10-Q Filing

DUOS TECHNOLOGIES GROUP, INC. CIK: 1396536 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001553350-21-000402`
Period End Date	20210331
Filing Date	20210514
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	duot-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 85 Income Statement 28 Cash Flow Statement 70 Stockholders Equity 16

Balance Sheet 85 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$56.25K	USD	Point-in-time
Cash	`Cash`	$7.07M	USD	Point-in-time
Cash	`Cash`	$6.55M	USD	Point-in-time
Cash	`Cash`	$3.97M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.24M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.39M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$102.46K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$37.57K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$486.63K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$694.70K	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
Total Current Assets	`AssetsCurrent`	$5.80M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$9.19M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$342.18K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$321.14K	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$644.25K	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$196.14K	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$154.02K	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
Patents and trademarks, net	`FiniteLivedIntangibleAssetsNetPatentsAndTrademarks`	$64.42K	USD	Point-in-time
Patents and trademarks, net	`FiniteLivedIntangibleAssetsNetPatentsAndTrademarks`	$70.51K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total Other Assets	`OtherAssets`	$70.51K	USD	Point-in-time
Total Other Assets	`OtherAssets`	$64.42K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$6.41M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$9.74M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.54M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.54M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.53M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.53M	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`	$599.32K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$689.65K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$7.70K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$7.70K	USD	Point-in-time
Notes payable - financing agreements	`OtherNotesPayableCurrent`	$42.94K	USD	Point-in-time
Notes payable - financing agreements	`OtherNotesPayableCurrent`	$237.39K	USD	Point-in-time
Payroll taxes payable	`AccruedPayrollTaxesCurrentAndNoncurrent`	$3.15K	USD	Point-in-time
Payroll taxes payable	`AccruedPayrollTaxesCurrentAndNoncurrent`	$3.15K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$984.17K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.04M	USD	Point-in-time
Current portion - equipment financing agreements	`FinanceLeaseLiabilityCurrent`	$92.22K	USD	Point-in-time
Current portion - equipment financing agreements	`FinanceLeaseLiabilityCurrent`	$89.62K	USD	Point-in-time
Current portion-operating lease obligations	`OperatingLeaseLiabilityCurrent`	$158.56K	USD	Point-in-time
Current portion-operating lease obligations	`OperatingLeaseLiabilityCurrent`	$202.80K	USD	Point-in-time
Current portion-SBA loan	`LoansPayableToBankCurrent`	-	USD	Point-in-time
Current portion-SBA loan	`LoansPayableToBankCurrent`	$627.47K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$709.55K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$166.03K	USD	Point-in-time
Deferred revenue	`DeferredIncomeCurrent`	$315.37K	USD	Point-in-time
Deferred revenue	`DeferredIncomeCurrent`	$1.27M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.64M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.61M	USD	Point-in-time
Equipment financing payable, less current portion	`FinanceLeaseLiabilityNoncurrent`	$79.13K	USD	Point-in-time
Equipment financing payable, less current portion	`FinanceLeaseLiabilityNoncurrent`	$103.18K	USD	Point-in-time
SBA loan, less current portion	`LongTermLoansFromBank`	$782.80K	USD	Point-in-time
SBA loan, less current portion	`LongTermLoansFromBank`	-	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.69M	USD	Point-in-time
Total Liabilities	`Liabilities`	$4.52M	USD	Point-in-time
Common stock: $0.001 par value; 500,000,000 shares authorized, 3,535,339 shares issued, 3,534,015 shares outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$3.54K	USD	Point-in-time
Common stock: $0.001 par value; 500,000,000 shares authorized, 3,535,339 shares issued, 3,534,015 shares outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$3.54K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$39.82M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$39.90M	USD	Point-in-time
Total stock & paid-in-capital	`StockholdersEquityAndAdditionalPaidInCapital`	$46.11M	USD	Point-in-time
Total stock & paid-in-capital	`StockholdersEquityAndAdditionalPaidInCapital`	$41.53M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-39.49M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-39.89M	USD	Point-in-time
Sub-total	`TotalPaidInCapitalAndRetainedEarningsDeficit`	$2.04M	USD	Point-in-time
Sub-total	`TotalPaidInCapitalAndRetainedEarningsDeficit`	$6.21M	USD	Point-in-time
Less: Treasury stock (1,324 shares of common stock at March 31, 2021 and December 31, 2020)	`TreasuryStockCommonValue`	$157.45K	USD	Point-in-time
Less: Treasury stock (1,324 shares of common stock at March 31, 2021 and December 31, 2020)	`TreasuryStockCommonValue`	$157.45K	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquity`	$1.88M	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquity`	$-127.27K	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquity`	$5.99M	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquity`	$6.05M	USD	Point-in-time
Total Liabilities and Stockholders' Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$9.74M	USD	Point-in-time
Total Liabilities and Stockholders' Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$6.41M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Total Revenues	`Revenues`	$2.15M	USD	1 Quarter
Total Revenues	`Revenues`	$990.95K	USD	1 Quarter
Total Cost of Revenues	`CostOfRevenue`	$1.65M	USD	1 Quarter
Total Cost of Revenues	`CostOfRevenue`	$2.73M	USD	1 Quarter
GROSS MARGIN	`GrossProfit`	$-575.71K	USD	1 Quarter
GROSS MARGIN	`GrossProfit`	$-655.49K	USD	1 Quarter
Sales & marketing	`SellingAndMarketingExpense`	$311.80K	USD	1 Quarter
Sales & marketing	`SellingAndMarketingExpense`	$139.85K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$61.03K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$40.64K	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$873.76K	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$1.25M	USD	1 Quarter
Total Operating Expenses	`OperatingCostsAndExpenses`	$1.43M	USD	1 Quarter
Total Operating Expenses	`OperatingCostsAndExpenses`	$1.25M	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-2.09M	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-1.82M	USD	1 Quarter
Interest expense	`InterestExpenseOther`	$68.93K	USD	1 Quarter
Interest expense	`InterestExpenseOther`	$6.22K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	$1.42M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	$9.80K	USD	1 Quarter
Total Other Income (Expense)	`OtherNonoperatingIncomeExpense`	$1.42M	USD	1 Quarter
Total Other Income (Expense)	`OtherNonoperatingIncomeExpense`	$-59.13K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-2.15M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-406.02K	USD	1 Quarter
Basic & Diluted Net Loss Per Share	`EarningsPerShareBasicAndDiluted`	$-0.80	USD	1 Quarter
Basic & Diluted Net Loss Per Share	`EarningsPerShareBasicAndDiluted`	$-0.11	USD	1 Quarter
Weighted Average Shares-Basic & Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	3.54M	shares	1 Quarter
Weighted Average Shares-Basic & Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.69M	shares	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.15M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-406.02K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$73.05K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$48.65K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$8.10K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$76.30K	USD	1 Quarter
PPP loan forgiveness including accrued interest	`PppLoanForgivenessIncludingAccruedInterest`	$1.42M	USD	1 Quarter
PPP loan forgiveness including accrued interest	`PppLoanForgivenessIncludingAccruedInterest`	-	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
Amortization of operating lease right of use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$42.12K	USD	1 Quarter
Amortization of operating lease right of use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$55.86K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$197.83K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-1.97M	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$-992.22K	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$-64.89K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$5.06K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-7.58K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$90.33K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-1.97M	USD	1 Quarter
Accounts payable-related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-300.00	USD	1 Quarter
Accounts payable-related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	1 Quarter
Payroll taxes payable	`IncreaseDecreaseInEmployeeRelatedLiabilities`	-	USD	1 Quarter
Payroll taxes payable	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-102.72K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-42.61K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-242.30K	USD	1 Quarter
Lease obligation	`IncreaseDecreaseInOperatingLeaseLiability`	$-55.97K	USD	1 Quarter
Lease obligation	`IncreaseDecreaseInOperatingLeaseLiability`	$-44.24K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$1.51K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-490.97K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-254.75K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$952.55K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.66M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.30M	USD	1 Quarter
Purchase of patents/trademarks	`PaymentsToAcquireIntangibleAssets`	$7.31K	USD	1 Quarter
Purchase of patents/trademarks	`PaymentsToAcquireIntangibleAssets`	$7.43K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$50.67K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$28.93K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-58.10K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-36.24K	USD	1 Quarter
Repayments of line of credit	`RepaymentsOfLinesOfCredit`	$27.55K	USD	1 Quarter
Repayments of line of credit	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Repayments of insurance and equipment financing	`RepaymentsOfInsuranceAndEquipmentFinancing`	$21.21K	USD	1 Quarter
Repayments of insurance and equipment financing	`RepaymentsOfInsuranceAndEquipmentFinancing`	$23.09K	USD	1 Quarter
Repayment of finance lease	`RepaymentsOfLongTermCapitalLeaseObligations`	$10.70K	USD	1 Quarter
Repayment of finance lease	`RepaymentsOfLongTermCapitalLeaseObligations`	$21.45K	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`	-	USD	1 Quarter
Issuance cost	`PaymentsOfStockIssuanceCosts`	$1.00M	USD	1 Quarter
Proceeds from preferred stock issued	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	1 Quarter
Proceeds from preferred stock issued	`ProceedsFromIssuanceOrSaleOfEquity`	$4.50M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$8.19M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.46M	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$6.50M	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$3.10M	USD	1 Quarter
Cash, beginning of period	`Cash`	$56.25K	USD	Point-in-time
Cash, beginning of period	`Cash`	$7.07M	USD	Point-in-time
Cash, beginning of period	`Cash`	$6.55M	USD	Point-in-time
Cash, beginning of period	`Cash`	$3.97M	USD	Point-in-time
Cash, end of period	`Cash`	$56.25K	USD	Point-in-time
Cash, end of period	`Cash`	$7.07M	USD	Point-in-time
Cash, end of period	`Cash`	$6.55M	USD	Point-in-time
Cash, end of period	`Cash`	$3.97M	USD	Point-in-time
Interest paid	`InterestPaid`	$6.64K	USD	1 Quarter
Interest paid	`InterestPaid`	$5.67K	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`	$215.65K	USD	1 Quarter
Note issued for financing of insurance premiums	`NotesIssued1`	$165.38K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$1.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$-127.27K	USD	Point-in-time
Balance	`StockholdersEquity`	$5.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$6.05M	USD	Point-in-time
Common stock issued	`StockIssuedDuringPeriodValueNewIssues`	$9.25M	USD	1 Quarter
Stock options granted to employees	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$8.10K	USD	1 Quarter
Stock options granted to employees	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$76.30K	USD	1 Quarter
Series C preferred stock issued	`SeriesCPreferredStockIssued`	$4.50M	USD	1 Quarter
Stock issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$1.00M	USD	1 Quarter
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$7.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.15M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-406.02K	USD	1 Quarter
Balance	`StockholdersEquity`	$1.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$-127.27K	USD	Point-in-time
Balance	`StockholdersEquity`	$5.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$6.05M	USD	Point-in-time

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