10-Q Filing

DUOS TECHNOLOGIES GROUP, INC. CIK: 1396536 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001553350-22-000461`
Period End Date	20220331
Filing Date	20220516
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	duot_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 32 Cash Flow Statement 64 Stockholders Equity 17

Balance Sheet 81 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
Preferred Stock, Shares Designated	`PreferredStockSharesAvailableToBeDesignated`	9.48M	shares	Point-in-time
Cash	`Cash`	$893.72K	USD	Point-in-time
Preferred Stock, Shares Designated	`PreferredStockSharesAvailableToBeDesignated`	9.48M	shares	Point-in-time
Cash	`Cash`	$5.33M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$329.95K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.74M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$267.67K	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$3.45K	USD	Point-in-time
Inventory	`InventoryNet`	$298.34K	USD	Point-in-time
Inventory	`InventoryNet`	$322.76K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$838.98K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$354.61K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$7.09M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$3.29M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$603.25K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$632.63K	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$4.93M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$4.85M	USD	Point-in-time
Security deposit	`SecurityDeposit`	$600.00K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Security deposit	`SecurityDeposit`	$600.00K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	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
Common Stock, Shares, Issued	`CommonStockSharesIssued`	6.10M	shares	Point-in-time
Patents and trademarks, net	`IntangibleAssetsNetExcludingGoodwill`	$65.55K	USD	Point-in-time
Patents and trademarks, net	`IntangibleAssetsNetExcludingGoodwill`	$66.48K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	4.11M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	6.10M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	4.11M	shares	Point-in-time
Total Other Assets	`OtherAssets`	$66.48K	USD	Point-in-time
Total Other Assets	`OtherAssets`	$65.55K	USD	Point-in-time
Treasury Stock, Common, Shares	`TreasuryStockCommonShares`	1,324.00	shares	Point-in-time
TOTAL ASSETS	`Assets`	$13.24M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$9.48M	USD	Point-in-time
Treasury Stock, Common, Shares	`TreasuryStockCommonShares`	1,324.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$967.19K	USD	Point-in-time
Notes payable - financing agreements	`OtherNotesPayableCurrent`	$166.66K	USD	Point-in-time
Notes payable - financing agreements	`OtherNotesPayableCurrent`	$52.50K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$618.09K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$587.47K	USD	Point-in-time
Equipment financing payable-current portion	`FinanceLeaseLiabilityCurrent`	$80.33K	USD	Point-in-time
Equipment financing payable-current portion	`FinanceLeaseLiabilityCurrent`	$67.56K	USD	Point-in-time
Operating lease obligations-current portion	`OperatingLeaseLiabilityCurrent`	$395.47K	USD	Point-in-time
Operating lease obligations-current portion	`OperatingLeaseLiabilityCurrent`	$315.30K	USD	Point-in-time
Operating lease obligations-current portion	`OperatingLeaseLiabilityCurrent`	$4.98M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$1.83M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$2.36M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.55M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.94M	USD	Point-in-time
Equipment financing payable, less current portion	`FinanceLeaseLiabilityNoncurrent`	$11.66K	USD	Point-in-time
Equipment financing payable, less current portion	`FinanceLeaseLiabilityNoncurrent`	$22.85K	USD	Point-in-time
Operating lease obligations, less current portion	`OperatingLeaseLiabilityNoncurrent`	$4.74M	USD	Point-in-time
Operating lease obligations, less current portion	`OperatingLeaseLiabilityNoncurrent`	$4.73M	USD	Point-in-time
Total Liabilities	`Liabilities`	$8.70M	USD	Point-in-time
Total Liabilities	`Liabilities`	$9.29M	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, 6,096,541 and 4,111,047 shares issued, 6,095,217 and 4,109,723 shares outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$6.10K	USD	Point-in-time
Common stock: $0.001 par value; 500,000,000 shares authorized, 6,096,541 and 4,111,047 shares issued, 6,095,217 and 4,109,723 shares outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$4.11K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$51.39M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$43.08M	USD	Point-in-time
Total stock and paid-in-capital	`AdditionalPaidInCapital`	$46.44M	USD	Point-in-time
Total stock and paid-in-capital	`AdditionalPaidInCapital`	$52.24M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-45.50M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-48.14M	USD	Point-in-time
Sub-total	`TotalPaidInCapitalAndRetainedEarningsDeficit`	$4.10M	USD	Point-in-time
Sub-total	`TotalPaidInCapitalAndRetainedEarningsDeficit`	$938.94K	USD	Point-in-time
Less: Treasury stock (1,324 shares of common stock at March 31, 2022 and December 31, 2021)	`TreasuryStockCommonValue`	$157.45K	USD	Point-in-time
Less: Treasury stock (1,324 shares of common stock at March 31, 2022 and December 31, 2021)	`TreasuryStockCommonValue`	$157.45K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$3.95M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$781.49K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$6.05M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$1.88M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$9.48M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$13.24M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Total Revenues	`Revenues`	$2.15M	USD	1 Quarter
Total Revenues	`Revenues`	$1.44M	USD	1 Quarter
Total Cost of Revenues	`CostOfRevenue`	$1.22M	USD	1 Quarter
Total Cost of Revenues	`CostOfRevenue`	$1.65M	USD	1 Quarter
GROSS MARGIN	`GrossProfit`	$222.07K	USD	1 Quarter
GROSS MARGIN	`GrossProfit`	$502.97K	USD	1 Quarter
Sales and marketing	`SalesMarketingExpense`	$311.80K	USD	1 Quarter
Sales and marketing	`SalesMarketingExpense`	$283.89K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$436.72K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$359.13K	USD	1 Quarter
General and administration	`GeneralAndAdministrativeExpense`	$1.65M	USD	1 Quarter
General and administration	`GeneralAndAdministrativeExpense`	$2.14M	USD	1 Quarter
Total Operating Expenses	`OperatingCostsAndExpenses`	$2.33M	USD	1 Quarter
Total Operating Expenses	`OperatingCostsAndExpenses`	$2.86M	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-2.64M	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-1.82M	USD	1 Quarter
Interest expense	`InterestExpense`	$6.22K	USD	1 Quarter
Interest expense	`InterestExpense`	$3.18K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$182.00	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$1.42M	USD	1 Quarter
Total Other Income (Expenses)	`NonoperatingIncomeExpense`	$-3.00K	USD	1 Quarter
Total Other Income (Expenses)	`NonoperatingIncomeExpense`	$1.42M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-406.02K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-2.64M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.49	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.11	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.49	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.11	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.54M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.35M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.35M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.54M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-406.02K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.64M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$73.05K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$73.63K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$76.30K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$250.58K	USD	1 Quarter
Stock issued for services	`StockIssuedForServices`	-	USD	1 Quarter
Stock issued for services	`StockIssuedForServices`	$-40.00K	USD	1 Quarter
PPP loan forgiveness including accrued interest	`PppLoanForgivenessIncludingAccruedInterest`	-	USD	1 Quarter
PPP loan forgiveness including accrued interest	`PppLoanForgivenessIncludingAccruedInterest`	$1.42M	USD	1 Quarter
Amortization of operating lease right of use asset	`AmortizationOfOperatingLeaseRightOfUseAsset`	$42.12K	USD	1 Quarter
Amortization of operating lease right of use asset	`AmortizationOfOperatingLeaseRightOfUseAsset`	$77.64K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$197.83K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-1.45M	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$-64.89K	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$264.22K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-131.66K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$24.43K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$264.69K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$124.08K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-95.71K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$90.33K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-30.62K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-42.61K	USD	1 Quarter
Operating lease obligation	`IncreaseDecreaseInOperatingLeaseLiability`	$-44.24K	USD	1 Quarter
Operating lease obligation	`IncreaseDecreaseInOperatingLeaseLiability`	$70.09K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$534.71K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$461.58K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-827.73K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.30M	USD	1 Quarter
Purchase of patents/trademarks	`PaymentsToAcquireIntangibleAssets`	$600.00	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`	$101.48K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-58.10K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-102.08K	USD	1 Quarter
Repayments of insurance and equipment financing	`RepaymentsOfInsuranceAndEquipmentFinancing`	$128.44K	USD	1 Quarter
Repayments of insurance and equipment financing	`RepaymentsOfInsuranceAndEquipmentFinancing`	$21.21K	USD	1 Quarter
Repayment of finance lease	`RepaymentsOfLongTermCapitalLeaseObligations`	$23.96K	USD	1 Quarter
Repayment of finance lease	`RepaymentsOfLongTermCapitalLeaseObligations`	$21.45K	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`	-	USD	1 Quarter
Issuance cost	`IssuanceCosts`	$576.65K	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`	$5.37M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.46M	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$4.44M	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$3.10M	USD	1 Quarter
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.33M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.07M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$893.72K	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.97M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.33M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.07M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$893.72K	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.97M	USD	Point-in-time
Interest paid	`InterestPaid`	$5.67K	USD	1 Quarter
Interest paid	`InterestPaid`	$3.18K	USD	1 Quarter
Taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Notes issued for financing of insurance premiums	`NotesIssued1`	$242.59K	USD	1 Quarter
Notes issued for financing of insurance premiums	`NotesIssued1`	$215.65K	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$3.95M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$781.49K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$6.05M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$1.88M	USD	Point-in-time
Series C preferred stock converted to common stock	`SeriesCPreferredConvertedToCommonStock`	-	USD	1 Quarter
Stock options compensation	`StockIssuedDuringPeriodValueStockOptionsExercised`	$250.58K	USD	1 Quarter
Stock options compensation	`StockIssuedDuringPeriodValueStockOptionsExercised`	$76.30K	USD	1 Quarter
Series C preferred stock issued	`SeriesCPreferredStockIssued`	$4.50M	USD	1 Quarter
Common stock issued	`StockIssuedDuringPeriodValueOther`	$6.09M	USD	1 Quarter
Stock issuance cost	`PaymentsOfStockIssuanceCosts`	$576.65K	USD	1 Quarter
Stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$40.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-406.02K	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.64M	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$3.95M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$781.49K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$6.05M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$1.88M	USD	Point-in-time

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