10-Q Filing

DUOS TECHNOLOGIES GROUP, INC. CIK: 1396536 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001079973-23-000718`
Period End Date	20230331
Filing Date	20230515
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	duot_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 32 Cash Flow Statement 64 Stockholders Equity 19

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash	`Cash`	$4.34M	USD	Point-in-time
Preferred Stock, Shares Designated	`PreferredStockSharesAvailableToBeDesignated`	9.45M	shares	Point-in-time
Preferred Stock, Shares Designated	`PreferredStockSharesAvailableToBeDesignated`	9.45M	shares	Point-in-time
Cash	`Cash`	$1.12M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$717.35K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$3.42M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$1.43M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$425.72K	USD	Point-in-time
Inventory	`InventoryNet`	$1.43M	USD	Point-in-time
Inventory	`InventoryNet`	$1.53M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$441.32K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$532.38K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$6.83M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$8.55M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$579.69K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$629.49K	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$4.69M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$4.61M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$4.98M	USD	Point-in-time
Security deposit	`SecurityDeposit`	$600.00K	USD	Point-in-time
Security deposit	`SecurityDeposit`	$600.00K	USD	Point-in-time
Software development costs, net	`CapitalizedSoftwareDevelopmentCostsForSoftwareSoldToCustomers`	$265.21K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Software development costs, net	`CapitalizedSoftwareDevelopmentCostsForSoftwareSoldToCustomers`	$454.28K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Patents and trademarks, net	`IntangibleAssetsNetExcludingGoodwill`	$75.02K	USD	Point-in-time
Patents and trademarks, net	`IntangibleAssetsNetExcludingGoodwill`	$69.73K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	7.16M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$13.09M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$14.87M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	7.17M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	7.16M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	7.17M	shares	Point-in-time
Treasury Stock, Common, Shares	`TreasuryStockCommonShares`	1,324.00	shares	Point-in-time
Treasury Stock, Common, Shares	`TreasuryStockCommonShares`	1,324.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.29M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.28M	USD	Point-in-time
Notes payable - financing agreements	`OtherNotesPayableCurrent`	$74.58K	USD	Point-in-time
Notes payable - financing agreements	`OtherNotesPayableCurrent`	$193.09K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$367.65K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$453.02K	USD	Point-in-time
Equipment financing payable-current portion	`FinanceLeaseLiabilityCurrent`	$22.85K	USD	Point-in-time
Equipment financing payable-current portion	`FinanceLeaseLiabilityCurrent`	$11.57K	USD	Point-in-time
Operating lease obligations-current portion	`OperatingLeaseLiabilityCurrent`	$764.82K	USD	Point-in-time
Operating lease obligations-current portion	`OperatingLeaseLiabilityCurrent`	$696.87K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$958.00K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$2.07M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.50M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.69M	USD	Point-in-time
Operating lease obligations, less current portion	`OperatingLeaseLiabilityNoncurrent`	$4.54M	USD	Point-in-time
Operating lease obligations, less current portion	`OperatingLeaseLiabilityNoncurrent`	$4.47M	USD	Point-in-time
Total Liabilities	`Liabilities`	$9.04M	USD	Point-in-time
Total Liabilities	`Liabilities`	$9.15M	USD	Point-in-time
Commitments and Contingencies (Note 4)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 4)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred Stock, Value, Issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, Value, Issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock: $0.001 par value; 500,000,000 shares authorized, 7,169,339 and 7,156,876 shares issued, 7,168,015 and 7,155,552 shares outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$7.16K	USD	Point-in-time
Common stock: $0.001 par value; 500,000,000 shares authorized, 7,169,339 and 7,156,876 shares issued, 7,168,015 and 7,155,552 shares outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$7.17K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$60.37M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$56.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-52.36M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-54.51M	USD	Point-in-time
Sub-total	`TotalPaidInCapitalAndRetainedEarningsDeficit`	$5.87M	USD	Point-in-time
Sub-total	`TotalPaidInCapitalAndRetainedEarningsDeficit`	$4.21M	USD	Point-in-time
Less: Treasury stock (1,324 shares of common stock at March 31, 2023 and December 31, 2022)	`TreasuryStockCommonValue`	$157.45K	USD	Point-in-time
Less: Treasury stock (1,324 shares of common stock at March 31, 2023 and December 31, 2022)	`TreasuryStockCommonValue`	$157.45K	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$781.49K	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$4.05M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$5.72M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$3.95M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$13.09M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$14.87M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Total Revenues	`Revenues`	$2.64M	USD	1 Quarter
Total Revenues	`Revenues`	$1.44M	USD	1 Quarter
Total Cost of Revenues	`CostOfRevenue`	$2.11M	USD	1 Quarter
Total Cost of Revenues	`CostOfRevenue`	$1.22M	USD	1 Quarter
GROSS MARGIN	`GrossProfit`	$537.17K	USD	1 Quarter
GROSS MARGIN	`GrossProfit`	$222.07K	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$307.58K	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$283.89K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$404.88K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$436.72K	USD	1 Quarter
General and Administrative Costs	`GeneralAndAdministrativeExpense`	$2.14M	USD	1 Quarter
General and Administrative Costs	`GeneralAndAdministrativeExpense`	$1.97M	USD	1 Quarter
Total Operating Expenses	`OperatingCostsAndExpenses`	$2.86M	USD	1 Quarter
Total Operating Expenses	`OperatingCostsAndExpenses`	$2.68M	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-2.64M	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-2.15M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.18K	USD	1 Quarter
Interest expense	`InterestExpense`	$3.18K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$182.00	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$4.29K	USD	1 Quarter
Total Other Income (Expenses)	`NonoperatingIncomeExpense`	$3.12K	USD	1 Quarter
Total Other Income (Expenses)	`NonoperatingIncomeExpense`	$-3.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-2.14M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-2.64M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.30	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.49	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.30	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.49	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.35M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.16M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.16M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.35M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.14M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.64M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$116.59K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$73.63K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$75.13K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$250.58K	USD	1 Quarter
Stock issued for services	`StockIssuedForServices`	$-32.50K	USD	1 Quarter
Stock issued for services	`StockIssuedForServices`	$-40.00K	USD	1 Quarter
Amortization of operating lease right of use asset	`AmortizationOfOperatingLeaseRightOfUseAsset`	$77.64K	USD	1 Quarter
Amortization of operating lease right of use asset	`AmortizationOfOperatingLeaseRightOfUseAsset`	$77.10K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-2.70M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-1.45M	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$264.22K	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$1.00M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$24.43K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$101.17K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$264.69K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-228.94K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-95.71K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-1.01M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-30.62K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-85.37K	USD	1 Quarter
Operating lease obligation	`IncreaseDecreaseInOperatingLeaseLiability`	$-8.11K	USD	1 Quarter
Operating lease obligation	`IncreaseDecreaseInOperatingLeaseLiability`	$70.09K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$1.11M	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$534.71K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.09K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-827.73K	USD	1 Quarter
Purchase of patents/trademarks	`PaymentsToAcquireIntangibleAssets`	$7.34K	USD	1 Quarter
Purchase of patents/trademarks	`PaymentsToAcquireIntangibleAssets`	$600.00	USD	1 Quarter
Purchase of software development	`PaymentsToDevelopSoftware`	$212.07K	USD	1 Quarter
Purchase of software development	`PaymentsToDevelopSoftware`	-	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$101.48K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$41.74K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-261.14K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-102.08K	USD	1 Quarter
Repayments of insurance and equipment financing	`RepaymentsOfInsuranceAndEquipmentFinancing`	$201.49K	USD	1 Quarter
Repayments of insurance and equipment financing	`RepaymentsOfInsuranceAndEquipmentFinancing`	$128.44K	USD	1 Quarter
Repayment of finance lease	`RepaymentsOfLongTermCapitalLeaseObligations`	$23.96K	USD	1 Quarter
Repayment of finance lease	`RepaymentsOfLongTermCapitalLeaseObligations`	$11.29K	USD	1 Quarter
Proceeds from common stock issued	`ProceedsFromIssuanceOfCommonStock`	$6.09M	USD	1 Quarter
Proceeds from common stock issued	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Issuance cost	`IssuanceCosts`	$299.14K	USD	1 Quarter
Issuance cost	`IssuanceCosts`	$576.65K	USD	1 Quarter
Proceeds from preferred stock issued	`ProceedsFromIssuanceOrSaleOfEquity`	$4.00M	USD	1 Quarter
Proceeds from preferred stock issued	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.49M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.37M	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$4.44M	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$3.22M	USD	1 Quarter
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$893.72K	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.34M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.33M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.12M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$893.72K	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.34M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.33M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.12M	USD	Point-in-time
Interest paid	`InterestPaid`	$3.18K	USD	1 Quarter
Interest paid	`InterestPaid`	$1.18K	USD	1 Quarter
Taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Notes issued for financing of insurance premiums	`NotesIssued1`	$320.00K	USD	1 Quarter
Notes issued for financing of insurance premiums	`NotesIssued1`	$242.59K	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$781.49K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$4.05M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$5.72M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$3.95M	USD	Point-in-time
Series E preferred stock issued	`SeriesEPreferredStockIssued`	$4.00M	USD	1 Quarter
Stock options compensation	`StockIssuedDuringPeriodValueStockOptionsExercised`	$250.58K	USD	1 Quarter
Stock options compensation	`StockIssuedDuringPeriodValueStockOptionsExercised`	$75.13K	USD	1 Quarter
Common stock issued	`StockIssuedDuringPeriodValueOther`	$6.09M	USD	1 Quarter
Series C preferred stock converted into common stock	`SeriesCPreferredStockConvertedToCommonStock`	-	USD	1 Quarter
Stock issuance cost	`PaymentsOfStockIssuanceCosts`	$299.14K	USD	1 Quarter
Stock issuance cost	`PaymentsOfStockIssuanceCosts`	$576.65K	USD	1 Quarter
Stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$32.50K	USD	1 Quarter
Stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$40.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.64M	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.14M	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$781.49K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$4.05M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$5.72M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$3.95M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.