Duos Technologies Group, Inc. (“Duos” or the
“Company”) (Nasdaq: DUOT), reported financial results for the
second quarter (“Q2 2024”) ended June 30, 2024.
Second Quarter
2024 and Recent Operational
Highlights
- Closed initial 5-Year support
services and data sharing agreement with Class 1 railroad valued at
$10.9 million. The agreement provides full data availability for 7
existing client portals. Additionally, we now have data available
from an eighth portal from a Mexican railroad, which we plan to
leverage all 8 portals for subscription marketing starting in
Q3.
- Over 2.3 million comprehensive
railcar scans were performed in the second quarter across 13
portals, with more than 383,000 unique railcars scanned. This
metric encompasses all railcars scanned at locations across the
U.S., Canada, and Mexico, representing approximately 24% of the
total freight car population in North America.
- Delivered and installed Edge Data
Center for Amtrak at the Secaucus location. Initial construction
work beginning at the site and negotiating contract modifications
for additional products and services.
- Received 10th Patent for "Device to
Capture High Resolution images of a Train as it passes through an
Inspection Portal", covering all aspects of the automated visual
inspection of railcars. The Company has a further 6 patents pending
for visualization of moving objects and expects to announce major
product and feature enhancements over the next 6 – 9 months.
- Announced formation of new
subsidiary, “Duos Edge AI” aimed at expanding Duos business into
the Edge Data Center (“EDC”) market. First three EDCs now in
production with expected delivery to field in Q3 and with initial
customer indications of approximately $1 million in annual
recurring revenue starting in Q4. Initial debt funding secured for
EDC production.
- Formed new subsidiary, Duos Energy
Corporation, aimed at additional market expansion into the
increasing demand for power to support new data centers. Using our
existing in-house expertise to support the massive demand for AI,
Edge computing, and 5G rollout this new subsidiary is aligned with
our strategy to be an important part of the overall AI value
chain.
- As of the end of the second
quarter, the Company now has $19.6 million of revenue in backlog
including near-term extensions and renewals and expects $6.9
million to be recognized during the remainder of 2024.
Second Quarter 2024 Financial
Results It should be noted that the following Financial
Results represent the consolidation of the Company with its
subsidiaries Duos Technologies, Inc. and Duos Edge AI, Inc.
Total revenues for Q2 2024
decreased 15% to $1.51 million compared to $1.77 million in the
second quarter of 2023 (“Q2 2023”). Total revenue for Q2 2024
represents an aggregate of approximately $265,000 of technology
systems revenue and approximately $1,245,000 in recurring services
and consulting revenue. Although overall revenue decreased in the
second quarter, compared to the same quarter last year, there was a
38% increase in recurring services and consulting revenue for the
same comparison period as a result of new AI and subscription
customers that were not present in the same quarter last year as
well as increases in service contract revenue due to higher service
contract prices.
Cost of revenues for Q2 2024
increased 13% to $1.73 million compared to $1.53 million for Q2
2023. The increase in cost of revenues was driven by $473,069 in
amortization expenses recorded in 2024 to offset site revenue
related to a nonmonetary transaction for the new services and data
agreement signed during the quarter.
Gross margin for Q2 2024
decreased 189% to negative $215,000 compared to $241,000 for Q2
2023 reflecting the temporary decline in technology revenues which
was not completely offset by related ongoing costs to support that
revenue segment. This is expected to be mitigated in future
quarters as currently delayed projects are re-started.
Operating expenses for Q2 2024
decreased 11% to $3.00 million compared to $3.39 million for Q2
2023. The decrease in expenses is attributed to reductions in
development and administrative costs due to the completion of
certain activities and the impact of previously implemented cost
reductions. Stable operating expenses are expected for the
remainder of 2024 while we continue to focus on further
efficiencies to support anticipated revenue growth. The decrease in
operating expenses is slightly offset by additional investments in
sales resources for expanding the commercial team that was made in
the latter half of 2023. The Company implemented a 5% reduction in
staff in early Q3.
Net operating loss for Q2 2024
totaled $3.22 million compared to net operating loss of $3.15
million for Q2 2023. Operating losses were higher than the
comparative quarter a year ago, but the increase was proportionally
less than the relative decrease in revenues and gross margin should
have produced.
Net loss for Q2 2024 totaled
$3.20 million compared to net loss of $2.99 million for Q2 2023.
The 7% increase in net loss was mostly attributed to the decrease
in revenues as described above from timing delays but was smaller
than expected as we were successful in driving down operating
costs, a trend which is expected to continue.
Cash and cash equivalents at
June 30, 2024 totaled $0.51 million compared to $2.44 million at
December 31, 2023. In addition, the Company had over $1.27 million
in receivables and contract assets for a total of approximately
$1.77 million in cash and expected short-term liquidity.
Six Month 2024 Financial
Results Total revenue decreased 42% to
$2.58 million from $4.41 million in the same period last year.
Total revenue for the first six months of 2024 represents an
aggregate of approximately $0.53 million of technology systems
revenue and approximately $2.05 million in recurring services and
consulting revenue. An increase in recurring revenues by 19% was
offset by the decrease in technology systems revenue. Total revenue
was impacted by delays in the delivery of two high-speed RIPs for a
passenger transit client. Growth of the services portion of
revenues was driven by the successful completion and implementation
of artificial intelligence detections and represents services and
support for those detections as well as increases in service
contract revenue due to higher service contract prices.
Cost of revenues decreased 26%
to $2.70 million from $3.64 million in the same period last year.
The decrease in cost of revenues was a result of timing of project
work ongoing for the Company.
Gross margin decreased 115% to
negative $120,000 from $779,000 in the same period last year. The
decrease in gross margin was driven by the timing of business
activity in Q2 2024 related to the manufacturing of two high-speed,
transit-focused RIPs for one customer. As previously mentioned, the
temporary decline in technology revenues was not completely offset
by related ongoing costs to support that revenue segment.
Operating expenses decreased 4%
to $5.86 million from $6.07 million in the same period last year.
The Company experienced a slight decrease in overall operating
expenses due to reductions in development costs and a decrease in
administrative costs, primarily from a reduction in workforce.
However, this was partially offset by an increase in sales and
marketing expenses, driven by the continued expansion of our
commercial team begun in the latter half of 2023 as we prepare to
enter new markets.
Net operating loss totaled
$5.98 million compared to net operating loss of $5.30 million in
the same period last year. The increase in loss from operations was
primarily the result of lower revenues recorded in the first and
second quarters as a consequence of the delays previously noted,
offset by continued increases in services and consulting
revenue.
Net loss totaled $5.96 million
compared to a net loss of $5.13 million in the same period last
year. The increase in net loss was mostly attributable to the
decrease in revenues as previously noted above, partially offset by
the increase in services and consulting revenue and decrease in
operating expenses.
Financial Outlook At the end of
the second quarter, the Company’s contracts in backlog and
near-term renewals and extensions is now more than $19.6 million in
revenue, of which approximately $6.9 million is expected to be
recognized during the remainder of 2024. The balance of contract
backlog is comprised of multi-year service and software agreements
as well as project revenues. It should be noted that $10.7 million
of the revenue in backlog is for data access to support the new
subscription business and is accounted for as a “non-monetary
exchange” that resulted from an amendment to a Master Material and
Service Purchase Agreement with a Class 1 railroad. Any new
subscription business going forward will be offset by royalty
payments by Duos.
The agreement gives Duos the rights to use and
resell all data acquired by seven portals owned by the Class I
railroad. The initial decrease in cash receivables is expected to
be offset from revenues for data subscriptions to owners and
lessors of railcar assets for the provision of mechanical and
safety data and longer-term provide an expected growing,
high-margin, revenue stream from subscribers.
Duos anticipates an improvement in operating
results to be reflected over the next 12 months as a result of the
new initiatives described in this release. Results are expected to
improve in Q3 and the Company will provide further updates as they
become available.
Management Commentary
"The Company continues to focus on establishing
the foundation for long-term, sustainable growth particularly in
the area of new business development and market expansion, patent
awards and building our subscription data offering," said Chuck
Ferry, Duos CEO. “The agreement executed with one of our major
Class 1 customers represented the culmination of almost 12 months
of negotiation and gives us a platform to supply safety data to all
North American rail customers for both freight and transit. While I
continue to be dissatisfied with our short-term financial
performance, I am encouraged by the growth in our recurring
revenues and the fast start of our EDC business.”
Conference Call The Company’s
management will host a conference call today, August 13, 2024, 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, August 13, 2024 Time: 4:30 p.m.
Eastern time (1:30 p.m. Pacific time) U.S. dial-in: 877-407-3088
International dial-in: 201-389-0927 Confirmation: 13747856
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 DUOT@duostech.com.
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 subsidiaries,
Duos Technologies, Inc. and Duos Edge AI, Inc., designs, develops,
deploys, and operates intelligent technology solutions for Machine
Vision and Artificial Intelligence (AI) applications including
real-time analysis of fast-moving vehicles and Edge Data Centers.
For more information, visit www.duostech.com and
www.duosedge.ai.
Forward- Looking StatementsThis
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 Reports 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 Six Months Ended |
|
For the Six Months Ended |
|
June 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
Technology systems |
$ |
264,999 |
|
|
$ |
870,494 |
|
|
$ |
534,854 |
|
|
$ |
2,698,258 |
|
Services and consulting |
|
1,245,497 |
|
|
|
899,565 |
|
|
|
2,046,322 |
|
|
|
1,716,089 |
|
|
|
|
|
|
|
|
|
Total Revenues |
|
1,510,496 |
|
|
|
1,770,059 |
|
|
|
2,581,176 |
|
|
|
4,414,347 |
|
|
|
|
|
|
|
|
|
COST OF REVENUES: |
|
|
|
|
|
|
|
Technology systems |
|
780,912 |
|
|
|
1,072,106 |
|
|
|
1,364,349 |
|
|
|
2,839,315 |
|
Services and consulting |
|
944,148 |
|
|
|
456,616 |
|
|
|
1,336,759 |
|
|
|
796,523 |
|
|
|
|
|
|
|
|
|
Total Cost of Revenues |
|
1,725,060 |
|
|
|
1,528,722 |
|
|
|
2,701,108 |
|
|
|
3,635,838 |
|
|
|
|
|
|
|
|
|
GROSS MARGIN |
|
(214,564 |
) |
|
|
241,337 |
|
|
|
(119,932 |
) |
|
|
778,509 |
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
Sales and marketing |
|
712,456 |
|
|
|
301,077 |
|
|
|
1,265,942 |
|
|
|
608,654 |
|
Research and development |
|
390,000 |
|
|
|
537,801 |
|
|
|
772,142 |
|
|
|
942,686 |
|
General and administration |
|
1,899,396 |
|
|
|
2,550,709 |
|
|
|
3,819,446 |
|
|
|
4,522,217 |
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
3,001,852 |
|
|
|
3,389,587 |
|
|
|
5,857,530 |
|
|
|
6,073,557 |
|
|
|
|
|
|
|
|
|
LOSS FROM OPERATIONS |
|
(3,216,416 |
) |
|
|
(3,148,250 |
) |
|
|
(5,977,462 |
) |
|
|
(5,295,048 |
) |
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSES): |
|
|
|
|
|
|
|
Interest expense |
|
(1,150 |
) |
|
|
(3,230 |
) |
|
|
(1,595 |
) |
|
|
(4,410 |
) |
Other income, net |
|
13,395 |
|
|
|
162,080 |
|
|
|
22,577 |
|
|
|
166,375 |
|
|
|
|
|
|
|
|
|
Total Other Income (Expenses) |
|
12,245 |
|
|
|
158,850 |
|
|
|
20,982 |
|
|
|
161,965 |
|
|
|
|
|
|
|
|
|
NET LOSS |
$ |
(3,204,171 |
) |
|
$ |
(2,989,400 |
) |
|
$ |
(5,956,480 |
) |
|
$ |
(5,133,083 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted Net Loss Per Share |
$ |
(0.43 |
) |
|
$ |
(0.42 |
) |
|
$ |
(0.81 |
) |
|
$ |
(0.72 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares-Basic and Diluted |
|
7,450,676 |
|
|
|
7,169,340 |
|
|
|
7,378,813 |
|
|
|
7,163,142 |
|
|
|
|
|
|
|
|
|
DUOS TECHNOLOGIES GROUP, INC. AND
SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
June 30, |
|
December 31, |
|
2024 |
|
2023 |
|
(Unaudited) |
|
|
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash |
$ |
506,114 |
|
|
$ |
2,441,842 |
|
Accounts receivable, net |
|
128,795 |
|
|
|
1,462,463 |
|
Contract assets |
|
1,139,395 |
|
|
|
641,947 |
|
Inventory |
|
1,060,373 |
|
|
|
1,526,165 |
|
Prepaid expenses and other current assets |
|
436,066 |
|
|
|
184,478 |
|
Note receivable, net |
|
157,500 |
|
|
|
- |
|
Total Current Assets |
|
3,428,243 |
|
|
|
6,256,895 |
|
|
|
|
|
Property and equipment, net |
|
1,736,407 |
|
|
|
726,507 |
|
Operating lease right of use asset |
|
4,204,593 |
|
|
|
4,373,155 |
|
Security deposit |
|
500,000 |
|
|
|
550,000 |
|
|
|
|
|
OTHER ASSETS: |
|
|
|
Note receivable, net |
|
- |
|
|
|
153,750 |
|
Intangible asset, net |
|
10,688,359 |
|
|
|
- |
|
Patents and trademarks, net |
|
128,371 |
|
|
|
129,140 |
|
Software development costs, net |
|
524,225 |
|
|
|
652,838 |
|
Total Other Assets |
|
11,340,955 |
|
|
|
935,728 |
|
|
|
|
|
TOTAL ASSETS |
$ |
21,210,198 |
|
|
$ |
12,842,285 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
Accounts payable |
$ |
849,497 |
|
|
$ |
595,634 |
|
Notes payable - financing agreements |
|
241,452 |
|
|
|
41,976 |
|
Accrued expenses |
|
252,024 |
|
|
|
164,113 |
|
Operating lease obligations-current portion |
|
788,801 |
|
|
|
779,087 |
|
Contract liabilities, current |
|
3,676,567 |
|
|
|
1,666,243 |
|
Total Current Liabilities |
|
5,808,341 |
|
|
|
3,247,053 |
|
|
|
|
|
Contract liabilities, less current portion |
|
8,495,876 |
|
|
|
- |
|
Operating lease obligations, less current portion |
|
4,052,527 |
|
|
|
4,228,718 |
|
|
|
|
|
Total Liabilities |
|
18,356,744 |
|
|
|
7,475,771 |
|
|
|
|
|
Commitments and Contingencies (Note 5) |
|
|
|
|
|
|
|
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 June
30, 2024 and December 31, 2023, 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 June
30, 2024 |
|
|
|
and December 31, 2023, 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 June 30, 2024 and December 31, 2023,
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; 1,519 and 1,299 issued |
|
|
|
and outstanding at June 30, 2024 and December 31, 2023,
respectively, |
|
|
|
convertible into common stock at $3 per share |
|
|
|
Series E convertible preferred stock, $1,000 stated value per
share, |
|
|
|
30,000 shares designated; 13,625 and 11,500 issued |
|
|
|
and outstanding at June 30, 2024 and December 31, 2023,
respectively, |
|
14 |
|
|
|
12 |
|
convertible into common stock at $3 per share |
|
|
|
Series F convertible preferred stock, $1,000 stated value per
share, |
|
|
|
5,000 shares designated; 0 and 0 issued |
|
|
|
and outstanding at June 30, 2024 and December 31, 2023,
respectively, |
|
- |
|
|
|
- |
|
convertible into common stock at $6.20 per share |
|
|
|
|
|
|
|
Common stock: $0.001 par value; 500,000,000 shares authorized, |
|
|
|
7,623,598 and 7,306,663 shares issued, 7,622,274 and 7,305,339 |
|
7,623 |
|
|
|
7,306 |
|
shares outstanding at June 30, 2024 and December 31, 2023,
respectively |
|
|
|
Additional paid-in-capital |
|
72,563,300 |
|
|
|
69,120,199 |
|
Accumulated deficit |
|
(69,560,032 |
) |
|
|
(63,603,552 |
) |
Sub-total |
|
3,010,906 |
|
|
|
5,523,966 |
|
Less: Treasury stock (1,324 shares of common stock |
|
|
|
at June 30, 2024 and December 31, 2023) |
|
(157,452 |
) |
|
|
(157,452 |
) |
Total Stockholders' Equity |
|
2,853,454 |
|
|
|
5,366,514 |
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
$ |
21,210,198 |
|
|
$ |
12,842,285 |
|
|
|
|
|
DUOS TECHNOLOGIES GROUP, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Unaudited) |
|
|
For the Six Months Ended |
|
June 30, |
|
2024 |
|
2023 |
|
|
|
|
Cash from operating activities: |
|
|
|
Net loss |
$ |
(5,956,480 |
) |
|
$ |
(5,133,083 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Depreciation and amortization |
|
781,835 |
|
|
|
230,592 |
|
Stock based compensation |
|
241,694 |
|
|
|
302,743 |
|
Stock issued for services |
|
80,000 |
|
|
|
65,000 |
|
Amortization of operating lease right of use asset |
|
168,562 |
|
|
|
155,338 |
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
|
1,333,668 |
|
|
|
3,131,392 |
|
Note receivable |
|
(3,750 |
) |
|
|
(150,625 |
) |
Contract assets |
|
(497,448 |
) |
|
|
(581,069 |
) |
Inventory |
|
165,792 |
|
|
|
(116,393 |
) |
Security deposit |
|
50,000 |
|
|
|
50,000 |
|
Prepaid expenses and other current assets |
|
175,073 |
|
|
|
403,225 |
|
Accounts payable |
|
253,863 |
|
|
|
(1,530,361 |
) |
Accrued expenses |
|
87,912 |
|
|
|
(150,914 |
) |
Operating lease obligation |
|
(166,477 |
) |
|
|
(80,559 |
) |
Contract liabilities |
|
(655,228 |
) |
|
|
1,481,643 |
|
|
|
|
|
Net cash used in operating activities |
|
(3,940,984 |
) |
|
|
(1,923,071 |
) |
|
|
|
|
Cash flows from investing activities: |
|
|
|
Purchase of patents/trademarks |
|
(4,765 |
) |
|
|
(28,720 |
) |
Purchase of software development |
|
- |
|
|
|
(360,437 |
) |
Purchase of fixed assets |
|
(884,520 |
) |
|
|
(159,203 |
) |
|
|
|
|
Net cash used in investing activities |
|
(889,285 |
) |
|
|
(548,360 |
) |
|
|
|
|
Cash flows from financing activities: |
|
|
|
Repayments on financing agreements |
|
(227,184 |
) |
|
|
(273,965 |
) |
Repayment of finance lease |
|
- |
|
|
|
(22,851 |
) |
Proceeds from common stock issued |
|
115,563 |
|
|
|
- |
|
Stock issuance costs |
|
(76,188 |
) |
|
|
(17,645 |
) |
Proceeds from shares issued under Employee Stock Purchase Plan |
|
87,348 |
|
|
|
117,048 |
|
Proceeds from preferred stock issued |
|
2,995,002 |
|
|
|
4,000,000 |
|
|
|
|
|
Net cash provided by financing activities |
|
2,894,541 |
|
|
|
3,802,587 |
|
|
|
|
|
Net increase (decrease) in cash |
|
(1,935,728 |
) |
|
|
1,331,156 |
|
Cash, beginning of period |
|
2,441,842 |
|
|
|
1,121,092 |
|
Cash, end of period |
$ |
506,114 |
|
|
$ |
2,452,248 |
|
|
|
|
|
Supplemental Disclosure of Cash Flow
Information: |
|
|
|
Interest paid |
$ |
1,596 |
|
|
$ |
4,410 |
|
Taxes paid |
$ |
5,055 |
|
|
$ |
- |
|
|
|
|
|
Supplemental Non-Cash Investing and Financing
Activities: |
|
|
|
Notes issued for financing of insurance premiums |
$ |
426,661 |
|
|
$ |
458,452 |
|
Transfer of inventory to fixed assets |
$ |
300,000 |
|
|
$ |
- |
|
Intangible asset acquired with contract liability |
$ |
11,161,428 |
|
|
$ |
- |
|
|
|
|
|
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9db3c566-6214-4dec-a4ea-ce21fcb52a77
Contacts
Corporate
Fei Kwong, Director, Corporate Communications
Duos Technologies Group, Inc. (Nasdaq: DUOT)
904-652-1625
fk@duostech.com
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