10-Q Filing

DUOS TECHNOLOGIES GROUP, INC. CIK: 1396536 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001553350-20-000457`
Period End Date	20200331
Filing Date	20200515
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	duot-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 90 Income Statement 36 Cash Flow Statement 68 Stockholders Equity 17

Balance Sheet 90 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$1.21M	USD	Point-in-time
Cash	`Cash`	$6.55M	USD	Point-in-time
Cash	`Cash`	$1.20M	USD	Point-in-time
Cash	`Cash`	$56.25K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$645.54K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.61M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$1.38M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$383.70K	USD	Point-in-time
Preferred stock, par value	`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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$887.03K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$716.60K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$8.47M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$4.76M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$260.18K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$246.81K	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$374.29K	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$430.15K	USD	Point-in-time
Preferred stock, available to be designated	`PreferredStockSharesAvailableToBeDesignated`	9.48M	shares	Point-in-time
Preferred stock, available to be designated	`PreferredStockSharesAvailableToBeDesignated`	9.48M	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Software development costs, net	`FiniteLivedIntangibleAssetsNet`	$20.00K	USD	Point-in-time
Software development costs, net	`FiniteLivedIntangibleAssetsNet`	$15.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Patents and trademarks, net	`FiniteLivedIntangibleAssetsNetPatentsAndTrademarks`	$67.57K	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	`FiniteLivedIntangibleAssetsNetPatentsAndTrademarks`	$61.60K	USD	Point-in-time
Total Other Assets	`OtherAssets`	$82.57K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.98M	shares	Point-in-time
Total Other Assets	`OtherAssets`	$81.60K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.53M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$9.17M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$5.53M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.98M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.52M	shares	Point-in-time
Treasury stock shares	`TreasuryStockCommonShares`	1,324.00	shares	Point-in-time
Treasury stock shares	`TreasuryStockCommonShares`	1,324.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.64M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$663.75K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$12.79K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$12.49K	USD	Point-in-time
Notes payable - financing agreements	`OtherNotesPayableCurrent`	$184.58K	USD	Point-in-time
Notes payable - financing agreements	`OtherNotesPayableCurrent`	$42.30K	USD	Point-in-time
Notes payable - related parties, net of discounts	`NotesPayableRelatedPartiesClassifiedCurrent`	$954.30K	USD	Point-in-time
Notes payable - related parties, net of discounts	`NotesPayableRelatedPartiesClassifiedCurrent`	$905.37K	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$65.00	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$27.61K	USD	Point-in-time
Payroll taxes payable	`AccruedPayrollTaxesCurrentAndNoncurrent`	$12.39K	USD	Point-in-time
Payroll taxes payable	`AccruedPayrollTaxesCurrentAndNoncurrent`	$115.11K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$150.97K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$393.27K	USD	Point-in-time
Current portion - financing leaseagreements	`FinanceLeaseLiabilityCurrent`	$46.52K	USD	Point-in-time
Current portion - financing leaseagreements	`FinanceLeaseLiabilityCurrent`	$45.07K	USD	Point-in-time
Current portion-operating lease obligations	`OperatingLeaseLiabilityCurrent`	$248.99K	USD	Point-in-time
Current portion-operating lease obligations	`OperatingLeaseLiabilityCurrent`	$239.69K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$10.17K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$8.66K	USD	Point-in-time
Deferred revenue	`DeferredIncomeCurrent`	$681.67K	USD	Point-in-time
Deferred revenue	`DeferredIncomeCurrent`	$936.43K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$5.37M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.97M	USD	Point-in-time
Finance lease payable	`FinanceLeaseLiabilityNoncurrent`	$76.88K	USD	Point-in-time
Finance lease payable	`FinanceLeaseLiabilityNoncurrent`	$89.03K	USD	Point-in-time
Operating lease obligations	`OperatingLeaseLiabilityNoncurrent`	$137.53K	USD	Point-in-time
Operating lease obligations	`OperatingLeaseLiabilityNoncurrent`	$202.80K	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.18M	USD	Point-in-time
Total Liabilities	`Liabilities`	$5.66M	USD	Point-in-time
Commitments and Contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock: $0.001 par value; 500,000,000 shares authorized, 3,525,838 and 1,982,039 shares issued, 3,524,514 and 1,980,715 shares outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$1.98K	USD	Point-in-time
Common stock: $0.001 par value; 500,000,000 shares authorized, 3,525,838 and 1,982,039 shares issued, 3,524,514 and 1,980,715 shares outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$3.53K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$31.06M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$39.33M	USD	Point-in-time
Total stock & paid-in-capital	`StockholdersEquityAndAdditionalPaidInCapital`	$32.77M	USD	Point-in-time
Total stock & paid-in-capital	`StockholdersEquityAndAdditionalPaidInCapital`	$41.04M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.89M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-32.74M	USD	Point-in-time
Sub-total	`TotalPaidInCapitalAndRetainedEarningsDeficit`	$30.18K	USD	Point-in-time
Sub-total	`TotalPaidInCapitalAndRetainedEarningsDeficit`	$6.15M	USD	Point-in-time
Less: Treasury stock (1,324 shares of common stock at March 31, 2020 and December 31, 2019)	`TreasuryStockCommonValue`	$157.45K	USD	Point-in-time
Less: Treasury stock (1,324 shares of common stock at March 31, 2020 and December 31, 2019)	`TreasuryStockCommonValue`	$157.45K	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquity`	$1.55M	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquity`	$5.99M	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquity`	$-170.99K	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquity`	$-127.27K	USD	Point-in-time
Total Liabilities and Stockholders' Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$5.53M	USD	Point-in-time
Total Liabilities and Stockholders' Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$9.17M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Total Revenues	`Revenues`	$4.35M	USD	1 Quarter
Total Revenues	`Revenues`	$990.95K	USD	1 Quarter
Total Cost of Revenues	`CostOfRevenue`	$888.08K	USD	1 Quarter
Total Cost of Revenues	`CostOfRevenue`	$2.22M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$2.13M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$102.86K	USD	1 Quarter
Sales and marketing	`SalesMarketingExpense`	$250.43K	USD	1 Quarter
Sales and marketing	`SalesMarketingExpense`	$139.85K	USD	1 Quarter
Engineering	`Engineering`	$465.91K	USD	1 Quarter
Engineering	`Engineering`	$312.43K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$383.42K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$406.39K	USD	1 Quarter
Administration	`AdministrativeExpense`	$1.02M	USD	1 Quarter
Administration	`AdministrativeExpense`	$803.33K	USD	1 Quarter
AI technologies	`CommunicationsAndInformationTechnology`	$316.55K	USD	1 Quarter
AI technologies	`CommunicationsAndInformationTechnology`	$181.31K	USD	1 Quarter
Total Operating Expenses	`OperatingCostsAndExpenses`	$2.19M	USD	1 Quarter
Total Operating Expenses	`OperatingCostsAndExpenses`	$2.08M	USD	1 Quarter
PROFIT (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$46.45K	USD	1 Quarter
PROFIT (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-2.09M	USD	1 Quarter
Interest Expense	`InterestExpenseOther`	$2.62K	USD	1 Quarter
Interest Expense	`InterestExpenseOther`	$68.93K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	$340.00	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	$9.80K	USD	1 Quarter
Total Other Income (Expense)	`OtherNonoperatingIncomeExpense`	$-59.13K	USD	1 Quarter
Total Other Income (Expense)	`OtherNonoperatingIncomeExpense`	$-2.28K	USD	1 Quarter
NET PROFIT (LOSS)	`NetIncomeLoss`	$44.17K	USD	1 Quarter
NET PROFIT (LOSS)	`NetIncomeLoss`	$-2.15M	USD	1 Quarter
Basic Net Profit (Loss) Per Share	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Basic Net Profit (Loss) Per Share	`EarningsPerShareBasic`	$-0.80	USD	1 Quarter
Diluted Net Profit (Loss) Per Share	`EarningsPerShareBasicAndDiluted`	$-0.80	USD	1 Quarter
Diluted Net Profit (Loss) Per Share	`EarningsPerShareBasicAndDiluted`	$0.01	USD	1 Quarter
Weighted Average Shares-Basic	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.55M	shares	1 Quarter
Weighted Average Shares-Basic	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.69M	shares	1 Quarter
Weighted Average Shares-Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.69M	shares	1 Quarter
Weighted Average Shares-Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.49M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net profit (loss)	`NetIncomeLoss`	$44.17K	USD	1 Quarter
Net profit (loss)	`NetIncomeLoss`	$-2.15M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$48.65K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$41.13K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$21.89K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$8.10K	USD	1 Quarter
Interest expense related to debt discounts	`InterestExpenseDebt`	-	USD	1 Quarter
Interest expense related to debt discounts	`InterestExpenseDebt`	$48.93K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$2.08M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-1.97M	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$-921.61K	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$-992.22K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-91.90K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$5.06K	USD	1 Quarter
Operating lease right of use asset	`IncreaseDecreaseInOperatingLeaseRightOfUseAsset`	$-55.86K	USD	1 Quarter
Operating lease right of use asset	`IncreaseDecreaseInOperatingLeaseRightOfUseAsset`	$557.49K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$643.92K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-1.97M	USD	1 Quarter
Related payable-related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	1 Quarter
Related payable-related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-300.00	USD	1 Quarter
Payroll taxes payable	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-102.72K	USD	1 Quarter
Payroll taxes payable	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-156.84K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$26.27K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-242.30K	USD	1 Quarter
Operating lease obligation	`IncreaseDecreaseInOperatingLeaseObligation`	$-55.97K	USD	1 Quarter
Operating lease obligation	`IncreaseDecreaseInOperatingLeaseObligation`	$571.25K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-999.05K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$1.51K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-63.97K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-254.75K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.50M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.66M	USD	1 Quarter
Purchase of patents/trademarks	`PaymentsToAcquireIntangibleAssets`	$7.31K	USD	1 Quarter
Purchase of patents/trademarks	`PaymentsToAcquireIntangibleAssets`	$3.00K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$88.51K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$28.93K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-91.51K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-36.24K	USD	1 Quarter
Repayments of line of credit	`RepaymentsOfLinesOfCredit`	$921.00	USD	1 Quarter
Repayments of line of credit	`RepaymentsOfLinesOfCredit`	$27.55K	USD	1 Quarter
Repayments of insurance and equipment financing	`RepaymentsOfInsuranceAndEquipmentFinancing`	$64.30K	USD	1 Quarter
Repayments of insurance and equipment financing	`RepaymentsOfInsuranceAndEquipmentFinancing`	$23.09K	USD	1 Quarter
Payment of finance lease	`RepaymentsOfLongTermCapitalLeaseObligations`	$10.70K	USD	1 Quarter
Payment of finance lease	`RepaymentsOfLongTermCapitalLeaseObligations`	-	USD	1 Quarter
Proceeds from common stock issued	`ProceedsFromIssuanceOfCommonStock`	$9.25M	USD	1 Quarter
Proceeds from common stock issued	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Issuance cost	`PaymentsOfStockIssuanceCosts`	$1.00M	USD	1 Quarter
Issuance cost	`PaymentsOfStockIssuanceCosts`	-	USD	1 Quarter
Proceeds from warrants exercised	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Proceeds from warrants exercised	`ProceedsFromWarrantExercises`	$1.65M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.58M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$8.19M	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$6.50M	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-6.89K	USD	1 Quarter
Cash, beginning of period	`Cash`	$1.21M	USD	Point-in-time
Cash, beginning of period	`Cash`	$6.55M	USD	Point-in-time
Cash, beginning of period	`Cash`	$1.20M	USD	Point-in-time
Cash, beginning of period	`Cash`	$56.25K	USD	Point-in-time
Cash, end of period	`Cash`	$1.21M	USD	Point-in-time
Cash, end of period	`Cash`	$6.55M	USD	Point-in-time
Cash, end of period	`Cash`	$1.20M	USD	Point-in-time
Cash, end of period	`Cash`	$56.25K	USD	Point-in-time
Interest paid	`InterestPaid`	$6.64K	USD	1 Quarter
Interest paid	`InterestPaid`	$1.54K	USD	1 Quarter
Common stock issued for accrued BOD fees	`StockIssued1`	-	USD	1 Quarter
Common stock issued for accrued BOD fees	`StockIssued1`	$7.50K	USD	1 Quarter
Note issued for financing of insurance premiums	`NotesIssued1`	$165.38K	USD	1 Quarter
Note issued for financing of insurance premiums	`NotesIssued1`	$165.86K	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$1.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$-170.99K	USD	Point-in-time
Balance	`StockholdersEquity`	$-127.27K	USD	Point-in-time
Common stock issued	`StockIssuedDuringPeriodValueNewIssues`	$9.25M	USD	1 Quarter
Common stock issued, shares	`StockIssuedDuringPeriodSharesNewIssues`	1.54M	shares	1 Quarter
Commons stock issued for warrants exercised	`CommonsStockIssuedForWarrantsExercised`	$1.65M	USD	1 Quarter
Stock options granted to employees	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$21.89K	USD	1 Quarter
Stock options granted to employees	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$8.10K	USD	1 Quarter
Stock issuance cost	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$1.00M	USD	1 Quarter
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$7.50K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$44.17K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-2.15M	USD	1 Quarter
Balance	`StockholdersEquity`	$1.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$-170.99K	USD	Point-in-time
Balance	`StockholdersEquity`	$-127.27K	USD	Point-in-time

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