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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
For the quarterly period ended June 30, 2024 |
|
OR |
|
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from ________________ to ________________
Commission file number 000-55497
Duos Technologies Group, Inc. |
(Exact name of registrant as specified in its charter) |
Florida |
65-0493217 |
(State or other jurisdiction of
incorporation or organization) |
(IRS Employer Identification No.) |
7660 Centurion Parkway, Suite 100, Jacksonville,
Florida 32256
(Address of principal executive offices)
(904) 296-2807
(Registrant’s telephone number, including
area code)
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.001 |
|
DUOT |
|
The Nasdaq Capital Market |
Indicate by check mark whether the registrant:
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large
accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company”
in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ |
|
Accelerated filer ☐ |
Non-accelerated filer ☒ |
|
Smaller reporting company ☒ |
Emerging growth company ☐ |
|
|
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the
registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 9, 2024, the registrant has
one class of common equity, and the number of shares outstanding of such common equity is 7,689,969.
TABLE OF CONTENTS
i
PART I FINANCIAL INFORMATION
Item 1. Financial Statements.
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,
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 | |
| 1 | | |
| 1 | |
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, convertible into common stock at $3 per share | |
| 14 | | |
| 12 | |
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 shares outstanding at June 30, 2024 and December 31, 2023,
respectively | |
| 7,623 | | |
| 7,306 | |
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 | |
See accompanying condensed notes to the
unaudited consolidated financial statements.
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 | |
See accompanying condensed notes to the unaudited consolidated
financial statements.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
For the Three and Six Months Ended June 30, 2024
and 2023
(Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred Stock B | | |
Preferred Stock C | | |
Preferred Stock D | | |
Preferred Stock E | | |
Common Stock | | |
Additional | | |
Accumulated | | |
| | |
| |
| |
# of Shares | | |
Amount | | |
# of Shares | | |
Amount | | |
# of Shares | | |
Amount | | |
# of Shares | | |
Amount | | |
# of Shares | | |
Amount | | |
Paid-in-Capital | | |
Deficit | | |
Treasury Stock | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance December 31, 2022 | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| 1,299 | | |
$ | 1 | | |
| — | | |
$ | — | | |
| 7,156,876 | | |
$ | 7,156 | | |
$ | 56,562,600 | | |
$ | (52,361,834 | ) | |
$ | (157,452 | ) | |
$ | 4,050,471 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Series E preferred stock issued | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 4,000 | | |
| 4 | | |
| — | | |
| — | | |
| 3,999,996 | | |
| — | | |
| — | | |
| 4,000,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock options compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 75,128 | | |
| — | | |
| — | | |
| 75,128 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issuance cost | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (299,145 | ) | |
| — | | |
| — | | |
| (299,145 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for services | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 12,463 | | |
| 12 | | |
| 32,488 | | |
| — | | |
| — | | |
| 32,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss for the three months ended March 31, 2023 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,143,683 | ) | |
| — | | |
| (2,143,683 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance March 31, 2023 | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| 1,299 | | |
$ | 1 | | |
| 4,000 | | |
$ | 4 | | |
| 7,169,339 | | |
$ | 7,168 | | |
$ | 60,371,067 | | |
$ | (54,505,517 | ) | |
$ | (157,452 | ) | |
$ | 5,715,271 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock options compensation | |
| — | | |
| — | | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
$ | 161,399 | | |
$ | — | | |
$ | — | | |
$ | 161,399 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issuance cost | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 281,500 | | |
| — | | |
| — | | |
| 281,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for services | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 5,645 | | |
| 6 | | |
| 32,494 | | |
| — | | |
| — | | |
| 32,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued under the Employee Stock Purchase Plan for cash and compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 65,561 | | |
| 66 | | |
| 183,199 | | |
| — | | |
| — | | |
| 183,265 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss for the three months ended June 30, 2023 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,989,400 | ) | |
| — | | |
| (2,989,400 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance June 30, 2023 | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| 1,299 | | |
$ | 1 | | |
| 4,000 | | |
$ | 4 | | |
| 7,240,545 | | |
$ | 7,240 | | |
$ | 61,029,659 | | |
$ | (57,494,917 | ) | |
$ | (157,452 | ) | |
$ | 3,384,535 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance December 31, 2023 | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| 1,299 | | |
$ | 1 | | |
| 11,500 | | |
$ | 12 | | |
| 7,306,663 | | |
$ | 7,306 | | |
$ | 69,120,199 | | |
$ | (63,603,552 | ) | |
$ | (157,452 | ) | |
$ | 5,366,514 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Series D preferred stock issued | |
| — | | |
| — | | |
| — | | |
| — | | |
| 620 | | |
| 1 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 619,999 | | |
| — | | |
| — | | |
| 620,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Series E preferred stock issued | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 2,125 | | |
| 2 | | |
| — | | |
| — | | |
| 2,125,000 | | |
| — | | |
| — | | |
| 2,125,002 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock options compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 141,204 | | |
| — | | |
| — | | |
| 141,204 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issuance cost | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (36,188 | ) | |
| — | | |
| — | | |
| (36,188 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for services | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 8,655 | | |
| 9 | | |
| 37,491 | | |
| — | | |
| — | | |
| 37,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock Compensation under ESPP | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 18,116 | | |
| — | | |
| — | | |
| 18,116 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss for the three months ended March 31, 2024 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,752,309 | ) | |
| — | | |
| (2,752,309 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance March 31, 2024 | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| 1,919 | | |
$ | 2 | | |
| 13,625 | | |
$ | 14 | | |
| 7,315,318 | | |
$ | 7,315 | | |
$ | 72,025,821 | | |
$ | (66,355,861 | ) | |
$ | (157,452 | ) | |
$ | 5,519,839 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Series D preferred stock issued | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| 250 | | |
$ | — | | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
$ | 250,000 | | |
$ | — | | |
$ | — | | |
$ | 250,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for services | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 15,041 | | |
| 15 | | |
| 42,485 | | |
| — | | |
| — | | |
| 42,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued under the Employee Stock Purchase Plan for cash and compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 38,041 | | |
| 38 | | |
| 109,780 | | |
| — | | |
| — | | |
| 109,818 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Series D preferred stock converted to common stock | |
| — | | |
| — | | |
| — | | |
| — | | |
| (650 | ) | |
| (1 | ) | |
| — | | |
| — | | |
| 216,668 | | |
$ | 217 | | |
$ | (216 | ) | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for cash | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 38,530 | | |
$ | 38 | | |
$ | 115,525 | | |
| — | | |
| — | | |
| 115,563 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issuance cost | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (40,000 | ) | |
| — | | |
| — | | |
| (40,000 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock options compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 59,905 | | |
| — | | |
| — | | |
| 59,905 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss for the three months ended June 30, 2024 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (3,204,171 | ) | |
| — | | |
| (3,204,171 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance June 30, 2024 | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| 1,519 | | |
$ | 1 | | |
| 13,625 | | |
$ | 14 | | |
| 7,623,598 | | |
$ | 7,623 | | |
$ | 72,563,300 | | |
$ | (69,560,032 | ) | |
$ | (157,452 | ) | |
$ | 2,853,454 | |
See accompanying condensed notes to the unaudited consolidated
financial statements.
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 | | |
$ | — | |
See accompanying condensed notes to the unaudited
consolidated financial statements.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
|
NOTE 1 – NATURE OF OPERATIONS AND SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
Duos Technologies Group, Inc. (the “Company”),
through its operating subsidiaries, Duos Technologies, Inc. (“Duos”) and Duos Edge AI, Inc. (“Edge”) (collectively
the “Company”), is a company that specializes in machine vision and artificial intelligence to analyze fast moving objects
such as trains, trucks, automobiles, and aircraft. This technology can help improve safety, maintenance, and operating metrics.
The Company is the inventor of the Railcar Inspection
Portal (RIP) and is currently the rail industry leader for machine vision/camera wayside detection systems that include the use of Artificial
Intelligence at speeds up to 125 mph. The RIP inspects a train at full speed from the top, sides, and bottom looking at FRA/AAR mandated
safety inspection points. The system also detects illegal riders, which can assist law enforcement agencies. Each rail car is scanned
with machine vision cameras and other sensors from the top, sides, and bottom, where images are produced within seconds of the railcar
passing. These images can then be used by the customer to help prevent derailments, improve maintenance operations, and assist with security.
The Company self-performs all aspects of hardware, software, Information Technology (“IT”), and Artificial Intelligence development
and engineering. The Company maintains significant intellectual property and continues to be awarded additional patents for both the technology
and methodologies used. The Company also has a proprietary portfolio of approximately 53 Artificial Intelligence “Use Cases”
that automatically flag defects. The Company has deployed this system with several Class 1 railroads and one major passenger carrier and
anticipates an increased demand in the future from railcar operators, owners, shippers, transit railroads as well as law enforcement agencies.
During the three months ended June 30, 2024, the Company
initiated a study to determine how to expand its market reach into non-rail markets. Using the information technology (IT) investments
already made into the RIP in conjunction with the recently awarded patents for both methodology and artificial intelligence, the Company
has determined that its use of Edge Data Centers for the processing of large volumes of image data has broad applicability to enabling
local, high-speed processing in similar environments as being undertaken at the 13 current RIPs, that is, in rural and underserved areas.
Accordingly, the Company has recently announced that effective early in the third quarter, it will be expanding into the market for the
provision of bespoke Edge Data Centers (EDCs) for certain markets including remote education and healthcare facilities as well as other
applications where high-speed, local processing is required.
The Company has also developed the Automated Logistics
Information System (“ALIS”) which automates gatehouse operations where trucks enter and exit large logistics and intermodal
facilities. This solution also incorporates sensors and data points as necessary for each operation and directly interconnects with backend
logistics databases and processes to streamline and significantly improve operations and security and, importantly, dramatically improve
throughput on each lane on which the technology is deployed. The Company is not currently actively pursuing further customers for ALIS
but will continue to analyze the potential market and, depending on market demand, may deploy an upgraded Truck Inspection Portal (TIP)
which uses the same technology and lessons learned from the ALIS and RIP systems at some point in the future.
The Company’s strategy for the rail industry
is to expand beyond our existing customer base in the Class 1 and major passenger transit market and we expect to add additional users
in the short line, industrial and regional transit markets in North America. In addition, we plan to expand our subscription offering
to car owners and shippers and expand operations to meet the demand from international customers. The Company is prepared to respond and
scale, if necessary, to react to increased demand for potential regulations that may be imposed around wayside detection technology. In
the future the Company may put more emphasis on the trucking and intermodal sector with an updated Truck Inspection Portal solution. The
Company continues to focus on operational and technical excellence, customer satisfaction, and maintaining a highly skilled and performance-based
work force. The Company is also further investigating market opportunities for subsets of its technology including deployment and management
of Edge Data Centers, a fundamental component of the distributed, rapid response data analysis used in the RIP.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
Basis of Presentation
The accompanying unaudited consolidated financial
statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial
information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (all of which are
of a normal recurring nature) considered necessary for a fair presentation have been included. Operating results for the six months ended
June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any other
future period. These unaudited consolidated financial statements and the unaudited condensed notes thereto should be read in conjunction
with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2024.
Principles of Consolidation
The unaudited consolidated financial statements include
Duos Technologies Group, Inc. and its wholly owned subsidiaries, Duos Technologies, Inc. and Duos Edge AI, Inc. All inter-company transactions
and balances are eliminated in consolidation.
Use of Estimates
The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these
estimates. The most significant estimates in the accompanying unaudited consolidated financial statements include the initial valuation
of a non-monetary transaction with a customer, valuation of intangible assets for impairment analysis, allowance on accounts receivable
and notes receivable, valuation of common stock warrants received in exchange for an asset sale, valuation of deferred tax assets, and
valuation of other long-lived assets, estimates of net contract revenues and the total estimated costs to determine progress towards contract
completion, valuation of inventory, estimates of the valuation of right of use assets and corresponding lease liabilities, valuation of
warrants issued with debt and valuation of stock-based awards. We base our estimates on historical experience and on various other assumptions
that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values
of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
Concentrations
Cash Concentrations
Cash is maintained at financial institutions and at
times, balances may exceed federally insured limits. We have not experienced any losses related to these balances. As of June 30, 2024,
the balance in one financial institution exceeded federally insured limits by approximately $163,603. Any loss incurred or a lack of access
to such funds could have a significant adverse impact on the Company’s consolidated financial condition, results of operation and
cash flows.
Significant Customers and Concentration of Credit Risk
The Company had certain customers
whose revenue individually represented 10% or more of the Company’s total revenue, or whose accounts receivable balances individually
represented 10% or more of the Company’s total accounts receivable, as follows:
For the six months ended June 30, 2024, three customers
accounted for 43%, 25% and 18% of revenues. For the six months ended June 30, 2023, two customers accounted for 61%, and 25% of revenues.
In all cases, there are no minimum contract values stated. Each contract covers an agreement to deliver a Railcar Inspection Portal or
services which, once accepted, must be paid in full, with 30% or more being due and payable prior to delivery. The balances of the contracts
are for service and maintenance, which may be paid annually in advance with revenues recorded ratably over the contract period.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
At June 30, 2024, two customers accounted for 53%,
and 38% of accounts receivable. At December 31, 2023, two customers accounted for 83%, and 11% of accounts receivable. Much of the credit
risk is mitigated since all the customers listed here are Class 1 railroads with a history of timely payments to us.
Geographic Concentration
For the six months ended June 30, 2024, approximately
65% of revenue was generated from three customers outside of the United States. For the six months ended June 30, 2023, approximately
31% of revenue was generated from three customers outside of the United States.
Significant Vendors and Concentration of Credit
Risk
In some instances, the Company relies on a limited
pool of vendors for key components related to the manufacturing of its subsystems. These vendors are primarily focused on camera, server,
and lighting technologies integral to the Company’s solution. Where possible, the Company seeks multiple vendors for key components
to mitigate vendor concentration risk.
Fair Value of Financial Instruments and Fair Value Measurements
The Company follows Accounting Standards Codification
(“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured
at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted
accounting principles that requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure
about such fair value measurements.
ASC 820 defines fair value as the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the
use of unobservable inputs.
These inputs are prioritized below:
Level 1: |
Observable inputs such as quoted market prices in active markets for identical assets or liabilities. |
Level 2: |
Observable market-based inputs or unobservable inputs that are corroborated by market data. |
Level 3: |
Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions that the market participants would use in the valuation of the asset or liability based on the best available information. |
The Company analyzes all financial instruments with
features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard
for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level
of input that is significant to the fair value measurement.
The estimated fair value of certain financial instruments,
including accounts receivable, prepaid expenses, accounts payable, accrued expenses and notes payable are carried at historical cost basis,
which approximates their fair values because of the short-term nature of these instruments.
Accounts Receivable
On January 1, 2023, the Company adopted ASC 326, “Financial
Instruments - Credit Losses”. In accordance with ASC 326, an allowance is maintained for estimated forward-looking losses resulting
from the possible inability of customers to make the required payments (current expected losses). The amount of the allowance is determined
principally on the basis of past collection experience and known financial factors regarding specific customers.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
Accounts receivable are stated at estimated net realizable
value. Accounts receivable are comprised of balances due from customers net of estimated credit loss allowances for uncollectible accounts.
In determining the collections on the account, historical trends are evaluated, and specific customer issues are reviewed to arrive at
appropriate allowances. The Company reviews its accounts to estimate losses resulting from the inability of its customers to make the
required payments. Any required allowance is based on specific analysis of past due accounts and also considers historical trends of write-offs.
Past due status is based on how recently payments have been received from customers.
Inventory
Inventory consists primarily of spare parts and consumables
and long-lead time components to be used in the production of our technology systems or in connection with maintenance agreements with
customers. Any inventory deemed to be obsolete is written off. Inventory is stated at the lower of cost or net realizable value. Inventory
cost is primarily determined using the weighted average cost method.
Intangible Asset
In May 2024, the Company recognized an intangible
asset which represents digital image data rights received under a license agreement as non-monetary consideration under a five-year customer
contract. The intangible asset will be amortized over the five-year contractual term.
Long-lived assets
Long-lived assets are reviewed for impairment whenever events or changes
in circumstances indicate that the book value of the asset may not be recoverable. The Company periodically evaluates whether events and
circumstances have occurred that indicate possible impairment. When impairment indicators exist, the Company estimates the future undiscounted
net cash flows of the related asset or asset group over the remaining life of the asset in measuring whether the long-lived asset should
be written down to fair value. Measurement of the amount of impairment would be based on generally accepted valuation methodologies, as
deemed appropriate. If the carrying amount is greater than the undiscounted cash flows, the carrying amount of the asset is reduced to
the asset’s fair value. An impairment loss is recognized immediately as an operating expense in the consolidated statements of operations.
Reversal of previously recorded impairment losses are prohibited.
Software Development Costs
Software development costs incurred prior to establishing
technological feasibility are charged to operations and included in research and development costs. The technological feasibility of a
software product is established when the Company has completed all planning, designing, coding, and testing activities that are necessary
to establish that the product meets its design specifications, including functionality, features, and technical performance requirements.
Software development costs incurred after establishing technological feasibility for software sold as a perpetual license, as defined
within ASC 985-20 (Software – Costs of Software to be Sold, Leased, or Marketed), are capitalized and amortized on a product-by-product
basis when the product is available for general release to customers. Software development costs are evaluated for impairment annually
by comparing the net realizable value to the unamortized capitalized costs and writing these costs down to net realizable value.
Stock-Based Compensation
The Company accounts for employee and non-employee
stock-based compensation in accordance with ASC 718-10, “Share-Based Payment,” which requires the measurement and recognition
of compensation expense for all share-based payment awards made to employees and directors including stock options, restricted stock units,
and employee stock purchases based on estimated fair values. The stock-based compensation carries a graded vesting feature subject to
the condition of time of employment service with awarded stock-based compensation tranches vesting evenly upon the anniversary date of
the award.
The Company estimates the fair value of stock options
granted using the Black-Scholes option-pricing formula. In accordance with ASC 718-10-35-8, the Company elected to recognize the fair
value of the stock award using the graded vesting method as time of employment service is the criteria for vesting. The Company’s
determination of fair value using an option-pricing model is affected by the stock price as well as assumptions regarding a number of
highly subjective variables.
The Company estimates volatility based upon the historical
stock price of the Company and estimates the expected term for stock options using the simplified method for employees and directors and
the contractual term for non-employees. The risk-free rate is determined based upon the prevailing rate of United States Treasury securities
with similar maturities.
Revenue Recognition
The Company follows Accounting Standards Codification
606, Revenue from Contracts with Customers (“ASC 606”), that affects the timing of when certain types of revenues will be
recognized. The basic principles in ASC 606 include the following: a contract with a customer creates distinct contract assets and performance
obligations, satisfaction of a performance obligation creates revenue, and a performance obligation is satisfied upon transfer of control
to a good or service to a customer.
Revenue is recognized by evaluating our revenue contracts
with customers based on the five-step model under ASC 606:
|
1. |
Identify the contract with the customer; |
|
2. |
Identify the performance obligations in the contract; |
|
3. |
Determine the transaction price; |
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
|
4. |
Allocate the transaction price to separate performance obligations; and |
|
5. |
Recognize revenue when (or as) each performance obligation is satisfied. |
The Company generates revenue from four sources:
(1) Technology Systems
(2) AI Technologies
(3) Technical Support
(4) Consulting Services
Technology Systems
For revenues related to technology systems, the Company
recognizes revenue over time using a cost-based input methodology in which significant judgment is required to estimate costs to complete
projects. These estimated costs are then used to determine the progress towards contract completion and the corresponding amount of revenue
to recognize.
Accordingly, the Company now bases its revenue recognition
on ASC 606-10-25-27, where control of a good or service transfers over time if the entity’s performance does not create an asset
with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date including a
profit margin or reasonable return on capital. Control is deemed to pass to the customer instantaneously as the goods are manufactured
and revenue is recognized accordingly.
In addition, the Company has adopted ASC 606-10-55-21
such that if the cost incurred is not proportionate to the progress in satisfying the performance obligation, we adjust the input method
to recognize revenue only to the extent of the cost incurred. Therefore, the Company will recognize revenue at an equal amount to the
cost of the goods to satisfy the performance obligation. To accurately reflect revenue recognition based on the input method, the Company
has adopted the implementation guidance as set out in ASC-606-10-55-187 through 192.
Under this method, contract revenues are recognized
over the performance period of the contract in direct proportion to the costs incurred. Costs include direct material, direct labor, subcontract
labor and other allocable indirect costs. All un-allocable indirect costs and corporate general and administrative costs are also charged
to the periods as incurred. Any recognized revenues that have not been billed to a customer are recorded as an asset in “contract
assets”. Any billings of customers more than recognized revenues are recorded as a liability in “contract liabilities”.
However, in the event a loss on a contract is foreseen, the Company will recognize the loss when such loss is determined to be both probable
and reasonably estimable.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
AI Technologies
The Company has revenue from applications that incorporate
artificial intelligence (AI) in the form of predetermined algorithms which provide important operating information to the users of our
systems. The revenue generated from these applications of AI consists of a fixed fee related to the design, development, testing and incorporation
of new algorithms into the system, which is recognized as revenue at a point in time upon acceptance, as well as an annual application
maintenance fee, which is recognized as revenue ratably over the contracted maintenance term.
Technical Support
Technical support services are provided on both an
as-needed and extended-term basis and may include providing both parts and labor. Maintenance and technical support provided outside of
a maintenance contract are on an “as-requested” basis, and revenue is recognized over time as the services are provided. Revenue
for maintenance and technical support provided on an extended-term basis is recognized over time ratably over the term of the contract.
Consulting Services
The Company’s consulting services business generates
revenues under contracts with customers from three sources: (1) Professional Services (consulting and auditing); (2) Customer service
training and (3) Maintenance/support.
(1) Revenues for professional services, which are
of short-term duration, are recognized when services are completed;
(2) Training sales are one-time upfront short-term
training sessions and are recognized after the service has been performed; and
(3) Maintenance/support is an optional product sold
to our software license customers under one-year or longer contracts. Accordingly, maintenance payments received upfront are deferred
and recognized over the contract term.
Multiple Performance Obligations and Allocation
of Transaction Price
Arrangements with customers may involve multiple performance
obligations including project revenue and maintenance services in our Technology Systems business. Maintenance will occur after the project
is completed and may be provided on an extended-term basis or on an as-needed basis. In our consulting services business, multiple performance
obligations may include any of the above four sources. Training and maintenance on software products may occur after the software product
sale while other services may occur before or after the software product sale and may not relate to the software product. Revenue recognition
for a multiple performance obligations arrangement is as follows:
Each performance obligation is accounted for separately
when each has value to the customer on a standalone basis and there is Company specific objective evidence of the selling price of each
deliverable. For revenue arrangements with multiple deliverables, the Company allocates the total customer arrangement to the separate
units of accounting based on their relative selling prices as determined by the price of the items when sold separately. Once the selling
price is allocated, the revenue for each performance obligation is recognized using the applicable criteria under GAAP as discussed above
for performance obligations sold in single performance obligation arrangements. A delivered item or items that do not qualify as a separate
unit of accounting within the arrangement are combined with the other applicable undelivered items within the arrangement. The allocation
of arrangement consideration and the recognition of revenue is then determined for those combined deliverables as a single unit of accounting.
The Company sells its various services and software and hardware products at established prices on a standalone basis which provides Company
specific objective evidence of selling price for purposes of performance obligations relative selling price allocation. The Company only
sells maintenance services or spare parts based on its established rates after it has completed a system integration project for a customer.
The customer is not required to purchase maintenance services. All elements in multiple performance obligations arrangements with Company
customers qualify as separate units of account for revenue recognition purposes.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
Leases
The Company follows ASC 842 “Leases”.
This guidance requires lessees to recognize right-of-use (“ROU”) assets and lease liabilities for most operating leases. In
addition, this guidance requires that lessors separate lease and non-lease components in a contract in accordance with the revenue guidance
in ASC 606.
The Company made an accounting policy election to
not recognize short-term leases with terms of twelve months or less on the balance sheet and instead recognize the lease payments as an
expense when incurred. The Company has also elected to account for real estate leases that contain both lease and non-lease components
as a single lease component.
At the inception of a contract the Company assesses
whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of
a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout
the period, and (3) whether we have the right to direct the use of the asset.
Operating ROU assets represent the right to use the
leased asset for the lease term and operating lease liabilities are recognized based on the present value of minimum lease payments over
the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based
on the information available at the lease commencement date to determine the present value of future payments. The lease term includes
all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not
to exercise the termination options. Operating lease expense is recognized on a straight-line basis over the lease term and is included
in general and administration expenses in the consolidated statements of operations.
Earnings (Loss) Per Share
Basic earnings per share (EPS) are computed by dividing
the net loss applicable to common stock by the weighted average number of common shares outstanding. Diluted net loss per common share
is computed by dividing the net loss applicable to common stock by the weighted average number of common shares outstanding for the period
and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares
issuable upon the exercise or conversion of stock options, stock warrants, convertible debt instruments, convertible preferred stock or
other common stock equivalents. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive.
At June 30, 2024, there were (i) an aggregate
of 44,644 outstanding warrants to purchase shares of common stock, (ii) employee stock options to purchase an aggregate of 1,340,903 shares
of common stock, (iii) 506,333 common shares issuable upon conversion of Series D Convertible Preferred Stock, and (iv) subject to receipt
of shareholder approval, 4,541,667 common shares issuable upon conversion of Series E Convertible Preferred Stock, all of which were excluded
from the computation of diluted net earnings per share because their inclusion would have been anti-dilutive.
At June 30, 2023, there were (i) an aggregate
of 80,091 outstanding warrants to purchase shares of common stock, (ii) employee stock options to purchase an aggregate of 1,217,775 shares
of common stock, (iii) 433,000 common shares issuable upon conversion of Series D Convertible Preferred Stock and (iv) 1,333,334 common
shares issuable upon conversion of Series E Convertible Preferred Stock, all of which were excluded from the computation of diluted earnings
per share because their inclusion would have been anti-dilutive.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
Recent Accounting Pronouncements
From time to time, the FASB or other standards setting
bodies will issue new accounting pronouncements. Updates to the FASB ASC are communicated through issuance of an Accounting Standards
Update (“ASU”).
In November 2023, the FASB issued ASU 2023-07 Segment
Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires companies to disclose significant segment
expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 is effective for annual periods beginning on January
1, 2024 and interim periods beginning on January 1, 2025. ASU 2023-07 must be applied retrospectively to all prior periods presented in
the financial statements. The Company has evaluated the disclosure impact of ASU 2023-07; and determined the standard will not have an
impact on the Company’s consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09
Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires companies to disclose, on an annual basis, specific
categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative
threshold. Further, ASU 2023-09 requires companies to disclose additional information about income taxes paid. ASU 2023-09 is effective
for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively.
The Company is evaluating the disclosure impact of ASU 2023-09; however, the standard will not have an impact on the Company’s consolidated
financial statements.
Management does not believe that any other recently issued, but not
yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.
NOTE 2 – LIQUIDITY
Under Accounting Codification ASC 205, Presentation
of Financial Statements—Going Concern (Subtopic 205-40) (“ASC 205-40”), the Company has the responsibility to evaluate
whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due
within one year after the date that the financial statements are issued. As required by ASC 205-40, this evaluation shall initially not
take into consideration the potential mitigating effects of plans that have not been fully implemented as of the date the financial statements
are issued. Management has assessed the Company’s ability to continue as a going concern in accordance with the requirement of ASC
205-40.
As reflected in the accompanying consolidated financial
statements, the Company had a net loss of $5,956,480 for the six months ended June 30, 2024. During the same period, cash used in operating
activities was $3,940,984. The working capital deficit and accumulated deficit as of June 30, 2024, were $2,380,098 and $69,560,032, respectively.
In previous financial reports, the Company had raised substantial doubt about continuing as a going concern. This was principally due
to a lack of working capital prior to underwritten offerings and private placements which were completed during 2022, 2023, and now the
first and second quarters of 2024 as well.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
As previously noted, the Company was
successful during 2023 in raising gross proceeds of over $11,500,000 from the sale of Series E and F Preferred Stock. Additionally,
in the first and second quarters of 2024, the Company raised gross proceeds of $2,995,000 from the issuance of a combination of
Series D and E Preferred Stock (See Note 6). As part of its strategy, the Company will endeavor to utilize the Preferred Series E
and the remainder of the Series D as additional funding mechanisms. Additionally, during the second quarter of 2024 the Company
entered into an ATM Sales Agreement (the “Sales Agreement”) with Ascendiant Capital Markets, LLC (the “Sales
Agent” or “ACM”) relating to the sale of our common stock, par value $0.001
per share, pursuant to the prospectus dated May 17, 2024. In accordance with the terms of the Sales Agreement, we may offer and sell
shares of our common stock bearing an aggregate offering price of up to $7,500,000
from time to time through or to ACM, acting as an agent or principal. On July 22, 2024, the Company, through its wholly owned
subsidiary Duos Edge AI, Inc., entered into secured promissory notes totaling $2.2
million in funding with two institutional investors. These notes mature on December
31, 2025, and bear an interest rate of 10%
per annum, with all principal and accrued interest due at maturity. The proceeds are designated exclusively for the equipment and
services required for the installation of the Company's previously announced edge data centers. In the long run, the continuation of
the Company as a going concern is dependent upon the ability of the Company to continue executing its business plan, generate enough
revenue, and attain consistently profitable operations. Although the lingering effects of the global pandemic related to the
coronavirus (Covid-19) previously affected our operations, particularly in our supply chain, we now believe that the supply chain
lags have largely been abated.
In the long run, the continuation of the Company as
a going concern is dependent upon the ability of the Company to continue executing its business plan and growing the Company sufficiently
to generate enough revenue to attain consistently profitable operations. The Company cannot currently quantify the uncertainty related
to previous supply chain delays or the persistence of inflation and their effects on our customers in the coming quarters. We have analyzed
our cash flow under “stress test” conditions and have determined that we have sufficient liquid assets on hand, forthcoming
with ongoing business or available via the capital markets to maintain operations for at least twelve months from the date of this report.
In addition, management has been taking and continues
to take actions including, but not limited to, elimination of certain costs that do not contribute to short term revenue, and re-aligning
both management and staffing with a focus on improving certain skill sets necessary to build growth and profitability and focusing product
strategy on opportunities that are likely to bear results in the relatively short term. The Company believes that, as described above,
it will have sufficient sources of working capital to meet its obligations over the following twelve months. In the last twelve months
the Company has experienced relatively steady contracted backlog as well as seen positive signs from new commercial engagements that indicate
improvements in future commercial opportunities for both one-time capital and recurring services revenues.
Management believes that, at this time, the conditions
in our market space with ongoing contract delays, the consequent need to procure certain materials in advance of a binding contract and
the additional time needed to execute on new contracts previously reported have put a strain on our cash reserves. However, proactive
management of our existing contracts, recent stock offerings and private placements as well as the availability to raise capital via the
Sales Agreement indicate there is no substantial doubt that the Company can continue as a going concern for a period of twelve months
from the issuance date of this report. We continue executing the plan to grow our business and achieve profitability. The Company may
selectively look at opportunities for fund raising in the future. Management has extensively evaluated our requirements for the next twelve
months and has determined that the Company currently has sufficient cash and access to capital to operate for at least that period.
While no assurance can be provided, management believes
that these actions provide the opportunity for the Company to continue as a going concern and to grow its business and achieve profitability
with access to additional capital funding. Ultimately the continuation of the Company as a going concern is dependent upon the ability
of the Company to continue executing the plan described above which was put in place in late 2022, continued in 2023, and will continue
in 2024 and beyond. These consolidated financial statements do not include any adjustments related to the recoverability and classification
of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going
concern.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
NOTE 3 – INTANGIBLE ASSET
In May 2024, the Company recorded an intangible
asset with a fair value of $11,161,428. This asset represents non-monetary consideration received under a 5-year customer contract, in
which the Company will provide maintenance services to the customer. The intangible asset represents Digital Image data rights in the form
of a license agreement received by the Company from the customer.
The fair value of the asset was determined
on the contract inception date based on the standalone selling price of the service and goods to be provided to the customer under the
5-year contract since the Company could not reasonably estimate the fair value of the data rights received. The non-monetary transaction
was accounted for in accordance with Accounting Standards Codification (ASC) 606-10-32-21 through ASC 606-10-32-24.
On the contract inception date, the
Company also recorded an immediate amortization of the intangible asset of $199,008
related to the pre-contract costs incurred relating to a pilot program for this contract and recorded deferred revenue of $11,161,428
as contract liabilities with a current and non-current component, and then immediately recognized $199,008 of this deferred revenue
relating to the completed pilot program. The remaining deferred revenue will be recognized over the 5-year
term.
In accordance with ASC 350-30-35-1, the amortization
for the intangible asset is based on its useful life and the useful life of an intangible asset is the period over which it is expected
to contribute directly or indirectly to the future cash flows of that entity. Accordingly, amortization of the intangible asset is recognized
over the life of the contract of five years.
In accordance with ASC 350-30-35-14, an intangible
asset that is subject to amortization shall be reviewed for impairment if the carrying amount of the asset is not recoverable and exceeds
its fair value. There is no indication of impairment at June 30, 2024.
Intangible asset at June 30, 2024 and December
31, 2023 consists of:
Schedule of intangible asset | |
| | |
| |
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Intangible Asset, gross | |
$ | 11,161,428 | | |
$ | — | |
Accumulated Amortization | |
| (473,069 | ) | |
| — | |
Intangible Asset, net | |
$ | 10,688,359 | | |
$ | — | |
Amortization of the intangible asset during
the six months ended June 30, 2024 and June 30 2023, was $473,069
and zero 0 respectively.
The future amortization of the intangible asset
is as follows:
Schedule of future amortization of intangible assets |
|
|
|
|
Calendar Year |
|
|
Amount |
|
|
2024 |
|
|
$ |
1,096,241 |
|
|
2025 |
|
|
|
2,192,484 |
|
|
2026 |
|
|
|
2,192,484 |
|
|
2027 |
|
|
|
2,192,484 |
|
|
2028 |
|
|
|
2,192,484 |
|
|
2029 |
|
|
|
822,182 |
|
|
Total Intangible Asset Amortization |
|
|
$ |
10,688,359 |
|
NOTE 4 – DEBT
Notes Payable - Financing Agreements
The Company’s notes payable relating to financing
agreements classified as current liabilities consist of the following as of June 30, 2024 and December 31, 2023:
Schedule of notes payable related to financing agreements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
Notes Payable |
|
Principal |
|
|
Interest |
|
|
Principal |
|
|
Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Party - Insurance Note 1 |
|
$ |
124,311 |
|
|
|
8.25 |
% |
|
$ |
39,968 |
|
|
|
8.00 |
% |
Third Party - Insurance Note 2 |
|
|
16,316 |
|
|
|
— |
|
|
|
2,008 |
|
|
|
— |
|
Third Party - Insurance Note 3 |
|
|
100,825 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
241,452 |
|
|
|
— |
|
|
$ |
41,976 |
|
|
|
— |
|
The Company entered into an agreement on April
15, 2023 with its insurance provider by issuing a note payable (Insurance Note 1) for the purchase of an insurance policy in the
amount of $142,734, secured by that policy with an annual interest rate of 8.00% and payable in 11 monthly installments of principal
and interest totaling $13,501. The Company renewed its agreement on April 15, 2024 with its insurance provider by issuing a note
payable (Insurance Note 1) for the purchase of an insurance policy in the amount of $154,338,
secured by that policy with an annual interest rate of 8.25%
and payable in 10 monthly installments of principal and interest totaling $16,023.
At June 30, 2024 and December 31, 2023, the balance of Insurance Note 1 was $124,311
and $39,968,
respectively.
The Company renewed it’s agreement on February 3, 2023 with
its insurance provider by issuing a note payable (Insurance Note 2) for the purchase of an insurance policy in the amount of $24,140,
and payable in 12 monthly installments of $2,012. The Company renewed it’s agreement on February
3, 2024 with its insurance provider by issuing a note payable (Insurance Note 2) for the purchase of an insurance policy in the amount
of $24,480, and payable in 12 monthly installments of $2,040. At June 30, 2024 and December 31, 2023, the balance of Insurance Note 2
was $16,316 and $2,008, respectively.
The Company entered into an agreement on February
3, 2024 with its insurance provider by issuing a note payable (Insurance Note 3) for the purchase of an insurance policy in the amount
of $245,798 with a down payment paid in the amount of $84,473 in the first quarter of 2024 and ten monthly installments of $20,166. At
June 30, 2024 and December 31, 2023, the balance of Insurance Note 3 was $100,825 and $0, respectively.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
NOTE 5 – COMMITMENTS AND CONTINGENCIES
Operating Lease Obligations
On
July 26, 2021, the Company entered a new operating lease agreement for office and warehouse combination space of 40,000 square feet,
with the lease commencing on November 1, 2021 and ending April 30, 2032. This new space combines the Company’s two separate
work locations into one facility, which allows for greater collaboration and also accommodates a larger anticipated workforce and
manufacturing facility. On November 24, 2021, the lease was amended to commence on December 1, 2021 and end on May 31, 2032. The
Company recognized a ROU asset and operating lease liability in the amount of $4,980,104 at
lease commencement. Rent for the first eleven months of the term was calculated based on 30,000 rentable square feet. The rent is
subject to an annual escalation of 2.5%, beginning November 1, 2023. The Company made a security deposit payment in the amount of
$600,000 on July 26, 2021. Per the contract, in the 18th month and every 12th month thereafter, the security deposit was reduced by $50,000. The right of use asset
balance at June 30, 2024, net of accumulated amortization, was $4,204,593.
As of June 30, 2024, the office and warehouse lease
is the Company’s only lease with a term greater than twelve months. The office and warehouse lease has a remaining term of approximately
7.9 years and includes an option to extend for two renewal terms of five years each. The renewal options are not reasonably certain to
be exercised, and therefore, they are not included when determining the lease term used to establish the right-of use asset and lease
liability. The Company also has several short-term leases, primarily related to equipment. The Company made an accounting policy election
to not recognize short-term leases with terms of twelve months or less on the consolidated balance sheet and instead recognize the lease
payments in expense as incurred. The Company has also elected to account for real estate leases that contain both lease and non-lease
components (such as common area maintenance) as a single lease component.
The following table shows supplemental information
related to leases:
Schedule of supplemental information
related to leases | |
| | |
| |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Lease cost: | |
| | | |
| | |
Operating lease cost | |
$ | 390,819 | | |
$ | 390,819 | |
Short-term lease cost | |
$ | 10,916 | | |
$ | 46,717 | |
| |
| | | |
| | |
Other information: | |
| | | |
| | |
Operating cash outflow used for operating leases | |
$ | 388,734 | | |
$ | 316,040 | |
Weighted average discount rate | |
| 9.0 | % | |
| 9.0 | % |
Weighted average remaining lease term | |
| 8.0 years | | |
| 9.0 years | |
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
As of June 30, 2024, future minimum lease payments
due under our operating leases are as follows:
Schedule of future minimum lease payments
due under the operating lease | |
| |
| |
Amount | |
Calendar year: | |
| | |
2024 | |
$ | 390,353 | |
2025 | |
| 798,556 | |
2026 | |
| 818,518 | |
2027 | |
| 838,984 | |
2028 | |
| 859,856 | |
Thereafter | |
| 3,183,571 | |
Total undiscounted future minimum lease payments | |
| 6,889,838 | |
Less: Impact of discounting | |
| (2,048,510 | ) |
Total present value of operating lease obligations | |
| 4,841,328 | |
Current portion, operating lease obligation | |
| (788,801 | ) |
Operating lease obligations, less current portion | |
$ | 4,052,527 | |
NOTE 6 – STOCKHOLDERS’ EQUITY
Series B Convertible Preferred Stock
The following summary of certain terms and provisions
of our Series B Convertible Preferred Stock (the “Series B Convertible Preferred Stock”) is subject to, and qualified in its
entirety by reference to, the terms and provisions set forth in our certificate of designation of preferences, rights and limitations
of Series B Convertible Preferred Stock (the “Series B Convertible Preferred Certificate of Designation”) as previously filed.
Subject to the limitations prescribed by our articles of incorporation, our board of directors is authorized to establish the number of
shares constituting each series of preferred stock and to fix the designations, powers, preferences, and rights of the shares of each
of those series and the qualifications, limitations and restrictions of each of those series, all without any further vote or action by
our stockholders. Our board of directors designated 15,000 of the 10,000,000 authorized shares of preferred stock as Series B Convertible
Preferred Stock with a stated value of $1,000 per share. The shares of Series B Convertible Preferred Stock were validly issued, fully
paid and non-assessable.
Each share of Series B Convertible
Preferred Stock was convertible at any time at the holder’s option into a number of shares of common stock equal to $1,000
divided by the conversion price of $7.00
per share. Notwithstanding the foregoing, we could not effect any conversion of Series B Convertible Preferred Stock, with certain
exceptions, to the extent that, after giving effect to an attempted conversion, the holder of shares of Series B Convertible
Preferred Stock (together with such holder’s affiliates, and any persons acting as a group together with such holder or any of
such holder’s affiliates) would beneficially own a number of shares of our common stock in excess of 4.99% (or, at the
election of the purchaser, 9.99%) of the shares of our common stock then outstanding after giving effect to such conversion. The
Series B Convertible Preferred Certificate of Designation does not prohibit the Company from waiving this limitation. Upon any
liquidation, dissolution or winding-up of Company, whether voluntary or involuntary, the holders shall be entitled to participate on
an as-converted-to-common stock basis (without giving effect to the Beneficial Ownership Limitation) with holders of the common
stock in any distribution of assets of the Company to the holders of the common stock. As of June 30, 2024 and December 31, 2023,
respectively, there are zero 0 and zero 0 shares of Series B Convertible Preferred Stock issued and outstanding.
Series C Convertible Preferred Stock
The Company’s Board of Directors designated
5,000 shares as the Series C Convertible Preferred Stock (the “Series C Convertible Preferred Stock”). Each share of the Series
C Convertible Preferred Stock had a stated value of $1,000. The holders of the Series C Convertible Preferred Stock, the holders of the
common stock and the holders of any other class or series of shares entitled to vote with the common stock shall vote together as one
class on all matters submitted to a vote of shareholders of the Company. Each share of Series C Convertible Preferred Stock has 172 votes
(subject to adjustment); provided that in no event may a holder of Series C Convertible Preferred Stock be entitled to vote a number of
shares in excess of such holder’s Beneficial Ownership Limitation (as defined in the Certificate of Designation and as described
below). Each share of Series C Convertible Preferred Stock was convertible, at any time and from time to time, at the option of the holder,
into that number of shares of common stock (subject to the Beneficial Ownership Limitation) determined by dividing the stated value of
such share ($1,000) by the conversion price, which is $5.50 (subject to adjustment). The Company shall not effect any conversion of the
Series C Convertible Preferred Stock, and a holder shall not have the right to convert any portion of the Series C Convertible Preferred
Stock, to the extent that after giving effect to the conversion sought by the holder such holder (together with such holder’s Attribution
Parties (as defined in the Certificate of Designation)) would beneficially own more than 4.99% (or upon election by a holder, 19.99%)
of the number of shares of common stock outstanding immediately after giving effect to the issuance of shares of common stock issuable
upon such conversion (the “Beneficial Ownership Limitation”). All holders of the Series C Preferred Stock elected the 19.99%
Beneficial Ownership Limitation.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
On February 26, 2021, the Company entered into a
Securities Purchase Agreement (the “Purchase Agreement”) with certain existing investors in the Company (the
“Purchasers”). Pursuant to the Purchase Agreement, the Purchasers purchased 4,500 shares of a newly authorized Series C
Convertible Preferred Stock, and the Company received proceeds of $4,500,000.
The Purchase Agreement contains customary representations, warranties, agreements and indemnification rights and obligations of the
parties. In January 2022, the 2,500 outstanding shares of Series C Convertible Preferred Stock were converted into 454,546 shares of
common stock. As of June 30, 2024 and December 31, 2023, respectively, there were zero 0 and zero 0 shares of Series C Convertible
Preferred Stock issued and outstanding.
In connection with the Purchase Agreement, the Company
also entered into a Registration Rights Agreement with the Purchasers. Pursuant to the Registration Rights Agreement, the Company filed
with the SEC a registration statement covering the resale by the Purchasers of the shares of common stock into which the shares of Series
C Convertible Preferred Stock were convertible. The Registration Rights Agreement contains customary representations, warranties, agreements
and indemnification rights and obligations of the parties.
Series D Convertible
Preferred Stock
On September 28, 2022, the Company amended its
articles of incorporation to designate 4,000
shares as the Series D Convertible Preferred Stock (the “Series D Convertible Preferred Stock”). Each share of the
Series D Convertible Preferred Stock has a stated value of $1,000.
The holders of the Series D Convertible Preferred Stock, the holders of the common stock and the holders of any other class or
series of shares entitled to vote with the common stock shall vote together as one class on all matters submitted to a vote of
shareholders of the Company. Each
share of Series D Convertible Preferred Stock has 333 votes (subject to standard anti-dilution adjustment); provided that in
no event may a holder of Series D Convertible Preferred Stock be entitled to vote a number of shares in excess of such
holder’s Beneficial Ownership Limitation (as defined in the Certificate of Designation and as described below). Each share of
Series D Convertible Preferred Stock is convertible, at any time and from time to time, at the option of the holder, into that
number of shares of common stock (subject to the Beneficial Ownership Limitation) determined by dividing the stated value of such
share ($1,000) by the conversion price, which is $3.00
(subject to adjustment). The Company shall not effect any conversion of the Series D Convertible Preferred Stock, and a holder shall
not have the right to convert any portion of the Series D Convertible Preferred Stock, to the extent that after giving effect to the
conversion sought by the holder such holder (together with such holder’s Attribution Parties (as defined in the Certificate of
Designation)) would beneficially own more than 4.99% (or upon election by a holder, 19.99%) of the number of shares of common stock
outstanding immediately after giving effect to the issuance of shares of common stock issuable upon such conversion (the
“Beneficial Ownership Limitation”). All but one of the holders of the Series D Preferred Stock elected the 19.99%
Beneficial Ownership Limitation. The Company shall reserve and keep available out of its authorized and unissued Common Stock,
solely for the issuance upon the conversion of the Series D Convertible Preferred Stock, such a number of shares of Common Stock as
shall from time to time be issuable upon the conversion of all of the shares of the Series D Convertible Preferred Stock then
outstanding. Additionally, the Series D Convertible Preferred Stock does not have the right to dividends and in the event of an
involuntary liquidation, the Series D shares shall be treated as a pro rata equivalent of common stock outstanding at the date of
the liquidation event and have no liquidation preference.
On September 30, 2022, the Company entered into a
Securities Purchase Agreement (the “Purchase Agreement”) with certain existing investors in the Company (the “Purchasers”).
Pursuant to the Purchase Agreement, the Purchasers purchased 999 shares of the newly authorized Series D Convertible Preferred Stock,
and the Company received proceeds of $999,000. The Purchase Agreement contains customary representations, warranties, agreements and
indemnification rights and obligations of the parties. On October 29, 2022, the Company entered into a Securities Purchase Agreement
(the “Purchase Agreement”) with a certain existing investor in the Company (the “Purchaser”). Pursuant to the
Purchase Agreement, the Purchaser purchased 300 shares of the newly authorized Series D Convertible Preferred Stock, and the Company
received proceeds of $300,000. The Purchase Agreement contains customary representations, warranties, agreements and indemnification
rights and obligations of the parties.
On May 16, 2023, the Series D Convertible Preferred
Stock was approved for conversion to common shares during the Company’s annual shareholder meeting.
On March 22, 2024 and March 28, 2024, the Company
entered into Securities Purchase Agreements (the “Purchase Agreements”) with certain existing and other accredited investors
(the “2024 Purchaser”). Pursuant to the Purchase Agreements, the 2024 Purchasers purchased an aggregate of 620 shares of Series
D Preferred Stock, at a price of $1,000 per share, and the Company received proceeds of $620,000.
On April 3, 2024, the Company entered into a Securities
Purchase Agreement (the “Purchase Agreement”) with an accredited investor (the “2024 Purchaser”). Pursuant to
the Purchase Agreement, the 2024 Purchasers purchased an aggregate of 250 shares of Series D Preferred Stock, at a price of $1,000 per
share, and the Company received proceeds of $250,000.
In April and May of 2024, 650
outstanding shares of Series D Convertible Preferred Stock were converted into 216,668
shares of common stock. As of June 30, 2024 and December 31, 2023, respectively, there were 1,519
and 1,299
shares of Series D Convertible Preferred Stock issued and outstanding.
In connection with such Purchase Agreements, the Company
entered into Registration Rights Agreements and filed registration statements with the SEC covering the resale by the Purchasers of the
shares of common stock into which the shares of Series D Convertible Preferred Stock are convertible. The Registration Rights Agreements
contain customary representations, warranties, agreements and indemnification rights and obligations of the parties.
The Registration Rights Agreements contain provisions
for liquidated damages equal to 1% multiplied by the aggregate subscription amount paid, paid each month, in the event certain deadlines
are missed.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
Series E Convertible Preferred Stock
The
Company’s Board of Directors has designated 30,000 shares as the Series E Convertible Preferred Stock (the “Series E Convertible
Preferred Stock”). Each share of the Series E Convertible
Preferred Stock has a stated value of $1,000. The holders of the Series E Convertible Preferred Stock, the holders of the common stock
and the holders of any other class or series of shares entitled to vote with the common stock shall vote as one class on all matters submitted
to a vote of shareholders of the Company. Each share of Series E Convertible Preferred Stock has 333 votes (subject to adjustment); provided
that in no event may a holder of Series E Convertible Preferred Stock be entitled to vote a number of shares in excess of such holder’s
Beneficial Ownership Limitation. Each share of Series E Convertible Preferred Stock is convertible, subject to shareholder approval (which
has not yet been granted); at any time and from time to time, at the option of the holder, into that number of shares of common stock
(subject to the Beneficial Ownership Limitation) determined by dividing the stated value of such share ($1,000) by the conversion price,
which is $3.00 (subject to adjustment). The Company shall not effect any conversion of the Series E Convertible Preferred Stock, and the
holder shall not have the right to convert any portion of the Series E Convertible Preferred Stock, to the extent that after giving effect
to the conversion sought by the holder such holder (together with such holder’s Attribution Parties (as defined in the Certificate
of Designation)) would beneficially own more than 4.99% (or upon election by a holder, 19.99%) of the number of shares of common stock
outstanding immediately after giving effect to the issuance of shares of common stock issuable upon such conversion (the “Beneficial
Ownership Limitation”). All but one of the holders of the Series E Preferred Stock elected the 19.99% Beneficial Ownership Limitation.
The Company on March 27, 2023 entered into a
Securities Purchase Agreement (the “Purchase Agreement”) with an existing investor in the Company (the “Purchaser”).
Pursuant to the Purchase Agreement, the Purchaser purchased 4,000 shares of a newly authorized Series E Convertible Preferred Stock at
a price of $1,000 per share, and the Company received proceeds of $4,000,000. The Purchase Agreement contains customary representations,
warranties, agreements and indemnification rights and obligations of the parties.
The existing investor’s Purchase Agreement
also provides that the Company will not, with certain exceptions, sell or issue common stock or Common Stock Equivalents (as defined in
the Purchase Agreement) on or prior to December 31, 2023 that entitles any person to acquire shares of common stock at an effective price
per share less than the then conversion price of the Series E Convertible Preferred Stock without the consent of the Purchaser.
On November 9, 2023, the Company entered into
a Securities Purchase Agreement (the “Purchase Agreement”) with an existing investor in the Company (the “Purchaser”).
Pursuant to the Purchase Agreement, the Purchaser purchased 2,500 shares of authorized Series E Convertible Preferred Stock, at a price
of $1,000 per share, and the Company received proceeds of $2,500,000.
The November Purchase Agreement also
provides that the Company will not, with certain exceptions, sell or issue common stock or Common Stock Equivalents (as defined in
the November Purchase Agreement) on or prior to June 30, 2024 that entitles any person to acquire shares of common stock at an
effective price per share less than the then conversion price of the Series E Convertible Preferred Stock without the consent of the
Purchasers. The conversion price of the Series E Convertible Preferred Stock currently is $3.00 per share (subject to adjustment).
If the company sells shares less than the then conversion price, then the series E conversion price will be amended to that lower
share price. As of June 30, 2024 there were no share sales at less than the $3.00 conversion price and this anti-dilution provision
expired.
The Purchasers under the November Purchase Agreement
also were the holders of the Company’s Series F Convertible Preferred Stock issued on August 1, 2023. The purchase agreement relating
to the shares of Series F Convertible Preferred Stock required the consent of the holders in the event the Company were to issue common
stock or rights to acquire common stock prior to December 31, 2023 at an effective price per share less than the then conversion price
of the Series F Convertible Preferred Stock, which was $6.20 per share. As a result, on November 10, 2023 the Company and the holders
of the Series F Convertible Preferred Stock entered into Exchange Agreements pursuant to which the holders of Series F Convertible Preferred
Stock exchanged their 5,000 shares of Series F Convertible Preferred Stock for an equal number of shares of Series E Convertible Preferred
Stock. As a result of the November Purchase Agreement and the Exchange Agreements, the Company issued a total of 7,500 shares of Series
E Convertible Preferred Stock and the 5,000 shares of Series F Convertible Preferred Stock were cancelled.
On March 22, 2024 and March 28, 2024, the Company
entered into Securities Purchase Agreements (the “Purchase Agreements”) with certain existing and other accredited investors
(the “2024 Purchasers”). Pursuant to the Purchase Agreements, the 2024 Purchasers purchased an aggregate of 2,125 shares of
Series E Convertible Preferred Stock, at a price in each case of $1,000 per share, and the Company received proceeds of $2,125,002.
As of June 30, 2024 and December 31,
2023, respectively, there were 13,625
and 11,500
shares of Series E Convertible Preferred Stock issued and outstanding.
In connection with such Purchase Agreements, the Company
also entered into Registration Rights Agreements with the Purchasers. Pursuant to the Registration Rights Agreements, the Company filed
with the SEC registration statements covering the resale by the Purchasers of the shares of common stock into which the shares of Series
E Convertible Preferred Stock are convertible. The Registration Rights Agreements contain customary representations, warranties, agreements
and indemnification rights and obligations of the parties.
The Registration Rights Agreements contain provisions
for liquidated damages equal to 1% multiplied by the aggregate subscription amount paid, paid each month, in the event certain deadlines
are missed.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
Series F Convertible Preferred Stock
On August 2, 2023, the Company entered into a Securities
Purchase Agreement (the “Purchase Agreement”) with an existing, accredited investor in the Company (the “Purchaser”).
Pursuant to the Purchase Agreement, the Purchaser purchased 5,000 shares of a newly authorized Series F Convertible Preferred Stock (the
“Series F Convertible Preferred Stock”), and the Company received proceeds of $5,000,000. The Purchase Agreement contains
customary representations, warranties, agreements and indemnification rights and obligations of the parties.
The Company's Board of Directors designated 5,000
shares as the Series F Preferred Stock. Each share of Series F Preferred Stock is convertible, at any time and from time to time, at the
option of the holder, into that number of shares of common stock (subject to the beneficial ownership limitation described below) determined
by dividing the stated value of such share ($1,000) by the conversion price, which is $6.20 (subject to adjustment) which equates to 161
common shares for each converted Series F preferred share. The Company, however, shall not effect any conversion of the Series F Preferred
Stock, and the holder shall not have the right to convert any portion of the Series F Preferred Stock, to the extent that after giving
effect to the conversion sought by the holder such holder (together with such holder’s Attribution Parties (as defined in the Certificate
of Designation)) would beneficially own more than 4.99% (or upon election by a holder, 19.99%) of the number of shares of common stock
outstanding immediately after giving effect to the issuance of shares of common stock issuable upon such conversion. The purchasers of
the Series F Preferred Stock elected that their ownership limitation would be 19.99%.
The holders of the Series F Preferred Stock, the holders
of the common stock and the holders of any other class or series of shares entitled to vote with the common stock shall vote together
as one class on all matters submitted to a vote of shareholders of the Company. Each share of Series F Preferred Stock had 161 votes (subject
to adjustment); provided that in no event may a holder of Series F Preferred Stock be entitled to vote a number of shares in excess of
such holder’s ownership limitation.
The Company also agreed that it would not, with certain
exceptions, sell or issue common stock or Common Stock Equivalents (as defined in the Purchase Agreement relating to the Series F Preferred
Stock) on or prior to December 31, 2023 that entitled any person to acquire shares of common stock at an effective price per share less
than the then conversion price of the Series F Preferred Stock without the consent of the holders. As a result of that agreement, upon
the issuance of 2,500 shares of Series E Preferred Stock (which have a conversion price of $3.00 per share) on November 10, 2023, the
holders exchanged their 5,000 shares of Series F Preferred Stock for 5,000 shares of Series E Preferred Stock. All of the shares of Series
F Preferred Stock thereupon were cancelled with 0 shares now outstanding.
As of June 30, 2024 and December 31, 2023, respectively,
there were zero 0 and zero 0 shares of Series F Convertible Preferred Stock issued and outstanding.
Common stock issued
Six Months Ended June 30, 2024
During the three months ended March 31, 2024, the
Company issued 8,655 shares of common stock for payment of board fees to four directors in the amount of $37,500 for services to the board
which was expensed during the three months ended March 31, 2024. The volume-weighted average price (VWAP) per share is $4.33.
On April 23, 2024, two shareholders converted 147
and 78 for a total of 225 shares of Series D Convertible Preferred Stock collectively with a stated value of $225,000 with a conversion
price of $3.00 per common share resulting in the issuance of 49,000 and 26,000 shares of the Company’s common stock.
On April 30, 2024, two shareholders converted 100
and 250 for a total of 350 shares of Series D Convertible Preferred Stock collectively with a stated value of $350,000 entities with a
conversion price of $3.00 per common share resulting in the issuance of 33,334 and 83,334 shares of the Company’s common stock.
On May 7, 2024, a shareholder converted 75 shares
of Series D Convertible Preferred Stock with a stated value of $75,000 with a conversion price of $3.00 per common share resulting in
the issuance of 25,000 shares of the Company’s common stock.
On May 17, 2024, the Company entered into an
At-the-Market Issuance Sales Agreement (the “Sales Agreement”) with Ascendiant Capital Markets, LLC, as sales agent (the “Agent”)
providing for the sale by the Company of shares of our common stock, par value $0.001 per share, having an aggregate offering price of
up to $7,500,000 from time to time through the Agent in connection with an “at-the-market” equity offering program (the
“ATM Offering”) as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). On May 17,
2024, the Company filed a prospectus supplement with the Securities and Exchange Commission (“SEC”) relating to the offer
and sale of up to $7,500,000 of common stock in the ATM Offering.
On June 12, 2024, the Company issued 11,239 shares
of common stock at a price of $3.05 per share through its At-The-Market (ATM) offering program, generating total net proceeds of approximately
$33,261.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
On June 13, 2024, the Company issued 9,747 shares
of common stock at a price of $3.15 per share through its At-The-Market (ATM) offering program, generating total net proceeds of approximately
$29,626.
On June 17, 2024, the Company issued 400 shares of
common stock at a price of $3.02 per share through its At-The-Market (ATM) offering program, generating total net proceeds of approximately
$1,165.
On June 18, 2024, the Company issued 1,534 shares
of common stock at a price of $3.03 per share through its At-The-Market (ATM) offering program, generating total net proceeds of approximately
$4,507.
On June 25, 2024, the Company issued 15,610 shares
of common stock at a price of $3.15 per share through its At-The-Market (ATM) offering program, generating total net proceeds of approximately
$47,004.
In summary during the three months ended
June 30, 2024, the Company issued an aggregate of 38,530
shares of common stock through its At-The-Market (ATM) offering program, generating total net proceeds of approximately $115,563.
During the three months ended June 30, 2024, the Company
issued 15,041 shares of common stock for payment of board fees to four directors in the amount of $42,500 for services to the board which
was expensed during the three months ended June 30, 2024. The volume-weighted average price (VWAP) per share used to value the services
is $2.83.
On June 30, 2024, the Company issued 38,041 shares
of common stock to employees participating in the Company’s Employee Stock Purchase Plan at the end of a six-month offering period.
The employee contributions totaled $87,348 for the six months ended June 30, 2024 which represented a purchase price of approximately
$2.30 per share. The purchase price for one share of Common Stock under the ESPP is equal to 85% of the fair market value of one share
of Common Stock on the first trading day of the offering period or the purchase date, whichever is lower (see below).
The Company also recognized compensation expense of
$40,589 for the six months ended June 30, 2024.
Six Months Ended June 30, 2023
During the three months ended March 31, 2023, the
Company issued 12,463 shares of common stock for payment of board fees to three directors in the amount of $32,500 for services to the
board which was expensed during the three months ended March 31, 2023. The volume-weighted average price (VWAP) per share is $2.61.
During the three months ended June 30, 2023, the Company
issued 5,645 shares of common stock for payment of board fees to three directors in the amount of $32,500 for services to the board which
was expensed during the three months ended June 30, 2023. The volume-weighted average price (VWAP) per share is $5.76.
On June 30, 2023, the Company issued 65,561 shares
of common stock to employees participating in the Company’s Employee Stock Purchase Plan at the end of a six-month offering period.
The employee contributions totaled $117,048 for the six months ended June 30, 2023 and represented a purchase price of $1.79 per share.
The purchase price for one share of Common Stock under the ESPP is equal to 85% of the fair market value of one share of Common Stock
on the first trading day of the offering period or the purchase date, whichever is lower (see below).
Employee Stock Purchase Plan
In the fourth quarter of 2022, the board of directors
adopted an Employee Stock Purchase Plan (“ESPP”) which was effective as of January 1, 2023 with a term of 10 years. The ESPP
allows eligible employees to purchase shares of the Company's common stock at a discounted price, through payroll deductions from a minimum
of 1% and up to 25% of their eligible compensation up to a maximum of $25,000 or the IRS allowable limit per calendar year. The Company’s
Chief Financial Officer administers the ESPP in conjunction with approvals from the Company’s Compensation Committee, including
with respect to the frequency and duration of offering periods, the maximum number of shares that an eligible employee may purchase during
an offering period, and, subject to certain limitations set forth in the ESPP, the per-share purchase price. Currently, the maximum number
of shares that can be purchased by an eligible employee under the ESPP is 10,000 shares per offering period and there are two six-month
offering periods that begin in the first and third quarters of each fiscal year. The purchase price for one share of Common Stock under
the ESPP is currently equal to 85% of the fair market value of one share of Common Stock on the first trading day of the offering period
or the purchase date, whichever is lower (look-back feature). Although not required by the ESPP, all payroll deductions received or held
by the Company under the ESPP are segregated until the completion of the offering period and redemption of the applicable shares and those
withheld amounts are recorded as liabilities. The maximum aggregate number of shares of the Common Stock that may be issued under the
ESPP is 1,000,000 shares.
Under ASC 718-50 “Employee Share Purchase Plans”
the plan is considered a compensatory plan and the compensation for each six-month offering period is computed based upon the grant date
(that is the first date of each offering period) fair value of the estimated shares to be purchased based on the estimated payroll deduction
withholdings. Each grant date fair value is computed as the sum of (a) 15% purchase discount off of the grant date quoted trading price
of the Company’s common stock and (b) the fair value of the look-back feature of the Company’s common stock on the grant date
which consists of a call option on 85% of a share of common stock and a put option on 15% of a share of common stock.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
The Company computed the fair value of the look-back
feature call and put options for January 1, 2024 to June 30, 2024 using a Black Scholes option pricing model using the following assumptions:
Schedule of black scholes option pricing model using assumptions | |
| |
| |
At June 30, 2024 | |
Grant date share price at January 1, 2024 | |
$ | 2.70 | |
Grant date exercise price | |
$ | 2.30 | |
Expected term | |
| 0.5 years | |
Expected volatility | |
| 67.3 | % |
Risk-free rate | |
| 5.26 | % |
Expected dividend rate | |
| 0 | % |
During the offer period, the Company records stock-based
compensation pro rata as an expense and a credit to additional paid-in capital. The Company issued 38,041 and 65,561 common shares on
the option exercise date of June 30, 2024 and June 30, 2023 as follows:
Schedule of stock-based compensation | |
| |
| |
At June 30, 2024 | |
Cash from employee withholdings used to purchase ESPP shares | |
$ | 87,348 | |
Stock based compensation expense | |
| 40,589 | |
Total charges related to the Employee Stock Purchase Plan | |
$ | 127,937 | |
| |
| |
| |
At
June
30, 2023 | |
Cash from employee withholdings used to purchase ESPP shares | |
$ | 117,048 | |
Stock based compensation expense | |
| 66,217 | |
Total charges related to the Employee Stock Purchase Plan | |
$ | 183,265 | |
Stock-Based Compensation
Stock-based compensation expense recognized under
ASC 718-10 for the six months ended June 30, 2024 and 2023, was $201,109 and $236,527, respectively, for stock options granted to employees.
This expense is included in general and administrative expenses in the unaudited consolidated statements of operations. Stock-based
compensation expense recognized during the periods is based on the grant-date fair value of the portion of share-based payment awards
that are ultimately expected to vest during the period. At June 30, 2024, the total compensation cost for stock options not yet recognized
was $315,069. This cost will be recognized over the remaining vesting term of the options ranging from six months to two and one-half
years.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
On May 12, 2021, the Board adopted, with shareholder
approval, the 2021 Equity Incentive Plan (the “2021 Plan”) providing for the issuance of up to 1,000,000 shares of our common
stock. The purpose of the 2021 Plan is to assist the Company in attracting and retaining key employees, directors and consultants and
to provide incentives to such individuals to align their interests with those of our shareholders. During the third quarter of 2021, the
shareholders approved the issuance of up to one million shares or share equivalents pursuant to the 2021 Plan. The Company filed an S-8
registration statement in concert with the 2021 Plan which was deemed effective on August 5, 2021. The plan covers a period of ten years.
As of June 30, 2024, and December 31, 2023, options
to purchase a total of 1,340,903 (net of forfeitures) shares of common stock and 1,387,775 shares of common stock were outstanding, respectively.
At June 30, 2024, 850,629 options were exercisable. Of the total options issued, 269,658 and 269,658 options were outstanding under the
2016 Equity Incentive Plan, 741,245 and 788,117 were outstanding under the 2021 Plan and a further 330,000 and 330,000 non-plan options
to purchase common stock were outstanding as of June 30, 2024 and December 31, 2023, respectively. The non-plan options were granted to
four executives as hiring incentives, including the Company’s CEO in the fourth quarter of 2020.
Schedule of non-plan options | |
| | |
| | |
| | |
| |
| |
| | |
Weighted | | |
Average | | |
| |
| |
| | |
Average | | |
Remaining | | |
Aggregate | |
| |
Number of | | |
Exercise | | |
Contractual | | |
Intrinsic | |
| |
Options | | |
Price | | |
Term (Years) | | |
Value | |
Outstanding at December 31, 2022 | |
| 926,266 | | |
$ | 5.74 | | |
| 3.3 | | |
$ | — | |
Granted | |
| 463,117 | | |
$ | 4.22 | | |
| 4.35 | | |
$ | — | |
Forfeited | |
| (1,608 | ) | |
$ | 14.00 | | |
| — | | |
$ | — | |
Outstanding at December 31, 2023 | |
| 1,387,775 | | |
$ | 5.23 | | |
| 3.0 | | |
$ | — | |
Exercisable at December 31, 2023 | |
| 581,324 | | |
$ | 5.38 | | |
| 1.8 | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding at December 31, 2023 | |
| 1,387,775 | | |
$ | 5.23 | | |
| 3.0 | | |
$ | — | |
Granted | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
Exercised/Forfeited/Expired | |
| (46,872 | ) | |
$ | 5.47 | | |
| — | | |
$ | — | |
Outstanding at June 30, 2024 | |
| 1,340,903 | | |
$ | 5.22 | | |
| 2.5 | | |
$ | — | |
Exercisable at June 30, 2024 | |
| 850,629 | | |
$ | 5.43 | | |
| 1.8 | | |
$ | — | |
Warrants
Schedule of warrants | |
| | |
| | |
| | |
| |
| |
| | |
| | |
Weighted | | |
| |
| |
| | |
Weighted | | |
Average | | |
| |
| |
| | |
Average | | |
Remaining | | |
Aggregate | |
| |
Number of | | |
Exercise | | |
Contractual | | |
Intrinsic | |
| |
Warrants | | |
Price | | |
Term (Years) | | |
Value | |
Outstanding at December 31, 2022 | |
| 147,591 | | |
$ | 8.63 | | |
| 0.8 | | |
$ | — | |
Warrants expired, forfeited, cancelled or exercised | |
| (102,947 | ) | |
$ | — | | |
| — | | |
$ | — | |
Warrants issued | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
Outstanding at December 31, 2023 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.7 | | |
$ | — | |
Exercisable at December 31, 2023 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.7 | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding at December 31, 2023 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.7 | | |
$ | — | |
Warrants expired, forfeited, cancelled or exercised | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
Warrants issued | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
Outstanding at June 30, 2024 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.2 | | |
$ | — | |
Exercisable at June 30, 2024 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.2 | | |
$ | — | |
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
NOTE 7 - REVENUE AND CONTRACT
ACCOUNTING
Revenue Recognition and Contract Accounting
The Company generates revenue from four sources: (1)
Technology Systems; (2) AI Technology which is included in the consolidated statements of operations line-item Technology Systems; (3)
Technical Support; and (4) Consulting Services which is included in the consolidated statements of operations line-item Services and Consulting.
Contract assets and contract liabilities on uncompleted
contracts for revenues recognized over time are as follows:
Contract Assets
Contract assets on uncompleted contracts represent
cumulative revenues recognized in excess of billings and/or cash received on uncompleted contracts accounted for under the cost-to-cost
input method, which recognizes revenue based on the ratio of cost incurred to total estimated costs.
At June 30, 2024 and December 31, 2023, contract assets
on uncompleted contracts consisted of the following:
Schedule of contracts assets on uncompleted contracts | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Cumulative revenues recognized | |
$ | 9,317,704 | | |
$ | 8,820,256 | |
Less: Billings or cash received | |
| (8,178,309 | ) | |
| (8,178,309 | ) |
Contract assets | |
$ | 1,139,395 | | |
$ | 641,947 | |
Contract Liabilities
Contract liabilities on uncompleted contracts represent
billings and/or cash received that exceed cumulative revenues recognized on uncompleted contracts accounted for under the cost-to-cost
input method, which recognizes revenues based on the ratio of the cost incurred to total estimated costs.
Contract liabilities on services and consulting revenues
represent billings and/or cash received in excess of revenue recognized on service agreements that are not accounted for under the cost-to-cost
input method.
At June 30, 2024 and December 31, 2023, contract liabilities
on uncompleted contracts and contract liabilities on services and consulting consisted of the following:
Schedule of contract liabilities
on uncompleted contracts | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Billings and/or cash receipts on uncompleted contracts | |
$ | 1,264,658 | | |
$ | 1,264,658 | |
Less: Cumulative revenues recognized | |
| (237,382 | ) | |
| (199,976 | ) |
Contract liabilities, technology systems | |
| 1,027,276 | | |
| 1,064,682 | |
Contract liabilities, services and consulting | |
| 2,649,291 | | |
| 601,561 | |
Total contract liabilities, current | |
$ | 3,676,567 | | |
$ | 1,666,243 | |
Total
contract liabilities, services and consulting, non-current | |
$ | 8,495,876 | | |
$ | — | |
Contract liabilities at December 31, 2023 were $1,666,243;
of which $37,407 for technology systems and $442,610 in services and consulting have been recognized as of June 30, 2024.
The Company expects to recognize all current contract
liabilities within 12 months from the respective consolidated balance sheet date.
In May 2024, the Company recorded an initial
deferred revenue as a contract liability in the amount of $11,161,428 of which $199,008 related to a pilot program was immediately recognized
as revenue (See Note 3). This contract liability resulted from a five-year contract with a customer where the Company received non-monetary
consideration recorded as intangible assets (See Note 3). This transaction was accounted for under ASC 606-10-32-21 through ASC-606-10-32-24,
Non-Cash Consideration. The performance obligations, which include various support and maintenance services will be recognized as revenue
pro-rata over time during the five-year contract term. The current contract liabilities of $2,192,483 as of June 30, 2024 relate to the
portion of the contract value the Company expects to recognize pro-rata within the next twelve months. The non-current contract liabilities
of $8,495,876 as of June 30, 2024 represent the portion of the contract value that is expected to be recognized pro-rata beyond the next
twelve months. If the Digital Image License Agreement is terminated prior to the completion of the five-year term, then the customer will
pay for the maintenance and support services annually in cash.
As of June 30, 2024 the balance in contract
liabilities pertaining to the agreement is as follows:
Schedule of balance in contract liabilities | | |
| |
Calendar Year | | |
Amount | |
| 2024 | | |
$ | 1,096,241 | |
| 2025 | | |
| 2,192,484 | |
| 2026 | | |
| 2,192,484 | |
| 2027 | | |
| 2,192,484 | |
| 2028 | | |
| 2,192,484 | |
| 2029 | | |
| 822,182 | |
| Total
CN agreement Contract Liabilities | | |
$ | 10,688,359 | |
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
Disaggregation of Revenue
The Company is following the guidance of ASC 606-10-55-296
and 297 for disaggregation of revenue. Accordingly, revenue has been disaggregated according to the nature, amount, timing and uncertainty
of revenue and cash flows. We are providing qualitative and quantitative disclosures.
Qualitative:
|
1. |
We have four distinct revenue sources: |
|
a. |
Technology Systems (Turnkey, engineered projects); |
|
b. |
AI Technology (Associated maintenance and support services); |
|
c. |
Technical Support (Licensing and professional services related to auditing of data center assets); and |
|
d. |
Consulting Services (Predetermined algorithms to provide important operating information to the users of our systems). |
|
2. |
We currently operate in North America including the USA, Mexico and Canada. |
|
3. |
Our customers include rail transportation, commercial, government, banking and IT suppliers. |
|
4. |
Our services & maintenance contracts are fixed price and fall into two duration types: |
|
a. |
Turnkey engineered projects and professional service contracts that are less than one year in duration and are typically one to two quarters in length; and |
|
b. |
Maintenance and support contracts ranging from one to five years in length. |
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
Quantitative:
For the Three Months Ended June 30, 2024
Schedule of disaggregation of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segments |
|
Rail |
|
|
Commercial |
|
|
Government |
|
|
Artificial Intelligence |
|
|
Total |
|
Primary Geographical Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
$ |
1,510,496 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,510,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major Goods and Service Lines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnkey Projects |
|
$ |
264,999 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
264,999 |
|
Maintenance and Support |
|
|
1,041,661 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,041,661 |
|
Algorithms |
|
|
203,836 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
203,836 |
|
|
|
$ |
1,510,496 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,510,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods transferred over time |
|
$ |
264,999 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
264,999 |
|
Services transferred over time |
|
|
1,245,497 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,245,497 |
|
|
|
$ |
1,510,496 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,510,496 |
|
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
For the Three Months Ended June 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segments |
|
Rail |
|
|
Commercial |
|
|
Government |
|
|
Artificial Intelligence |
|
|
Total |
|
Primary Geographical Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
$ |
1,537,286 |
|
|
$ |
42,381 |
|
|
$ |
— |
|
|
$ |
190,392 |
|
|
$ |
1,770,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major Goods and Service Lines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnkey Projects |
|
$ |
856,942 |
|
|
$ |
13,552 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
870,494 |
|
Maintenance and Support |
|
|
680,344 |
|
|
|
28,829 |
|
|
|
— |
|
|
|
— |
|
|
|
709,173 |
|
Algorithms |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
190,392 |
|
|
|
190,392 |
|
|
|
$ |
1,537,286 |
|
|
$ |
42,381 |
|
|
$ |
— |
|
|
$ |
190,392 |
|
|
$ |
1,770,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods transferred over time |
|
$ |
856,942 |
|
|
$ |
13,552 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
870,494 |
|
Services transferred over time |
|
|
680,344 |
|
|
|
28,829 |
|
|
|
— |
|
|
|
190,392 |
|
|
|
899,565 |
|
|
|
$ |
1,537,286 |
|
|
$ |
42,381 |
|
|
$ |
— |
|
|
$ |
190,392 |
|
|
$ |
1,770,059 |
|
For the Six Months Ended June 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segments |
|
Rail |
|
|
Commercial |
|
|
Government |
|
|
Artificial Intelligence |
|
|
Total |
|
Primary Geographical Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
$ |
2,581,176 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,581,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major Goods and Service Lines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnkey Projects |
|
$ |
534,854 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
534,854 |
|
Maintenance and Support |
|
|
1,643,283 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,643,283 |
|
Algorithms |
|
|
403,039 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
403,039 |
|
|
|
$ |
2,581,176 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,581,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods transferred over time |
|
$ |
534,854 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
534,854 |
|
Services transferred over time |
|
|
2,049,322 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,046,322 |
|
|
|
$ |
2,581,176 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,581,176 |
|
For the Six Months Ended June 30, 2023
| |
| | |
| | |
| | |
| | |
| |
Segments | |
Rail | | |
Commercial | | |
Government | | |
Artificial Intelligence | | |
Total | |
Primary Geographical Markets | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| |
North America | |
$ | 3,913,735 | | |
$ | 71,212 | | |
$ | 11,353 | | |
$ | 418,047 | | |
$ | 4,414,347 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Major Goods and Service Lines | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Turnkey Projects | |
$ | 2,684,706 | | |
$ | 13,552 | | |
$ | — | | |
$ | — | | |
$ | 2,698,258 | |
Maintenance and Support | |
| 1,229,029 | | |
| 57,660 | | |
| 11,353 | | |
| — | | |
| 1,298,042 | |
Algorithms | |
| — | | |
| — | | |
| — | | |
| 418,047 | | |
| 418,047 | |
| |
$ | 3,913,735 | | |
$ | 71,212 | | |
$ | 11,353 | | |
$ | 418,047 | | |
$ | 4,414,347 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Timing of Revenue Recognition | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Goods transferred over time | |
$ | 2,684,706 | | |
$ | 13,552 | | |
$ | — | | |
$ | — | | |
$ | 2,698,258 | |
Services transferred over time | |
| 1,229,029 | | |
| 57,660 | | |
| 11,353 | | |
| 418,047 | | |
| 1,716,089 | |
| |
$ | 3,913,735 | | |
$ | 71,212 | | |
$ | 11,353 | | |
$ | 418,047 | | |
$ | 4,414,347 | |
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
NOTE 8 – DEFINED CONTRIBUTION PLAN
The Company has a 401(k)-retirement savings plan (the
“401(k) Plan”) covering all eligible employees. The 401(k) Plan allows employees to defer a portion of their annual compensation,
and the Company may match a portion of the employees’ contributions generally after the first six months of service. During the
three months ended June 30, 2024, the Company matched 100% of the first 4% of eligible employee compensation that was contributed to the
401(k) Plan. For the three and six months ended June 30, 2024, the Company recognized expense for matching cash contributions to the 401(k)
Plan totaling $56,340 and $111,438, respectively.
NOTE 9 – RELATED PARTY TRANSACTIONS
Frank Lonegro serves on the Board of Directors
and is a member of the Audit Committee. Mr. Lonegro is the Chief Executive Officer of Landstar System, Inc. (“Landstar”), based in Jacksonville, Florida. The Company has previously utilized Landstar for shipping services including transporting large
items. Most recently, Landstar was the designated vendor involved in shipping an Edge Data Center to an Amtrak site in Secaucus New
Jersey. Mr. Lonegro was not involved in the selection of his company by Duos, with whom there was an existing relationship
pre-dating Mr. Lonegro’s appointment to the Board of Duos. Mr. Lonegro did not participate in any Board discussions or votes
relating to the selection of Landstar nor approval of the transactions with Landstar. The terms of these transactions were reviewed
and approved by the management team, which concluded that they are fair and reasonable to the Company and on terms no less favorable
than could have been obtained from an unaffiliated party. For the six months ended June 30, 2024 and June 30, 2023 the Company
expensed $43,137
and $11,397,
respectively. As of June 30, 2024 and December 31, 2023 the amounts owed were $43,137
and $33,812,
respectively, and are included in accounts payable in the accompanying balance sheets.
NOTE 10 – SALE OF ASSETS
On June 29, 2023, the Company completed a transaction
whereby it sold assets related to its Integrated Correctional Automation System (iCAS) business with a single customer. In the fourth
quarter of 2022, the Company elected to not renew a support contract due to the limited nature of the business. The transaction was completed
with a third-party buyer of which the Company’s former and now current Chief Financial Officer is a director. Said officer did not
participate in the transaction on behalf of the Company.
The assets of the iCAS business were sold for a convertible
promissory note with a principal amount of $165,000 with a 10% original issue discount as well as common stock purchase warrants. The
note matures in 2 years from the date of sale and is convertible immediately through the later of the maturity date or payment by the
borrower of the default amount, as defined in the note, into shares of the buyer’s common stock at a conversion price of $0.003
or 55,000,000 shares. The conversion of the note carries restrictions which include limiting conversion to the extent it would exceed
4.99% of the common stock outstanding of the buyer. The convertible promissory note is subject to standard anti-dilution provisions.
The common stock purchase warrants are for a total
of 55,000,000 common shares of the buyer at an exercise price of $0.01 per share. The warrants are subject to standard anti-dilution provisions.
The warrants are not exercisable until on or after six months from the issuance date and no later than on or before the third anniversary
of the issuance date. The Company may exercise the warrants at any time after the six-month anniversary of the issuance date on a cashless
basis if there is no effective registration statement covering the resale of the Warrant Shares at prevailing market prices by the holder.
The exercise of these warrants is subject to beneficial ownership limits of 4.99% which may be increased by the holder up to 9.99% as
defined in the warrant. Given that the shares carried no intrinsic value at the time of the transaction and that the overall fair value
is de minimis, the Company has not recorded the warrants associated with the transaction.
The Company recognized a gain on sale of assets of
$150,000, which is included in other income in the second quarter of 2023.
The original issue discount is being accrued into
interest income over the term of the note.
The note receivable was recorded as follows on June
30, 2024:
Schedule of note receivable | |
| |
| |
June 30, 2024 | |
Convertible note receivable | |
$ | 165,000 | |
Unamortized discount | |
| (7,500 | ) |
Convertible note receivable, net | |
$ | 157,500 | |
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited) |
NOTE 11 – SUBSEQUENT EVENTS
On July 5, 2024, a holder of our Series D Preferred
Stock converted 120 shares of Series D Preferred Stock into 40,000 shares of Common Stock.
On July 22, 2024, the Company and Duos Edge AI,
Inc. (“Edge”), a wholly owned subsidiary of the Company, entered into secured promissory notes (the “Notes”)
with two institutional investors in the Company. Under the Notes, Edge received an aggregate of $2.2
million. The Notes mature on December
31, 2025, and bear interest at the rate of 10%
per annum. All principal and accrued interest under the Notes is due and payable on the maturity date. Edge will use the proceeds
under the Notes solely to pay for the equipment and any services necessary to complete the installation of its previously announced
edge data centers. As security for the Notes, Edge and the Company entered into a Security Agreement (the “Security
Agreement”), pursuant to which Edge granted a first priority security interest in the equipment installed at the edge data
centers, as well as all revenues from such equipment, and the Company pledged all proceeds from its previously announced
“at-the-market” offering of its common stock pursuant to the prospectus dated May 17, 2024. All of the pledged revenues
from the equipment and the at-the-market offering will be deposited in a blocked account and used solely to repay the Notes. In
connection with the Notes, the Company issued warrants (the “Warrants”) to purchase an aggregate of 300,000
shares of common stock. The Warrants are exercisable at $3.00
per share (subject to adjustment) and expire in five 5 years. In the event the Notes are not paid by the maturity date, the interest
rate on the Notes will increase to 18% per annum and the Company will issue additional warrants (with the same terms as the
Warrants) to purchase an aggregate of 75,000 shares of common stock for each 30 days that the Notes are not paid after maturity. The
Company has guaranteed all of Edge’s obligations under the Notes pursuant to the terms of a Guaranty (the
“Guaranty”). The Notes, Security Agreement and Guaranty contain customary representations, warranties, agreements, and
indemnification rights and obligations of the parties.
Subsequent to the balance sheet date, in July 2024 the Company issued 27,695
shares of common stock at a weighted average price of $3.04
per share through its At-The-Market (ATM) offering program, generating total net proceeds of approximately $81,495.
Item 2. Management’s Discussion and Analysis
of Financial Condition and Results of Operation.
This quarterly report on Form 10-Q and other reports
filed by Duos Technologies Group, Inc., and its operating subsidiaries, Duos Technologies, Inc. (“Duos”) and Duos Edge AI,
Inc. (“Edge”) (Duos Technologies Group, Inc., Duos and Edge, collectively the “Company” “we”, “our”,
and “us”) from time to time with the Securities and Exchange Commission (the “SEC”) contain or may contain forward-looking
statements and information that are based upon beliefs of, and information currently available to, the Company’s management as well
as estimates and assumptions made by Company’s management. Readers are cautioned not to place undue reliance on these forward-looking
statements, which are only predictions and speak only as of the date hereof. When used in the filings, the words “anticipate,”
“believe,” “estimate,” “expect,” “future,” “intend,” “plan,” “aim,”
“project,” “target,” “will,” “may,” “should,” “forecast” or the
negative of these terms and similar expressions as they relate to the Company or the Company’s management identify forward-looking
statements. Such statements typically address the Company’s expected future business and financial performance and are subject to
risks, uncertainties, assumptions, and other factors, including the risks contained in the “Risk Factors” section of the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2023, relating to the Company’s industry, the Company’s
operations and results of operations, and any businesses that the Company may acquire. Should one or more of these risks or uncertainties
materialize, or should the underlying assumptions prove incorrect, actual results may differ materially from those anticipated, believed,
estimated, expected, intended, or planned.
These factors include, but are not limited to,
risks related 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 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.
Our financial statements are prepared in accordance
with accounting principles generally accepted in the United States (“GAAP”). These accounting principles require us to make
certain estimates, judgments and assumptions. We believe that the estimates, judgments and assumptions upon which we rely are reasonable
based upon information available to us at the time that these estimates, judgments and assumptions are made. These estimates, judgments
and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported
amounts of revenues and expenses during the periods presented. Our financial statements would be affected to the extent there are material
differences between these estimates and actual results. In many cases, the accounting treatment of a particular transaction is specifically
dictated by GAAP and does not require management’s judgment in its application. There are also areas in which management’s
judgment in selecting any available alternative would not produce a materially different result. The following discussion should be read
in conjunction with our financial statements and notes thereto appearing elsewhere in this report.
Overview
The Company, operating under its brand name duostech,
develops and deploys technology systems with focus on inspecting and evaluating moving vehicles. Its technology focus is within the Vision
Technology market sector and, more specifically, the Machine Vision subsector. Machine Vision companies provide imaging-based automatic
inspection and analysis for process control for industry with potential expansion into other markets. Duos has developed key technologies
over the past several years in software, industry specific hardware and artificial intelligence and has demonstrated industrial strength
usability of its systems supporting rail, logistics and intermodal businesses that streamline operations, improve safety and reduce costs.
Our team includes engineering subject matter expertise in hardware, software, and information technology as well as industry specific
applications of artificial intelligence also referred to as Expert Artificial Intelligence. We also have specific industry experts in
the rail industry on staff and as consultants.
Duos is currently developing industry solutions for
its target markets which will address rail, trucking, aviation and other vehicle-based processes. In addition, the Company has begun to
evaluate using its patented technology and considerable experience in deploying information technology (IT) investments for the provision
of Edge Data Centers, enabling local, high-speed processing in rural and underserved areas. The Company has recently announced that effective
early in the third quarter, it will be expanding into the market for the provision of bespoke Edge Data Centers (EDCs) for remote education
and healthcare facilities as well as other applications where high-speed, local processing is required. In order to facilitate this, the
Company formed a new subsidiary, Duos Edge AI to pursue this market and has invested approximately $1,200,000 in acquiring assets to begin
marketing the solution to defined markets starting in the third quarter.
Duos’ legacy offering, the Railcar Inspection
Portal (RIP), will continue to be the main revenue driver for the consolidated business. The RIP provides both freight and transit railroad
customers and select government agencies the ability to conduct fully remote railcar inspections of trains while they are moving at full
speed. The RIP utilizes a variety of sophisticated optical, laser and speed sensors to scan each passing railcar to create a high-resolution
image-set of the top, sides and undercarriage. These images are then processed with our edge data center using artificial intelligence
(AI) algorithms to identify safety and security defects on each railcar. The algorithms are developed in conjunction with industrial application
experts, in this case resident Railcar Mechanical Engineers, to provide specific guidance in the analysis (“human in the loop”).
Within seconds of the railcar passing through the RIP, a detailed report is sent to the customer where they are able to take action on
identified issues. This solution has the potential to transform the railroad industry immediately, increasing safety, improving efficiency
and reducing costs. The Company has already deployed this system with several Class 1 railroads and anticipates an increased demand from
transit and other railroad customers along with selected government agencies that operate and/or manage rail traffic. The Company has
deployed RIPs in Canada, Mexico and the United States and anticipates expanding this solution into Europe, Asia and the Middle East in
coming years. The Company has recently secured two strategic patents for the overall concept and applied technology for rail car scanning
and the Company is expecting further patent awards in the coming months for other related technologies.
The Company has also developed the Automated Logistics
Information System (ALIS) which automates gatehouse operations where transport trucks enter and exit large logistics and intermodal facilities.
This solution incorporates a similar set of sensors, data processing and artificial intelligence to streamline the customer’s logistics
transactions and tracking and can also automate the security and safety inspection if called for. The Company is evaluating other solutions
for moving vehicles including aircraft, which could provide similar benefits in terms of safety and efficiency for required inspections
as part of an operations process. The Company is not currently actively pursing further customers for ALIS but will continue to analyze
the potential market and expects to deploy an upgraded Truck Inspector Portal (TIP) which uses the same technology and lessons learned
from ALIS and RIP systems at some point in the future.
We have developed two proprietary solutions that operate
our software and artificial intelligence. centraco® is an Enterprise Information Management Software platform that consolidates data
and events from multiple sources into a unified and distributive user interface. Customized to the end user’s Concept of Operations
(CONOPS), it provides improved situational awareness and data visualization for operational objectives compared to traditional manual
inspections. truevue360™ is our fully integrated platform that we utilize to develop and deploy Artificial Intelligence (AI) algorithms,
including Machine Learning, Computer Vision, Object Detection and Deep Neural Network-based processing for real-time applications.
These same Artificial Intelligence applications have
begun to open up other opportunities for the Company to provide revenue producing solutions with potentially high market adoption.
In the last quarter of 2022, the Company elected not
to renew a support contract for its Integrated Correctional Automation System (iCAS) for one customer. The Company subsequently sold its
iCAS assets to a buyer during the second quarter of 2023 for $165,000 via a convertible note.
The year 2022 ushered in a new phase in the Company’s
development. Although we continue to see an extension of challenges faced in past years, we also see positive changes and opportunities
for our business that will be discussed in greater detail herein. They include:
· | | Introducing a new
“subscription” based offering for access to data and images by a much broader target market including Class 1 railroads,
railcar owners and lessors, and short-line railroads. |
· | | Owning
and operating a network of RIPs with multiple subscribers outside of the Company’s traditional customer base. |
· | | Selling customized
RIPs to Class 1, short-line and other industrial companies where specialized applications or routes demand a bespoke solution. |
· | | We are currently
evaluating using our current operations experience within “edge data centers” (as deployed for our Railcar Inspection Portal)
to drive additional revenues within other markets requiring this type of solution. Although no specific offering has been developed at
this time, the Company is developing a plan to market the EDC product to non-rail markets and expects to announce this in Q3. |
Prospects and Outlook
The Company’s focus
for the last several years was to improve operational and technical execution which will continue into the foreseeable future. This we
expect will enable the commercial side of the business to expand delivery of the Company’s products and services into existing customers
and to expand and diversify our current customer base as well as enter new markets. The Company’s primary customers have indicated
readiness to order more equipment and services should the Company execute as expected on key deliverables. With the Company working toward
a subscription platform approach for current and planned offerings and its expansion of its artificial intelligence offering, this will
also open up additional commercial avenues to the Company. Historically, the Company has been focused on large, one-time sales with the
subscription opportunities representing an expanded addressable market with an increasing emphasis on recurring revenues.
The Company expanded its
focus in the rail industry to encompass passenger transportation and was awarded a large, multi-year contract with a national rail carrier
in the second half of 2022. The Company has been developing and constructing the enhanced systems for this contract and anticipates that
it will install a high performance, two-RIP solution for the carrier in 2024, with a long-term services agreement commencing upon delivery
of the system.
The Company expanded its
focus in the rail industry to encompass passenger transportation and was awarded a large, multi-year contract with a national rail carrier
in 2022. The Company has been developing and constructing the enhanced systems for this contract and anticipates that it will install
a high performance, two-RIP solution for the carrier in 2024, with a long-term services agreement commencing upon delivery of the system.
Although the Company’s prospects for future
revenue growth are anticipated to be favorable, investing in our securities involves risk and careful consideration should be made before
deciding to purchase our securities. There are many risks that affect our business and results of operations, some of which are beyond
our control and unexpected macro events can have a severe impact on the business. Please see the risk factors identified in “Item
1A – Risk Factors” of our Annual Report on Form 10-K filed with the SEC on April 1, 2024.
Results of Operations
The following discussion should be read in conjunction
with the unaudited financial statements included in this report.
Comparison for the Three Months Ended June 30,
2024 Compared to Three Months Ended June 30, 2023
The following table sets forth a summary of our unaudited
Consolidated Statements of Operations and is used in the following discussions of our results of operations:
| |
For the Three Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Revenues | |
$ | 1,510,496 | | |
$ | 1,770,059 | |
Cost of revenues | |
| 1,725,060 | | |
| 1,528,722 | |
Gross margin | |
| (214,564 | ) | |
| 241,337 | |
Operating expenses | |
| 3,001,852 | | |
| 3,389,587 | |
Loss from operations | |
| (3,216,416 | ) | |
| (3,148,250 | ) |
Other income (expense) | |
| 12,245 | | |
| 158,850 | |
Net loss | |
$ | (3,204,171 | ) | |
$ | (2,989,400 | ) |
Revenues
| |
For the Three Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | | |
% Change | |
Revenues: | |
| | |
| | |
| |
Technology systems | |
$ | 264,999 | | |
$ | 870,494 | | |
| -70 | % |
Services and consulting | |
| 1,245,497 | | |
| 899,565 | | |
| 38 | % |
Total revenues | |
$ | 1,510,496 | | |
$ | 1,770,059 | | |
| -15 | % |
The decrease in overall revenues for the quarter ended
June 30, 2024, compared to the quarter ended June 30, 2023, is primarily attributed to delays outside of the Company’s control with
deployment of our two high-speed Railcar Inspection Portals, which are recorded in the technology systems portion of our business. Although
these systems were largely ready for deployment in 2023, customer delays at the deployment site prevented installation even though these
two high-speed Railcar Inspection Portals were deep into their production and manufacturing phases, which did not allow us to record the
next phase of recognition. We believe that the customer is approaching the completion of the local site preparation and is preparing for
field installation later this year. Additionally, the Company continues to see opportunities for expansion of its programs with existing
customers. In spite of the timing delays that continue to impact the quarterly results, management remains confident in the long-term
potential of the RIP product.
The increase in the services portion of our revenues
stems from the addition 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. The Company expects growth with new revenue from existing customers,
including services revenue as the result of new maintenance contracts being established on installations coming on-line during 2024. The
Company anticipates revenue growth from new and existing customers related to the subscription offering starting in the second half of
2024. The Company also anticipates renewals of existing and backlog contracts and a shift to the next generation of technology systems
which are currently being manufactured and expect to be completed during early 2025.
Cost of Revenues
| |
For the Three Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | | |
% Change | |
Cost of revenues: | |
| | |
| | |
| |
Technology systems | |
$ | 780,912 | | |
$ | 1,072,106 | | |
| -27 | % |
Services and consulting | |
| 944,148 | | |
| 456,616 | | |
| 107 | % |
Total cost of revenues | |
$ | 1,725,060 | | |
$ | 1,528,722 | | |
| 13 | % |
Cost of revenues largely comprises equipment and labor
necessary to support the implementation of new systems and support and maintenance of existing systems and software projects.
During the three months ended June 30, 2024, the cost
of revenues on technology systems decreased compared to the equivalent period in 2023. This reduction is primarily due to the Company
continuing the production and manufacturing phase of our two high-speed Railcar Inspection Portals during the second quarter of 2023.
By the second quarter of 2024, we are approaching the end of the manufacturing cycle and beginning preparations for field installation
later in the year, and thereby contributing to the decrease in cost of revenues year-over-year. Additionally, the Company records certain
fixed, operating and servicing costs for both technology systems and services and consulting. These fixed costs, in part, contribute to
the cost of revenues declining at a slower rate than that of revenue. While we expect that macro-economic factors will continue to drive
prices, the Company continues to manage its costs and, where possible, pass through increased costs to customers in the form of higher
prices, although this is not assured.
The cost of revenues for services and consulting increased
in the three months ended June 30, 2024, compared to the same period last year. This increase is primarily due to $473,069 in amortization
expense of the intangible asset related to a nonmonetary transaction, which was not present in the corresponding period of 2023. Excluding
this, the cost of revenues for services and consulting remained relatively flat quarter over quarter.
Gross Margin
|
|
For the Three Months Ended |
|
|
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
1,510,496 |
|
|
$ |
1,770,059 |
|
|
|
-15 |
% |
Cost of revenues |
|
|
1,725,060 |
|
|
|
1,528,722 |
|
|
|
13 |
% |
Gross margin |
|
$ |
(214,564) |
|
|
$ |
241,337 |
|
|
|
-189 |
% |
Gross margin decreased for the second quarter of 2024
as compared to the same period in 2023. As noted above, the decrease in margin was
a direct result of the timing of business activity related to the manufacturing of two high-speed, transit-focused Railcar Inspection
Portals. Those same project revenues and subsequent margin contributions were not present during the second quarter of 2024. It should
be noted that when comparing the results between two periods, the stage of completion for manufacturing and installation can factor into
those comparisons and should be taken into account when analyzing those periods.
Operating Expenses
| |
For the Three Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | | |
% Change | |
Operating expenses: | |
| | | |
| | | |
| | |
Sales and marketing | |
$ | 712,456 | | |
$ | 301,077 | | |
| 137 | % |
Research and development | |
| 390,000 | | |
| 537,801 | | |
| -27 | % |
General and administration | |
| 1,899,396 | | |
| 2,550,709 | | |
| -26 | % |
Total operating expenses | |
$ | 3,001,852 | | |
$ | 3,389,587 | | |
| -11 | % |
During the three months ended June 30, 2024, the Company
experienced a decrease in overall operating expenses compared to the same period in 2023. There was a significant uptick in sales and
marketing costs, primarily due to an expansion in staff after strengthening our commercial team in the latter half of 2023 in preparation
for entering new markets. Conversely, research and development expenses fell by 27% owing to reduced personnel and scaled-back testing
of prospective technologies. Moreover, general and administrative expenses decreased by 26% due to a reduction in personnel and a smaller
bonus pool payout compared to the same period in 2023. Overall, the Company continues to focus on stabilizing operating expenses while
meeting the increased needs of our customers. It should be noted that when comparing the results between two periods, the stage of completion
for manufacturing and installation can factor into those comparisons and should be taken into account when analyzing those periods.
Loss from Operations
The loss from operations for the three months ended
June 30, 2024 and 2023 was $3,216,416 and $3,148,250, respectively. The increase in loss from operations was primarily the result of lower
revenues recorded in the quarter as a consequence of delays in going to field for the two high-speed RIPs for a passenger transit client
offset by a planned reduction in expenses which resulted in a lower percentage increase in operating loss compared to a larger percentage
decrease in revenue recorded during the quarter.
Other Income/Expense
Other income for the three months ended June 30,
2024 was $13,395 and $162,080 for the comparative period in 2023. The decrease in other income is attributed to the sale of assets
related to the Integrated Correctional Automation System (iCAS) in June of 2023, there was no such transaction in 2024. Interest
expense for the three months ended June 30, 2024 was $1,150 and $3,230 for the comparative period in 2023.
Net Loss
The net loss for the three months ended June 30, 2024
and 2023 was $3,204,171 and $2,989,400, respectively. The 7% increase in net loss was mostly attributed to the decrease in revenues as
described above from timing delays. Net loss per common share was $0.43 and $0.42 for the three months ended June 30, 2024 and 2023, respectively.
Comparison for the Six Months Ended June 30, 2024
Compared to Six Months Ended June 30, 2023
The following table sets forth a summary of our unaudited
Consolidated Statements of Operations and is used in the following discussions of our results of operations:
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Revenues | |
$ | 2,581,176 | | |
$ | 4,414,347 | |
Cost of revenues | |
| 2,701,108 | | |
| 3,635,838 | |
Gross margin | |
| (119,932 | ) | |
| 778,509 | |
Operating expenses | |
| 5,857,530 | | |
| 6,073,557 | |
Loss from operations | |
| (5,977,462 | ) | |
| (5,295,048 | ) |
Other income (expense) | |
| 20,982 | | |
| 161,965 | |
Net loss | |
$ | (5,956,480 | ) | |
$ | (5,133,083 | ) |
Revenues
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | | |
% Change | |
Revenues: | |
| | |
| | |
| |
Technology systems | |
$ | 534,854 | | |
$ | 2,698,258 | | |
| -80 | % |
Services and consulting | |
| 2,046,322 | | |
| 1,716,089 | | |
| 19 | % |
Total revenues | |
$ | 2,581,176 | | |
$ | 4,414,347 | | |
| -42 | % |
The decrease in overall revenues for the six months
ended June 30, 2024, compared to the six months ended June 30, 2023, is primarily attributed to delays outside of the Company’s
control with deployment of our two high-speed Railcar Inspection Portals, which are recorded in the technology systems portion of our
business. Although these systems were largely ready for deployment in 2023, customer delays at the deployment site prevented installation
even though these two high-speed Railcar Inspection Portals were deep into their production and manufacturing phases, which did not allow
us to record the next phase of recognition. We believe that the customer is approaching the completion of the local site preparation and
is preparing for field installation later this year. Additionally, the Company continues to see opportunities for expansion of its programs
with existing customers. In spite of the timing delays that continue to impact results, management remains confident in the long-term
potential of the RIP product.
The increase in the services portion of our revenues
stems from the addition of new AI and subscription customers that were not present in the same period last year as well as increases in
service contract revenue due to higher service contract prices. The Company expects growth with new revenue from existing customers, including
services revenue as the result of new maintenance contracts being established on installations coming on-line during 2024. The Company
anticipates revenue growth from new and existing customers related to the subscription offering starting in the second half of 2024. The
Company also anticipates renewals of existing and backlog contracts and a shift to the next generation of technology systems which are
currently being manufactured and expect to be completed during early 2025.
Cost of Revenues
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | | |
% Change | |
Cost of revenues: | |
| | |
| | |
| |
Technology systems | |
$ | 1,364,349 | | |
$ | 2,839,315 | | |
| -52 | % |
Services and consulting | |
| 1,336,759 | | |
| 796,523 | | |
| 68 | % |
Total cost of revenues | |
$ | 2,701,108 | | |
$ | 3,635,838 | | |
| -26 | % |
Cost of revenues largely comprises equipment and labor
necessary to support the implementation of new systems and support and maintenance of existing systems and software projects.
During the six months ended June 30, 2024, the cost
of revenues on technology systems decreased compared to the equivalent period in 2023. This reduction is primarily due to the Company
continuing the production and manufacturing phase of our two high-speed Railcar Inspection Portals during the same period of 2023. By
the second quarter of 2024, we are approaching the end of the manufacturing cycle and beginning preparations for field installation later
in the year, and thereby contributing to the decrease in cost of revenues year-over-year. Additionally, the Company records certain fixed,
operating and servicing costs for both technology systems and services and consulting. These fixed costs, in part, contribute to the cost
of revenues declining at a slower rate than that of revenue. While we expect that macro-economic factors will continue to drive prices,
the Company continues to manage its costs and, where possible, pass through increased costs to customers in the form of higher prices,
although this is not assured.
The cost of revenues for services and consulting increased
in the six months ended June 30, 2024, compared to the same period last year. This increase is primarily due to $473,069 in amortization
expense of the intangible asset related to a nonmonetary transaction, which was not present in the corresponding period of 2023.
Gross Margin
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | | |
% Change | |
| |
| | |
| | |
| |
Revenues | |
$ | 2,581,176 | | |
$ | 4,414,347 | | |
| -42 | % |
Cost of revenues | |
| 2,701,108 | | |
| 3,635,838 | | |
| -26 | % |
Gross margin | |
$ | (119,932 | ) | |
$ | 778,509 | | |
| -115 | % |
Gross margin decreased during the six months ended
June 30, 2024, as compared to the same period in 2023 largely in line with the decline in revenue. As noted above, the decrease in margin
was a direct result of the timing of business activity related to the manufacturing of two high-speed, transit-focused Railcar Inspection
Portals. Those same project revenues and subsequent margin contributions were not present during the first and second quarters of 2024.
It should be noted that when comparing the results between two periods, the stage of completion for manufacturing and installation can
factor into those comparisons and should be taken into account when analyzing those periods.
Operating Expenses
|
|
For the Six Months Ended |
|
|
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
$ |
1,265,942 |
|
|
$ |
608,654 |
|
|
|
108 |
% |
Research and development |
|
|
772,142 |
|
|
|
942,686 |
|
|
|
-18 |
% |
General and administration |
|
|
3,819,446 |
|
|
|
4,522,217 |
|
|
|
-16 |
% |
Total operating expenses |
|
$ |
5,857,530 |
|
|
$ |
6,073,557 |
|
|
|
-4 |
% |
During the six months ended June 30, 2024, the Company experienced a modest decrease in overall operating expenses
compared to the same period in 2023. There was a significant uptick in sales and marketing costs, primarily due to an expansion in staff
after strengthening our commercial team in the latter half of 2023 in preparation for entering new markets. Conversely, research and development
expenses fell by 18% owing to reduced personnel and scaled-back testing of prospective technologies. Moreover, general and administrative
expenses decreased by 16% due to a reduction in personnel and personnel related expenses as well as a decrease in consulting expenses
compared to the same period in 2023. Overall, the Company continues to focus on stabilizing operating expenses while meeting the increased
needs of our customers. It should be noted that when comparing the results between two periods, the stage of completion for manufacturing
and installation can factor into those comparisons and should be taken into account when analyzing those periods.
Loss from Operations
The loss from operations for the six months ended
June 30, 2024 and 2023 was $5,977,462 and $5,295,048, respectively. The increase in loss from operations was primarily the result of lower
revenues recorded in the period as a consequence of delays in going to field for the two high-speed RIPs for a passenger transit client
offset by a planned reduction in expenses which resulted in a lower percentage increase in operating loss compared to a larger percentage
decrease in revenue recorded during the quarter.
Other Income/Expense
Other income for the six months ended June 30, 2024
was $22,577 and $166,375 for the comparative period in 2023. The decrease in other income is attributed to the sale of assets related
to the Integrated Correctional Automation System (iCAS) in June of 2023, there was no such transaction in 2024. Interest expense for the
six months ended June 30, 2024 was $1,595 and $4,410 for the comparative period in 2023.
Net Loss
The net loss for the six months ended June 30, 2024
and 2023 was $5,956,480 and $5,133,083, respectively. The 16% increase in net loss was mostly attributed to the decrease in revenues as
described above from timing delays. Net loss per common share was $0.81 and $0.72 for the six months ended June 30, 2024 and 2023, respectively.
Liquidity and Capital Resources
As of June 30, 2024, the Company has a working capital
deficit of $2,380,096 and the Company had a net loss of $5,956,480 for the six months ended June 30, 2024.
Cash Flows
The following table sets forth the major components
of our statements of cash flows data for the periods presented:
| |
For the Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Net cash used in operating activities | |
$ | (3,940,984 | ) | |
$ | (1,923,071 | ) |
Net cash used in investing activities | |
| (889,285 | ) | |
| (548,360 | ) |
Net cash provided by financing activities | |
| 2,894,541 | | |
| 3,802,587 | |
Net (decrease) increase in cash | |
$ | (1,935,728 | ) | |
$ | 1,331,156 | |
Net cash used in operating activities for the six
months ended June 30, 2024 and 2023 was $3,940,984 and $1,923,071, respectively. The increase in net cash used in operating activities
for the six months ended June 30, 2024, was the result of cash outflows to procure necessary materials and overall sales and marketing,
general and administration expenses offset by cash inflows from milestone payments related to current projects. In addition, there are
two material changes in assets and liabilities that increased the use of cash in operating activities, notably the cash received for the
reduction in accounts receivable and decreased contract assets related to lower overall project activities reported during the year.
Net cash used in investing activities for the six
months ended June 30, 2024 and 2023 was $889,285 and $548,360, respectively, representing an increase in the purchase of various fixed
assets including our three edge data centers that are currently being manufactured to be deployed in the later half of 2024; the remainder
includes the purchase of computer equipment and product and software development and disbursements for patent costs.
Net cash provided by financing activities for the
six months ended June 30, 2024 and 2023 was $2,894,541 and $3,802,587, respectively. Cash flows provided by financing activities during
the first six months of 2024 were primarily attributable to gross proceeds of approximately $2,995,002 from issuances of Series D and
Series E Convertible Preferred Stock. Cash flows from financing activities during the first six months of 2023 were primarily attributable
to the issuance of Series E Convertible Preferred shares for $4,000,000 of gross proceeds offset by repayments of certain loans related
to financing of insurance costs.
On a long-term basis, our liquidity is dependent on
the continuation and expansion of operations and receipt of revenues. We believe our current capital and revenues are sufficient to fund
such expansion and our operations over the next twelve months, although we are dependent on timely payments from our customers for projects
and work in process. However, we expect such timely payments to continue. Material cash requirements for our rail inspection portal projects
will be satisfied within the normal course of business including substantial upfront payments from our customers prior to starting projects
However, for our edge data center business, upfront customer payments are not standard practice, and therefore, alternative funding arrangements
may be necessary. The Company may elect to purchase materials and supplies in advance of contract award but where there is a high probability
of that award.
Demand for our products and services will be dependent
on, among other things, market acceptance of our products and services, the technology market in general, and general economic conditions,
which are cyclical in nature. Because a major portion of our activities is the receipt of revenues from the sales of our products and
services, our business operations may continue to be challenged by our competitors and prolonged recession periods.
Liquidity
Under Accounting Codification ASC 205, Presentation
of Financial Statements—Going Concern (Subtopic 205-40) (“ASC 205-40”), the Company has the responsibility to evaluate
whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due
within one year after the date that the financial statements are issued. As required by ASC 205-40, this evaluation shall initially not
take into consideration the potential mitigating effects of plans that have not been fully implemented as of the date the financial statements
are issued. Management has assessed the Company’s ability to continue as a going concern in accordance with the requirement of ASC
205-40.
As reflected in the accompanying consolidated financial
statements, the Company had a net loss of $5,956,480 for the six months ended June 30, 2024. During the same period, cash used in operating
activities was $3,940,984. The working capital deficit and accumulated deficit as of June 30, 2024, were $2,380,098 and $69,560,032, respectively.
In previous financial reports, the Company had raised substantial doubt about continuing as a going concern. This was principally due
to a lack of working capital prior to underwritten offerings and private placements which were completed during 2022, 2023, and now the
first and second quarters of 2024 as well.
As previously noted, the Company was successful
during 2023 in raising gross proceeds of over $11,500,000 from the sale of Series E and F Preferred Stock. Additionally, in the first
and second quarters of 2024, the Company raised gross proceeds of $2,995,000 from the issuance of a combination of Series D and E Preferred
Stock (See Note 6). As part of its strategy, the Company will endeavor to utilize the Preferred Series E and the remainder of the Series
D as additional funding mechanisms. Additionally, during the second quarter of 2024 the Company entered into an ATM Sales Agreement (the
“Sales Agreement”) with Ascendiant Capital Markets, LLC (the “Sales Agent” or “ACM”) relating to the
sale of our common stock, par value $0.001 per share, pursuant to the prospectus dated May 17, 2024. In accordance with the terms of the
Sales Agreement, we may offer and sell shares of our common stock bearing an aggregate offering price of up to $7,500,000 from time to
time through or to ACM, acting as an agent or principal.
ATM sales commenced in the second quarter, and
the Company sold $115,563 in Common Stock during the month of June using the facility and we anticipate that approximate dollar amount
raised in June will continue for each of the next twelve months.
On July 22, 2024, the Company, through its wholly owned subsidiary
Duos Edge AI, Inc., entered into secured promissory notes totaling $2.2 million in funding with two institutional investors. These notes
mature on December 31, 2025, and bear an interest rate of 10% per annum, with all principal and accrued interest due at maturity. The
proceeds are designated exclusively for the equipment and services required for the installation of the Company's previously announced
edge data centers.
In the long
run, the continuation of the Company as a going concern is dependent upon the ability of the Company to continue executing its business
plan, generate enough revenue, and attain consistently profitable operations. Although the lingering effects of the global pandemic related
to the coronavirus (Covid-19) previously affected our operations, particularly in our supply chain, we now believe that the supply chain
lags have largely been abated. We have analyzed our cash flow under “stress test” conditions and have determined that we have
sufficient liquid assets on hand or available via the capital markets to maintain operations for at least twelve months from the issuance
date of this report.
In addition, management has been taking and continues
to take actions including, but not limited to, elimination of certain costs that do not contribute to short term revenue, and re-aligning
both management and staffing with a focus on improving certain skill sets necessary to build growth and profitability and focusing product
strategy on opportunities that are likely to bear results in the relatively short term. The Company believes that, as described above,
it will have sufficient sources of working capital to meet its obligations over the following twelve months. In the last twelve months
the Company has experienced relatively steady contracted backlog as well as seen positive signs from new commercial engagements that indicate
improvements in future commercial opportunities for both one-time capital and recurring services revenues.
Management believes that, at this time, the conditions
in our market space with ongoing contract delays, the consequent need to procure certain materials in advance of a binding contract and
the additional time needed to execute on new contracts previously reported have put a strain on our cash reserves. However, proactive
management of our existing contracts, recent stock offerings and private placements as well as the availability to raise capital via our
at-the-market offering indicate there is no substantial doubt that the Company can continue as a going concern for a period of twelve
months from the issuance date of this report. We continue executing the plan to grow our business and achieve profitability. The Company
may selectively look at opportunities for fund raising in the future. Management has extensively evaluated our requirements for the next
twelve months and has determined that the Company currently has sufficient cash and access to capital to operate for at least that period.
While no assurance can be provided, management believes
that these actions provide the opportunity for the Company to continue as a going concern and to grow its business and achieve profitability
with access to additional capital funding. Ultimately the continuation of the Company as a going concern is dependent upon the ability
of the Company to continue executing the plan described above which was put in place in late 2022, continued in 2023, and will continue
in 2024 and beyond. These consolidated financial statements do not include any adjustments related to the recoverability and classification
of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going
concern.
Critical Accounting Estimates
Intangible Assets
In May 2024, the Company recorded an intangible
asset with a fair value of $11,161,428. This asset represents non-monetary consideration received under a 5-year customer contract, in
which the Company will provide maintenance services to the customer. The intangible asset represents Digital Image data rights in the
form of a license agreement received by the Company from the customer.
Significant estimates relating to this transaction are the initial
valuation of this non-monetary transaction with the customer and the subsequent impairment analysis.
Revenue Recognition
The Company follows Accounting Standards Codification
606, Revenue from Contracts with Customers (“ASC 606”), that affects the timing of when certain types of revenues will be
recognized. The basic principles in ASC 606 include the following: a contract with a customer creates distinct contract assets and performance
obligations, satisfaction of a performance obligation creates revenue, and a performance obligation is satisfied upon transfer of control
to a good or service to a customer.
Revenue is recognized by evaluating our revenue contracts
with customers based on the five-step model under ASC 606:
|
1. |
Identify the contract with the customer; |
|
2. |
Identify the performance obligations in the contract; |
|
3. |
Determine the transaction price; |
|
4. |
Allocate the transaction price to separate performance obligations; and |
|
5. |
Recognize revenue when (or as) each performance obligation is satisfied. |
The Company generates revenue from four sources:
1. Technology Systems
2. AI Technologies
3. Technical Support
4. Consulting Services
Stock Based Compensation
The Company accounts for employee and non-employee
stock-based compensation in accordance with ASC 718-10, “Share-Based Payment,” which requires the measurement and recognition
of compensation expense for all share-based payment awards made to employees and directors including stock options, restricted stock units,
and employee stock purchases based on estimated fair values. The stock-based compensation carries a graded vesting feature subject to
the condition of time of employment service with awarded stock-based compensation tranches vesting evenly upon the anniversary date of
the award.
The Company estimates the fair value of stock options
granted using the Black-Scholes option-pricing formula. In accordance with ASC 718-10-35-8, the Company elected to recognize the fair
value of the stock award using the graded vesting method as time of employment service is the criteria for vesting. The Company’s
determination of fair value using an option-pricing model is affected by the stock price as well as assumptions regarding a number of
highly subjective variables.
The Company estimates volatility based upon the historical
stock price of the Company and estimates the expected term for stock options using the simplified method for employees and directors and
the contractual term for non-employees. The risk-free rate is determined based upon the prevailing rate of United States Treasury securities
with similar maturities.
Item 3. Quantitative and Qualitative Disclosures
About Market Risk.
Not applicable.
Item
4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
With the participation of our Chief Executive Officer,
Chief Financial Officer and Controller, we have evaluated the effectiveness of our disclosure controls and procedures (as such term is
defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), as of
the end of the period covered by this Report. Based upon such evaluation, our Chief Executive Officer, Chief Financial Officer and Controller
have concluded that, as of the end of such period, our disclosure controls and procedures were effective to ensure that information required
to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within
the time periods specified in the SEC’s rules and forms and is accumulated and communicated to our management, including our Chief
Executive Officer, Chief Financial Officer and Controller, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over
financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the quarter ended June 30, 2024
that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.
PART II OTHER INFORMATION
Item 1. Legal Proceedings.
From time to time, we may be involved in litigation
relating to claims arising out of our operations in the normal course of business. We are currently not involved in any litigation that
we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding,
inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to
the knowledge of the executive officers of our Company or any of our subsidiaries, threatened against or affecting our Company, our common
stock, any of our subsidiaries or any of our Company’s or our subsidiaries’ officers or directors in their capacities as such,
in which an adverse decision could have a material adverse effect.
Item 1A. Risk Factors.
We believe there are no changes that constitute material
changes from the risk factors previously disclosed in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission
on April 1, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
None
Item 3. Defaults Upon Senior Securities.
There has been no default in the payment of principal,
interest, sinking or purchase fund installment, or any other material default, with respect to any indebtedness of the Company.
Item 4. Mine Safety Disclosures.
Not applicable
Item 5. Other Information.
Trading Plans
During the quarter ended June 30, 2024, no director
or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements
(in each case, as defined in Item 408(a) of Regulation S-K).
Item 6. Exhibits.
* Filed
** Furnished herewith
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
DUOS TECHNOLOGIES GROUP, INC.
|
Date: August 13, 2024 |
By: |
/s/ Charles P. Ferry |
|
Charles P. Ferry
Chief Executive Officer |
|
|
Date: August 13, 2024 |
By: |
/s/ Adrian G. Goldfarb |
|
Adrian G. Goldfarb
Chief Financial Officer |
Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Charles P. Ferry, certify that:
1. I have reviewed this quarterly
report on Form 10-Q of Duos Technologies Group, Inc.;
2. Based on my knowledge, this
quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the
financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
4. The registrant’s other
certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:
a) |
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly for the period in which this quarterly report is being prepared; |
b) |
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) |
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
d) |
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; |
5. The registrant’s other
certifying officer and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee
of the registrant’s board of directors (or persons performing the equivalent function):
a) |
|
all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weaknesses in internal controls; and |
b) |
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting. |
|
|
Date: August 13, 2024 |
By: |
/s/ Charles P. Ferry |
|
|
Charles P. Ferry
Chief Executive Officer |
Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Adrian G. Goldfarb, certify that:
1. I have reviewed this quarterly
report on Form 10-Q of Duos Technologies Group, Inc.;
2. Based on my knowledge, this
quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the
financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
4. The registrant’s other
certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:
a) |
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly for the period in which this quarterly report is being prepared; |
b) |
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) |
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
d) |
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; |
5. The registrant’s other
certifying officer and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee
of registrant’s board of directors (or persons performing the equivalent function):
a) |
|
all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weaknesses in internal controls; and |
b) |
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting. |
|
|
|
Date: August 13, 2024 |
By: |
/s/ Adrian G. Goldfarb |
|
|
Adrian G. Goldfarb
Chief Financial Officer |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002
In connection with this Quarterly Report of Duos Technologies
Group, Inc. (the “Company”), on Form 10-Q for the period ended June 30, 2024, as filed with the U.S. Securities and Exchange
Commission on the date hereof, I, Charles P. Ferry, Chief Executive Officer of the Company, certify to the best of my knowledge, pursuant
to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:
(1) |
|
Such Quarterly Report on Form 10-Q for the period ended June 30, 2024, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) |
|
The information contained in such Quarterly Report on Form 10-Q for the period ended June 30, 2024, fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: August 13, 2024 |
By: |
/s/ Charles P. Ferry |
|
|
|
Charles P. Ferry |
|
|
|
Chief Executive Officer
|
|
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002
In connection with this Quarterly Report of Duos Technologies
Group, Inc. (the “Company”), on Form 10-Q for the period ended June 30, 2024, as filed with the U.S. Securities and Exchange
Commission on the date hereof, I, Adrian G. Goldfarb, Chief Financial Officer of the Company, certify to the best of my knowledge, pursuant
to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:
(1) |
|
Such Quarterly Report on Form 10-Q for the period ended June 30, 2024, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) |
|
The information contained in such Quarterly Report on Form 10-Q for the period ended June 30, 2024, fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: August 13, 2024 |
By: |
/s/ Adrian G. Goldfarb |
|
|
|
Adrian G. Goldfarb |
|
|
|
Chief Financial Officer
|
|
v3.24.2.u1
Cover - shares
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6 Months Ended |
|
Jun. 30, 2024 |
Aug. 09, 2024 |
Cover [Abstract] |
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|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-55497
|
|
Entity Registrant Name |
Duos Technologies Group, Inc.
|
|
Entity Central Index Key |
0001396536
|
|
Entity Tax Identification Number |
65-0493217
|
|
Entity Incorporation, State or Country Code |
FL
|
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Entity Address, Address Line One |
7660 Centurion Parkway
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Entity Address, Address Line Two |
Suite 100
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Entity Address, City or Town |
Jacksonville
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Entity Address, State or Province |
FL
|
|
Entity Address, Postal Zip Code |
32256
|
|
City Area Code |
904
|
|
Local Phone Number |
296-2807
|
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Title of 12(b) Security |
Common Stock, par value $0.001
|
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Trading Symbol |
DUOT
|
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Security Exchange Name |
NASDAQ
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Entity Current Reporting Status |
Yes
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Yes
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v3.24.2.u1
CONSOLIDATED BALANCE SHEETS - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
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
|
0
|
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 |
0
|
153,750
|
Intangible asset, net |
10,688,359
|
0
|
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
|
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
|
0
|
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: |
|
|
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 shares outstanding at June 30, 2024 and December 31, 2023, respectively |
7,623
|
7,306
|
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
|
Convertible Series A Preferred Stock [Member] |
|
|
STOCKHOLDERS' EQUITY: |
|
|
Preferred stock, value |
0
|
0
|
Convertible Series B Preferred Stock [Member] |
|
|
STOCKHOLDERS' EQUITY: |
|
|
Preferred stock, value |
0
|
0
|
Convertible Series C Preferred Stock [Member] |
|
|
STOCKHOLDERS' EQUITY: |
|
|
Preferred stock, value |
0
|
0
|
Convertible Series D Preferred Stock [Member] |
|
|
STOCKHOLDERS' EQUITY: |
|
|
Preferred stock, value |
1
|
1
|
Convertible Series E Preferred Stock [Member] |
|
|
STOCKHOLDERS' EQUITY: |
|
|
Preferred stock, value |
14
|
12
|
Convertible Series F Preferred Stock [Member] |
|
|
STOCKHOLDERS' EQUITY: |
|
|
Preferred stock, value |
$ 0
|
$ 0
|
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v3.24.2.u1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Preferred stock, shares available to be designated |
9,441,000
|
9,441,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
Common stock, shares issued |
7,623,598
|
7,306,663
|
Common stock, shares outstanding |
7,622,274
|
7,305,339
|
Treasury stock, common shares |
1,324
|
1,324
|
Convertible Series A Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 10
|
$ 10
|
Preferred stock, shares available to be designated |
500,000
|
500,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Preferred stock, conversion price per share |
$ 6.30
|
$ 6.30
|
Convertible Series B Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 1,000
|
$ 1,000
|
Preferred stock, shares available to be designated |
15,000
|
15,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Preferred stock, conversion price per share |
$ 7
|
$ 7
|
Convertible Series C Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 1,000
|
$ 1,000
|
Preferred stock, shares available to be designated |
5,000
|
5,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Preferred stock, conversion price per share |
$ 5.50
|
$ 5.50
|
Convertible Series D Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 1,000
|
$ 1,000
|
Preferred stock, shares available to be designated |
4,000
|
4,000
|
Preferred stock, shares issued |
1,519
|
1,299
|
Preferred stock, shares outstanding |
1,519
|
1,299
|
Preferred stock, conversion price per share |
$ 3
|
$ 3
|
Convertible Series E Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 1,000
|
$ 1,000
|
Preferred stock, shares available to be designated |
30,000
|
30,000
|
Preferred stock, shares issued |
13,625
|
11,500
|
Preferred stock, shares outstanding |
13,625
|
11,500
|
Preferred stock, conversion price per share |
$ 3
|
$ 3
|
Convertible Series F Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 1,000
|
$ 1,000
|
Preferred stock, shares available to be designated |
5,000
|
5,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Preferred stock, conversion price per share |
$ 6.20
|
$ 6.20
|
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v3.24.2.u1
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
REVENUES: |
|
|
|
|
Total Revenues |
$ 1,510,496
|
$ 1,770,059
|
$ 2,581,176
|
$ 4,414,347
|
COST OF REVENUES: |
|
|
|
|
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 Net Loss Per Share |
$ (0.43)
|
$ (0.42)
|
$ (0.81)
|
$ (0.72)
|
Diluted Net Loss Per Share |
$ (0.43)
|
$ (0.42)
|
$ (0.81)
|
$ (0.72)
|
Weighted Average Shares-Basic |
7,450,676
|
7,169,340
|
7,378,813
|
7,163,142
|
Weighted Average Shares-Diluted |
7,450,676
|
7,169,340
|
7,378,813
|
7,163,142
|
Technology Service [Member] |
|
|
|
|
REVENUES: |
|
|
|
|
Total Revenues |
$ 264,999
|
$ 870,494
|
$ 534,854
|
$ 2,698,258
|
COST OF REVENUES: |
|
|
|
|
Total Cost of Revenues |
780,912
|
1,072,106
|
1,364,349
|
2,839,315
|
Service, Other [Member] |
|
|
|
|
REVENUES: |
|
|
|
|
Total Revenues |
1,245,497
|
899,565
|
2,046,322
|
1,716,089
|
COST OF REVENUES: |
|
|
|
|
Total Cost of Revenues |
$ 944,148
|
$ 456,616
|
$ 1,336,759
|
$ 796,523
|
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v3.24.2.u1
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
|
Preferred Stock B [Member] |
Preferred Stock C [Member] |
Preferred Stock D [Member] |
Preferred Stock E [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Treasury Stock, Common [Member] |
Total |
Beginning balance, value at Dec. 31, 2022 |
|
|
$ 1
|
|
$ 7,156
|
$ 56,562,600
|
$ (52,361,834)
|
$ (157,452)
|
$ 4,050,471
|
Beginning balance, shares at Dec. 31, 2022 |
|
|
1,299
|
|
7,156,876
|
|
|
|
|
Series E preferred stock issued |
|
|
|
$ 4
|
|
3,999,996
|
|
|
4,000,000
|
Series E preferred stock issued, shares |
|
|
|
4,000
|
|
|
|
|
|
Stock options compensation |
|
|
|
|
|
75,128
|
|
|
75,128
|
Stock issuance cost |
|
|
|
|
|
(299,145)
|
|
|
(299,145)
|
Stock issued for services |
|
|
|
|
$ 12
|
32,488
|
|
|
32,500
|
Stock issued for services, shares |
|
|
|
|
12,463
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(2,143,683)
|
|
(2,143,683)
|
Ending balance, value at Mar. 31, 2023 |
|
|
$ 1
|
$ 4
|
$ 7,168
|
60,371,067
|
(54,505,517)
|
(157,452)
|
5,715,271
|
Ending balance, shares at Mar. 31, 2023 |
|
|
1,299
|
4,000
|
7,169,339
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
|
|
$ 1
|
|
$ 7,156
|
56,562,600
|
(52,361,834)
|
(157,452)
|
4,050,471
|
Beginning balance, shares at Dec. 31, 2022 |
|
|
1,299
|
|
7,156,876
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
(5,133,083)
|
Ending balance, value at Jun. 30, 2023 |
|
|
$ 1
|
$ 4
|
$ 7,240
|
61,029,659
|
(57,494,917)
|
(157,452)
|
3,384,535
|
Ending balance, shares at Jun. 30, 2023 |
|
|
1,299
|
4,000
|
7,240,545
|
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
|
|
$ 1
|
$ 4
|
$ 7,168
|
60,371,067
|
(54,505,517)
|
(157,452)
|
5,715,271
|
Beginning balance, shares at Mar. 31, 2023 |
|
|
1,299
|
4,000
|
7,169,339
|
|
|
|
|
Stock options compensation |
|
|
|
|
|
161,399
|
|
|
161,399
|
Stock issuance cost |
|
|
|
|
|
281,500
|
|
|
281,500
|
Stock issued for services |
|
|
|
|
$ 6
|
32,494
|
|
|
32,500
|
Stock issued for services, shares |
|
|
|
|
5,645
|
|
|
|
|
Stock issued under the Employee Stock Purchase Plan for cash and compensation |
|
|
|
|
$ 66
|
183,199
|
|
|
183,265
|
Stock issued under the Employee Stock Purchase Plan for cash and compensation, shares |
|
|
|
|
65,561
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(2,989,400)
|
|
(2,989,400)
|
Ending balance, value at Jun. 30, 2023 |
|
|
$ 1
|
$ 4
|
$ 7,240
|
61,029,659
|
(57,494,917)
|
(157,452)
|
3,384,535
|
Ending balance, shares at Jun. 30, 2023 |
|
|
1,299
|
4,000
|
7,240,545
|
|
|
|
|
Beginning balance, value at Dec. 31, 2023 |
|
|
$ 1
|
$ 12
|
$ 7,306
|
69,120,199
|
(63,603,552)
|
(157,452)
|
5,366,514
|
Beginning balance, shares at Dec. 31, 2023 |
|
|
1,299
|
11,500
|
7,306,663
|
|
|
|
|
Series D preferred stock issued |
|
|
$ 1
|
|
|
619,999
|
|
|
620,000
|
Series D preferred stock issued, shares |
|
|
620
|
|
|
|
|
|
|
Series E preferred stock issued |
|
|
|
$ 2
|
|
2,125,000
|
|
|
2,125,002
|
Series E preferred stock issued, shares |
|
|
|
2,125
|
|
|
|
|
|
Stock options compensation |
|
|
|
|
|
141,204
|
|
|
141,204
|
Stock issuance cost |
|
|
|
|
|
(36,188)
|
|
|
(36,188)
|
Stock issued for services |
|
|
|
|
$ 9
|
37,491
|
|
|
37,500
|
Stock issued for services, shares |
|
|
|
|
8,655
|
|
|
|
|
Stock Compensation under ESPP |
|
|
|
|
|
18,116
|
|
|
18,116
|
Net loss |
|
|
|
|
|
|
(2,752,309)
|
|
(2,752,309)
|
Ending balance, value at Mar. 31, 2024 |
|
|
$ 2
|
$ 14
|
$ 7,315
|
72,025,821
|
(66,355,861)
|
(157,452)
|
5,519,839
|
Ending balance, shares at Mar. 31, 2024 |
|
|
1,919
|
13,625
|
7,315,318
|
|
|
|
|
Beginning balance, value at Dec. 31, 2023 |
|
|
$ 1
|
$ 12
|
$ 7,306
|
69,120,199
|
(63,603,552)
|
(157,452)
|
5,366,514
|
Beginning balance, shares at Dec. 31, 2023 |
|
|
1,299
|
11,500
|
7,306,663
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
(5,956,480)
|
Ending balance, value at Jun. 30, 2024 |
|
|
$ 1
|
$ 14
|
$ 7,623
|
72,563,300
|
(69,560,032)
|
(157,452)
|
2,853,454
|
Ending balance, shares at Jun. 30, 2024 |
|
|
1,519
|
13,625
|
7,623,598
|
|
|
|
|
Beginning balance, value at Mar. 31, 2024 |
|
|
$ 2
|
$ 14
|
$ 7,315
|
72,025,821
|
(66,355,861)
|
(157,452)
|
5,519,839
|
Beginning balance, shares at Mar. 31, 2024 |
|
|
1,919
|
13,625
|
7,315,318
|
|
|
|
|
Series D preferred stock issued |
|
|
|
|
|
250,000
|
|
|
250,000
|
Series D preferred stock issued, shares |
|
|
250
|
|
|
|
|
|
|
Stock issuance cost |
|
|
|
|
|
(40,000)
|
|
|
(40,000)
|
Stock issued for services |
|
|
|
|
$ 15
|
42,485
|
|
|
42,500
|
Stock issued for services, shares |
|
|
|
|
15,041
|
|
|
|
|
Stock issued under the Employee Stock Purchase Plan for cash and compensation |
|
|
|
|
$ 38
|
109,780
|
|
|
109,818
|
Stock issued under the Employee Stock Purchase Plan for cash and compensation, shares |
|
|
|
|
38,041
|
|
|
|
|
Series D preferred stock converted to common stock |
|
|
$ (1)
|
|
$ 217
|
(216)
|
|
|
|
Series D preferred stock converted to common stock, shares |
|
|
(650)
|
|
216,668
|
|
|
|
|
Common stock issued for cash |
|
|
|
|
$ 38
|
115,525
|
|
|
115,563
|
Common stock issued for cash, shares |
|
|
|
|
38,530
|
|
|
|
|
Stock options compensation |
|
|
|
|
|
59,905
|
|
|
59,905
|
Net loss |
|
|
|
|
|
|
(3,204,171)
|
|
(3,204,171)
|
Ending balance, value at Jun. 30, 2024 |
|
|
$ 1
|
$ 14
|
$ 7,623
|
$ 72,563,300
|
$ (69,560,032)
|
$ (157,452)
|
$ 2,853,454
|
Ending balance, shares at Jun. 30, 2024 |
|
|
1,519
|
13,625
|
7,623,598
|
|
|
|
|
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v3.24.2.u1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 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 |
0
|
(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 |
0
|
(22,851)
|
Proceeds from common stock issued |
115,563
|
0
|
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
|
0
|
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
|
0
|
Intangible asset acquired with contract liability |
$ 11,161,428
|
$ 0
|
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v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Pay vs Performance Disclosure [Table] |
|
|
|
|
|
|
Net Income (Loss) |
$ (3,204,171)
|
$ (2,752,309)
|
$ (2,989,400)
|
$ (2,143,683)
|
$ (5,956,480)
|
$ (5,133,083)
|
X |
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v3.24.2.u1
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 1 – NATURE OF OPERATIONS AND SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
Duos Technologies Group, Inc. (the “Company”),
through its operating subsidiaries, Duos Technologies, Inc. (“Duos”) and Duos Edge AI, Inc. (“Edge”) (collectively
the “Company”), is a company that specializes in machine vision and artificial intelligence to analyze fast moving objects
such as trains, trucks, automobiles, and aircraft. This technology can help improve safety, maintenance, and operating metrics.
The Company is the inventor of the Railcar Inspection
Portal (RIP) and is currently the rail industry leader for machine vision/camera wayside detection systems that include the use of Artificial
Intelligence at speeds up to 125 mph. The RIP inspects a train at full speed from the top, sides, and bottom looking at FRA/AAR mandated
safety inspection points. The system also detects illegal riders, which can assist law enforcement agencies. Each rail car is scanned
with machine vision cameras and other sensors from the top, sides, and bottom, where images are produced within seconds of the railcar
passing. These images can then be used by the customer to help prevent derailments, improve maintenance operations, and assist with security.
The Company self-performs all aspects of hardware, software, Information Technology (“IT”), and Artificial Intelligence development
and engineering. The Company maintains significant intellectual property and continues to be awarded additional patents for both the technology
and methodologies used. The Company also has a proprietary portfolio of approximately 53 Artificial Intelligence “Use Cases”
that automatically flag defects. The Company has deployed this system with several Class 1 railroads and one major passenger carrier and
anticipates an increased demand in the future from railcar operators, owners, shippers, transit railroads as well as law enforcement agencies.
During the three months ended June 30, 2024, the Company
initiated a study to determine how to expand its market reach into non-rail markets. Using the information technology (IT) investments
already made into the RIP in conjunction with the recently awarded patents for both methodology and artificial intelligence, the Company
has determined that its use of Edge Data Centers for the processing of large volumes of image data has broad applicability to enabling
local, high-speed processing in similar environments as being undertaken at the 13 current RIPs, that is, in rural and underserved areas.
Accordingly, the Company has recently announced that effective early in the third quarter, it will be expanding into the market for the
provision of bespoke Edge Data Centers (EDCs) for certain markets including remote education and healthcare facilities as well as other
applications where high-speed, local processing is required.
The Company has also developed the Automated Logistics
Information System (“ALIS”) which automates gatehouse operations where trucks enter and exit large logistics and intermodal
facilities. This solution also incorporates sensors and data points as necessary for each operation and directly interconnects with backend
logistics databases and processes to streamline and significantly improve operations and security and, importantly, dramatically improve
throughput on each lane on which the technology is deployed. The Company is not currently actively pursuing further customers for ALIS
but will continue to analyze the potential market and, depending on market demand, may deploy an upgraded Truck Inspection Portal (TIP)
which uses the same technology and lessons learned from the ALIS and RIP systems at some point in the future.
The Company’s strategy for the rail industry
is to expand beyond our existing customer base in the Class 1 and major passenger transit market and we expect to add additional users
in the short line, industrial and regional transit markets in North America. In addition, we plan to expand our subscription offering
to car owners and shippers and expand operations to meet the demand from international customers. The Company is prepared to respond and
scale, if necessary, to react to increased demand for potential regulations that may be imposed around wayside detection technology. In
the future the Company may put more emphasis on the trucking and intermodal sector with an updated Truck Inspection Portal solution. The
Company continues to focus on operational and technical excellence, customer satisfaction, and maintaining a highly skilled and performance-based
work force. The Company is also further investigating market opportunities for subsets of its technology including deployment and management
of Edge Data Centers, a fundamental component of the distributed, rapid response data analysis used in the RIP.
Basis of Presentation
The accompanying unaudited consolidated financial
statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial
information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (all of which are
of a normal recurring nature) considered necessary for a fair presentation have been included. Operating results for the six months ended
June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any other
future period. These unaudited consolidated financial statements and the unaudited condensed notes thereto should be read in conjunction
with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2024.
Principles of Consolidation
The unaudited consolidated financial statements include
Duos Technologies Group, Inc. and its wholly owned subsidiaries, Duos Technologies, Inc. and Duos Edge AI, Inc. All inter-company transactions
and balances are eliminated in consolidation.
Use of Estimates
The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these
estimates. The most significant estimates in the accompanying unaudited consolidated financial statements include the initial valuation
of a non-monetary transaction with a customer, valuation of intangible assets for impairment analysis, allowance on accounts receivable
and notes receivable, valuation of common stock warrants received in exchange for an asset sale, valuation of deferred tax assets, and
valuation of other long-lived assets, estimates of net contract revenues and the total estimated costs to determine progress towards contract
completion, valuation of inventory, estimates of the valuation of right of use assets and corresponding lease liabilities, valuation of
warrants issued with debt and valuation of stock-based awards. We base our estimates on historical experience and on various other assumptions
that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values
of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
Concentrations
Cash Concentrations
Cash is maintained at financial institutions and at
times, balances may exceed federally insured limits. We have not experienced any losses related to these balances. As of June 30, 2024,
the balance in one financial institution exceeded federally insured limits by approximately $163,603. Any loss incurred or a lack of access
to such funds could have a significant adverse impact on the Company’s consolidated financial condition, results of operation and
cash flows.
Significant Customers and Concentration of Credit Risk
The Company had certain customers
whose revenue individually represented 10% or more of the Company’s total revenue, or whose accounts receivable balances individually
represented 10% or more of the Company’s total accounts receivable, as follows:
For the six months ended June 30, 2024, three customers
accounted for 43%, 25% and 18% of revenues. For the six months ended June 30, 2023, two customers accounted for 61%, and 25% of revenues.
In all cases, there are no minimum contract values stated. Each contract covers an agreement to deliver a Railcar Inspection Portal or
services which, once accepted, must be paid in full, with 30% or more being due and payable prior to delivery. The balances of the contracts
are for service and maintenance, which may be paid annually in advance with revenues recorded ratably over the contract period.
At June 30, 2024, two customers accounted for 53%,
and 38% of accounts receivable. At December 31, 2023, two customers accounted for 83%, and 11% of accounts receivable. Much of the credit
risk is mitigated since all the customers listed here are Class 1 railroads with a history of timely payments to us.
Geographic Concentration
For the six months ended June 30, 2024, approximately
65% of revenue was generated from three customers outside of the United States. For the six months ended June 30, 2023, approximately
31% of revenue was generated from three customers outside of the United States.
Significant Vendors and Concentration of Credit
Risk
In some instances, the Company relies on a limited
pool of vendors for key components related to the manufacturing of its subsystems. These vendors are primarily focused on camera, server,
and lighting technologies integral to the Company’s solution. Where possible, the Company seeks multiple vendors for key components
to mitigate vendor concentration risk.
Fair Value of Financial Instruments and Fair Value Measurements
The Company follows Accounting Standards Codification
(“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured
at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted
accounting principles that requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure
about such fair value measurements.
ASC 820 defines fair value as the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the
use of unobservable inputs.
These inputs are prioritized below:
Level 1: |
Observable inputs such as quoted market prices in active markets for identical assets or liabilities. |
Level 2: |
Observable market-based inputs or unobservable inputs that are corroborated by market data. |
Level 3: |
Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions that the market participants would use in the valuation of the asset or liability based on the best available information. |
The Company analyzes all financial instruments with
features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard
for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level
of input that is significant to the fair value measurement.
The estimated fair value of certain financial instruments,
including accounts receivable, prepaid expenses, accounts payable, accrued expenses and notes payable are carried at historical cost basis,
which approximates their fair values because of the short-term nature of these instruments.
Accounts Receivable
On January 1, 2023, the Company adopted ASC 326, “Financial
Instruments - Credit Losses”. In accordance with ASC 326, an allowance is maintained for estimated forward-looking losses resulting
from the possible inability of customers to make the required payments (current expected losses). The amount of the allowance is determined
principally on the basis of past collection experience and known financial factors regarding specific customers.
Accounts receivable are stated at estimated net realizable
value. Accounts receivable are comprised of balances due from customers net of estimated credit loss allowances for uncollectible accounts.
In determining the collections on the account, historical trends are evaluated, and specific customer issues are reviewed to arrive at
appropriate allowances. The Company reviews its accounts to estimate losses resulting from the inability of its customers to make the
required payments. Any required allowance is based on specific analysis of past due accounts and also considers historical trends of write-offs.
Past due status is based on how recently payments have been received from customers.
Inventory
Inventory consists primarily of spare parts and consumables
and long-lead time components to be used in the production of our technology systems or in connection with maintenance agreements with
customers. Any inventory deemed to be obsolete is written off. Inventory is stated at the lower of cost or net realizable value. Inventory
cost is primarily determined using the weighted average cost method.
Intangible Asset
In May 2024, the Company recognized an intangible
asset which represents digital image data rights received under a license agreement as non-monetary consideration under a five-year customer
contract. The intangible asset will be amortized over the five-year contractual term.
Long-lived assets
Long-lived assets are reviewed for impairment whenever events or changes
in circumstances indicate that the book value of the asset may not be recoverable. The Company periodically evaluates whether events and
circumstances have occurred that indicate possible impairment. When impairment indicators exist, the Company estimates the future undiscounted
net cash flows of the related asset or asset group over the remaining life of the asset in measuring whether the long-lived asset should
be written down to fair value. Measurement of the amount of impairment would be based on generally accepted valuation methodologies, as
deemed appropriate. If the carrying amount is greater than the undiscounted cash flows, the carrying amount of the asset is reduced to
the asset’s fair value. An impairment loss is recognized immediately as an operating expense in the consolidated statements of operations.
Reversal of previously recorded impairment losses are prohibited.
Software Development Costs
Software development costs incurred prior to establishing
technological feasibility are charged to operations and included in research and development costs. The technological feasibility of a
software product is established when the Company has completed all planning, designing, coding, and testing activities that are necessary
to establish that the product meets its design specifications, including functionality, features, and technical performance requirements.
Software development costs incurred after establishing technological feasibility for software sold as a perpetual license, as defined
within ASC 985-20 (Software – Costs of Software to be Sold, Leased, or Marketed), are capitalized and amortized on a product-by-product
basis when the product is available for general release to customers. Software development costs are evaluated for impairment annually
by comparing the net realizable value to the unamortized capitalized costs and writing these costs down to net realizable value.
Stock-Based Compensation
The Company accounts for employee and non-employee
stock-based compensation in accordance with ASC 718-10, “Share-Based Payment,” which requires the measurement and recognition
of compensation expense for all share-based payment awards made to employees and directors including stock options, restricted stock units,
and employee stock purchases based on estimated fair values. The stock-based compensation carries a graded vesting feature subject to
the condition of time of employment service with awarded stock-based compensation tranches vesting evenly upon the anniversary date of
the award.
The Company estimates the fair value of stock options
granted using the Black-Scholes option-pricing formula. In accordance with ASC 718-10-35-8, the Company elected to recognize the fair
value of the stock award using the graded vesting method as time of employment service is the criteria for vesting. The Company’s
determination of fair value using an option-pricing model is affected by the stock price as well as assumptions regarding a number of
highly subjective variables.
The Company estimates volatility based upon the historical
stock price of the Company and estimates the expected term for stock options using the simplified method for employees and directors and
the contractual term for non-employees. The risk-free rate is determined based upon the prevailing rate of United States Treasury securities
with similar maturities.
Revenue Recognition
The Company follows Accounting Standards Codification
606, Revenue from Contracts with Customers (“ASC 606”), that affects the timing of when certain types of revenues will be
recognized. The basic principles in ASC 606 include the following: a contract with a customer creates distinct contract assets and performance
obligations, satisfaction of a performance obligation creates revenue, and a performance obligation is satisfied upon transfer of control
to a good or service to a customer.
Revenue is recognized by evaluating our revenue contracts
with customers based on the five-step model under ASC 606:
|
1. |
Identify the contract with the customer; |
|
2. |
Identify the performance obligations in the contract; |
|
3. |
Determine the transaction price; |
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4. |
Allocate the transaction price to separate performance obligations; and |
|
5. |
Recognize revenue when (or as) each performance obligation is satisfied. |
The Company generates revenue from four sources:
(1) Technology Systems
(2) AI Technologies
(3) Technical Support
(4) Consulting Services
Technology Systems
For revenues related to technology systems, the Company
recognizes revenue over time using a cost-based input methodology in which significant judgment is required to estimate costs to complete
projects. These estimated costs are then used to determine the progress towards contract completion and the corresponding amount of revenue
to recognize.
Accordingly, the Company now bases its revenue recognition
on ASC 606-10-25-27, where control of a good or service transfers over time if the entity’s performance does not create an asset
with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date including a
profit margin or reasonable return on capital. Control is deemed to pass to the customer instantaneously as the goods are manufactured
and revenue is recognized accordingly.
In addition, the Company has adopted ASC 606-10-55-21
such that if the cost incurred is not proportionate to the progress in satisfying the performance obligation, we adjust the input method
to recognize revenue only to the extent of the cost incurred. Therefore, the Company will recognize revenue at an equal amount to the
cost of the goods to satisfy the performance obligation. To accurately reflect revenue recognition based on the input method, the Company
has adopted the implementation guidance as set out in ASC-606-10-55-187 through 192.
Under this method, contract revenues are recognized
over the performance period of the contract in direct proportion to the costs incurred. Costs include direct material, direct labor, subcontract
labor and other allocable indirect costs. All un-allocable indirect costs and corporate general and administrative costs are also charged
to the periods as incurred. Any recognized revenues that have not been billed to a customer are recorded as an asset in “contract
assets”. Any billings of customers more than recognized revenues are recorded as a liability in “contract liabilities”.
However, in the event a loss on a contract is foreseen, the Company will recognize the loss when such loss is determined to be both probable
and reasonably estimable.
AI Technologies
The Company has revenue from applications that incorporate
artificial intelligence (AI) in the form of predetermined algorithms which provide important operating information to the users of our
systems. The revenue generated from these applications of AI consists of a fixed fee related to the design, development, testing and incorporation
of new algorithms into the system, which is recognized as revenue at a point in time upon acceptance, as well as an annual application
maintenance fee, which is recognized as revenue ratably over the contracted maintenance term.
Technical Support
Technical support services are provided on both an
as-needed and extended-term basis and may include providing both parts and labor. Maintenance and technical support provided outside of
a maintenance contract are on an “as-requested” basis, and revenue is recognized over time as the services are provided. Revenue
for maintenance and technical support provided on an extended-term basis is recognized over time ratably over the term of the contract.
Consulting Services
The Company’s consulting services business generates
revenues under contracts with customers from three sources: (1) Professional Services (consulting and auditing); (2) Customer service
training and (3) Maintenance/support.
(1) Revenues for professional services, which are
of short-term duration, are recognized when services are completed;
(2) Training sales are one-time upfront short-term
training sessions and are recognized after the service has been performed; and
(3) Maintenance/support is an optional product sold
to our software license customers under one-year or longer contracts. Accordingly, maintenance payments received upfront are deferred
and recognized over the contract term.
Multiple Performance Obligations and Allocation
of Transaction Price
Arrangements with customers may involve multiple performance
obligations including project revenue and maintenance services in our Technology Systems business. Maintenance will occur after the project
is completed and may be provided on an extended-term basis or on an as-needed basis. In our consulting services business, multiple performance
obligations may include any of the above four sources. Training and maintenance on software products may occur after the software product
sale while other services may occur before or after the software product sale and may not relate to the software product. Revenue recognition
for a multiple performance obligations arrangement is as follows:
Each performance obligation is accounted for separately
when each has value to the customer on a standalone basis and there is Company specific objective evidence of the selling price of each
deliverable. For revenue arrangements with multiple deliverables, the Company allocates the total customer arrangement to the separate
units of accounting based on their relative selling prices as determined by the price of the items when sold separately. Once the selling
price is allocated, the revenue for each performance obligation is recognized using the applicable criteria under GAAP as discussed above
for performance obligations sold in single performance obligation arrangements. A delivered item or items that do not qualify as a separate
unit of accounting within the arrangement are combined with the other applicable undelivered items within the arrangement. The allocation
of arrangement consideration and the recognition of revenue is then determined for those combined deliverables as a single unit of accounting.
The Company sells its various services and software and hardware products at established prices on a standalone basis which provides Company
specific objective evidence of selling price for purposes of performance obligations relative selling price allocation. The Company only
sells maintenance services or spare parts based on its established rates after it has completed a system integration project for a customer.
The customer is not required to purchase maintenance services. All elements in multiple performance obligations arrangements with Company
customers qualify as separate units of account for revenue recognition purposes.
Leases
The Company follows ASC 842 “Leases”.
This guidance requires lessees to recognize right-of-use (“ROU”) assets and lease liabilities for most operating leases. In
addition, this guidance requires that lessors separate lease and non-lease components in a contract in accordance with the revenue guidance
in ASC 606.
The Company made an accounting policy election to
not recognize short-term leases with terms of twelve months or less on the balance sheet and instead recognize the lease payments as an
expense when incurred. The Company has also elected to account for real estate leases that contain both lease and non-lease components
as a single lease component.
At the inception of a contract the Company assesses
whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of
a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout
the period, and (3) whether we have the right to direct the use of the asset.
Operating ROU assets represent the right to use the
leased asset for the lease term and operating lease liabilities are recognized based on the present value of minimum lease payments over
the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based
on the information available at the lease commencement date to determine the present value of future payments. The lease term includes
all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not
to exercise the termination options. Operating lease expense is recognized on a straight-line basis over the lease term and is included
in general and administration expenses in the consolidated statements of operations.
Earnings (Loss) Per Share
Basic earnings per share (EPS) are computed by dividing
the net loss applicable to common stock by the weighted average number of common shares outstanding. Diluted net loss per common share
is computed by dividing the net loss applicable to common stock by the weighted average number of common shares outstanding for the period
and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares
issuable upon the exercise or conversion of stock options, stock warrants, convertible debt instruments, convertible preferred stock or
other common stock equivalents. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive.
At June 30, 2024, there were (i) an aggregate
of 44,644 outstanding warrants to purchase shares of common stock, (ii) employee stock options to purchase an aggregate of 1,340,903 shares
of common stock, (iii) 506,333 common shares issuable upon conversion of Series D Convertible Preferred Stock, and (iv) subject to receipt
of shareholder approval, 4,541,667 common shares issuable upon conversion of Series E Convertible Preferred Stock, all of which were excluded
from the computation of diluted net earnings per share because their inclusion would have been anti-dilutive.
At June 30, 2023, there were (i) an aggregate
of 80,091 outstanding warrants to purchase shares of common stock, (ii) employee stock options to purchase an aggregate of 1,217,775 shares
of common stock, (iii) 433,000 common shares issuable upon conversion of Series D Convertible Preferred Stock and (iv) 1,333,334 common
shares issuable upon conversion of Series E Convertible Preferred Stock, all of which were excluded from the computation of diluted earnings
per share because their inclusion would have been anti-dilutive.
Recent Accounting Pronouncements
From time to time, the FASB or other standards setting
bodies will issue new accounting pronouncements. Updates to the FASB ASC are communicated through issuance of an Accounting Standards
Update (“ASU”).
In November 2023, the FASB issued ASU 2023-07 Segment
Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires companies to disclose significant segment
expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 is effective for annual periods beginning on January
1, 2024 and interim periods beginning on January 1, 2025. ASU 2023-07 must be applied retrospectively to all prior periods presented in
the financial statements. The Company has evaluated the disclosure impact of ASU 2023-07; and determined the standard will not have an
impact on the Company’s consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09
Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires companies to disclose, on an annual basis, specific
categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative
threshold. Further, ASU 2023-09 requires companies to disclose additional information about income taxes paid. ASU 2023-09 is effective
for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively.
The Company is evaluating the disclosure impact of ASU 2023-09; however, the standard will not have an impact on the Company’s consolidated
financial statements.
Management does not believe that any other recently issued, but not
yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.
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v3.24.2.u1
LIQUIDITY
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
LIQUIDITY |
NOTE 2 – LIQUIDITY
Under Accounting Codification ASC 205, Presentation
of Financial Statements—Going Concern (Subtopic 205-40) (“ASC 205-40”), the Company has the responsibility to evaluate
whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due
within one year after the date that the financial statements are issued. As required by ASC 205-40, this evaluation shall initially not
take into consideration the potential mitigating effects of plans that have not been fully implemented as of the date the financial statements
are issued. Management has assessed the Company’s ability to continue as a going concern in accordance with the requirement of ASC
205-40.
As reflected in the accompanying consolidated financial
statements, the Company had a net loss of $5,956,480 for the six months ended June 30, 2024. During the same period, cash used in operating
activities was $3,940,984. The working capital deficit and accumulated deficit as of June 30, 2024, were $2,380,098 and $69,560,032, respectively.
In previous financial reports, the Company had raised substantial doubt about continuing as a going concern. This was principally due
to a lack of working capital prior to underwritten offerings and private placements which were completed during 2022, 2023, and now the
first and second quarters of 2024 as well.
As previously noted, the Company was
successful during 2023 in raising gross proceeds of over $11,500,000 from the sale of Series E and F Preferred Stock. Additionally,
in the first and second quarters of 2024, the Company raised gross proceeds of $2,995,000 from the issuance of a combination of
Series D and E Preferred Stock (See Note 6). As part of its strategy, the Company will endeavor to utilize the Preferred Series E
and the remainder of the Series D as additional funding mechanisms. Additionally, during the second quarter of 2024 the Company
entered into an ATM Sales Agreement (the “Sales Agreement”) with Ascendiant Capital Markets, LLC (the “Sales
Agent” or “ACM”) relating to the sale of our common stock, par value $0.001
per share, pursuant to the prospectus dated May 17, 2024. In accordance with the terms of the Sales Agreement, we may offer and sell
shares of our common stock bearing an aggregate offering price of up to $7,500,000
from time to time through or to ACM, acting as an agent or principal. On July 22, 2024, the Company, through its wholly owned
subsidiary Duos Edge AI, Inc., entered into secured promissory notes totaling $2.2
million in funding with two institutional investors. These notes mature on December
31, 2025, and bear an interest rate of 10%
per annum, with all principal and accrued interest due at maturity. The proceeds are designated exclusively for the equipment and
services required for the installation of the Company's previously announced edge data centers. In the long run, the continuation of
the Company as a going concern is dependent upon the ability of the Company to continue executing its business plan, generate enough
revenue, and attain consistently profitable operations. Although the lingering effects of the global pandemic related to the
coronavirus (Covid-19) previously affected our operations, particularly in our supply chain, we now believe that the supply chain
lags have largely been abated.
In the long run, the continuation of the Company as
a going concern is dependent upon the ability of the Company to continue executing its business plan and growing the Company sufficiently
to generate enough revenue to attain consistently profitable operations. The Company cannot currently quantify the uncertainty related
to previous supply chain delays or the persistence of inflation and their effects on our customers in the coming quarters. We have analyzed
our cash flow under “stress test” conditions and have determined that we have sufficient liquid assets on hand, forthcoming
with ongoing business or available via the capital markets to maintain operations for at least twelve months from the date of this report.
In addition, management has been taking and continues
to take actions including, but not limited to, elimination of certain costs that do not contribute to short term revenue, and re-aligning
both management and staffing with a focus on improving certain skill sets necessary to build growth and profitability and focusing product
strategy on opportunities that are likely to bear results in the relatively short term. The Company believes that, as described above,
it will have sufficient sources of working capital to meet its obligations over the following twelve months. In the last twelve months
the Company has experienced relatively steady contracted backlog as well as seen positive signs from new commercial engagements that indicate
improvements in future commercial opportunities for both one-time capital and recurring services revenues.
Management believes that, at this time, the conditions
in our market space with ongoing contract delays, the consequent need to procure certain materials in advance of a binding contract and
the additional time needed to execute on new contracts previously reported have put a strain on our cash reserves. However, proactive
management of our existing contracts, recent stock offerings and private placements as well as the availability to raise capital via the
Sales Agreement indicate there is no substantial doubt that the Company can continue as a going concern for a period of twelve months
from the issuance date of this report. We continue executing the plan to grow our business and achieve profitability. The Company may
selectively look at opportunities for fund raising in the future. Management has extensively evaluated our requirements for the next twelve
months and has determined that the Company currently has sufficient cash and access to capital to operate for at least that period.
While no assurance can be provided, management believes
that these actions provide the opportunity for the Company to continue as a going concern and to grow its business and achieve profitability
with access to additional capital funding. Ultimately the continuation of the Company as a going concern is dependent upon the ability
of the Company to continue executing the plan described above which was put in place in late 2022, continued in 2023, and will continue
in 2024 and beyond. These consolidated financial statements do not include any adjustments related to the recoverability and classification
of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going
concern.
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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v3.24.2.u1
INTANGIBLE ASSET
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSET |
NOTE 3 – INTANGIBLE ASSET
In May 2024, the Company recorded an intangible
asset with a fair value of $11,161,428. This asset represents non-monetary consideration received under a 5-year customer contract, in
which the Company will provide maintenance services to the customer. The intangible asset represents Digital Image data rights in the form
of a license agreement received by the Company from the customer.
The fair value of the asset was determined
on the contract inception date based on the standalone selling price of the service and goods to be provided to the customer under the
5-year contract since the Company could not reasonably estimate the fair value of the data rights received. The non-monetary transaction
was accounted for in accordance with Accounting Standards Codification (ASC) 606-10-32-21 through ASC 606-10-32-24.
On the contract inception date, the
Company also recorded an immediate amortization of the intangible asset of $199,008
related to the pre-contract costs incurred relating to a pilot program for this contract and recorded deferred revenue of $11,161,428
as contract liabilities with a current and non-current component, and then immediately recognized $199,008 of this deferred revenue
relating to the completed pilot program. The remaining deferred revenue will be recognized over the 5-year
term.
In accordance with ASC 350-30-35-1, the amortization
for the intangible asset is based on its useful life and the useful life of an intangible asset is the period over which it is expected
to contribute directly or indirectly to the future cash flows of that entity. Accordingly, amortization of the intangible asset is recognized
over the life of the contract of five years.
In accordance with ASC 350-30-35-14, an intangible
asset that is subject to amortization shall be reviewed for impairment if the carrying amount of the asset is not recoverable and exceeds
its fair value. There is no indication of impairment at June 30, 2024.
Intangible asset at June 30, 2024 and December
31, 2023 consists of:
Schedule of intangible asset | |
| | |
| |
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Intangible Asset, gross | |
$ | 11,161,428 | | |
$ | — | |
Accumulated Amortization | |
| (473,069 | ) | |
| — | |
Intangible Asset, net | |
$ | 10,688,359 | | |
$ | — | |
Amortization of the intangible asset during
the six months ended June 30, 2024 and June 30 2023, was $473,069
and zero 0 respectively.
The future amortization of the intangible asset
is as follows:
Schedule of future amortization of intangible assets |
|
|
|
|
Calendar Year |
|
|
Amount |
|
|
2024 |
|
|
$ |
1,096,241 |
|
|
2025 |
|
|
|
2,192,484 |
|
|
2026 |
|
|
|
2,192,484 |
|
|
2027 |
|
|
|
2,192,484 |
|
|
2028 |
|
|
|
2,192,484 |
|
|
2029 |
|
|
|
822,182 |
|
|
Total Intangible Asset Amortization |
|
|
$ |
10,688,359 |
|
|
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- DefinitionThe entire disclosure for all or part of the information related to intangible assets.
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v3.24.2.u1
DEBT
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
DEBT |
NOTE 4 – DEBT
Notes Payable - Financing Agreements
The Company’s notes payable relating to financing
agreements classified as current liabilities consist of the following as of June 30, 2024 and December 31, 2023:
Schedule of notes payable related to financing agreements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
Notes Payable |
|
Principal |
|
|
Interest |
|
|
Principal |
|
|
Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Party - Insurance Note 1 |
|
$ |
124,311 |
|
|
|
8.25 |
% |
|
$ |
39,968 |
|
|
|
8.00 |
% |
Third Party - Insurance Note 2 |
|
|
16,316 |
|
|
|
— |
|
|
|
2,008 |
|
|
|
— |
|
Third Party - Insurance Note 3 |
|
|
100,825 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
241,452 |
|
|
|
— |
|
|
$ |
41,976 |
|
|
|
— |
|
The Company entered into an agreement on April
15, 2023 with its insurance provider by issuing a note payable (Insurance Note 1) for the purchase of an insurance policy in the
amount of $142,734, secured by that policy with an annual interest rate of 8.00% and payable in 11 monthly installments of principal
and interest totaling $13,501. The Company renewed its agreement on April 15, 2024 with its insurance provider by issuing a note
payable (Insurance Note 1) for the purchase of an insurance policy in the amount of $154,338,
secured by that policy with an annual interest rate of 8.25%
and payable in 10 monthly installments of principal and interest totaling $16,023.
At June 30, 2024 and December 31, 2023, the balance of Insurance Note 1 was $124,311
and $39,968,
respectively.
The Company renewed it’s agreement on February 3, 2023 with
its insurance provider by issuing a note payable (Insurance Note 2) for the purchase of an insurance policy in the amount of $24,140,
and payable in 12 monthly installments of $2,012. The Company renewed it’s agreement on February
3, 2024 with its insurance provider by issuing a note payable (Insurance Note 2) for the purchase of an insurance policy in the amount
of $24,480, and payable in 12 monthly installments of $2,040. At June 30, 2024 and December 31, 2023, the balance of Insurance Note 2
was $16,316 and $2,008, respectively.
The Company entered into an agreement on February
3, 2024 with its insurance provider by issuing a note payable (Insurance Note 3) for the purchase of an insurance policy in the amount
of $245,798 with a down payment paid in the amount of $84,473 in the first quarter of 2024 and ten monthly installments of $20,166. At
June 30, 2024 and December 31, 2023, the balance of Insurance Note 3 was $100,825 and $0, respectively.
|
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE 5 – COMMITMENTS AND CONTINGENCIES
Operating Lease Obligations
On
July 26, 2021, the Company entered a new operating lease agreement for office and warehouse combination space of 40,000 square feet,
with the lease commencing on November 1, 2021 and ending April 30, 2032. This new space combines the Company’s two separate
work locations into one facility, which allows for greater collaboration and also accommodates a larger anticipated workforce and
manufacturing facility. On November 24, 2021, the lease was amended to commence on December 1, 2021 and end on May 31, 2032. The
Company recognized a ROU asset and operating lease liability in the amount of $4,980,104 at
lease commencement. Rent for the first eleven months of the term was calculated based on 30,000 rentable square feet. The rent is
subject to an annual escalation of 2.5%, beginning November 1, 2023. The Company made a security deposit payment in the amount of
$600,000 on July 26, 2021. Per the contract, in the 18th month and every 12th month thereafter, the security deposit was reduced by $50,000. The right of use asset
balance at June 30, 2024, net of accumulated amortization, was $4,204,593.
As of June 30, 2024, the office and warehouse lease
is the Company’s only lease with a term greater than twelve months. The office and warehouse lease has a remaining term of approximately
7.9 years and includes an option to extend for two renewal terms of five years each. The renewal options are not reasonably certain to
be exercised, and therefore, they are not included when determining the lease term used to establish the right-of use asset and lease
liability. The Company also has several short-term leases, primarily related to equipment. The Company made an accounting policy election
to not recognize short-term leases with terms of twelve months or less on the consolidated balance sheet and instead recognize the lease
payments in expense as incurred. The Company has also elected to account for real estate leases that contain both lease and non-lease
components (such as common area maintenance) as a single lease component.
The following table shows supplemental information
related to leases:
Schedule of supplemental information
related to leases | |
| | |
| |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Lease cost: | |
| | | |
| | |
Operating lease cost | |
$ | 390,819 | | |
$ | 390,819 | |
Short-term lease cost | |
$ | 10,916 | | |
$ | 46,717 | |
| |
| | | |
| | |
Other information: | |
| | | |
| | |
Operating cash outflow used for operating leases | |
$ | 388,734 | | |
$ | 316,040 | |
Weighted average discount rate | |
| 9.0 | % | |
| 9.0 | % |
Weighted average remaining lease term | |
| 8.0 years | | |
| 9.0 years | |
As of June 30, 2024, future minimum lease payments
due under our operating leases are as follows:
Schedule of future minimum lease payments
due under the operating lease | |
| |
| |
Amount | |
Calendar year: | |
| | |
2024 | |
$ | 390,353 | |
2025 | |
| 798,556 | |
2026 | |
| 818,518 | |
2027 | |
| 838,984 | |
2028 | |
| 859,856 | |
Thereafter | |
| 3,183,571 | |
Total undiscounted future minimum lease payments | |
| 6,889,838 | |
Less: Impact of discounting | |
| (2,048,510 | ) |
Total present value of operating lease obligations | |
| 4,841,328 | |
Current portion, operating lease obligation | |
| (788,801 | ) |
Operating lease obligations, less current portion | |
$ | 4,052,527 | |
|
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v3.24.2.u1
STOCKHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE 6 – STOCKHOLDERS’ EQUITY
Series B Convertible Preferred Stock
The following summary of certain terms and provisions
of our Series B Convertible Preferred Stock (the “Series B Convertible Preferred Stock”) is subject to, and qualified in its
entirety by reference to, the terms and provisions set forth in our certificate of designation of preferences, rights and limitations
of Series B Convertible Preferred Stock (the “Series B Convertible Preferred Certificate of Designation”) as previously filed.
Subject to the limitations prescribed by our articles of incorporation, our board of directors is authorized to establish the number of
shares constituting each series of preferred stock and to fix the designations, powers, preferences, and rights of the shares of each
of those series and the qualifications, limitations and restrictions of each of those series, all without any further vote or action by
our stockholders. Our board of directors designated 15,000 of the 10,000,000 authorized shares of preferred stock as Series B Convertible
Preferred Stock with a stated value of $1,000 per share. The shares of Series B Convertible Preferred Stock were validly issued, fully
paid and non-assessable.
Each share of Series B Convertible
Preferred Stock was convertible at any time at the holder’s option into a number of shares of common stock equal to $1,000
divided by the conversion price of $7.00
per share. Notwithstanding the foregoing, we could not effect any conversion of Series B Convertible Preferred Stock, with certain
exceptions, to the extent that, after giving effect to an attempted conversion, the holder of shares of Series B Convertible
Preferred Stock (together with such holder’s affiliates, and any persons acting as a group together with such holder or any of
such holder’s affiliates) would beneficially own a number of shares of our common stock in excess of 4.99% (or, at the
election of the purchaser, 9.99%) of the shares of our common stock then outstanding after giving effect to such conversion. The
Series B Convertible Preferred Certificate of Designation does not prohibit the Company from waiving this limitation. Upon any
liquidation, dissolution or winding-up of Company, whether voluntary or involuntary, the holders shall be entitled to participate on
an as-converted-to-common stock basis (without giving effect to the Beneficial Ownership Limitation) with holders of the common
stock in any distribution of assets of the Company to the holders of the common stock. As of June 30, 2024 and December 31, 2023,
respectively, there are zero 0 and zero 0 shares of Series B Convertible Preferred Stock issued and outstanding.
Series C Convertible Preferred Stock
The Company’s Board of Directors designated
5,000 shares as the Series C Convertible Preferred Stock (the “Series C Convertible Preferred Stock”). Each share of the Series
C Convertible Preferred Stock had a stated value of $1,000. The holders of the Series C Convertible Preferred Stock, the holders of the
common stock and the holders of any other class or series of shares entitled to vote with the common stock shall vote together as one
class on all matters submitted to a vote of shareholders of the Company. Each share of Series C Convertible Preferred Stock has 172 votes
(subject to adjustment); provided that in no event may a holder of Series C Convertible Preferred Stock be entitled to vote a number of
shares in excess of such holder’s Beneficial Ownership Limitation (as defined in the Certificate of Designation and as described
below). Each share of Series C Convertible Preferred Stock was convertible, at any time and from time to time, at the option of the holder,
into that number of shares of common stock (subject to the Beneficial Ownership Limitation) determined by dividing the stated value of
such share ($1,000) by the conversion price, which is $5.50 (subject to adjustment). The Company shall not effect any conversion of the
Series C Convertible Preferred Stock, and a holder shall not have the right to convert any portion of the Series C Convertible Preferred
Stock, to the extent that after giving effect to the conversion sought by the holder such holder (together with such holder’s Attribution
Parties (as defined in the Certificate of Designation)) would beneficially own more than 4.99% (or upon election by a holder, 19.99%)
of the number of shares of common stock outstanding immediately after giving effect to the issuance of shares of common stock issuable
upon such conversion (the “Beneficial Ownership Limitation”). All holders of the Series C Preferred Stock elected the 19.99%
Beneficial Ownership Limitation.
On February 26, 2021, the Company entered into a
Securities Purchase Agreement (the “Purchase Agreement”) with certain existing investors in the Company (the
“Purchasers”). Pursuant to the Purchase Agreement, the Purchasers purchased 4,500 shares of a newly authorized Series C
Convertible Preferred Stock, and the Company received proceeds of $4,500,000.
The Purchase Agreement contains customary representations, warranties, agreements and indemnification rights and obligations of the
parties. In January 2022, the 2,500 outstanding shares of Series C Convertible Preferred Stock were converted into 454,546 shares of
common stock. As of June 30, 2024 and December 31, 2023, respectively, there were zero 0 and zero 0 shares of Series C Convertible
Preferred Stock issued and outstanding.
In connection with the Purchase Agreement, the Company
also entered into a Registration Rights Agreement with the Purchasers. Pursuant to the Registration Rights Agreement, the Company filed
with the SEC a registration statement covering the resale by the Purchasers of the shares of common stock into which the shares of Series
C Convertible Preferred Stock were convertible. The Registration Rights Agreement contains customary representations, warranties, agreements
and indemnification rights and obligations of the parties.
Series D Convertible
Preferred Stock
On September 28, 2022, the Company amended its
articles of incorporation to designate 4,000
shares as the Series D Convertible Preferred Stock (the “Series D Convertible Preferred Stock”). Each share of the
Series D Convertible Preferred Stock has a stated value of $1,000.
The holders of the Series D Convertible Preferred Stock, the holders of the common stock and the holders of any other class or
series of shares entitled to vote with the common stock shall vote together as one class on all matters submitted to a vote of
shareholders of the Company. Each
share of Series D Convertible Preferred Stock has 333 votes (subject to standard anti-dilution adjustment); provided that in
no event may a holder of Series D Convertible Preferred Stock be entitled to vote a number of shares in excess of such
holder’s Beneficial Ownership Limitation (as defined in the Certificate of Designation and as described below). Each share of
Series D Convertible Preferred Stock is convertible, at any time and from time to time, at the option of the holder, into that
number of shares of common stock (subject to the Beneficial Ownership Limitation) determined by dividing the stated value of such
share ($1,000) by the conversion price, which is $3.00
(subject to adjustment). The Company shall not effect any conversion of the Series D Convertible Preferred Stock, and a holder shall
not have the right to convert any portion of the Series D Convertible Preferred Stock, to the extent that after giving effect to the
conversion sought by the holder such holder (together with such holder’s Attribution Parties (as defined in the Certificate of
Designation)) would beneficially own more than 4.99% (or upon election by a holder, 19.99%) of the number of shares of common stock
outstanding immediately after giving effect to the issuance of shares of common stock issuable upon such conversion (the
“Beneficial Ownership Limitation”). All but one of the holders of the Series D Preferred Stock elected the 19.99%
Beneficial Ownership Limitation. The Company shall reserve and keep available out of its authorized and unissued Common Stock,
solely for the issuance upon the conversion of the Series D Convertible Preferred Stock, such a number of shares of Common Stock as
shall from time to time be issuable upon the conversion of all of the shares of the Series D Convertible Preferred Stock then
outstanding. Additionally, the Series D Convertible Preferred Stock does not have the right to dividends and in the event of an
involuntary liquidation, the Series D shares shall be treated as a pro rata equivalent of common stock outstanding at the date of
the liquidation event and have no liquidation preference.
On September 30, 2022, the Company entered into a
Securities Purchase Agreement (the “Purchase Agreement”) with certain existing investors in the Company (the “Purchasers”).
Pursuant to the Purchase Agreement, the Purchasers purchased 999 shares of the newly authorized Series D Convertible Preferred Stock,
and the Company received proceeds of $999,000. The Purchase Agreement contains customary representations, warranties, agreements and
indemnification rights and obligations of the parties. On October 29, 2022, the Company entered into a Securities Purchase Agreement
(the “Purchase Agreement”) with a certain existing investor in the Company (the “Purchaser”). Pursuant to the
Purchase Agreement, the Purchaser purchased 300 shares of the newly authorized Series D Convertible Preferred Stock, and the Company
received proceeds of $300,000. The Purchase Agreement contains customary representations, warranties, agreements and indemnification
rights and obligations of the parties.
On May 16, 2023, the Series D Convertible Preferred
Stock was approved for conversion to common shares during the Company’s annual shareholder meeting.
On March 22, 2024 and March 28, 2024, the Company
entered into Securities Purchase Agreements (the “Purchase Agreements”) with certain existing and other accredited investors
(the “2024 Purchaser”). Pursuant to the Purchase Agreements, the 2024 Purchasers purchased an aggregate of 620 shares of Series
D Preferred Stock, at a price of $1,000 per share, and the Company received proceeds of $620,000.
On April 3, 2024, the Company entered into a Securities
Purchase Agreement (the “Purchase Agreement”) with an accredited investor (the “2024 Purchaser”). Pursuant to
the Purchase Agreement, the 2024 Purchasers purchased an aggregate of 250 shares of Series D Preferred Stock, at a price of $1,000 per
share, and the Company received proceeds of $250,000.
In April and May of 2024, 650
outstanding shares of Series D Convertible Preferred Stock were converted into 216,668
shares of common stock. As of June 30, 2024 and December 31, 2023, respectively, there were 1,519
and 1,299
shares of Series D Convertible Preferred Stock issued and outstanding.
In connection with such Purchase Agreements, the Company
entered into Registration Rights Agreements and filed registration statements with the SEC covering the resale by the Purchasers of the
shares of common stock into which the shares of Series D Convertible Preferred Stock are convertible. The Registration Rights Agreements
contain customary representations, warranties, agreements and indemnification rights and obligations of the parties.
The Registration Rights Agreements contain provisions
for liquidated damages equal to 1% multiplied by the aggregate subscription amount paid, paid each month, in the event certain deadlines
are missed.
Series E Convertible Preferred Stock
The
Company’s Board of Directors has designated 30,000 shares as the Series E Convertible Preferred Stock (the “Series E Convertible
Preferred Stock”). Each share of the Series E Convertible
Preferred Stock has a stated value of $1,000. The holders of the Series E Convertible Preferred Stock, the holders of the common stock
and the holders of any other class or series of shares entitled to vote with the common stock shall vote as one class on all matters submitted
to a vote of shareholders of the Company. Each share of Series E Convertible Preferred Stock has 333 votes (subject to adjustment); provided
that in no event may a holder of Series E Convertible Preferred Stock be entitled to vote a number of shares in excess of such holder’s
Beneficial Ownership Limitation. Each share of Series E Convertible Preferred Stock is convertible, subject to shareholder approval (which
has not yet been granted); at any time and from time to time, at the option of the holder, into that number of shares of common stock
(subject to the Beneficial Ownership Limitation) determined by dividing the stated value of such share ($1,000) by the conversion price,
which is $3.00 (subject to adjustment). The Company shall not effect any conversion of the Series E Convertible Preferred Stock, and the
holder shall not have the right to convert any portion of the Series E Convertible Preferred Stock, to the extent that after giving effect
to the conversion sought by the holder such holder (together with such holder’s Attribution Parties (as defined in the Certificate
of Designation)) would beneficially own more than 4.99% (or upon election by a holder, 19.99%) of the number of shares of common stock
outstanding immediately after giving effect to the issuance of shares of common stock issuable upon such conversion (the “Beneficial
Ownership Limitation”). All but one of the holders of the Series E Preferred Stock elected the 19.99% Beneficial Ownership Limitation.
The Company on March 27, 2023 entered into a
Securities Purchase Agreement (the “Purchase Agreement”) with an existing investor in the Company (the “Purchaser”).
Pursuant to the Purchase Agreement, the Purchaser purchased 4,000 shares of a newly authorized Series E Convertible Preferred Stock at
a price of $1,000 per share, and the Company received proceeds of $4,000,000. The Purchase Agreement contains customary representations,
warranties, agreements and indemnification rights and obligations of the parties.
The existing investor’s Purchase Agreement
also provides that the Company will not, with certain exceptions, sell or issue common stock or Common Stock Equivalents (as defined in
the Purchase Agreement) on or prior to December 31, 2023 that entitles any person to acquire shares of common stock at an effective price
per share less than the then conversion price of the Series E Convertible Preferred Stock without the consent of the Purchaser.
On November 9, 2023, the Company entered into
a Securities Purchase Agreement (the “Purchase Agreement”) with an existing investor in the Company (the “Purchaser”).
Pursuant to the Purchase Agreement, the Purchaser purchased 2,500 shares of authorized Series E Convertible Preferred Stock, at a price
of $1,000 per share, and the Company received proceeds of $2,500,000.
The November Purchase Agreement also
provides that the Company will not, with certain exceptions, sell or issue common stock or Common Stock Equivalents (as defined in
the November Purchase Agreement) on or prior to June 30, 2024 that entitles any person to acquire shares of common stock at an
effective price per share less than the then conversion price of the Series E Convertible Preferred Stock without the consent of the
Purchasers. The conversion price of the Series E Convertible Preferred Stock currently is $3.00 per share (subject to adjustment).
If the company sells shares less than the then conversion price, then the series E conversion price will be amended to that lower
share price. As of June 30, 2024 there were no share sales at less than the $3.00 conversion price and this anti-dilution provision
expired.
The Purchasers under the November Purchase Agreement
also were the holders of the Company’s Series F Convertible Preferred Stock issued on August 1, 2023. The purchase agreement relating
to the shares of Series F Convertible Preferred Stock required the consent of the holders in the event the Company were to issue common
stock or rights to acquire common stock prior to December 31, 2023 at an effective price per share less than the then conversion price
of the Series F Convertible Preferred Stock, which was $6.20 per share. As a result, on November 10, 2023 the Company and the holders
of the Series F Convertible Preferred Stock entered into Exchange Agreements pursuant to which the holders of Series F Convertible Preferred
Stock exchanged their 5,000 shares of Series F Convertible Preferred Stock for an equal number of shares of Series E Convertible Preferred
Stock. As a result of the November Purchase Agreement and the Exchange Agreements, the Company issued a total of 7,500 shares of Series
E Convertible Preferred Stock and the 5,000 shares of Series F Convertible Preferred Stock were cancelled.
On March 22, 2024 and March 28, 2024, the Company
entered into Securities Purchase Agreements (the “Purchase Agreements”) with certain existing and other accredited investors
(the “2024 Purchasers”). Pursuant to the Purchase Agreements, the 2024 Purchasers purchased an aggregate of 2,125 shares of
Series E Convertible Preferred Stock, at a price in each case of $1,000 per share, and the Company received proceeds of $2,125,002.
As of June 30, 2024 and December 31,
2023, respectively, there were 13,625
and 11,500
shares of Series E Convertible Preferred Stock issued and outstanding.
In connection with such Purchase Agreements, the Company
also entered into Registration Rights Agreements with the Purchasers. Pursuant to the Registration Rights Agreements, the Company filed
with the SEC registration statements covering the resale by the Purchasers of the shares of common stock into which the shares of Series
E Convertible Preferred Stock are convertible. The Registration Rights Agreements contain customary representations, warranties, agreements
and indemnification rights and obligations of the parties.
The Registration Rights Agreements contain provisions
for liquidated damages equal to 1% multiplied by the aggregate subscription amount paid, paid each month, in the event certain deadlines
are missed.
Series F Convertible Preferred Stock
On August 2, 2023, the Company entered into a Securities
Purchase Agreement (the “Purchase Agreement”) with an existing, accredited investor in the Company (the “Purchaser”).
Pursuant to the Purchase Agreement, the Purchaser purchased 5,000 shares of a newly authorized Series F Convertible Preferred Stock (the
“Series F Convertible Preferred Stock”), and the Company received proceeds of $5,000,000. The Purchase Agreement contains
customary representations, warranties, agreements and indemnification rights and obligations of the parties.
The Company's Board of Directors designated 5,000
shares as the Series F Preferred Stock. Each share of Series F Preferred Stock is convertible, at any time and from time to time, at the
option of the holder, into that number of shares of common stock (subject to the beneficial ownership limitation described below) determined
by dividing the stated value of such share ($1,000) by the conversion price, which is $6.20 (subject to adjustment) which equates to 161
common shares for each converted Series F preferred share. The Company, however, shall not effect any conversion of the Series F Preferred
Stock, and the holder shall not have the right to convert any portion of the Series F Preferred Stock, to the extent that after giving
effect to the conversion sought by the holder such holder (together with such holder’s Attribution Parties (as defined in the Certificate
of Designation)) would beneficially own more than 4.99% (or upon election by a holder, 19.99%) of the number of shares of common stock
outstanding immediately after giving effect to the issuance of shares of common stock issuable upon such conversion. The purchasers of
the Series F Preferred Stock elected that their ownership limitation would be 19.99%.
The holders of the Series F Preferred Stock, the holders
of the common stock and the holders of any other class or series of shares entitled to vote with the common stock shall vote together
as one class on all matters submitted to a vote of shareholders of the Company. Each share of Series F Preferred Stock had 161 votes (subject
to adjustment); provided that in no event may a holder of Series F Preferred Stock be entitled to vote a number of shares in excess of
such holder’s ownership limitation.
The Company also agreed that it would not, with certain
exceptions, sell or issue common stock or Common Stock Equivalents (as defined in the Purchase Agreement relating to the Series F Preferred
Stock) on or prior to December 31, 2023 that entitled any person to acquire shares of common stock at an effective price per share less
than the then conversion price of the Series F Preferred Stock without the consent of the holders. As a result of that agreement, upon
the issuance of 2,500 shares of Series E Preferred Stock (which have a conversion price of $3.00 per share) on November 10, 2023, the
holders exchanged their 5,000 shares of Series F Preferred Stock for 5,000 shares of Series E Preferred Stock. All of the shares of Series
F Preferred Stock thereupon were cancelled with 0 shares now outstanding.
As of June 30, 2024 and December 31, 2023, respectively,
there were zero 0 and zero 0 shares of Series F Convertible Preferred Stock issued and outstanding.
Common stock issued
Six Months Ended June 30, 2024
During the three months ended March 31, 2024, the
Company issued 8,655 shares of common stock for payment of board fees to four directors in the amount of $37,500 for services to the board
which was expensed during the three months ended March 31, 2024. The volume-weighted average price (VWAP) per share is $4.33.
On April 23, 2024, two shareholders converted 147
and 78 for a total of 225 shares of Series D Convertible Preferred Stock collectively with a stated value of $225,000 with a conversion
price of $3.00 per common share resulting in the issuance of 49,000 and 26,000 shares of the Company’s common stock.
On April 30, 2024, two shareholders converted 100
and 250 for a total of 350 shares of Series D Convertible Preferred Stock collectively with a stated value of $350,000 entities with a
conversion price of $3.00 per common share resulting in the issuance of 33,334 and 83,334 shares of the Company’s common stock.
On May 7, 2024, a shareholder converted 75 shares
of Series D Convertible Preferred Stock with a stated value of $75,000 with a conversion price of $3.00 per common share resulting in
the issuance of 25,000 shares of the Company’s common stock.
On May 17, 2024, the Company entered into an
At-the-Market Issuance Sales Agreement (the “Sales Agreement”) with Ascendiant Capital Markets, LLC, as sales agent (the “Agent”)
providing for the sale by the Company of shares of our common stock, par value $0.001 per share, having an aggregate offering price of
up to $7,500,000 from time to time through the Agent in connection with an “at-the-market” equity offering program (the
“ATM Offering”) as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). On May 17,
2024, the Company filed a prospectus supplement with the Securities and Exchange Commission (“SEC”) relating to the offer
and sale of up to $7,500,000 of common stock in the ATM Offering.
On June 12, 2024, the Company issued 11,239 shares
of common stock at a price of $3.05 per share through its At-The-Market (ATM) offering program, generating total net proceeds of approximately
$33,261.
On June 13, 2024, the Company issued 9,747 shares
of common stock at a price of $3.15 per share through its At-The-Market (ATM) offering program, generating total net proceeds of approximately
$29,626.
On June 17, 2024, the Company issued 400 shares of
common stock at a price of $3.02 per share through its At-The-Market (ATM) offering program, generating total net proceeds of approximately
$1,165.
On June 18, 2024, the Company issued 1,534 shares
of common stock at a price of $3.03 per share through its At-The-Market (ATM) offering program, generating total net proceeds of approximately
$4,507.
On June 25, 2024, the Company issued 15,610 shares
of common stock at a price of $3.15 per share through its At-The-Market (ATM) offering program, generating total net proceeds of approximately
$47,004.
In summary during the three months ended
June 30, 2024, the Company issued an aggregate of 38,530
shares of common stock through its At-The-Market (ATM) offering program, generating total net proceeds of approximately $115,563.
During the three months ended June 30, 2024, the Company
issued 15,041 shares of common stock for payment of board fees to four directors in the amount of $42,500 for services to the board which
was expensed during the three months ended June 30, 2024. The volume-weighted average price (VWAP) per share used to value the services
is $2.83.
On June 30, 2024, the Company issued 38,041 shares
of common stock to employees participating in the Company’s Employee Stock Purchase Plan at the end of a six-month offering period.
The employee contributions totaled $87,348 for the six months ended June 30, 2024 which represented a purchase price of approximately
$2.30 per share. The purchase price for one share of Common Stock under the ESPP is equal to 85% of the fair market value of one share
of Common Stock on the first trading day of the offering period or the purchase date, whichever is lower (see below).
The Company also recognized compensation expense of
$40,589 for the six months ended June 30, 2024.
Six Months Ended June 30, 2023
During the three months ended March 31, 2023, the
Company issued 12,463 shares of common stock for payment of board fees to three directors in the amount of $32,500 for services to the
board which was expensed during the three months ended March 31, 2023. The volume-weighted average price (VWAP) per share is $2.61.
During the three months ended June 30, 2023, the Company
issued 5,645 shares of common stock for payment of board fees to three directors in the amount of $32,500 for services to the board which
was expensed during the three months ended June 30, 2023. The volume-weighted average price (VWAP) per share is $5.76.
On June 30, 2023, the Company issued 65,561 shares
of common stock to employees participating in the Company’s Employee Stock Purchase Plan at the end of a six-month offering period.
The employee contributions totaled $117,048 for the six months ended June 30, 2023 and represented a purchase price of $1.79 per share.
The purchase price for one share of Common Stock under the ESPP is equal to 85% of the fair market value of one share of Common Stock
on the first trading day of the offering period or the purchase date, whichever is lower (see below).
Employee Stock Purchase Plan
In the fourth quarter of 2022, the board of directors
adopted an Employee Stock Purchase Plan (“ESPP”) which was effective as of January 1, 2023 with a term of 10 years. The ESPP
allows eligible employees to purchase shares of the Company's common stock at a discounted price, through payroll deductions from a minimum
of 1% and up to 25% of their eligible compensation up to a maximum of $25,000 or the IRS allowable limit per calendar year. The Company’s
Chief Financial Officer administers the ESPP in conjunction with approvals from the Company’s Compensation Committee, including
with respect to the frequency and duration of offering periods, the maximum number of shares that an eligible employee may purchase during
an offering period, and, subject to certain limitations set forth in the ESPP, the per-share purchase price. Currently, the maximum number
of shares that can be purchased by an eligible employee under the ESPP is 10,000 shares per offering period and there are two six-month
offering periods that begin in the first and third quarters of each fiscal year. The purchase price for one share of Common Stock under
the ESPP is currently equal to 85% of the fair market value of one share of Common Stock on the first trading day of the offering period
or the purchase date, whichever is lower (look-back feature). Although not required by the ESPP, all payroll deductions received or held
by the Company under the ESPP are segregated until the completion of the offering period and redemption of the applicable shares and those
withheld amounts are recorded as liabilities. The maximum aggregate number of shares of the Common Stock that may be issued under the
ESPP is 1,000,000 shares.
Under ASC 718-50 “Employee Share Purchase Plans”
the plan is considered a compensatory plan and the compensation for each six-month offering period is computed based upon the grant date
(that is the first date of each offering period) fair value of the estimated shares to be purchased based on the estimated payroll deduction
withholdings. Each grant date fair value is computed as the sum of (a) 15% purchase discount off of the grant date quoted trading price
of the Company’s common stock and (b) the fair value of the look-back feature of the Company’s common stock on the grant date
which consists of a call option on 85% of a share of common stock and a put option on 15% of a share of common stock.
The Company computed the fair value of the look-back
feature call and put options for January 1, 2024 to June 30, 2024 using a Black Scholes option pricing model using the following assumptions:
Schedule of black scholes option pricing model using assumptions | |
| |
| |
At June 30, 2024 | |
Grant date share price at January 1, 2024 | |
$ | 2.70 | |
Grant date exercise price | |
$ | 2.30 | |
Expected term | |
| 0.5 years | |
Expected volatility | |
| 67.3 | % |
Risk-free rate | |
| 5.26 | % |
Expected dividend rate | |
| 0 | % |
During the offer period, the Company records stock-based
compensation pro rata as an expense and a credit to additional paid-in capital. The Company issued 38,041 and 65,561 common shares on
the option exercise date of June 30, 2024 and June 30, 2023 as follows:
Schedule of stock-based compensation | |
| |
| |
At June 30, 2024 | |
Cash from employee withholdings used to purchase ESPP shares | |
$ | 87,348 | |
Stock based compensation expense | |
| 40,589 | |
Total charges related to the Employee Stock Purchase Plan | |
$ | 127,937 | |
| |
| |
| |
At
June
30, 2023 | |
Cash from employee withholdings used to purchase ESPP shares | |
$ | 117,048 | |
Stock based compensation expense | |
| 66,217 | |
Total charges related to the Employee Stock Purchase Plan | |
$ | 183,265 | |
Stock-Based Compensation
Stock-based compensation expense recognized under
ASC 718-10 for the six months ended June 30, 2024 and 2023, was $201,109 and $236,527, respectively, for stock options granted to employees.
This expense is included in general and administrative expenses in the unaudited consolidated statements of operations. Stock-based
compensation expense recognized during the periods is based on the grant-date fair value of the portion of share-based payment awards
that are ultimately expected to vest during the period. At June 30, 2024, the total compensation cost for stock options not yet recognized
was $315,069. This cost will be recognized over the remaining vesting term of the options ranging from six months to two and one-half
years.
On May 12, 2021, the Board adopted, with shareholder
approval, the 2021 Equity Incentive Plan (the “2021 Plan”) providing for the issuance of up to 1,000,000 shares of our common
stock. The purpose of the 2021 Plan is to assist the Company in attracting and retaining key employees, directors and consultants and
to provide incentives to such individuals to align their interests with those of our shareholders. During the third quarter of 2021, the
shareholders approved the issuance of up to one million shares or share equivalents pursuant to the 2021 Plan. The Company filed an S-8
registration statement in concert with the 2021 Plan which was deemed effective on August 5, 2021. The plan covers a period of ten years.
As of June 30, 2024, and December 31, 2023, options
to purchase a total of 1,340,903 (net of forfeitures) shares of common stock and 1,387,775 shares of common stock were outstanding, respectively.
At June 30, 2024, 850,629 options were exercisable. Of the total options issued, 269,658 and 269,658 options were outstanding under the
2016 Equity Incentive Plan, 741,245 and 788,117 were outstanding under the 2021 Plan and a further 330,000 and 330,000 non-plan options
to purchase common stock were outstanding as of June 30, 2024 and December 31, 2023, respectively. The non-plan options were granted to
four executives as hiring incentives, including the Company’s CEO in the fourth quarter of 2020.
Schedule of non-plan options | |
| | |
| | |
| | |
| |
| |
| | |
Weighted | | |
Average | | |
| |
| |
| | |
Average | | |
Remaining | | |
Aggregate | |
| |
Number of | | |
Exercise | | |
Contractual | | |
Intrinsic | |
| |
Options | | |
Price | | |
Term (Years) | | |
Value | |
Outstanding at December 31, 2022 | |
| 926,266 | | |
$ | 5.74 | | |
| 3.3 | | |
$ | — | |
Granted | |
| 463,117 | | |
$ | 4.22 | | |
| 4.35 | | |
$ | — | |
Forfeited | |
| (1,608 | ) | |
$ | 14.00 | | |
| — | | |
$ | — | |
Outstanding at December 31, 2023 | |
| 1,387,775 | | |
$ | 5.23 | | |
| 3.0 | | |
$ | — | |
Exercisable at December 31, 2023 | |
| 581,324 | | |
$ | 5.38 | | |
| 1.8 | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding at December 31, 2023 | |
| 1,387,775 | | |
$ | 5.23 | | |
| 3.0 | | |
$ | — | |
Granted | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
Exercised/Forfeited/Expired | |
| (46,872 | ) | |
$ | 5.47 | | |
| — | | |
$ | — | |
Outstanding at June 30, 2024 | |
| 1,340,903 | | |
$ | 5.22 | | |
| 2.5 | | |
$ | — | |
Exercisable at June 30, 2024 | |
| 850,629 | | |
$ | 5.43 | | |
| 1.8 | | |
$ | — | |
Warrants
Schedule of warrants | |
| | |
| | |
| | |
| |
| |
| | |
| | |
Weighted | | |
| |
| |
| | |
Weighted | | |
Average | | |
| |
| |
| | |
Average | | |
Remaining | | |
Aggregate | |
| |
Number of | | |
Exercise | | |
Contractual | | |
Intrinsic | |
| |
Warrants | | |
Price | | |
Term (Years) | | |
Value | |
Outstanding at December 31, 2022 | |
| 147,591 | | |
$ | 8.63 | | |
| 0.8 | | |
$ | — | |
Warrants expired, forfeited, cancelled or exercised | |
| (102,947 | ) | |
$ | — | | |
| — | | |
$ | — | |
Warrants issued | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
Outstanding at December 31, 2023 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.7 | | |
$ | — | |
Exercisable at December 31, 2023 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.7 | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding at December 31, 2023 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.7 | | |
$ | — | |
Warrants expired, forfeited, cancelled or exercised | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
Warrants issued | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
Outstanding at June 30, 2024 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.2 | | |
$ | — | |
Exercisable at June 30, 2024 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.2 | | |
$ | — | |
|
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- DefinitionThe entire disclosure for equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14
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v3.24.2.u1
REVENUE AND CONTRACT ACCOUNTING
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
REVENUE AND CONTRACT ACCOUNTING |
NOTE 7 - REVENUE AND CONTRACT
ACCOUNTING
Revenue Recognition and Contract Accounting
The Company generates revenue from four sources: (1)
Technology Systems; (2) AI Technology which is included in the consolidated statements of operations line-item Technology Systems; (3)
Technical Support; and (4) Consulting Services which is included in the consolidated statements of operations line-item Services and Consulting.
Contract assets and contract liabilities on uncompleted
contracts for revenues recognized over time are as follows:
Contract Assets
Contract assets on uncompleted contracts represent
cumulative revenues recognized in excess of billings and/or cash received on uncompleted contracts accounted for under the cost-to-cost
input method, which recognizes revenue based on the ratio of cost incurred to total estimated costs.
At June 30, 2024 and December 31, 2023, contract assets
on uncompleted contracts consisted of the following:
Schedule of contracts assets on uncompleted contracts | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Cumulative revenues recognized | |
$ | 9,317,704 | | |
$ | 8,820,256 | |
Less: Billings or cash received | |
| (8,178,309 | ) | |
| (8,178,309 | ) |
Contract assets | |
$ | 1,139,395 | | |
$ | 641,947 | |
Contract Liabilities
Contract liabilities on uncompleted contracts represent
billings and/or cash received that exceed cumulative revenues recognized on uncompleted contracts accounted for under the cost-to-cost
input method, which recognizes revenues based on the ratio of the cost incurred to total estimated costs.
Contract liabilities on services and consulting revenues
represent billings and/or cash received in excess of revenue recognized on service agreements that are not accounted for under the cost-to-cost
input method.
At June 30, 2024 and December 31, 2023, contract liabilities
on uncompleted contracts and contract liabilities on services and consulting consisted of the following:
Schedule of contract liabilities
on uncompleted contracts | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Billings and/or cash receipts on uncompleted contracts | |
$ | 1,264,658 | | |
$ | 1,264,658 | |
Less: Cumulative revenues recognized | |
| (237,382 | ) | |
| (199,976 | ) |
Contract liabilities, technology systems | |
| 1,027,276 | | |
| 1,064,682 | |
Contract liabilities, services and consulting | |
| 2,649,291 | | |
| 601,561 | |
Total contract liabilities, current | |
$ | 3,676,567 | | |
$ | 1,666,243 | |
Total
contract liabilities, services and consulting, non-current | |
$ | 8,495,876 | | |
$ | — | |
Contract liabilities at December 31, 2023 were $1,666,243;
of which $37,407 for technology systems and $442,610 in services and consulting have been recognized as of June 30, 2024.
The Company expects to recognize all current contract
liabilities within 12 months from the respective consolidated balance sheet date.
In May 2024, the Company recorded an initial
deferred revenue as a contract liability in the amount of $11,161,428 of which $199,008 related to a pilot program was immediately recognized
as revenue (See Note 3). This contract liability resulted from a five-year contract with a customer where the Company received non-monetary
consideration recorded as intangible assets (See Note 3). This transaction was accounted for under ASC 606-10-32-21 through ASC-606-10-32-24,
Non-Cash Consideration. The performance obligations, which include various support and maintenance services will be recognized as revenue
pro-rata over time during the five-year contract term. The current contract liabilities of $2,192,483 as of June 30, 2024 relate to the
portion of the contract value the Company expects to recognize pro-rata within the next twelve months. The non-current contract liabilities
of $8,495,876 as of June 30, 2024 represent the portion of the contract value that is expected to be recognized pro-rata beyond the next
twelve months. If the Digital Image License Agreement is terminated prior to the completion of the five-year term, then the customer will
pay for the maintenance and support services annually in cash.
As of June 30, 2024 the balance in contract
liabilities pertaining to the agreement is as follows:
Schedule of balance in contract liabilities | | |
| |
Calendar Year | | |
Amount | |
| 2024 | | |
$ | 1,096,241 | |
| 2025 | | |
| 2,192,484 | |
| 2026 | | |
| 2,192,484 | |
| 2027 | | |
| 2,192,484 | |
| 2028 | | |
| 2,192,484 | |
| 2029 | | |
| 822,182 | |
| Total
CN agreement Contract Liabilities | | |
$ | 10,688,359 | |
Disaggregation of Revenue
The Company is following the guidance of ASC 606-10-55-296
and 297 for disaggregation of revenue. Accordingly, revenue has been disaggregated according to the nature, amount, timing and uncertainty
of revenue and cash flows. We are providing qualitative and quantitative disclosures.
Qualitative:
|
1. |
We have four distinct revenue sources: |
|
a. |
Technology Systems (Turnkey, engineered projects); |
|
b. |
AI Technology (Associated maintenance and support services); |
|
c. |
Technical Support (Licensing and professional services related to auditing of data center assets); and |
|
d. |
Consulting Services (Predetermined algorithms to provide important operating information to the users of our systems). |
|
2. |
We currently operate in North America including the USA, Mexico and Canada. |
|
3. |
Our customers include rail transportation, commercial, government, banking and IT suppliers. |
|
4. |
Our services & maintenance contracts are fixed price and fall into two duration types: |
|
a. |
Turnkey engineered projects and professional service contracts that are less than one year in duration and are typically one to two quarters in length; and |
|
b. |
Maintenance and support contracts ranging from one to five years in length. |
Quantitative:
For the Three Months Ended June 30, 2024
Schedule of disaggregation of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segments |
|
Rail |
|
|
Commercial |
|
|
Government |
|
|
Artificial Intelligence |
|
|
Total |
|
Primary Geographical Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
$ |
1,510,496 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,510,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major Goods and Service Lines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnkey Projects |
|
$ |
264,999 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
264,999 |
|
Maintenance and Support |
|
|
1,041,661 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,041,661 |
|
Algorithms |
|
|
203,836 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
203,836 |
|
|
|
$ |
1,510,496 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,510,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods transferred over time |
|
$ |
264,999 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
264,999 |
|
Services transferred over time |
|
|
1,245,497 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,245,497 |
|
|
|
$ |
1,510,496 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,510,496 |
|
For the Three Months Ended June 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segments |
|
Rail |
|
|
Commercial |
|
|
Government |
|
|
Artificial Intelligence |
|
|
Total |
|
Primary Geographical Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
$ |
1,537,286 |
|
|
$ |
42,381 |
|
|
$ |
— |
|
|
$ |
190,392 |
|
|
$ |
1,770,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major Goods and Service Lines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnkey Projects |
|
$ |
856,942 |
|
|
$ |
13,552 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
870,494 |
|
Maintenance and Support |
|
|
680,344 |
|
|
|
28,829 |
|
|
|
— |
|
|
|
— |
|
|
|
709,173 |
|
Algorithms |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
190,392 |
|
|
|
190,392 |
|
|
|
$ |
1,537,286 |
|
|
$ |
42,381 |
|
|
$ |
— |
|
|
$ |
190,392 |
|
|
$ |
1,770,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods transferred over time |
|
$ |
856,942 |
|
|
$ |
13,552 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
870,494 |
|
Services transferred over time |
|
|
680,344 |
|
|
|
28,829 |
|
|
|
— |
|
|
|
190,392 |
|
|
|
899,565 |
|
|
|
$ |
1,537,286 |
|
|
$ |
42,381 |
|
|
$ |
— |
|
|
$ |
190,392 |
|
|
$ |
1,770,059 |
|
For the Six Months Ended June 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segments |
|
Rail |
|
|
Commercial |
|
|
Government |
|
|
Artificial Intelligence |
|
|
Total |
|
Primary Geographical Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
$ |
2,581,176 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,581,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major Goods and Service Lines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnkey Projects |
|
$ |
534,854 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
534,854 |
|
Maintenance and Support |
|
|
1,643,283 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,643,283 |
|
Algorithms |
|
|
403,039 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
403,039 |
|
|
|
$ |
2,581,176 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,581,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods transferred over time |
|
$ |
534,854 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
534,854 |
|
Services transferred over time |
|
|
2,049,322 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,046,322 |
|
|
|
$ |
2,581,176 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,581,176 |
|
For the Six Months Ended June 30, 2023
| |
| | |
| | |
| | |
| | |
| |
Segments | |
Rail | | |
Commercial | | |
Government | | |
Artificial Intelligence | | |
Total | |
Primary Geographical Markets | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| |
North America | |
$ | 3,913,735 | | |
$ | 71,212 | | |
$ | 11,353 | | |
$ | 418,047 | | |
$ | 4,414,347 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Major Goods and Service Lines | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Turnkey Projects | |
$ | 2,684,706 | | |
$ | 13,552 | | |
$ | — | | |
$ | — | | |
$ | 2,698,258 | |
Maintenance and Support | |
| 1,229,029 | | |
| 57,660 | | |
| 11,353 | | |
| — | | |
| 1,298,042 | |
Algorithms | |
| — | | |
| — | | |
| — | | |
| 418,047 | | |
| 418,047 | |
| |
$ | 3,913,735 | | |
$ | 71,212 | | |
$ | 11,353 | | |
$ | 418,047 | | |
$ | 4,414,347 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Timing of Revenue Recognition | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Goods transferred over time | |
$ | 2,684,706 | | |
$ | 13,552 | | |
$ | — | | |
$ | — | | |
$ | 2,698,258 | |
Services transferred over time | |
| 1,229,029 | | |
| 57,660 | | |
| 11,353 | | |
| 418,047 | | |
| 1,716,089 | |
| |
$ | 3,913,735 | | |
$ | 71,212 | | |
$ | 11,353 | | |
$ | 418,047 | | |
$ | 4,414,347 | |
|
X |
- References
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X |
- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10
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v3.24.2.u1
DEFINED CONTRIBUTION PLAN
|
6 Months Ended |
Jun. 30, 2024 |
Retirement Benefits [Abstract] |
|
DEFINED CONTRIBUTION PLAN |
NOTE 8 – DEFINED CONTRIBUTION PLAN
The Company has a 401(k)-retirement savings plan (the
“401(k) Plan”) covering all eligible employees. The 401(k) Plan allows employees to defer a portion of their annual compensation,
and the Company may match a portion of the employees’ contributions generally after the first six months of service. During the
three months ended June 30, 2024, the Company matched 100% of the first 4% of eligible employee compensation that was contributed to the
401(k) Plan. For the three and six months ended June 30, 2024, the Company recognized expense for matching cash contributions to the 401(k)
Plan totaling $56,340 and $111,438, respectively.
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v3.24.2.u1
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE 9 – RELATED PARTY TRANSACTIONS
Frank Lonegro serves on the Board of Directors
and is a member of the Audit Committee. Mr. Lonegro is the Chief Executive Officer of Landstar System, Inc. (“Landstar”), based in Jacksonville, Florida. The Company has previously utilized Landstar for shipping services including transporting large
items. Most recently, Landstar was the designated vendor involved in shipping an Edge Data Center to an Amtrak site in Secaucus New
Jersey. Mr. Lonegro was not involved in the selection of his company by Duos, with whom there was an existing relationship
pre-dating Mr. Lonegro’s appointment to the Board of Duos. Mr. Lonegro did not participate in any Board discussions or votes
relating to the selection of Landstar nor approval of the transactions with Landstar. The terms of these transactions were reviewed
and approved by the management team, which concluded that they are fair and reasonable to the Company and on terms no less favorable
than could have been obtained from an unaffiliated party. For the six months ended June 30, 2024 and June 30, 2023 the Company
expensed $43,137
and $11,397,
respectively. As of June 30, 2024 and December 31, 2023 the amounts owed were $43,137
and $33,812,
respectively, and are included in accounts payable in the accompanying balance sheets.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2.u1
SALE OF ASSETS
|
6 Months Ended |
Jun. 30, 2024 |
Sale Of Assets |
|
SALE OF ASSETS |
NOTE 10 – SALE OF ASSETS
On June 29, 2023, the Company completed a transaction
whereby it sold assets related to its Integrated Correctional Automation System (iCAS) business with a single customer. In the fourth
quarter of 2022, the Company elected to not renew a support contract due to the limited nature of the business. The transaction was completed
with a third-party buyer of which the Company’s former and now current Chief Financial Officer is a director. Said officer did not
participate in the transaction on behalf of the Company.
The assets of the iCAS business were sold for a convertible
promissory note with a principal amount of $165,000 with a 10% original issue discount as well as common stock purchase warrants. The
note matures in 2 years from the date of sale and is convertible immediately through the later of the maturity date or payment by the
borrower of the default amount, as defined in the note, into shares of the buyer’s common stock at a conversion price of $0.003
or 55,000,000 shares. The conversion of the note carries restrictions which include limiting conversion to the extent it would exceed
4.99% of the common stock outstanding of the buyer. The convertible promissory note is subject to standard anti-dilution provisions.
The common stock purchase warrants are for a total
of 55,000,000 common shares of the buyer at an exercise price of $0.01 per share. The warrants are subject to standard anti-dilution provisions.
The warrants are not exercisable until on or after six months from the issuance date and no later than on or before the third anniversary
of the issuance date. The Company may exercise the warrants at any time after the six-month anniversary of the issuance date on a cashless
basis if there is no effective registration statement covering the resale of the Warrant Shares at prevailing market prices by the holder.
The exercise of these warrants is subject to beneficial ownership limits of 4.99% which may be increased by the holder up to 9.99% as
defined in the warrant. Given that the shares carried no intrinsic value at the time of the transaction and that the overall fair value
is de minimis, the Company has not recorded the warrants associated with the transaction.
The Company recognized a gain on sale of assets of
$150,000, which is included in other income in the second quarter of 2023.
The original issue discount is being accrued into
interest income over the term of the note.
The note receivable was recorded as follows on June
30, 2024:
Schedule of note receivable | |
| |
| |
June 30, 2024 | |
Convertible note receivable | |
$ | 165,000 | |
Unamortized discount | |
| (7,500 | ) |
Convertible note receivable, net | |
$ | 157,500 | |
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v3.24.2.u1
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE 11 – SUBSEQUENT EVENTS
On July 5, 2024, a holder of our Series D Preferred
Stock converted 120 shares of Series D Preferred Stock into 40,000 shares of Common Stock.
On July 22, 2024, the Company and Duos Edge AI,
Inc. (“Edge”), a wholly owned subsidiary of the Company, entered into secured promissory notes (the “Notes”)
with two institutional investors in the Company. Under the Notes, Edge received an aggregate of $2.2
million. The Notes mature on December
31, 2025, and bear interest at the rate of 10%
per annum. All principal and accrued interest under the Notes is due and payable on the maturity date. Edge will use the proceeds
under the Notes solely to pay for the equipment and any services necessary to complete the installation of its previously announced
edge data centers. As security for the Notes, Edge and the Company entered into a Security Agreement (the “Security
Agreement”), pursuant to which Edge granted a first priority security interest in the equipment installed at the edge data
centers, as well as all revenues from such equipment, and the Company pledged all proceeds from its previously announced
“at-the-market” offering of its common stock pursuant to the prospectus dated May 17, 2024. All of the pledged revenues
from the equipment and the at-the-market offering will be deposited in a blocked account and used solely to repay the Notes. In
connection with the Notes, the Company issued warrants (the “Warrants”) to purchase an aggregate of 300,000
shares of common stock. The Warrants are exercisable at $3.00
per share (subject to adjustment) and expire in five 5 years. In the event the Notes are not paid by the maturity date, the interest
rate on the Notes will increase to 18% per annum and the Company will issue additional warrants (with the same terms as the
Warrants) to purchase an aggregate of 75,000 shares of common stock for each 30 days that the Notes are not paid after maturity. The
Company has guaranteed all of Edge’s obligations under the Notes pursuant to the terms of a Guaranty (the
“Guaranty”). The Notes, Security Agreement and Guaranty contain customary representations, warranties, agreements, and
indemnification rights and obligations of the parties.
Subsequent to the balance sheet date, in July 2024 the Company issued 27,695
shares of common stock at a weighted average price of $3.04
per share through its At-The-Market (ATM) offering program, generating total net proceeds of approximately $81,495.
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v3.24.2.u1
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Nature of Operations |
Nature of Operations
Duos Technologies Group, Inc. (the “Company”),
through its operating subsidiaries, Duos Technologies, Inc. (“Duos”) and Duos Edge AI, Inc. (“Edge”) (collectively
the “Company”), is a company that specializes in machine vision and artificial intelligence to analyze fast moving objects
such as trains, trucks, automobiles, and aircraft. This technology can help improve safety, maintenance, and operating metrics.
The Company is the inventor of the Railcar Inspection
Portal (RIP) and is currently the rail industry leader for machine vision/camera wayside detection systems that include the use of Artificial
Intelligence at speeds up to 125 mph. The RIP inspects a train at full speed from the top, sides, and bottom looking at FRA/AAR mandated
safety inspection points. The system also detects illegal riders, which can assist law enforcement agencies. Each rail car is scanned
with machine vision cameras and other sensors from the top, sides, and bottom, where images are produced within seconds of the railcar
passing. These images can then be used by the customer to help prevent derailments, improve maintenance operations, and assist with security.
The Company self-performs all aspects of hardware, software, Information Technology (“IT”), and Artificial Intelligence development
and engineering. The Company maintains significant intellectual property and continues to be awarded additional patents for both the technology
and methodologies used. The Company also has a proprietary portfolio of approximately 53 Artificial Intelligence “Use Cases”
that automatically flag defects. The Company has deployed this system with several Class 1 railroads and one major passenger carrier and
anticipates an increased demand in the future from railcar operators, owners, shippers, transit railroads as well as law enforcement agencies.
During the three months ended June 30, 2024, the Company
initiated a study to determine how to expand its market reach into non-rail markets. Using the information technology (IT) investments
already made into the RIP in conjunction with the recently awarded patents for both methodology and artificial intelligence, the Company
has determined that its use of Edge Data Centers for the processing of large volumes of image data has broad applicability to enabling
local, high-speed processing in similar environments as being undertaken at the 13 current RIPs, that is, in rural and underserved areas.
Accordingly, the Company has recently announced that effective early in the third quarter, it will be expanding into the market for the
provision of bespoke Edge Data Centers (EDCs) for certain markets including remote education and healthcare facilities as well as other
applications where high-speed, local processing is required.
The Company has also developed the Automated Logistics
Information System (“ALIS”) which automates gatehouse operations where trucks enter and exit large logistics and intermodal
facilities. This solution also incorporates sensors and data points as necessary for each operation and directly interconnects with backend
logistics databases and processes to streamline and significantly improve operations and security and, importantly, dramatically improve
throughput on each lane on which the technology is deployed. The Company is not currently actively pursuing further customers for ALIS
but will continue to analyze the potential market and, depending on market demand, may deploy an upgraded Truck Inspection Portal (TIP)
which uses the same technology and lessons learned from the ALIS and RIP systems at some point in the future.
The Company’s strategy for the rail industry
is to expand beyond our existing customer base in the Class 1 and major passenger transit market and we expect to add additional users
in the short line, industrial and regional transit markets in North America. In addition, we plan to expand our subscription offering
to car owners and shippers and expand operations to meet the demand from international customers. The Company is prepared to respond and
scale, if necessary, to react to increased demand for potential regulations that may be imposed around wayside detection technology. In
the future the Company may put more emphasis on the trucking and intermodal sector with an updated Truck Inspection Portal solution. The
Company continues to focus on operational and technical excellence, customer satisfaction, and maintaining a highly skilled and performance-based
work force. The Company is also further investigating market opportunities for subsets of its technology including deployment and management
of Edge Data Centers, a fundamental component of the distributed, rapid response data analysis used in the RIP.
|
Basis of Presentation |
Basis of Presentation
The accompanying unaudited consolidated financial
statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial
information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (all of which are
of a normal recurring nature) considered necessary for a fair presentation have been included. Operating results for the six months ended
June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any other
future period. These unaudited consolidated financial statements and the unaudited condensed notes thereto should be read in conjunction
with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2024.
|
Principles of Consolidation |
Principles of Consolidation
The unaudited consolidated financial statements include
Duos Technologies Group, Inc. and its wholly owned subsidiaries, Duos Technologies, Inc. and Duos Edge AI, Inc. All inter-company transactions
and balances are eliminated in consolidation.
|
Use of Estimates |
Use of Estimates
The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these
estimates. The most significant estimates in the accompanying unaudited consolidated financial statements include the initial valuation
of a non-monetary transaction with a customer, valuation of intangible assets for impairment analysis, allowance on accounts receivable
and notes receivable, valuation of common stock warrants received in exchange for an asset sale, valuation of deferred tax assets, and
valuation of other long-lived assets, estimates of net contract revenues and the total estimated costs to determine progress towards contract
completion, valuation of inventory, estimates of the valuation of right of use assets and corresponding lease liabilities, valuation of
warrants issued with debt and valuation of stock-based awards. We base our estimates on historical experience and on various other assumptions
that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values
of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
|
Concentrations |
Concentrations
Cash Concentrations
Cash is maintained at financial institutions and at
times, balances may exceed federally insured limits. We have not experienced any losses related to these balances. As of June 30, 2024,
the balance in one financial institution exceeded federally insured limits by approximately $163,603. Any loss incurred or a lack of access
to such funds could have a significant adverse impact on the Company’s consolidated financial condition, results of operation and
cash flows.
Significant Customers and Concentration of Credit Risk
The Company had certain customers
whose revenue individually represented 10% or more of the Company’s total revenue, or whose accounts receivable balances individually
represented 10% or more of the Company’s total accounts receivable, as follows:
For the six months ended June 30, 2024, three customers
accounted for 43%, 25% and 18% of revenues. For the six months ended June 30, 2023, two customers accounted for 61%, and 25% of revenues.
In all cases, there are no minimum contract values stated. Each contract covers an agreement to deliver a Railcar Inspection Portal or
services which, once accepted, must be paid in full, with 30% or more being due and payable prior to delivery. The balances of the contracts
are for service and maintenance, which may be paid annually in advance with revenues recorded ratably over the contract period.
At June 30, 2024, two customers accounted for 53%,
and 38% of accounts receivable. At December 31, 2023, two customers accounted for 83%, and 11% of accounts receivable. Much of the credit
risk is mitigated since all the customers listed here are Class 1 railroads with a history of timely payments to us.
Geographic Concentration
For the six months ended June 30, 2024, approximately
65% of revenue was generated from three customers outside of the United States. For the six months ended June 30, 2023, approximately
31% of revenue was generated from three customers outside of the United States.
Significant Vendors and Concentration of Credit
Risk
In some instances, the Company relies on a limited
pool of vendors for key components related to the manufacturing of its subsystems. These vendors are primarily focused on camera, server,
and lighting technologies integral to the Company’s solution. Where possible, the Company seeks multiple vendors for key components
to mitigate vendor concentration risk.
|
Fair Value of Financial Instruments and Fair Value Measurements |
Fair Value of Financial Instruments and Fair Value Measurements
The Company follows Accounting Standards Codification
(“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured
at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted
accounting principles that requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure
about such fair value measurements.
ASC 820 defines fair value as the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the
use of unobservable inputs.
These inputs are prioritized below:
Level 1: |
Observable inputs such as quoted market prices in active markets for identical assets or liabilities. |
Level 2: |
Observable market-based inputs or unobservable inputs that are corroborated by market data. |
Level 3: |
Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions that the market participants would use in the valuation of the asset or liability based on the best available information. |
The Company analyzes all financial instruments with
features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard
for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level
of input that is significant to the fair value measurement.
The estimated fair value of certain financial instruments,
including accounts receivable, prepaid expenses, accounts payable, accrued expenses and notes payable are carried at historical cost basis,
which approximates their fair values because of the short-term nature of these instruments.
|
Accounts Receivable |
Accounts Receivable
On January 1, 2023, the Company adopted ASC 326, “Financial
Instruments - Credit Losses”. In accordance with ASC 326, an allowance is maintained for estimated forward-looking losses resulting
from the possible inability of customers to make the required payments (current expected losses). The amount of the allowance is determined
principally on the basis of past collection experience and known financial factors regarding specific customers.
Accounts receivable are stated at estimated net realizable
value. Accounts receivable are comprised of balances due from customers net of estimated credit loss allowances for uncollectible accounts.
In determining the collections on the account, historical trends are evaluated, and specific customer issues are reviewed to arrive at
appropriate allowances. The Company reviews its accounts to estimate losses resulting from the inability of its customers to make the
required payments. Any required allowance is based on specific analysis of past due accounts and also considers historical trends of write-offs.
Past due status is based on how recently payments have been received from customers.
|
Inventory |
Inventory
Inventory consists primarily of spare parts and consumables
and long-lead time components to be used in the production of our technology systems or in connection with maintenance agreements with
customers. Any inventory deemed to be obsolete is written off. Inventory is stated at the lower of cost or net realizable value. Inventory
cost is primarily determined using the weighted average cost method.
|
Intangible Asset |
Intangible Asset
In May 2024, the Company recognized an intangible
asset which represents digital image data rights received under a license agreement as non-monetary consideration under a five-year customer
contract. The intangible asset will be amortized over the five-year contractual term.
|
Long-lived assets |
Long-lived assets
Long-lived assets are reviewed for impairment whenever events or changes
in circumstances indicate that the book value of the asset may not be recoverable. The Company periodically evaluates whether events and
circumstances have occurred that indicate possible impairment. When impairment indicators exist, the Company estimates the future undiscounted
net cash flows of the related asset or asset group over the remaining life of the asset in measuring whether the long-lived asset should
be written down to fair value. Measurement of the amount of impairment would be based on generally accepted valuation methodologies, as
deemed appropriate. If the carrying amount is greater than the undiscounted cash flows, the carrying amount of the asset is reduced to
the asset’s fair value. An impairment loss is recognized immediately as an operating expense in the consolidated statements of operations.
Reversal of previously recorded impairment losses are prohibited.
|
Software Development Costs |
Software Development Costs
Software development costs incurred prior to establishing
technological feasibility are charged to operations and included in research and development costs. The technological feasibility of a
software product is established when the Company has completed all planning, designing, coding, and testing activities that are necessary
to establish that the product meets its design specifications, including functionality, features, and technical performance requirements.
Software development costs incurred after establishing technological feasibility for software sold as a perpetual license, as defined
within ASC 985-20 (Software – Costs of Software to be Sold, Leased, or Marketed), are capitalized and amortized on a product-by-product
basis when the product is available for general release to customers. Software development costs are evaluated for impairment annually
by comparing the net realizable value to the unamortized capitalized costs and writing these costs down to net realizable value.
|
Stock-Based Compensation |
Stock-Based Compensation
The Company accounts for employee and non-employee
stock-based compensation in accordance with ASC 718-10, “Share-Based Payment,” which requires the measurement and recognition
of compensation expense for all share-based payment awards made to employees and directors including stock options, restricted stock units,
and employee stock purchases based on estimated fair values. The stock-based compensation carries a graded vesting feature subject to
the condition of time of employment service with awarded stock-based compensation tranches vesting evenly upon the anniversary date of
the award.
The Company estimates the fair value of stock options
granted using the Black-Scholes option-pricing formula. In accordance with ASC 718-10-35-8, the Company elected to recognize the fair
value of the stock award using the graded vesting method as time of employment service is the criteria for vesting. The Company’s
determination of fair value using an option-pricing model is affected by the stock price as well as assumptions regarding a number of
highly subjective variables.
The Company estimates volatility based upon the historical
stock price of the Company and estimates the expected term for stock options using the simplified method for employees and directors and
the contractual term for non-employees. The risk-free rate is determined based upon the prevailing rate of United States Treasury securities
with similar maturities.
|
Revenue Recognition |
Revenue Recognition
The Company follows Accounting Standards Codification
606, Revenue from Contracts with Customers (“ASC 606”), that affects the timing of when certain types of revenues will be
recognized. The basic principles in ASC 606 include the following: a contract with a customer creates distinct contract assets and performance
obligations, satisfaction of a performance obligation creates revenue, and a performance obligation is satisfied upon transfer of control
to a good or service to a customer.
Revenue is recognized by evaluating our revenue contracts
with customers based on the five-step model under ASC 606:
|
1. |
Identify the contract with the customer; |
|
2. |
Identify the performance obligations in the contract; |
|
3. |
Determine the transaction price; |
|
4. |
Allocate the transaction price to separate performance obligations; and |
|
5. |
Recognize revenue when (or as) each performance obligation is satisfied. |
The Company generates revenue from four sources:
(1) Technology Systems
(2) AI Technologies
(3) Technical Support
(4) Consulting Services
Technology Systems
For revenues related to technology systems, the Company
recognizes revenue over time using a cost-based input methodology in which significant judgment is required to estimate costs to complete
projects. These estimated costs are then used to determine the progress towards contract completion and the corresponding amount of revenue
to recognize.
Accordingly, the Company now bases its revenue recognition
on ASC 606-10-25-27, where control of a good or service transfers over time if the entity’s performance does not create an asset
with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date including a
profit margin or reasonable return on capital. Control is deemed to pass to the customer instantaneously as the goods are manufactured
and revenue is recognized accordingly.
In addition, the Company has adopted ASC 606-10-55-21
such that if the cost incurred is not proportionate to the progress in satisfying the performance obligation, we adjust the input method
to recognize revenue only to the extent of the cost incurred. Therefore, the Company will recognize revenue at an equal amount to the
cost of the goods to satisfy the performance obligation. To accurately reflect revenue recognition based on the input method, the Company
has adopted the implementation guidance as set out in ASC-606-10-55-187 through 192.
Under this method, contract revenues are recognized
over the performance period of the contract in direct proportion to the costs incurred. Costs include direct material, direct labor, subcontract
labor and other allocable indirect costs. All un-allocable indirect costs and corporate general and administrative costs are also charged
to the periods as incurred. Any recognized revenues that have not been billed to a customer are recorded as an asset in “contract
assets”. Any billings of customers more than recognized revenues are recorded as a liability in “contract liabilities”.
However, in the event a loss on a contract is foreseen, the Company will recognize the loss when such loss is determined to be both probable
and reasonably estimable.
AI Technologies
The Company has revenue from applications that incorporate
artificial intelligence (AI) in the form of predetermined algorithms which provide important operating information to the users of our
systems. The revenue generated from these applications of AI consists of a fixed fee related to the design, development, testing and incorporation
of new algorithms into the system, which is recognized as revenue at a point in time upon acceptance, as well as an annual application
maintenance fee, which is recognized as revenue ratably over the contracted maintenance term.
Technical Support
Technical support services are provided on both an
as-needed and extended-term basis and may include providing both parts and labor. Maintenance and technical support provided outside of
a maintenance contract are on an “as-requested” basis, and revenue is recognized over time as the services are provided. Revenue
for maintenance and technical support provided on an extended-term basis is recognized over time ratably over the term of the contract.
Consulting Services
The Company’s consulting services business generates
revenues under contracts with customers from three sources: (1) Professional Services (consulting and auditing); (2) Customer service
training and (3) Maintenance/support.
(1) Revenues for professional services, which are
of short-term duration, are recognized when services are completed;
(2) Training sales are one-time upfront short-term
training sessions and are recognized after the service has been performed; and
(3) Maintenance/support is an optional product sold
to our software license customers under one-year or longer contracts. Accordingly, maintenance payments received upfront are deferred
and recognized over the contract term.
|
Multiple Performance Obligations and Allocation of Transaction Price |
Multiple Performance Obligations and Allocation
of Transaction Price
Arrangements with customers may involve multiple performance
obligations including project revenue and maintenance services in our Technology Systems business. Maintenance will occur after the project
is completed and may be provided on an extended-term basis or on an as-needed basis. In our consulting services business, multiple performance
obligations may include any of the above four sources. Training and maintenance on software products may occur after the software product
sale while other services may occur before or after the software product sale and may not relate to the software product. Revenue recognition
for a multiple performance obligations arrangement is as follows:
Each performance obligation is accounted for separately
when each has value to the customer on a standalone basis and there is Company specific objective evidence of the selling price of each
deliverable. For revenue arrangements with multiple deliverables, the Company allocates the total customer arrangement to the separate
units of accounting based on their relative selling prices as determined by the price of the items when sold separately. Once the selling
price is allocated, the revenue for each performance obligation is recognized using the applicable criteria under GAAP as discussed above
for performance obligations sold in single performance obligation arrangements. A delivered item or items that do not qualify as a separate
unit of accounting within the arrangement are combined with the other applicable undelivered items within the arrangement. The allocation
of arrangement consideration and the recognition of revenue is then determined for those combined deliverables as a single unit of accounting.
The Company sells its various services and software and hardware products at established prices on a standalone basis which provides Company
specific objective evidence of selling price for purposes of performance obligations relative selling price allocation. The Company only
sells maintenance services or spare parts based on its established rates after it has completed a system integration project for a customer.
The customer is not required to purchase maintenance services. All elements in multiple performance obligations arrangements with Company
customers qualify as separate units of account for revenue recognition purposes.
|
Leases |
Leases
The Company follows ASC 842 “Leases”.
This guidance requires lessees to recognize right-of-use (“ROU”) assets and lease liabilities for most operating leases. In
addition, this guidance requires that lessors separate lease and non-lease components in a contract in accordance with the revenue guidance
in ASC 606.
The Company made an accounting policy election to
not recognize short-term leases with terms of twelve months or less on the balance sheet and instead recognize the lease payments as an
expense when incurred. The Company has also elected to account for real estate leases that contain both lease and non-lease components
as a single lease component.
At the inception of a contract the Company assesses
whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of
a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout
the period, and (3) whether we have the right to direct the use of the asset.
Operating ROU assets represent the right to use the
leased asset for the lease term and operating lease liabilities are recognized based on the present value of minimum lease payments over
the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based
on the information available at the lease commencement date to determine the present value of future payments. The lease term includes
all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not
to exercise the termination options. Operating lease expense is recognized on a straight-line basis over the lease term and is included
in general and administration expenses in the consolidated statements of operations.
|
Earnings (Loss) Per Share |
Earnings (Loss) Per Share
Basic earnings per share (EPS) are computed by dividing
the net loss applicable to common stock by the weighted average number of common shares outstanding. Diluted net loss per common share
is computed by dividing the net loss applicable to common stock by the weighted average number of common shares outstanding for the period
and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares
issuable upon the exercise or conversion of stock options, stock warrants, convertible debt instruments, convertible preferred stock or
other common stock equivalents. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive.
At June 30, 2024, there were (i) an aggregate
of 44,644 outstanding warrants to purchase shares of common stock, (ii) employee stock options to purchase an aggregate of 1,340,903 shares
of common stock, (iii) 506,333 common shares issuable upon conversion of Series D Convertible Preferred Stock, and (iv) subject to receipt
of shareholder approval, 4,541,667 common shares issuable upon conversion of Series E Convertible Preferred Stock, all of which were excluded
from the computation of diluted net earnings per share because their inclusion would have been anti-dilutive.
At June 30, 2023, there were (i) an aggregate
of 80,091 outstanding warrants to purchase shares of common stock, (ii) employee stock options to purchase an aggregate of 1,217,775 shares
of common stock, (iii) 433,000 common shares issuable upon conversion of Series D Convertible Preferred Stock and (iv) 1,333,334 common
shares issuable upon conversion of Series E Convertible Preferred Stock, all of which were excluded from the computation of diluted earnings
per share because their inclusion would have been anti-dilutive.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements
From time to time, the FASB or other standards setting
bodies will issue new accounting pronouncements. Updates to the FASB ASC are communicated through issuance of an Accounting Standards
Update (“ASU”).
In November 2023, the FASB issued ASU 2023-07 Segment
Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires companies to disclose significant segment
expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 is effective for annual periods beginning on January
1, 2024 and interim periods beginning on January 1, 2025. ASU 2023-07 must be applied retrospectively to all prior periods presented in
the financial statements. The Company has evaluated the disclosure impact of ASU 2023-07; and determined the standard will not have an
impact on the Company’s consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09
Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires companies to disclose, on an annual basis, specific
categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative
threshold. Further, ASU 2023-09 requires companies to disclose additional information about income taxes paid. ASU 2023-09 is effective
for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively.
The Company is evaluating the disclosure impact of ASU 2023-09; however, the standard will not have an impact on the Company’s consolidated
financial statements.
Management does not believe that any other recently issued, but not
yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.
|
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v3.24.2.u1
INTANGIBLE ASSET (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of intangible asset |
Schedule of intangible asset | |
| | |
| |
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Intangible Asset, gross | |
$ | 11,161,428 | | |
$ | — | |
Accumulated Amortization | |
| (473,069 | ) | |
| — | |
Intangible Asset, net | |
$ | 10,688,359 | | |
$ | — | |
|
Schedule of future amortization of intangible assets |
Schedule of future amortization of intangible assets |
|
|
|
|
Calendar Year |
|
|
Amount |
|
|
2024 |
|
|
$ |
1,096,241 |
|
|
2025 |
|
|
|
2,192,484 |
|
|
2026 |
|
|
|
2,192,484 |
|
|
2027 |
|
|
|
2,192,484 |
|
|
2028 |
|
|
|
2,192,484 |
|
|
2029 |
|
|
|
822,182 |
|
|
Total Intangible Asset Amortization |
|
|
$ |
10,688,359 |
|
|
X |
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v3.24.2.u1
DEBT (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of notes payable related to financing agreements |
Schedule of notes payable related to financing agreements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
Notes Payable |
|
Principal |
|
|
Interest |
|
|
Principal |
|
|
Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Party - Insurance Note 1 |
|
$ |
124,311 |
|
|
|
8.25 |
% |
|
$ |
39,968 |
|
|
|
8.00 |
% |
Third Party - Insurance Note 2 |
|
|
16,316 |
|
|
|
— |
|
|
|
2,008 |
|
|
|
— |
|
Third Party - Insurance Note 3 |
|
|
100,825 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
241,452 |
|
|
|
— |
|
|
$ |
41,976 |
|
|
|
— |
|
|
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Schedule of supplemental information related to leases |
Schedule of supplemental information
related to leases | |
| | |
| |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Lease cost: | |
| | | |
| | |
Operating lease cost | |
$ | 390,819 | | |
$ | 390,819 | |
Short-term lease cost | |
$ | 10,916 | | |
$ | 46,717 | |
| |
| | | |
| | |
Other information: | |
| | | |
| | |
Operating cash outflow used for operating leases | |
$ | 388,734 | | |
$ | 316,040 | |
Weighted average discount rate | |
| 9.0 | % | |
| 9.0 | % |
Weighted average remaining lease term | |
| 8.0 years | | |
| 9.0 years | |
|
Schedule of future minimum lease payments due under the operating lease |
Schedule of future minimum lease payments
due under the operating lease | |
| |
| |
Amount | |
Calendar year: | |
| | |
2024 | |
$ | 390,353 | |
2025 | |
| 798,556 | |
2026 | |
| 818,518 | |
2027 | |
| 838,984 | |
2028 | |
| 859,856 | |
Thereafter | |
| 3,183,571 | |
Total undiscounted future minimum lease payments | |
| 6,889,838 | |
Less: Impact of discounting | |
| (2,048,510 | ) |
Total present value of operating lease obligations | |
| 4,841,328 | |
Current portion, operating lease obligation | |
| (788,801 | ) |
Operating lease obligations, less current portion | |
$ | 4,052,527 | |
|
X |
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v3.24.2.u1
STOCKHOLDERS’ EQUITY (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Schedule of black scholes option pricing model using assumptions |
Schedule of black scholes option pricing model using assumptions | |
| |
| |
At June 30, 2024 | |
Grant date share price at January 1, 2024 | |
$ | 2.70 | |
Grant date exercise price | |
$ | 2.30 | |
Expected term | |
| 0.5 years | |
Expected volatility | |
| 67.3 | % |
Risk-free rate | |
| 5.26 | % |
Expected dividend rate | |
| 0 | % |
|
Schedule of stock-based compensation |
Schedule of stock-based compensation | |
| |
| |
At June 30, 2024 | |
Cash from employee withholdings used to purchase ESPP shares | |
$ | 87,348 | |
Stock based compensation expense | |
| 40,589 | |
Total charges related to the Employee Stock Purchase Plan | |
$ | 127,937 | |
| |
| |
| |
At
June
30, 2023 | |
Cash from employee withholdings used to purchase ESPP shares | |
$ | 117,048 | |
Stock based compensation expense | |
| 66,217 | |
Total charges related to the Employee Stock Purchase Plan | |
$ | 183,265 | |
|
Schedule of non-plan options |
Schedule of non-plan options | |
| | |
| | |
| | |
| |
| |
| | |
Weighted | | |
Average | | |
| |
| |
| | |
Average | | |
Remaining | | |
Aggregate | |
| |
Number of | | |
Exercise | | |
Contractual | | |
Intrinsic | |
| |
Options | | |
Price | | |
Term (Years) | | |
Value | |
Outstanding at December 31, 2022 | |
| 926,266 | | |
$ | 5.74 | | |
| 3.3 | | |
$ | — | |
Granted | |
| 463,117 | | |
$ | 4.22 | | |
| 4.35 | | |
$ | — | |
Forfeited | |
| (1,608 | ) | |
$ | 14.00 | | |
| — | | |
$ | — | |
Outstanding at December 31, 2023 | |
| 1,387,775 | | |
$ | 5.23 | | |
| 3.0 | | |
$ | — | |
Exercisable at December 31, 2023 | |
| 581,324 | | |
$ | 5.38 | | |
| 1.8 | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding at December 31, 2023 | |
| 1,387,775 | | |
$ | 5.23 | | |
| 3.0 | | |
$ | — | |
Granted | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
Exercised/Forfeited/Expired | |
| (46,872 | ) | |
$ | 5.47 | | |
| — | | |
$ | — | |
Outstanding at June 30, 2024 | |
| 1,340,903 | | |
$ | 5.22 | | |
| 2.5 | | |
$ | — | |
Exercisable at June 30, 2024 | |
| 850,629 | | |
$ | 5.43 | | |
| 1.8 | | |
$ | — | |
|
Schedule of warrants |
Schedule of warrants | |
| | |
| | |
| | |
| |
| |
| | |
| | |
Weighted | | |
| |
| |
| | |
Weighted | | |
Average | | |
| |
| |
| | |
Average | | |
Remaining | | |
Aggregate | |
| |
Number of | | |
Exercise | | |
Contractual | | |
Intrinsic | |
| |
Warrants | | |
Price | | |
Term (Years) | | |
Value | |
Outstanding at December 31, 2022 | |
| 147,591 | | |
$ | 8.63 | | |
| 0.8 | | |
$ | — | |
Warrants expired, forfeited, cancelled or exercised | |
| (102,947 | ) | |
$ | — | | |
| — | | |
$ | — | |
Warrants issued | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
Outstanding at December 31, 2023 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.7 | | |
$ | — | |
Exercisable at December 31, 2023 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.7 | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding at December 31, 2023 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.7 | | |
$ | — | |
Warrants expired, forfeited, cancelled or exercised | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
Warrants issued | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
Outstanding at June 30, 2024 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.2 | | |
$ | — | |
Exercisable at June 30, 2024 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.2 | | |
$ | — | |
|
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- DefinitionTabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1
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v3.24.2.u1
REVENUE AND CONTRACT ACCOUNTING (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of contracts assets on uncompleted contracts |
Schedule of contracts assets on uncompleted contracts | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Cumulative revenues recognized | |
$ | 9,317,704 | | |
$ | 8,820,256 | |
Less: Billings or cash received | |
| (8,178,309 | ) | |
| (8,178,309 | ) |
Contract assets | |
$ | 1,139,395 | | |
$ | 641,947 | |
|
Schedule of contract liabilities on uncompleted contracts |
Schedule of contract liabilities
on uncompleted contracts | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Billings and/or cash receipts on uncompleted contracts | |
$ | 1,264,658 | | |
$ | 1,264,658 | |
Less: Cumulative revenues recognized | |
| (237,382 | ) | |
| (199,976 | ) |
Contract liabilities, technology systems | |
| 1,027,276 | | |
| 1,064,682 | |
Contract liabilities, services and consulting | |
| 2,649,291 | | |
| 601,561 | |
Total contract liabilities, current | |
$ | 3,676,567 | | |
$ | 1,666,243 | |
Total
contract liabilities, services and consulting, non-current | |
$ | 8,495,876 | | |
$ | — | |
|
Schedule of balance in contract liabilities |
Schedule of balance in contract liabilities | | |
| |
Calendar Year | | |
Amount | |
| 2024 | | |
$ | 1,096,241 | |
| 2025 | | |
| 2,192,484 | |
| 2026 | | |
| 2,192,484 | |
| 2027 | | |
| 2,192,484 | |
| 2028 | | |
| 2,192,484 | |
| 2029 | | |
| 822,182 | |
| Total
CN agreement Contract Liabilities | | |
$ | 10,688,359 | |
|
Schedule of disaggregation of revenue |
Schedule of disaggregation of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segments |
|
Rail |
|
|
Commercial |
|
|
Government |
|
|
Artificial Intelligence |
|
|
Total |
|
Primary Geographical Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
$ |
1,510,496 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,510,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major Goods and Service Lines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnkey Projects |
|
$ |
264,999 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
264,999 |
|
Maintenance and Support |
|
|
1,041,661 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,041,661 |
|
Algorithms |
|
|
203,836 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
203,836 |
|
|
|
$ |
1,510,496 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,510,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods transferred over time |
|
$ |
264,999 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
264,999 |
|
Services transferred over time |
|
|
1,245,497 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,245,497 |
|
|
|
$ |
1,510,496 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,510,496 |
|
For the Three Months Ended June 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segments |
|
Rail |
|
|
Commercial |
|
|
Government |
|
|
Artificial Intelligence |
|
|
Total |
|
Primary Geographical Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
$ |
1,537,286 |
|
|
$ |
42,381 |
|
|
$ |
— |
|
|
$ |
190,392 |
|
|
$ |
1,770,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major Goods and Service Lines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnkey Projects |
|
$ |
856,942 |
|
|
$ |
13,552 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
870,494 |
|
Maintenance and Support |
|
|
680,344 |
|
|
|
28,829 |
|
|
|
— |
|
|
|
— |
|
|
|
709,173 |
|
Algorithms |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
190,392 |
|
|
|
190,392 |
|
|
|
$ |
1,537,286 |
|
|
$ |
42,381 |
|
|
$ |
— |
|
|
$ |
190,392 |
|
|
$ |
1,770,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods transferred over time |
|
$ |
856,942 |
|
|
$ |
13,552 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
870,494 |
|
Services transferred over time |
|
|
680,344 |
|
|
|
28,829 |
|
|
|
— |
|
|
|
190,392 |
|
|
|
899,565 |
|
|
|
$ |
1,537,286 |
|
|
$ |
42,381 |
|
|
$ |
— |
|
|
$ |
190,392 |
|
|
$ |
1,770,059 |
|
For the Six Months Ended June 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segments |
|
Rail |
|
|
Commercial |
|
|
Government |
|
|
Artificial Intelligence |
|
|
Total |
|
Primary Geographical Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
$ |
2,581,176 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,581,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major Goods and Service Lines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnkey Projects |
|
$ |
534,854 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
534,854 |
|
Maintenance and Support |
|
|
1,643,283 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,643,283 |
|
Algorithms |
|
|
403,039 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
403,039 |
|
|
|
$ |
2,581,176 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,581,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods transferred over time |
|
$ |
534,854 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
534,854 |
|
Services transferred over time |
|
|
2,049,322 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,046,322 |
|
|
|
$ |
2,581,176 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,581,176 |
|
For the Six Months Ended June 30, 2023
| |
| | |
| | |
| | |
| | |
| |
Segments | |
Rail | | |
Commercial | | |
Government | | |
Artificial Intelligence | | |
Total | |
Primary Geographical Markets | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| |
North America | |
$ | 3,913,735 | | |
$ | 71,212 | | |
$ | 11,353 | | |
$ | 418,047 | | |
$ | 4,414,347 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Major Goods and Service Lines | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Turnkey Projects | |
$ | 2,684,706 | | |
$ | 13,552 | | |
$ | — | | |
$ | — | | |
$ | 2,698,258 | |
Maintenance and Support | |
| 1,229,029 | | |
| 57,660 | | |
| 11,353 | | |
| — | | |
| 1,298,042 | |
Algorithms | |
| — | | |
| — | | |
| — | | |
| 418,047 | | |
| 418,047 | |
| |
$ | 3,913,735 | | |
$ | 71,212 | | |
$ | 11,353 | | |
$ | 418,047 | | |
$ | 4,414,347 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Timing of Revenue Recognition | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Goods transferred over time | |
$ | 2,684,706 | | |
$ | 13,552 | | |
$ | — | | |
$ | — | | |
$ | 2,698,258 | |
Services transferred over time | |
| 1,229,029 | | |
| 57,660 | | |
| 11,353 | | |
| 418,047 | | |
| 1,716,089 | |
| |
$ | 3,913,735 | | |
$ | 71,212 | | |
$ | 11,353 | | |
$ | 418,047 | | |
$ | 4,414,347 | |
|
X |
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- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5
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v3.24.2.u1
SALE OF ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Sale Of Assets |
|
Schedule of note receivable |
Schedule of note receivable | |
| |
| |
June 30, 2024 | |
Convertible note receivable | |
$ | 165,000 | |
Unamortized discount | |
| (7,500 | ) |
Convertible note receivable, net | |
$ | 157,500 | |
|
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v3.24.2.u1
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Product Information [Line Items] |
|
|
|
Federally insured limits |
$ 163,603
|
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Number of incentive stock options |
1,340,903
|
1,217,775
|
|
Common Stock [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Outstanding warrants |
44,644
|
80,091
|
|
Series D Convertible Preferred Stock [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Common shares issuable upon conversion |
506,333
|
433,000
|
|
Series E Convertible Preferred Stock [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Common shares issuable upon conversion |
4,541,667
|
1,333,334
|
|
Customer 1 [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk, percentage |
43.00%
|
61.00%
|
|
Customer 1 [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk, percentage |
53.00%
|
|
83.00%
|
Customer 2 [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk, percentage |
25.00%
|
25.00%
|
|
Customer 2 [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk, percentage |
38.00%
|
|
11.00%
|
Customer 3 [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk, percentage |
18.00%
|
|
|
Three Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | UNITED STATES |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk, percentage |
65.00%
|
31.00%
|
|
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+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21
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v3.24.2.u1
LIQUIDITY (Details Narrative) - USD ($)
|
|
6 Months Ended |
|
Jul. 22, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Net loss |
|
$ 5,956,480
|
|
|
Cash used in operating activities |
|
3,940,984
|
$ 1,923,071
|
|
Working capital surplus |
|
2,380,098
|
|
|
Accumulated deficit |
|
$ 69,560,032
|
|
$ 63,603,552
|
Two Institutional Investors [Member] | Secured Promissory Notes [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Notes payable |
$ 2,200,000
|
|
|
|
Maturity date |
Dec. 31, 2025
|
|
|
|
Interest rate |
10.00%
|
|
|
|
ATM Sales Agreement [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Sale of stock price |
|
$ 0.001
|
|
|
Sale of stock aggregate offering price |
|
$ 7,500,000
|
|
|
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INTANGIBLE ASSET (Details - Future amortization) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
2024 |
$ 1,096,241
|
|
2025 |
2,192,484
|
|
2026 |
2,192,484
|
|
2027 |
2,192,484
|
|
2028 |
2,192,484
|
|
2029 |
822,182
|
|
Total Intangible Asset Amortization |
$ 10,688,359
|
$ 0
|
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|
|
3 Months Ended |
6 Months Ended |
|
May 31, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
Intangible asset fair value |
|
$ 11,161,428
|
|
$ 11,161,428
|
|
$ 0
|
Amortization of intangible asset |
|
|
|
473,069
|
$ 0
|
|
Revenues |
|
$ 1,510,496
|
$ 1,770,059
|
$ 2,581,176
|
$ 4,414,347
|
|
Customer Contracts [Member] |
|
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
Intangible asset fair value |
$ 11,161,428
|
|
|
|
|
|
Term of contract |
5 years
|
|
|
|
|
|
Amortization of intangible asset |
$ 199,008
|
|
|
|
|
|
Revenues |
199,008
|
|
|
|
|
|
Deferred revenue |
11,161,428
|
|
|
|
|
|
Recognized deferred revenue |
$ 199,008
|
|
|
|
|
|
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5 years
|
|
|
|
|
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v3.24.2.u1
DEBT (Details - Notes payable financing agreements) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
Notes payable, Principal |
$ 241,452
|
$ 41,976
|
Third Party - Insurance Note 1 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable, Principal |
$ 124,311
|
$ 39,968
|
Notes payable, Interest |
8.25%
|
8.00%
|
Third Party - Insurance Note 2 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable, Principal |
$ 16,316
|
$ 2,008
|
Third Party - Insurance Note 3 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable, Principal |
$ 100,825
|
$ 0
|
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v3.24.2.u1
DEBT (Details Narrative) - USD ($)
|
Apr. 15, 2024 |
Feb. 03, 2024 |
Apr. 15, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Third Party - Insurance Note 1 [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Purchase of insurance policy |
$ 154,338
|
|
$ 142,734
|
|
|
Annual interest rate |
8.25%
|
|
8.00%
|
|
|
Monthly installments |
$ 16,023
|
|
$ 13,501
|
|
|
Notes payable |
|
|
|
$ 124,311
|
$ 39,968
|
Third Party - Insurance Note 2 [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Purchase of insurance policy |
|
$ 24,480
|
|
|
|
Monthly installments |
|
2,040
|
|
|
|
Notes payable |
|
|
|
16,316
|
2,008
|
Third Party - Insurance Note 2 [Member] | Renewed Agreement [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Purchase of insurance policy |
|
24,140
|
|
|
|
Monthly installments |
|
2,012
|
|
|
|
Third Party - Insurance Note 3 [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Purchase of insurance policy |
|
245,798
|
|
|
|
Monthly installments |
|
20,166
|
|
|
|
Notes payable |
|
|
|
$ 100,825
|
$ 0
|
Down payment paid |
|
$ 84,473
|
|
|
|
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Details - Future minimum lease payments) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
|
2024 |
$ 390,353
|
|
2025 |
798,556
|
|
2026 |
818,518
|
|
2027 |
838,984
|
|
2028 |
859,856
|
|
Thereafter |
3,183,571
|
|
Total undiscounted future minimum lease payments |
6,889,838
|
|
Less: Impact of discounting |
(2,048,510)
|
|
Total present value of operating lease obligations |
4,841,328
|
|
Current portion, operating lease obligation |
(788,801)
|
$ (779,087)
|
Operating lease obligations, less current portion |
$ 4,052,527
|
$ 4,228,718
|
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Details Narrative)
|
Jul. 26, 2021
USD ($)
ft²
|
Jun. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Commitments and Contingencies Disclosure [Abstract] |
|
|
|
Area of lease | ft² |
40,000
|
|
|
Accumulated amortization |
$ 4,980,104
|
$ 4,204,593
|
$ 4,373,155
|
Rentable space | ft² |
30,000
|
|
|
Security deposit payment |
$ 600,000
|
|
|
Security deposit value |
$ 50,000
|
$ 500,000
|
$ 550,000
|
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v3.24.2.u1
STOCKHOLDERS' EQUITY (Details - Non plan options) - Share-Based Payment Arrangement, Option [Member] - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Outstanding beginning balance |
1,387,775
|
926,266
|
|
Weighted average exercise price, Outstanding beginning balance |
$ 5.23
|
$ 5.74
|
|
Weighted average remaining contractual term (Years) |
2 years 6 months
|
3 years
|
3 years 3 months 18 days
|
Aggregate intrinsic value, Outstanding beginning balance |
$ 0
|
$ 0
|
|
Number of options, Granted |
0
|
463,117
|
|
Weighted average exercise price, Granted |
$ 0
|
$ 4.22
|
|
Weighted average remaining contractual term (Years), Granted |
|
4 years 4 months 6 days
|
|
Number of options, Exercised/Forfeited/Expired |
(46,872)
|
(1,608)
|
|
Weighted average exercise price, Exercised/forfeited/expired |
$ 5.47
|
$ 14.00
|
|
Outstanding ending balance |
1,340,903
|
1,387,775
|
926,266
|
Weighted average exercise price, Outstanding ending balance |
$ 5.22
|
$ 5.23
|
$ 5.74
|
Aggregate intrinsic value, Outstanding ending balance |
$ 0
|
$ 0
|
$ 0
|
Number of options, Exercisable |
850,629
|
581,324
|
|
Weighted average exercise price, Exercisable |
$ 5.43
|
$ 5.38
|
|
Weighted average remaining contractual term (Years), Exercisable |
1 year 9 months 18 days
|
1 year 9 months 18 days
|
|
Aggregate intrinsic value, Exercisable |
$ 0
|
$ 0
|
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v3.24.2.u1
STOCKHOLDERS' EQUITY (Details - Warrants) - Warrant [Member] - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
Outstanding beginning balance |
44,644
|
147,591
|
|
Weighted average exercise price, Outstanding beginning balance |
$ 7.70
|
$ 8.63
|
|
Weighted average remaining contractual term (Years) |
2 months 12 days
|
8 months 12 days
|
9 months 18 days
|
Aggregate intrinsic value, Outstanding beginning balance |
$ 0
|
$ 0
|
|
Number of warrants, Warrants expired, forfeited, cancelled or exercised |
0
|
(102,947)
|
|
Weighted average exercise price, Warrants expired, forfeited, cancelled or exercised |
$ 0
|
$ 0
|
|
Number of warrants, Warrants issued |
0
|
0
|
|
Weighted average exercise price, Warrants issued |
$ 0
|
$ 0
|
|
Outstanding ending balance |
44,644
|
44,644
|
147,591
|
Weighted average exercise price, Outstanding ending balance |
$ 7.70
|
$ 7.70
|
$ 8.63
|
Aggregate intrinsic value, Outstanding ending balance |
$ 0
|
$ 0
|
$ 0
|
Number of warrants, Exercisable |
44,644
|
44,644
|
|
Weighted average exercise price, Exercisable |
$ 7.70
|
$ 7.70
|
|
Weighted average remaining contractual term (Years), Exercisable |
2 months 12 days
|
8 months 12 days
|
|
Aggregate intrinsic value, Exercisable |
$ 0
|
$ 0
|
|
X |
- References
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us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 |
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- Details
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us-gaap_StatementEquityComponentsAxis=us-gaap_WarrantMember |
Namespace Prefix: |
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Data Type: |
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v3.24.2.u1
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
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1 Months Ended |
3 Months Ended |
6 Months Ended |
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Jun. 25, 2024 |
Jun. 18, 2024 |
Jun. 17, 2024 |
Jun. 13, 2024 |
Jun. 12, 2024 |
May 17, 2024 |
May 07, 2024 |
Apr. 30, 2024 |
Apr. 23, 2024 |
Apr. 03, 2024 |
Nov. 09, 2023 |
Aug. 02, 2023 |
Mar. 27, 2023 |
Oct. 29, 2022 |
Sep. 30, 2022 |
May 12, 2021 |
Feb. 26, 2021 |
May 31, 2024 |
Jan. 31, 2022 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Nov. 10, 2023 |
Sep. 28, 2022 |
Class of Stock [Line Items] |
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Preferred stock, shares designated |
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9,441,000
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9,441,000
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9,441,000
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Preferred stock, shares authorized |
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10,000,000
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10,000,000
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10,000,000
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Preferred stock, par value |
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$ 0.001
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$ 0.001
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$ 0.001
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Conversion price |
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$ 0.003
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0.003
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Stock issued for services, value |
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$ 42,500
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$ 37,500
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$ 32,500
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$ 32,500
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Common stock, par value |
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$ 0.001
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$ 0.001
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$ 0.001
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Employee contributions |
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$ 87,348
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$ 117,048
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Recognized compensation expense |
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40,589
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Total compensation cost for stock options |
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$ 315,069
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$ 315,069
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Employee Stock Purchase Plan [Member] | Call Option [Member] |
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Class of Stock [Line Items] |
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Purchase discount, percentage |
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85.00%
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Employee Stock Purchase Plan [Member] | Put Option [Member] |
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Class of Stock [Line Items] |
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Purchase discount, percentage |
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15.00%
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Employee Stock Purchase Plan [Member] |
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Class of Stock [Line Items] |
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Stock issued under the Employee Stock Purchase Plan, shares |
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38,041
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65,561
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Employee contributions |
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$ 87,348
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$ 117,048
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Purchase price per share |
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$ 2.30
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$ 1.79
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$ 2.30
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$ 1.79
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Plan, term |
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10 years
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Plan, description |
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The ESPP
allows eligible employees to purchase shares of the Company's common stock at a discounted price, through payroll deductions from a minimum
of 1% and up to 25% of their eligible compensation up to a maximum of $25,000 or the IRS allowable limit per calendar year.
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Fair market value percentage |
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85.00%
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Maximum aggregate number of shares of common stock |
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1,000,000
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1,000,000
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Plan 2021 [Member] |
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Class of Stock [Line Items] |
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Number of shares issued, shares |
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1,000,000
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Number of incentive stock options |
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741,245
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741,245
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788,117
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Plan 2016 [Member] |
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Class of Stock [Line Items] |
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Number of incentive stock options |
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269,658
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269,658
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269,658
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Non Plan [Member] |
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Class of Stock [Line Items] |
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Number of incentive stock options |
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330,000
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330,000
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330,000
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At The Market [Member] |
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Class of Stock [Line Items] |
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Number of shares issued, shares |
15,610
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1,534
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400
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9,747
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11,239
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38,530
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Share price |
$ 3.15
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$ 3.03
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$ 3.02
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$ 3.15
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$ 3.05
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Total net proceeds |
$ 47,004
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$ 4,507
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$ 1,165
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$ 29,626
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$ 33,261
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$ 115,563
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Share-Based Payment Arrangement, Option [Member] |
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Class of Stock [Line Items] |
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Option exercise |
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38,041
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65,561
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Number of incentive stock options |
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1,340,903
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926,266
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1,340,903
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1,387,775
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Number of incentive stock options exercisable |
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850,629
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850,629
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Sales Agreement [Member] |
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Class of Stock [Line Items] |
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Common stock, par value |
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$ 0.001
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Aggregate sales |
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$ 7,500,000
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Common Stock [Member] |
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Class of Stock [Line Items] |
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Stock issued for services , shares |
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15,041
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8,655
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5,645
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12,463
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Stock issued for services, value |
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$ 15
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$ 9
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$ 6
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$ 12
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Stock issued under the Employee Stock Purchase Plan, shares |
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38,041
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65,561
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Common Stock [Member] | Employee Stock Purchase Plan [Member] |
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Class of Stock [Line Items] |
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Purchase discount, percentage |
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15.00%
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Four Directors [Member] | Common Stock [Member] |
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Class of Stock [Line Items] |
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Stock issued for services , shares |
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8,655
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Stock issued for services, value |
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$ 37,500
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Weighted average price per share |
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$ 4.33
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$ 4.33
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Three Directors [Member] | Common Stock [Member] |
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Class of Stock [Line Items] |
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Stock issued for services , shares |
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15,041
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5,645
|
12,463
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Stock issued for services, value |
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$ 42,500
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$ 32,500
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$ 32,500
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Weighted average price per share |
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$ 2.83
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$ 5.76
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$ 2.61
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$ 2.83
|
$ 5.76
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Employees And Directors [Member] |
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Class of Stock [Line Items] |
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Stock-based compensation expense |
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$ 201,109
|
$ 236,527
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Convertible Series B Preferred Stock [Member] |
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Class of Stock [Line Items] |
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Preferred stock, shares designated |
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|
|
|
|
|
15,000
|
|
|
|
|
15,000
|
|
15,000
|
|
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
|
$ 1,000
|
|
$ 1,000
|
|
|
Converted value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
|
Conversion price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 7.00
|
|
|
|
|
$ 7.00
|
|
|
|
|
Preferred stock, shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
0
|
|
0
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
0
|
|
0
|
|
|
Preferred stock, conversion price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 7
|
|
|
|
|
$ 7
|
|
$ 7
|
|
|
Convertible Series C Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
|
|
|
5,000
|
|
5,000
|
|
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
|
$ 1,000
|
|
$ 1,000
|
|
|
Preferred stock, shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
0
|
|
0
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
0
|
|
0
|
|
|
Preferred stock voting rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Each share of Series C Convertible Preferred Stock has 172 votes
|
|
|
|
|
Preferred stock, conversion price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 5.50
|
|
|
|
|
$ 5.50
|
|
$ 5.50
|
|
|
Series C preferred converted to common stock shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
454,546
|
|
|
|
|
|
|
|
|
|
|
Convertible Series C Preferred Stock [Member] | Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from convertible preferred stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 4,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Series D Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,000
|
|
|
|
|
4,000
|
|
4,000
|
|
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
|
$ 1,000
|
|
$ 1,000
|
|
$ 1,000
|
Converted value |
|
|
|
|
|
|
$ 75,000
|
$ 350,000
|
$ 225,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,519
|
|
|
|
|
1,519
|
|
1,299
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,519
|
|
|
|
|
1,519
|
|
1,299
|
|
|
Preferred stock voting rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Each
share of Series D Convertible Preferred Stock has 333 votes
|
|
|
|
|
Preferred stock, conversion price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3
|
|
|
|
|
$ 3
|
|
$ 3
|
|
|
Preferred stock conversion price |
|
|
|
|
|
|
$ 3.00
|
$ 3.00
|
$ 3.00
|
|
|
|
|
|
|
|
|
|
|
3.00
|
|
|
|
|
$ 3.00
|
|
|
|
|
Number of shares issued, shares |
|
|
|
|
|
|
|
|
|
250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
620
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
|
$ 1,000
|
|
|
|
|
Total net proceeds |
|
|
|
|
|
|
|
|
|
$ 250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 620,000
|
|
|
|
|
Converted shares |
|
|
|
|
|
|
|
350
|
225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Series D Preferred Stock [Member] | One Shareholders [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Converted shares |
|
|
|
|
|
|
|
100
|
147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Converted shares issued |
|
|
|
|
|
|
|
33,334
|
49,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Series D Preferred Stock [Member] | Two Shareholders [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Converted shares |
|
|
|
|
|
|
|
250
|
78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Converted shares issued |
|
|
|
|
|
|
|
83,334
|
26,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Series D Preferred Stock [Member] | Shareholders [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Converted shares |
|
|
|
|
|
|
75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Series D Preferred Stock [Member] | Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
300
|
999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from convertible preferred stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 300,000
|
$ 999,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series E Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
650
|
|
|
|
|
|
|
|
|
|
650
|
|
|
|
|
|
|
|
|
|
|
|
Converted shares |
|
|
|
|
|
|
|
216,668
|
|
|
|
|
|
|
|
|
|
216,668
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Series E Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,000
|
|
|
|
|
30,000
|
|
30,000
|
|
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
|
|
$ 1,000
|
|
$ 1,000
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
|
$ 1,000
|
|
$ 1,000
|
|
|
Preferred stock, shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
4,000
|
|
|
|
|
|
|
13,625
|
|
|
|
|
13,625
|
|
11,500
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,625
|
|
|
|
|
13,625
|
|
11,500
|
|
|
Preferred stock voting rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Each share of Series E Convertible Preferred Stock has 333 votes
|
|
|
|
|
Preferred stock, conversion price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3
|
|
|
|
|
$ 3
|
|
$ 3
|
|
|
Proceeds from convertible preferred stock |
|
|
|
|
|
|
|
|
|
|
$ 2,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock conversion price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.00
|
|
|
|
|
$ 3.00
|
|
|
$ 3.00
|
|
Number of shares issued, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,125
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
|
$ 1,000
|
|
|
|
|
Total net proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,125,002
|
|
|
|
|
Preferred convertible preferred stock, Shares |
|
|
|
|
|
|
|
|
|
|
2,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,500
|
|
Exchange of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
Convertible Series E Preferred Stock [Member] | Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from convertible preferred stock |
|
|
|
|
|
|
|
|
|
|
|
|
$ 4,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Series F Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
|
|
|
5,000
|
|
5,000
|
|
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
|
$ 1,000
|
|
$ 1,000
|
$ 6.20
|
|
Preferred stock, shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
0
|
|
0
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
0
|
|
0
|
|
|
Preferred stock voting rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Each share of Series F Preferred Stock had 161 votes
|
|
|
|
|
Preferred stock, conversion price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 6.20
|
|
|
|
|
$ 6.20
|
|
$ 6.20
|
|
|
Proceeds from convertible preferred stock |
|
|
|
|
|
|
|
|
|
|
|
$ 5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock conversion price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 6.20
|
|
|
|
|
$ 6.20
|
|
|
|
|
Number of shares exchanged |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
Additional shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,500
|
|
Number of shares cancelled |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
Preferred convertible preferred stock, shares |
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
Shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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0
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v3.24.2.u1
REVENUE AND CONTRACT ACCOUNTING (Details - Contract assets) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] |
|
|
Cumulative revenues recognized |
$ 9,317,704
|
$ 8,820,256
|
Less: Billings or cash received |
(8,178,309)
|
(8,178,309)
|
Contract assets |
$ 1,139,395
|
$ 641,947
|
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v3.24.2.u1
REVENUE AND CONTRACT ACCOUNTING (Details - Contract liabilities) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] |
|
|
Billings and/or cash receipts on uncompleted contracts |
$ 1,264,658
|
$ 1,264,658
|
Less: Cumulative revenues recognized |
(237,382)
|
(199,976)
|
Contract liabilities, technology systems |
1,027,276
|
1,064,682
|
Contract liabilities, services and consulting |
2,649,291
|
601,561
|
Total contract liabilities, current |
3,676,567
|
1,666,243
|
Total contract liabilities, services and consulting, non-current |
$ 8,495,876
|
$ 0
|
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REVENUE AND CONTRACT ACCOUNTING (Details - Contract liabilities agreement)
|
Jun. 30, 2024
USD ($)
|
Revenue from Contract with Customer [Abstract] |
|
2024 |
$ 1,096,241
|
2025 |
2,192,484
|
2026 |
2,192,484
|
2027 |
2,192,484
|
2028 |
2,192,484
|
2029 |
822,182
|
Total CN agreement Contract Liabilities |
$ 10,688,359
|
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REVENUE AND CONTRACT ACCOUNTING (Details - Disaggregated revenue) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
$ 1,510,496
|
$ 1,770,059
|
$ 2,581,176
|
$ 4,414,347
|
Goods Transferred Over Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
264,999
|
870,494
|
534,854
|
2,698,258
|
Services Transferred Over Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
1,245,497
|
899,565
|
2,046,322
|
1,716,089
|
Turnkey Projects [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
264,999
|
870,494
|
534,854
|
2,698,258
|
Maintenance And Support [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
1,041,661
|
709,173
|
1,643,283
|
1,298,042
|
Algorithms [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
203,836
|
190,392
|
403,039
|
418,047
|
Rail [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
1,510,496
|
1,537,286
|
2,581,176
|
3,913,735
|
Rail [Member] | Goods Transferred Over Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
264,999
|
856,942
|
534,854
|
2,684,706
|
Rail [Member] | Services Transferred Over Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
1,245,497
|
680,344
|
2,049,322
|
1,229,029
|
Rail [Member] | Turnkey Projects [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
264,999
|
856,942
|
534,854
|
2,684,706
|
Rail [Member] | Maintenance And Support [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
1,041,661
|
680,344
|
1,643,283
|
1,229,029
|
Rail [Member] | Algorithms [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
203,836
|
0
|
403,039
|
0
|
Commercial [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
42,381
|
0
|
71,212
|
Commercial [Member] | Goods Transferred Over Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
13,552
|
0
|
13,552
|
Commercial [Member] | Services Transferred Over Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
28,829
|
0
|
57,660
|
Commercial [Member] | Turnkey Projects [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
13,552
|
0
|
13,552
|
Commercial [Member] | Maintenance And Support [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
28,829
|
0
|
57,660
|
Commercial [Member] | Algorithms [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
0
|
0
|
0
|
Governments [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
0
|
0
|
11,353
|
Governments [Member] | Goods Transferred Over Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
0
|
0
|
0
|
Governments [Member] | Services Transferred Over Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
0
|
0
|
11,353
|
Governments [Member] | Turnkey Projects [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
0
|
0
|
0
|
Governments [Member] | Maintenance And Support [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
0
|
0
|
11,353
|
Governments [Member] | Algorithms [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
0
|
0
|
0
|
Artificial Intelligence [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
190,392
|
0
|
418,047
|
Artificial Intelligence [Member] | Goods Transferred Over Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
0
|
0
|
0
|
Artificial Intelligence [Member] | Services Transferred Over Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
190,392
|
0
|
418,047
|
Artificial Intelligence [Member] | Turnkey Projects [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
0
|
0
|
0
|
Artificial Intelligence [Member] | Maintenance And Support [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
0
|
0
|
0
|
Artificial Intelligence [Member] | Algorithms [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
190,392
|
0
|
418,047
|
North America [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
1,510,496
|
1,770,059
|
2,581,176
|
4,414,347
|
North America [Member] | Rail [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
1,510,496
|
1,537,286
|
2,581,176
|
3,913,735
|
North America [Member] | Commercial [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
42,381
|
0
|
71,212
|
North America [Member] | Governments [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
0
|
0
|
11,353
|
North America [Member] | Artificial Intelligence [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
$ 0
|
$ 190,392
|
$ 0
|
$ 418,047
|
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v3.24.2.u1
REVENUE AND CONTRACT ACCOUNTING (Details Narrative) - USD ($)
|
Jun. 30, 2024 |
May 31, 2024 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Contract liabilities |
$ 3,676,567
|
|
$ 1,666,243
|
Contract liabilities for technology systems |
|
|
$ 37,407
|
Services and consulting recognized |
442,610
|
|
|
Current contract liabilities |
2,192,483
|
|
|
Non-current contract liabilities |
$ 8,495,876
|
|
|
Customer Contracts [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Deferred revenue |
|
$ 11,161,428
|
|
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$ 199,008
|
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SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
6 Months Ended |
Jul. 22, 2024 |
Jul. 05, 2024 |
Jul. 31, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
|
Net proceeds |
|
|
|
$ 115,563
|
$ 0
|
Subsequent Event [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Share issued |
|
|
27,695
|
|
|
Weighted average price |
|
|
$ 3.04
|
|
|
Net proceeds |
|
|
$ 81,495
|
|
|
Subsequent Event [Member] | Secured Promissory Notes [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Aggregate promissory note |
$ 2,200,000
|
|
|
|
|
Maturity date |
Dec. 31, 2025
|
|
|
|
|
Interest rate |
10.00%
|
|
|
|
|
Warrants purchase |
300,000
|
|
|
|
|
Warrants exercisable per share |
$ 3.00
|
|
|
|
|
Warrant term |
5 years
|
|
|
|
|
Interest rate notes increase |
18.00%
|
|
|
|
|
Additional warrants purchase |
75,000
|
|
|
|
|
Series D Preferred Stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Conversion of shares common stock |
|
120
|
|
|
|
Common Stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Conversion of shares common stock |
|
40,000
|
|
|
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