Duos Technologies Group Inc

NASDAQ:DUOTUnited States

Apr 1, 2024

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• -- Earnings Flash (DUOT) DUOS TECHNOLOGIES GROUP Reports Q4 Revenue $1.5M, from 4:01PM ET on Monday Apr 01, 2024 by MT Newswires

  4:01PM ET on Monday Apr 01, 2024 by MT Newswires
  Companies Mentioned: DUOT
  04:01 PM EDT, 04/01/2024 (MT Newswires) -- ...

• Duos Technologies Group Reports Fourth Quarter and Full Year 2023 Results, from 4:00PM ET on Monday Apr 01, 2024 by GlobeNewswire

  4:00PM ET on Monday Apr 01, 2024 by GlobeNewswire
  Companies Mentioned: DUOT

• Duos Technologies Group Reports Fourth Quarter and Full Year 2023 Results, from 4:00PM ET on Monday Apr 01, 2024 by Dow Jones

  4:00PM ET on Monday Apr 01, 2024 by Dow Jones
  Companies Mentioned: DUOT
  ----------- ----------- Total Current Assets 6,256,895 6,834,757 ----------- ----------- Property and equipment, net 726,507 629,490 Operating lease right of use asset 4,373,155 4,689,931 Security deposit 550,000 600,000 OTHER ASSETS: Note Receivable, net 153,750 - Patents and trademarks, net 129,140 69,733 Software development costs, net 652,838 265,208 ----------- ----------- Total Other Assets 935,728 334,941 ----------- ----------- TOTAL ASSETS $ 12,842,285 $ 13,089,119 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 595,634 $ 2,290,390 Notes payable - financing agreements 41,976 74,575 Accrued expenses 164,113 453,023 Equipment financing payable-current portion - 22,851 Operating lease obligations-current portion 779,087 696,869 Contract liabilities 1,666,243 957,997 ----------- ----------- Total Current Liabilities 3,247,053 4,495,705 Operating lease obligations, less current portion 4,228,718 4,542,943 ----------- ----------- Total Liabilities 7,475,771 9,038,648 ----------- ----------- Commitments and Contingencies (Note 10) 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 issued and outstanding at December 31, 2023 and December 31, 2022, respectively, convertible into common stock at $6.30 per share Series B convertible preferred stock, $1,000 stated value per share, 15,000 shares designated; 0 and 0 issued and outstanding at December 31, 2023 and December 31, 2022, respectively, convertible into common stock at $7 per share Series C convertible preferred stock, $1,000 stated value per share, 5,000 shares designated; 0 and 0 issued and outstanding at December 31, 2023 and December 31, 2022, respectively, convertible into common stock at $5.50 per share Series D convertible preferred stock, $1,000 stated value per share, 4,000 shares designated; 1,299 and 1,299 issued and outstanding at December 31, 2023 and December 31, 2022, 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; 11,500 and 0 issued and outstanding at December 31, 2023 and December 31, 2022, respectively, convertible into common stock at $3 per share 12 - Series F convertible preferred stock, $1,000 stated value per share, 5,000 shares designated; 0 and 0 issued and outstanding at December 31, 2023 and December 31, 2022, respectively, convertible into common stock at $6.20 per share - - Common stock: $0.001 par value; 500,000,000 shares authorized, 7,306,663 and 7,156,876 shares issued, 7,305,339 and 7,155,552 shares outstanding at December 31, 2023 and December 31, 2022, respectively 7,306 7,156 Additional paid-in-capital 69,120,199 56,562,600 Accumulated deficit (63,603,552) (52,361,834) ----------- ----------- Sub-total 5,523,966 4,207,923 Less: Treasury stock (1,324 shares of common stock at December 31, 2023 and December 31, 2022) (157,452) (157,452) ----------- ----------- Total Stockholders' Equity 5,366,514 4,050,471 ----------- ----------- Total Liabilities and Stockholders' Equity $ 12,842,285 $ 13,089,119 =========== =========== DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended December 31, ----------------------------- 2023 2022 Cash from operating activities: Net loss $(11,241,718) $(6,864,783) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 550,201 350,192 Stock based compensation 710,047 819,191 Stock issued for services 143,065 157,500 Amortization of operating lease right of use asset 316,776 235,834 Changes in assets and liabilities: Accounts receivable 1,955,800 (1,679,720) Note receivable (153,750) - Contract assets (216,225) (422,273) Inventory (97,804) (1,130,022) Security deposit 50,000 - Prepaid expenses and other current assets 744,771 266,539 Accounts payable (1,694,756) 1,245,890 Accrued expenses (289,209) (165,069) Operating lease obligation (232,007) 184,728 Contract liabilities 708,245 (871,314) ----------- ---------- Net cash used in operating activities (8,746,564) (7,873,307) Cash flows from investing activities: Purchase of patents/trademarks (69,327) (18,190) Purchase of software development (527,896) (281,783) Purchase of fixed assets (496,686) (344,915) ----------- ---------- Net cash used in investing activities (1,093,909) (644,888) Cash flows from financing activities: Repayments of insurance and equipment financing (520,529) (331,175) Repayment of finance lease (22,851) (80,335) Proceeds from common stock issued - 8,801,003 Issuance cost (25,797) (942,926) Proceeds from shares issued under Employee Stock Purchase Plan 230,400 - Proceeds from preferred stock issued 11,500,000 1,299,000 ----------- ---------- Net cash provided by financing activities 11,161,223 8,745,567 Net increase in cash 1,320,750 227,372 Cash, beginning of year 1,121,092 893,720 ----------- ---------- Cash, end of year $ 2,441,842 $ 1,121,092 =========== ========== Supplemental Disclosure of Cash Flow Information: --------------------------------------- Interest paid $ 7,159 $ 9,292 Taxes paid $ 29,085 $ 1,264 =========== ========== Supplemental Non-Cash Investing and Financing Activities: --------------------------------------- Notes issued for financing of insurance premiums $ 487,929 $ 353,244 =========== ==========
  

• Press Release: Duos Technologies Group Reports Fourth Quarter and Full Year 2023 Results, from 4:00PM ET on Monday Apr 01, 2024 by Dow Jones

  4:00PM ET on Monday Apr 01, 2024 by Dow Jones
  Companies Mentioned: DUOT