstanding at September 30, 2023 and December 31, 2022,
respectively, |
|
|
|
|
|
convertible into common stock at $5.50 per share |
|
|
|
|
|
Series D convertible preferred stock, $1,000 stated value per
share, |
|
|
1 |
|
|
|
1 |
|
|
4,000 shares designated; 1,299 and 1,299 issued |
|
|
|
|
|
and outstanding at September 30, 2023 and December 31, 2022,
respectively, |
|
|
|
|
|
convertible into common stock at $3 per share |
|
|
|
|
|
Series E convertible preferred stock, $1,000 stated value per
share, |
|
|
|
|
|
30,000 shares designated; 4,000 and 0 issued |
|
|
|
|
|
and outstanding at September 30, 2023 and December 31, 2022,
respectively, |
|
|
4 |
|
|
|
- |
|
|
convertible into common stock at $3 per share |
|
|
|
|
|
Series F convertible preferred stock, $1,000 stated value per
share, |
|
|
|
|
|
5,000 shares designated; 5,000 and 0 issued |
|
|
|
|
|
and outstanding at September 30, 2023 and December 31, 2022,
respectively, |
|
|
5 |
|
|
|
- |
|
|
convertible into common stock at $6.20 per share |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock: $0.001 par value; 500,000,000 shares authorized, |
|
|
|
|
|
7,248,455 and 7,156,856 shares issued, 7,247,131 and
7,155,552 |
|
|
7,248 |
|
|
|
7,156 |
|
|
shares outstanding at September 30, 2023 and December 31,
2022, respectively |
|
|
|
|
|
Additional paid-in-capital |
|
|
66,267,057 |
|
|
|
56,562,600 |
|
|
Accumulated deficit |
|
|
(60,442,653 |
) |
|
|
(52,361,834 |
) |
|
Sub-total |
|
|
5,831,662 |
|
|
|
4,207,923 |
|
|
Less: Treasury stock (1,324 shares of common stock |
|
|
|
|
|
at September 30, 2023 and December 31, 2022) |
|
|
(157,452 |
) |
|
|
(157,452 |
) |
Total Stockholders' Equity |
|
|
5,674,210 |
|
|
|
4,050,471 |
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
|
$ |
13,381,155 |
|
|
$ |
13,089,119 |
|
|
|
|
|
|
|
|
DUOS
TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES |
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
(Unaudited) |
|
|
|
For the Nine
Months Ended |
|
|
September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
Cash
from operating activities: |
|
|
|
|
Net
loss |
|
$ |
(8,080,819 |
) |
|
$ |
(5,912,356 |
) |
Adjustments
to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Depreciation
and amortization |
|
|
393,057 |
|
|
|
225,825 |
|
Stock based
compensation |
|
|
499,590 |
|
|
|
592,177 |
|
Stock issued
for services |
|
|
105,565 |
|
|
|
120,000 |
|
Amortization
of operating lease right of use asset |
|
|
235,217 |
|
|
|
198,790 |
|
Changes in
assets and liabilities: |
|
|
|
|
Accounts receivable |
|
|
3,159,389 |
|
|
|
(454,431 |
) |
Note receivable |
|
|
(151,875 |
) |
|
|
- |
|
Contract assets |
|
|
(921,009 |
) |
|
|
(820,938 |
) |
Inventory |
|
|
(97,552 |
) |
|
|
(395,787 |
) |
Security deposit |
|
|
50,000 |
|
|
|
- |
|
Prepaid expenses and other current assets |
|
|
543,793 |
|
|
|
15,539 |
|
Accounts payable |
|
|
(1,670,625 |
) |
|
|
605,129 |
|
Accrued expenses |
|
|
(178,081 |
) |
|
|
(136,180 |
) |
Operating lease obligation |
|
|
(154,653 |
) |
|
|
60,668 |
|
Contract liabilities |
|
|
630,931 |
|
|
|
2,051,109 |
|
|
|
|
|
|
Net
cash used in operating activities |
|
|
(5,637,072 |
) |
|
|
(3,850,455 |
) |
|
|
|
|
|
Cash flows
from investing activities: |
|
|
|
|
Purchase of patents/trademarks |
|
|
(58,208 |
) |
|
|
(17,490 |
) |
Purchase of software development |
|
|
(640,609 |
) |
|
|
(87,700 |
) |
Purchase of fixed assets |
|
|
(199,618 |
) |
|
|
(311,327 |
) |
|
|
|
|
|
Net
cash used in investing activities |
|
|
(898,435 |
) |
|
|
(416,517 |
) |
|
|
|
|
|
Cash flows
from financing activities: |
|
|
|
|
Repayments of insurance and equipment
financing |
|
|
(395,221 |
) |
|
|
(303,492 |
) |
Repayment of finance lease |
|
|
(22,851 |
) |
|
|
(69,325 |
) |
Proceeds from common stock issued |
|
|
- |
|
|
|
8,550,002 |
|
Stock issuance cost |
|
|
(17,645 |
) |
|
|
(837,467 |
) |
Proceeds from shares issued under Employee Stock
Purchase Plan |
|
|
117,048 |
|
|
|
- |
|
Proceeds from preferred stock issued |
|
|
9,000,000 |
|
|
|
999,000 |
|
|
|
|
|
|
Net
cash provided by financing activities |
|
|
8,681,331 |
|
|
|
8,338,718 |
|
|
|
|
|
|
Net
increase (decrease) in cash |
|
|
2,145,824 |
|
|
|
4,071,746 |
|
Cash, beginning of period |
|
|
1,121,092 |
|
|
|
893,720 |
|
Cash, end of period |
|
$ |
3,266,916 |
|
|
$ |
4,965,466 |
|
|
|
|
|
|
Supplemental Disclosure of Cash Flow
Information: |
|
|
|
|
Interest
paid |
|
$ |
5,816 |
|
|
$ |
8,045 |
|
Taxes
paid |
|
$ |
- |
|
|
$ |
1,264 |
|
|
|
|
|
|
Supplemental Non-Cash Investing and Financing
Activities: |
|
|
|
|
Notes issued
for financing of insurance premiums |
|
$ |
458,452 |
|
|
$ |
353,244 |
|
|
|
|
|
|
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/bb82135a-3094-4c05-9878-7aab05238462
Contacts
Corporate
Fei Kwong, Director, Corporate Communications
Duos Technologies Group, Inc. (Nasdaq: DUOT)
904-652-1625
fk@duostech.com
Investor Relations
Matt Glover or Tom Colton
Gateway Group
949-574-3860
DUOT@gateway-grp.com
Duos Technologies (NASDAQ:DUOT)
過去 株価チャート
から 8 2024 まで 9 2024
Duos Technologies (NASDAQ:DUOT)
過去 株価チャート
から 9 2023 まで 9 2024