10-K Filing

DUOS TECHNOLOGIES GROUP, INC. CIK: 1396536 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001553350-23-000241`
Period End Date	20221231
Filing Date	20230331
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	duot_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 32 Cash Flow Statement 76 Stockholders Equity 22

Balance Sheet 83 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`	$1.12M	USD	Point-in-time
Cash	`Cash`	$893.72K	USD	Point-in-time
Preferred Stock, Shares Designated	`PreferredStockSharesAvailableToBeDesignated`	9.48M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$3.42M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.74M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$425.72K	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$3.45K	USD	Point-in-time
Inventory	`InventoryNet`	$298.34K	USD	Point-in-time
Inventory	`InventoryNet`	$1.43M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$441.32K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$354.61K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$6.83M	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`	$629.49K	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$4.93M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$4.98M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$4.69M	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, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Security deposit	`SecurityDeposit`	$600.00K	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
Software development costs, net	`CapitalizedSoftwareDevelopmentCostsForSoftwareSoldToCustomers`	$265.21K	USD	Point-in-time
Software development costs, net	`CapitalizedSoftwareDevelopmentCostsForSoftwareSoldToCustomers`	-	USD	Point-in-time
Software development costs, net	`CapitalizedSoftwareDevelopmentCostsForSoftwareSoldToCustomers`	$60.00K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	7.16M	shares	Point-in-time
Patents and trademarks, net	`IntangibleAssetsNetExcludingGoodwill`	$66.48K	USD	Point-in-time
Patents and trademarks, net	`IntangibleAssetsNetExcludingGoodwill`	$69.73K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	4.11M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$9.48M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	7.16M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	4.11M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$13.09M	USD	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
Treasury Stock, Common, Shares	`TreasuryStockCommonShares`	235.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.29M	USD	Point-in-time
Notes payable - financing agreements	`OtherNotesPayableCurrent`	$74.58K	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`	$453.02K	USD	Point-in-time
Equipment financing agreements-current portion	`FinanceLeaseLiabilityCurrent`	$80.33K	USD	Point-in-time
Equipment financing agreements-current portion	`FinanceLeaseLiabilityCurrent`	$22.85K	USD	Point-in-time
Operating lease obligation-current portion	`OperatingLeaseLiabilityCurrent`	$696.87K	USD	Point-in-time
Operating lease obligation-current portion	`OperatingLeaseLiabilityCurrent`	$315.30K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$958.00K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$1.83M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.50M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.94M	USD	Point-in-time
Equipment financing agreement, less current portion	`FinanceLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Equipment financing agreement, less current portion	`FinanceLeaseLiabilityNoncurrent`	$22.85K	USD	Point-in-time
Operating lease obligation, less current portion	`OperatingLeaseLiabilityNoncurrent`	$4.74M	USD	Point-in-time
Operating lease obligation, less current portion	`OperatingLeaseLiabilityNoncurrent`	$4.54M	USD	Point-in-time
Total Liabilities	`Liabilities`	$9.04M	USD	Point-in-time
Total Liabilities	`Liabilities`	$8.70M	USD	Point-in-time
Commitments and Contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 10)	`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, 7,156,876 and 4,111,047 shares issued, 7,155,552 and 4,109,723 shares outstanding at December 31, 2022 and 2021, respectively	`CommonStockValue`	$7.16K	USD	Point-in-time
Common stock: $0.001 par value; 500,000,000 shares authorized, 7,156,876 and 4,111,047 shares issued, 7,155,552 and 4,109,723 shares outstanding at December 31, 2022 and 2021, respectively	`CommonStockValue`	$4.11K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$56.56M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$46.43M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-45.50M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-52.36M	USD	Point-in-time
Sub-total	`TotalPaidInCapitalAndRetainedEarningsDeficit`	$4.21M	USD	Point-in-time
Sub-total	`TotalPaidInCapitalAndRetainedEarningsDeficit`	$938.94K	USD	Point-in-time
Less: Treasury stock (1,324 shares of common stock at December 31, 2022 and 2021)	`TreasuryStockCommonValue`	$157.45K	USD	Point-in-time
Less: Treasury stock (1,324 shares of common stock at December 31, 2022 and 2021)	`TreasuryStockCommonValue`	$148.00K	USD	Point-in-time
Less: Treasury stock (1,324 shares of common stock at December 31, 2022 and 2021)	`TreasuryStockCommonValue`	$157.45K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$1.88M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$4.05M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$781.49K	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$13.09M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$9.48M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Total Revenues	`Revenues`	$15.01M	USD	Annual
Total Revenues	`Revenues`	$8.26M	USD	Annual
Total Cost of Revenues	`CostOfRevenue`	$6.22M	USD	Annual
Total Cost of Revenues	`CostOfRevenue`	$10.26M	USD	Annual
GROSS MARGIN	`GrossProfit`	$4.75M	USD	Annual
GROSS MARGIN	`GrossProfit`	$2.04M	USD	Annual
Sales & marketing	`SalesMarketingExpense`	$1.34M	USD	Annual
Sales & marketing	`SalesMarketingExpense`	$1.23M	USD	Annual
Research & development	`ResearchAndDevelopmentExpense`	$2.52M	USD	Annual
Research & development	`ResearchAndDevelopmentExpense`	$1.65M	USD	Annual
General & administration	`GeneralAndAdministrativeExpense`	$8.63M	USD	Annual
General & administration	`GeneralAndAdministrativeExpense`	$5.75M	USD	Annual
Total Operating Expenses	`OperatingCostsAndExpenses`	$11.61M	USD	Annual
Total Operating Expenses	`OperatingCostsAndExpenses`	$9.50M	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-7.46M	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-6.87M	USD	Annual
Interest expense	`InterestExpense`	$20.27K	USD	Annual
Interest expense	`InterestExpense`	$9.19K	USD	Annual
Other income, net	`OtherNonoperatingIncomeExpense`	$9.56K	USD	Annual
Other income, net	`OtherNonoperatingIncomeExpense`	$1.47M	USD	Annual
Total Other Income	`NonoperatingIncomeExpense`	$1.45M	USD	Annual
Total Other Income	`NonoperatingIncomeExpense`	$366.00	USD	Annual
NET LOSS	`NetIncomeLoss`	$-6.86M	USD	Annual
NET LOSS	`NetIncomeLoss`	$-6.01M	USD	Annual
Net Loss Per Share - Basic	`EarningsPerShareBasic`	$-1.11	USD	Annual
Net Loss Per Share - Basic	`EarningsPerShareBasic`	$-1.63	USD	Annual
Net Loss Per Share - Diluted	`EarningsPerShareDiluted`	$-1.11	USD	Annual
Net Loss Per Share - Diluted	`EarningsPerShareDiluted`	$-1.63	USD	Annual
Weighted Average Shares - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.69M	shares	Annual
Weighted Average Shares - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	6.18M	shares	Annual
Weighted Average Shares - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.69M	shares	Annual
Weighted Average Shares - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.18M	shares	Annual

Cash Flow Statement 76 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-6.86M	USD	Annual
Net loss	`NetIncomeLoss`	$-6.01M	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$76.05K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$350.19K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$275.35K	USD	Annual
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	-	USD	Annual
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	$-14.45K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$262.41K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$819.19K	USD	Annual
Stock issued for services	`StockIssuedForServices`	$-157.50K	USD	Annual
Stock issued for services	`StockIssuedForServices`	$-144.17K	USD	Annual
PPP loan forgiveness including accrued interest	`PppLoanForgivenessIncludingAccruedInterest`	-	USD	Annual
PPP loan forgiveness including accrued interest	`PppLoanForgivenessIncludingAccruedInterest`	$1.42M	USD	Annual
Amortization of operating lease right of use asset	`AmortizationOfOperatingLeaseRightOfUseAsset`	$235.83K	USD	Annual
Amortization of operating lease right of use asset	`AmortizationOfOperatingLeaseRightOfUseAsset`	$250.48K	USD	Annual
Accounts receivable	`IncreaseDecreaseInReceivables`	$1.68M	USD	Annual
Accounts receivable	`IncreaseDecreaseInReceivables`	$611.02K	USD	Annual
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$-99.01K	USD	Annual
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$422.27K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$185.91K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$1.13M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-423.90K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-266.54K	USD	Annual
Security deposit	`IncreaseDecreaseInSecurityDeposits`	$-600.00K	USD	Annual
Security deposit	`IncreaseDecreaseInSecurityDeposits`	-	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$1.25M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$445.18K	USD	Annual
Accounts payable-related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-7.70K	USD	Annual
Accounts payable-related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	Annual
Payroll taxes payable	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-3.15K	USD	Annual
Payroll taxes payable	`IncreaseDecreaseInEmployeeRelatedLiabilities`	-	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-165.07K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-408.69K	USD	Annual
Operating lease obligation	`IncreaseDecreaseInOperatingLeaseLiability`	$-127.82K	USD	Annual
Operating lease obligation	`IncreaseDecreaseInOperatingLeaseLiability`	$184.73K	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$804.39K	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-871.31K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.58M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.87M	USD	Annual
Purchase of patents/trademarks	`PaymentsToAcquireIntangibleAssets`	$18.19K	USD	Annual
Purchase of patents/trademarks	`PaymentsToAcquireIntangibleAssets`	$7.43K	USD	Annual
Purchase of software development	`PaymentsToDevelopSoftware`	$281.78K	USD	Annual
Purchase of software development	`PaymentsToDevelopSoftware`	-	USD	Annual
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$545.50K	USD	Annual
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$344.92K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-644.89K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-552.94K	USD	Annual
Repayments of insurance and equipment financing	`RepaymentsOfInsuranceAndEquipmentFinancing`	$331.18K	USD	Annual
Repayments of insurance and equipment financing	`RepaymentsOfInsuranceAndEquipmentFinancing`	$353.44K	USD	Annual
Repayment of finance lease	`RepaymentsOfLongTermCapitalLeaseObligations`	$89.62K	USD	Annual
Repayment of finance lease	`RepaymentsOfLongTermCapitalLeaseObligations`	$80.33K	USD	Annual
Proceeds from common stock issued	`ProceedsFromIssuanceOfCommonStock`	$8.80M	USD	Annual
Proceeds from common stock issued	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Issuance cost	`IssuanceCosts`	-	USD	Annual
Issuance cost	`IssuanceCosts`	$942.93K	USD	Annual
Proceeds from preferred stock issued	`ProceedsFromIssuanceOrSaleOfEquity`	$1.30M	USD	Annual
Proceeds from preferred stock issued	`ProceedsFromIssuanceOrSaleOfEquity`	$4.50M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.06M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$8.75M	USD	Annual
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-3.08M	USD	Annual
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$227.37K	USD	Annual
Cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.12M	USD	Point-in-time
Cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.97M	USD	Point-in-time
Cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$893.72K	USD	Point-in-time
Cash, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.12M	USD	Point-in-time
Cash, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.97M	USD	Point-in-time
Cash, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$893.72K	USD	Point-in-time
Interest paid	`InterestPaid`	$9.29K	USD	Annual
Interest paid	`InterestPaid`	$30.82K	USD	Annual
Taxes paid	`IncomeTaxesPaidNet`	-	USD	Annual
Taxes paid	`IncomeTaxesPaidNet`	$1.26K	USD	Annual
Lease right of use asset and liability	`LeaseRightOfUseAssetAndLiability`	$4.98M	USD	Annual
Lease right of use asset and liability	`LeaseRightOfUseAssetAndLiability`	-	USD	Annual
Notes issued for financing of insurance premiums	`NotesIssued1`	$363.00K	USD	Annual
Notes issued for financing of insurance premiums	`NotesIssued1`	$353.24K	USD	Annual

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$1.88M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$4.05M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$781.49K	USD	Point-in-time
Stock options granted to employees	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$262.41K	USD	Annual
Series C Preferred stock issued for cash	`SeriesCPreferredStockIssuedForCash`	$4.50M	USD	Annual
Series C preferred converted to common stock	`SeriesCPreferredStockConvertedToCommonStock`	-	USD	Annual
Series C preferred converted to common stock	`SeriesCPreferredStockConvertedToCommonStock`	-	USD	Annual
Common stock issued for cashless warrants exercised	`CommonStockIssuedForCashlessWarrantsExercised`	-	USD	Annual
Common stock issued for services	`CommonStockIssuedForServices`	$144.17K	USD	Annual
Rounding-split in 2020	`RoundingsplitIn2020Value`	-	USD	Annual
Series B preferred converted to common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	Annual
Series B preferred converted to common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	Annual
Series D preferred stock issued for cash	`SeriesDPreferredStockIssuedForCash`	$1.30M	USD	Annual
Stock options compensation	`StockIssuedDuringPeriodValueStockOptionsExercised`	$819.19K	USD	Annual
Common stock issued for cash	`StockIssuedDuringPeriodValueOther`	$8.80M	USD	Annual
Stock issuance cost	`PaymentsOfStockIssuanceCosts`	$942.93K	USD	Annual
Stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$40.00K	USD	1 Quarter
Stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$157.50K	USD	Annual
Net loss	`ProfitLoss`	$-6.86M	USD	Annual
Ending balance, value	`StockholdersEquity`	$1.88M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$4.05M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$781.49K	USD	Point-in-time

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