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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
For the quarterly period ended March 31, 2024 |
|
OR |
|
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from ________________ to ________________
Commission file number 000-55497
Duos Technologies Group, Inc. |
(Exact name of registrant as specified in its charter) |
Florida |
65-0493217 |
(State or other jurisdiction of
incorporation or organization) |
(IRS Employer Identification No.) |
7660 Centurion Parkway, Suite 100, Jacksonville,
Florida 32256
(Address of principal executive offices)
(904) 296-2807
(Registrant’s telephone number, including
area code)
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.001 |
|
DUOT |
|
The Nasdaq Capital Market |
Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically
every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large
accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company”
in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ |
|
Accelerated filer ☐ |
Non-accelerated filer ☒ |
|
Smaller reporting company ☒ |
Emerging growth company ☐ |
|
|
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of May 10, 2024, the registrant has
one class of common equity, and the number of shares outstanding of such common equity is 7,531,986.
TABLE OF CONTENTS
i
PART I FINANCIAL INFORMATION
Item 1. Financial Statements.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| |
| | |
| |
| |
March
31, | | |
December
31, | |
| |
2024 | | |
2023 | |
| |
| (Unaudited) | | |
| | |
ASSETS | |
| | | |
| | |
CURRENT ASSETS: | |
| | | |
| | |
Cash | |
$ | 2,977,592 | | |
$ | 2,441,842 | |
Accounts receivable, net | |
| 596,090 | | |
| 1,462,463 | |
Contract assets | |
| 912,046 | | |
| 641,947 | |
Inventory | |
| 1,502,337 | | |
| 1,526,165 | |
Prepaid expenses and other current assets | |
| 398,856 | | |
| 184,478 | |
| |
| | | |
| | |
Total Current Assets | |
| 6,386,921 | | |
| 6,256,895 | |
| |
| | | |
| | |
Property and equipment, net | |
| 645,342 | | |
| 726,507 | |
Operating lease right of use asset | |
| 4,289,807 | | |
| 4,373,155 | |
Security deposit | |
| 550,000 | | |
| 550,000 | |
| |
| | | |
| | |
OTHER ASSETS: | |
| | | |
| | |
Note Receivable, net | |
| 155,625 | | |
| 153,750 | |
Patents and trademarks, net | |
| 127,357 | | |
| 129,140 | |
Software development costs, net | |
| 587,388 | | |
| 652,838 | |
Total Other Assets | |
| 870,370 | | |
| 935,728 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 12,742,440 | | |
$ | 12,842,285 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Accounts payable | |
$ | 179,916 | | |
$ | 595,634 | |
Notes payable - financing agreements | |
| 183,763 | | |
| 41,976 | |
Accrued expenses | |
| 240,483 | | |
| 164,113 | |
Operating lease obligations-current portion | |
| 783,944 | | |
| 779,087 | |
Contract liabilities | |
| 1,692,940 | | |
| 1,666,243 | |
| |
| | | |
| | |
Total Current Liabilities | |
| 3,081,046 | | |
| 3,247,053 | |
| |
| | | |
| | |
Operating lease obligations, less current portion | |
| 4,141,555 | | |
| 4,228,718 | |
| |
| | | |
| | |
Total Liabilities | |
| 7,222,601 | | |
| 7,475,771 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 4) | |
| — | | |
| — | |
| |
| | | |
| | |
STOCKHOLDERS' EQUITY: | |
| | | |
| | |
Preferred stock: $0.001 par value, 10,000,000 shares authorized, 9,441,000 shares available to be designated | |
| | | |
| | |
Series A redeemable convertible preferred stock, $10 stated value
per share, 500,000 shares designated; 0 issued and outstanding at March 31, 2024 and December 31, 2023, respectively,
convertible into common stock at $6.30 per share | |
| — | | |
| — | |
Series B convertible preferred stock, $1,000 stated value per
share, 15,000 shares designated; 0 and 0 issued and outstanding at March 31, 2024 and December 31, 2023,
respectively, convertible into common stock at $7 per share | |
| — | | |
| — | |
Series C convertible preferred stock, $1,000 stated value per
share, 5,000 shares designated; 0 and 0 issued and outstanding at March 31, 2024 and December 31, 2023,
respectively, convertible into common stock at $5.50 per share | |
| — | | |
| — | |
Series D convertible preferred stock, $1,000 stated value per share, 4,000 shares designated; 1,919 and 1,299 issued and outstanding at March 31, 2024 and December 31, 2023, respectively, convertible into common stock at $3 per share | |
| 2 | | |
| 1 | |
Series E convertible preferred stock, $1,000 stated value per share, 30,000 shares
designated; 13,625 and 11,500 issued and outstanding at March 31, 2024 and December 31, 2023, respectively, convertible
into common stock at $3 per share | |
| 14 | | |
| 12 | |
Series F convertible preferred stock, $1,000 stated value per share, 5,000 shares designated; 0 and 0 issued and outstanding at March 31, 2024 and December 31, 2023, respectively, convertible into common stock at $6.20 share | |
| — | | |
| — | |
Common stock: $0.001 par value; 500,000,000 shares authorized,
7,315,318 and 7,306,663 shares issued, 7,313,994 and 7,305,339 shares outstanding at March 31, 2024 and December 31, 2023,
respectively | |
| 7,315 | | |
| 7,306 | |
Additional paid-in-capital | |
| 72,025,821 | | |
| 69,120,199 | |
Accumulated deficit | |
| (66,355,861 | ) | |
| (63,603,552 | ) |
Sub-total | |
| 5,677,291 | | |
| 5,523,966 | |
Less: Treasury stock (1,324 shares of common stock
at March 31, 2024 and December 31, 2023) |
|
|
(157,452 |
) |
|
|
(157,452 |
) |
Total Stockholders' Equity | |
| 5,519,839 | | |
| 5,366,514 | |
| |
| | | |
| | |
Total Liabilities and Stockholders' Equity | |
$ | 12,742,440 | | |
$ | 12,842,285 | |
See accompanying condensed notes to the unaudited consolidated
financial statements.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
| | |
| |
| |
For
the Three Months Ended
March
31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
REVENUES: | |
| | | |
| | |
Technology systems | |
$ | 269,855 | | |
$ | 1,827,764 | |
Services and consulting | |
| 800,825 | | |
| 816,524 | |
| |
| | | |
| | |
Total Revenues | |
| 1,070,680 | | |
| 2,644,288 | |
| |
| | | |
| | |
COST OF REVENUES: | |
| | | |
| | |
Technology systems | |
| 583,437 | | |
| 1,767,209 | |
Services and consulting | |
| 392,611 | | |
| 339,907 | |
| |
| | | |
| | |
Total Cost of Revenues | |
| 976,048 | | |
| 2,107,116 | |
| |
| | | |
| | |
GROSS MARGIN | |
| 94,632 | | |
| 537,172 | |
| |
| | | |
| | |
OPERATING EXPENSES: | |
| | | |
| | |
Sales and marketing | |
| 553,486 | | |
| 307,577 | |
Research and development | |
| 382,142 | | |
| 404,885 | |
General and Administration | |
| 1,920,050 | | |
| 1,971,508 | |
| |
| | | |
| | |
Total Operating Expenses | |
| 2,855,678 | | |
| 2,683,970 | |
| |
| | | |
| | |
LOSS FROM OPERATIONS | |
| (2,761,046 | ) | |
| (2,146,798 | ) |
| |
| | | |
| | |
OTHER INCOME (EXPENSES): | |
| | | |
| | |
Interest expense | |
| (445 | ) | |
| (1,180 | ) |
Other income, net | |
| 9,182 | | |
| 4,295 | |
| |
| | | |
| | |
Total Other Income (Expenses) | |
| 8,737 | | |
| 3,115 | |
| |
| | | |
| | |
NET LOSS | |
$ | (2,752,309 | ) | |
$ | (2,143,683 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
Basic and Diluted Net Loss Per Share | |
$ | (0.38 | ) | |
$ | (0.30 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
Weighted Average Shares-Basic and Diluted | |
| 7,306,949 | | |
| 7,156,876 | |
See accompanying condensed notes to the unaudited consolidated
financial statements.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
For the Three Months Ended March 31, 2024 and 2023
(Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred Stock D | | |
Preferred Stock E | | |
Preferred Stock F | | |
Common Stock | | |
Additional | | |
Accumulated | | |
| | |
| |
| |
# of Shares | | |
Amount | | |
# of Shares | | |
Amount | | |
# of Shares | | |
Amount | | |
# of Shares | | |
Amount | | |
Paid-in-Capital | | |
Deficit | | |
Treasury
Stock | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance December 31, 2022 | |
| 1,299 | | |
$ | 1 | | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| 7,156,876 | | |
$ | 7,156 | | |
$ | 56,562,600 | | |
$ | (52,361,834 | ) | |
$ | (157,452 | ) | |
$ | 4,050,471 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Series E preferred stock issued | |
| — | | |
| — | | |
| 4,000 | | |
| 4 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 3,999,996 | | |
| — | | |
| — | | |
| 4,000,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock options compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 75,128 | | |
| — | | |
| — | | |
| 75,128 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issuance cost | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (299,145 | ) | |
| — | | |
| — | | |
| (299,145 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for services | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 12,463 | | |
| 12 | | |
| 32,488 | | |
| — | | |
| — | | |
| 32,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss for the three months ended March 31, 2023 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,143,683 | ) | |
| — | | |
| (2,143,683 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance March 31, 2023 | |
| 1,299 | | |
$ | 1 | | |
| 4,000 | | |
$ | 4 | | |
| — | | |
$ | — | | |
| 7,169,339 | | |
$ | 7,168 | | |
$ | 60,371,067 | | |
$ | (54,505,517 | ) | |
$ | (157,452 | ) | |
$ | 5,715,271 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance December 31, 2023 | |
| 1,299 | | |
$ | 1 | | |
| 11,500 | | |
$ | 12 | | |
| — | | |
$ | — | | |
| 7,306,663 | | |
$ | 7,306 | | |
$ | 69,120,199 | | |
$ | (63,603,552 | ) | |
$ | (157,452 | ) | |
| 5,366,514 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Series D preferred stock issued | |
| 620 | | |
| 1 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 619,999 | | |
| — | | |
| — | | |
| 620,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Series E preferred stock issued | |
| — | | |
| — | | |
| 2,125 | | |
| 2 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 2,125,000 | | |
| — | | |
| — | | |
| 2,125,002 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock options compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 141,204 | | |
| — | | |
| — | | |
| 141,204 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issuance cost | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (36,188 | ) | |
| — | | |
| — | | |
| (36,188 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for services | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 8,655 | | |
| 9 | | |
| 37,491 | | |
| — | | |
| — | | |
| 37,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock compensation under ESPP | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 18,116 | | |
| — | | |
| — | | |
| 18,116 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss for the three months ended March 31, 2024 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,752,309 | ) | |
| — | | |
| (2,752,309 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance March 31, 2024 | |
| 1,919 | | |
$ | 2 | | |
| 13,625 | | |
$ | 14 | | |
| — | | |
$ | — | | |
| 7,315,318 | | |
$ | 7,315 | | |
$ | 72,025,821 | | |
$ | (66,355,861 | ) | |
$ | (157,452 | ) | |
$ | 5,519,839 | |
See accompanying condensed notes to the unaudited consolidated
financial statements.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| |
| | |
| |
| |
For
the Three Months Ended | |
| |
March
31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Cash from operating activities: | |
| | | |
| | |
Net loss | |
$ | (2,752,309 | ) | |
$ | (2,143,683 | ) |
Adjustments to reconcile net loss to net cash
used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 158,208 | | |
| 116,588 | |
Stock based compensation | |
| 159,320 | | |
| 75,128 | |
Stock issued for services | |
| 37,500 | | |
| 32,500 | |
Amortization of operating lease right of use
asset | |
| 83,348 | | |
| 77,101 | |
Changes in assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 866,373 | | |
| 2,700,917 | |
Note receivable | |
| (1,875 | ) | |
| — | |
Contract assets | |
| (270,099 | ) | |
| (1,000,590 | ) |
Inventory | |
| 23,828 | | |
| (101,167 | ) |
Prepaid expenses and other
current assets | |
| 57,944 | | |
| 228,941 | |
Accounts payable | |
| (415,718 | ) | |
| (1,008,207 | ) |
Accrued expenses | |
| 76,370 | | |
| (85,371 | ) |
Operating lease obligation | |
| (82,306 | ) | |
| (8,107 | ) |
Contract
liabilities | |
| 26,697 | | |
| 1,108,864 | |
| |
| | | |
| | |
Net cash used in operating
activities | |
| (2,032,719 | ) | |
| (7,086 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchase of patents/trademarks | |
| (980 | ) | |
| (7,339 | ) |
Purchase of software
development | |
| — | | |
| (212,067 | ) |
Purchase
of fixed assets | |
| (8,830 | ) | |
| (41,738 | ) |
| |
| | | |
| | |
Net cash used in investing
activities | |
| (9,810 | ) | |
| (261,144 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Repayments on financing agreements | |
| (130,535 | ) | |
| (201,485 | ) |
Repayment of finance lease | |
| — | | |
| (11,285 | ) |
Stock issuance
cost | |
| (36,188 | ) | |
| (299,145 | ) |
Proceeds
from preferred stock issued | |
| 2,745,002 | | |
| 4,000,000 | |
| |
| | | |
| | |
Net cash provided by financing
activities | |
| 2,578,279 | | |
| 3,488,085 | |
| |
| | | |
| | |
Net increase in cash | |
| 535,750 | | |
| 3,219,855 | |
Cash,
beginning of period | |
| 2,441,842 | | |
| 1,121,092 | |
Cash,
end of period | |
$ | 2,977,592 | | |
$ | 4,340,947 | |
| |
| | | |
| | |
Supplemental
Disclosure of Cash Flow Information: | |
| | | |
| | |
Interest paid | |
$ | — | | |
$ | 1,180 | |
Taxes paid | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
Supplemental
Non-Cash Investing and Financing Activities: | |
| | | |
| | |
Notes issued for financing
of insurance premiums | |
$ | 272,322 | | |
$ | 320,004 | |
See accompanying condensed notes to the unaudited consolidated
financial statements.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)
|
NOTE 1 – NATURE OF OPERATIONS AND SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
Duos Technologies Group, Inc. (the “Company”),
through its operating subsidiary, Duos Technologies, Inc. (“Duos”) (collectively the “Company”), is a company
that specializes in machine vision and artificial intelligence to analyze fast moving objects such as trains, trucks, automobiles, and
aircraft. This technology can help improve safety, maintenance, and operating metrics.
The Company is the inventor of the Railcar Inspection
Portal (RIP) and is currently the rail industry leader for machine vision/camera wayside detection systems that include the use of Artificial
Intelligence at speeds up to 125 mph. The RIP inspects a train at full speed from the top, sides, and bottom looking at FRA/AAR mandated
safety inspection points. The system also detects illegal riders, which can assist law enforcement agencies. Each rail car is scanned
with machine vision cameras and other sensors from the top, sides, and bottom, where images are produced within seconds of the railcar
passing. These images can then be used by the customer to help prevent derailments, improve maintenance operations, and assist with security.
The Company self-performs all aspects of hardware, software, Information Technology (“IT”), and Artificial Intelligence development
and engineering. The Company maintains significant intellectual property and continues to be awarded additional patents for both the technology
and methodologies used. The Company also has a proprietary portfolio of approximately 50 Artificial Intelligence “Use Cases”
that automatically flag defects. The Company has deployed this system with several Class 1 railroads and one major passenger carrier and
anticipates an increased demand in the future from railcar operators, owners, shippers, transit railroads as well as law enforcement agencies.
The Company has also developed the Automated Logistics
Information System (“ALIS”) which automates gatehouse operations where trucks enter and exit large logistics and intermodal
facilities. This solution also incorporates sensors and data points as necessary for each operation and directly interconnects with backend
logistics databases and processes to streamline and significantly improve operations and security and, importantly, dramatically improve
throughput on each lane on which the technology is deployed. The Company is not currently actively pursuing further customers for ALIS
but will continue to analyze the potential market and expects to deploy an upgraded Truck Inspection Portal (TIP) which uses the same
technology and lessons learned from the ALIS and RIP systems at some point in the future.
The Company’s strategy for the rail industry
is to expand beyond our existing customer base in the Class 1 and major passenger transit market and we expect to add additional users
in the short line and regional transit markets in North America. In addition, we plan to expand our subscription offering to car owners
and shippers and expand operations to meet the demand from international customers. The Company is prepared to respond and scale, if necessary,
to react to increased demand from potential regulations that may be imposed around wayside detection technology. In the future the Company
may put more emphasis on the trucking and intermodal sector with an updated Truck Inspection Portal solution. The Company continues to
focus on operational and technical excellence, customer satisfaction, and maintaining a highly skilled and performance-based work force.
The Company is also further investigating market opportunities for subsets of its technology including deployment and management of Edge
Data Centers, a fundamental component of the distributed, rapid response data analysis used in the RIP.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
Basis of Presentation
The accompanying unaudited consolidated financial
statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial
information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (all of which are
of a normal recurring nature) considered necessary for a fair presentation have been included. Operating results for the three months
ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any
other future period. These unaudited consolidated financial statements and the unaudited condensed notes thereto should be read in conjunction
with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2024.
Principles of Consolidation
The unaudited consolidated financial statements include
Duos Technologies Group, Inc. and its wholly owned subsidiary, Duos Technologies, Inc. All inter-company transactions and balances are
eliminated in consolidation.
Use of Estimates
The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these
estimates. The most significant estimates in the accompanying unaudited consolidated financial statements include the allowance on accounts
receivable and notes receivable, valuation of common stock warrants received in exchange for an asset sale, valuation of deferred tax
assets, valuation of intangible and other long-lived assets, estimates of net contract revenues and the total estimated costs to determine
progress towards contract completion, valuation of inventory, estimates of the valuation of right of use assets and corresponding lease
liabilities, valuation of warrants issued with debt and valuation of stock-based awards. We base our estimates on historical experience
and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making
judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ
from these estimates.
Concentrations
Cash Concentrations
Cash is maintained at financial institutions and at
times, balances may exceed federally insured limits. We have not experienced any losses related to these balances. As of March 31, 2024,
the balance in one financial institution exceeded federally insured limits by approximately $2,485,140. Any loss incurred or a lack of
access to such funds could have a significant adverse impact on the Company’s consolidated financial condition, results of operation
and cash flows.
Significant Customers and Concentration of Credit Risk
The Company had certain customers
whose revenue individually represented 10% or more of the Company’s total revenue, or whose accounts receivable balances individually
represented 10% or more of the Company’s total accounts receivable, as follows:
For the three months ended March 31, 2024, three customers
accounted for 31%, 30% and 26% of revenues. For the three months ended March 31, 2023, two customers accounted for 70%, and 20% of revenues.
In all cases, there are no minimum contract values stated. Each contract covers an agreement to deliver a Railcar Inspection Portal which,
once accepted, must be paid in full, with 30% or more being due and payable prior to delivery. The balances of the contracts are for service
and maintenance which is may be paid annually in advance with revenues recorded ratably over the contract period.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
At March 31, 2024, three customers accounted for 49%,
38%, and 13% of accounts receivable. At December 31, 2023, two customers accounted for 83%, and 11% of accounts receivable. Much of the
credit risk is mitigated since all the customers listed here are Class 1 railroads with a history of timely payments to us.
Geographic Concentration
For the three months ended March 31, 2024, approximately
61% of revenue was generated from three customers outside of the United States. For the three months ended March 31, 2023, approximately
25% of revenue was generated from three customers outside of the United States.
Significant Vendors and Concentration of Credit
Risk
In some instances, the Company relies on a limited
pool of vendors for key components related to the manufacturing of its subsystems. These vendors are primarily focused on camera, server,
and lighting technologies integral to the Company’s solution. Where possible, the Company seeks multiple vendors for key components
to mitigate vendor concentration risk.
Fair Value of Financial Instruments and Fair Value Measurements
The Company follows Accounting Standards Codification
(“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured
at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted
accounting principles that requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure
about such fair value measurements.
ASC 820 defines fair value as the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the
use of unobservable inputs.
These inputs are prioritized below:
Level 1: |
Observable inputs such as quoted market prices in active markets for identical assets or liabilities. |
Level 2: |
Observable market-based inputs or unobservable inputs that are corroborated by market data. |
Level 3: |
Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions that the market participants would use in the valuation of the asset or liability based on the best available information. |
The Company analyzes all financial instruments with
features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard
for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level
of input that is significant to the fair value measurement.
The estimated fair value of certain financial instruments,
including accounts receivable, prepaid expenses, accounts payable, accrued expenses and notes payable are carried at historical cost basis,
which approximates their fair values because of the short-term nature of these instruments.
Accounts Receivable
On January 1, 2023, the Company adopted ASC 326, “Financial
Instruments - Credit Losses”. In accordance with ASC 326, an allowance is maintained for estimated forward-looking losses resulting
from the possible inability of customers to make the required payments (current expected losses). The amount of the allowance is determined
principally on the basis of past collection experience and known financial factors regarding specific customers.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
Accounts receivable are stated at estimated net realizable
value. Accounts receivable are comprised of balances due from customers net of estimated credit loss allowances for uncollectible accounts.
In determining the collections on the account, historical trends are evaluated, and specific customer issues are reviewed to arrive at
appropriate allowances. The Company reviews its accounts to estimate losses resulting from the inability of its customers to make the
required payments. Any required allowance is based on specific analysis of past due accounts and also considers historical trends of write-offs.
Past due status is based on how recently payments have been received from customers.
Inventory
Inventory consists primarily of spare parts and consumables
and long-lead time components to be used in the production of our technology systems or in connection with maintenance agreements with
customers. Any inventory deemed to be obsolete is written off. Inventory is stated at the lower of cost or net realizable value. Inventory
cost is primarily determined using the weighted average cost method.
Software Development Costs
Software development costs incurred prior to establishing
technological feasibility are charged to operations and included in research and development costs. The technological feasibility of a
software product is established when the Company has completed all planning, designing, coding, and testing activities that are necessary
to establish that the product meets its design specifications, including functionality, features, and technical performance requirements.
Software development costs incurred after establishing technological feasibility for software sold as a perpetual license, as defined
within ASC 985-20 (Software – Costs of Software to be Sold, Leased, or Marketed), are capitalized and amortized on a product-by-product
basis when the product is available for general release to customers. Software development costs are evaluated for impairment annually
by comparing the net realizable value to the unamortized capitalized costs and writing these costs down to net realizable value.
Stock-Based Compensation
The Company accounts for employee and non-employee
stock-based compensation in accordance with ASC 718-10, “Share-Based Payment,” which requires the measurement and recognition
of compensation expense for all share-based payment awards made to employees and directors including stock options, restricted stock units,
and employee stock purchases based on estimated fair values. The stock-based compensation carries a graded vesting feature subject to
the condition of time of employment service with awarded stock-based compensation tranches vesting evenly upon the anniversary date of
the award.
The Company estimates the fair value of stock options
granted using the Black-Scholes option-pricing formula. In accordance with ASC 718-10-35-8, the Company elected to recognize the fair
value of the stock award using the graded vesting method as time of employment service is the criteria for vesting. The Company’s
determination of fair value using an option-pricing model is affected by the stock price as well as assumptions regarding a number of
highly subjective variables.
The Company estimates volatility based upon the historical
stock price of the Company and estimates the expected term for stock options using the simplified method for employees and directors and
the contractual term for non-employees. The risk-free rate is determined based upon the prevailing rate of United States Treasury securities
with similar maturities.
Revenue Recognition
The Company follows Accounting Standards Codification
606, Revenue from Contracts with Customers (“ASC 606”), that affects the timing of when certain types of revenues will be
recognized. The basic principles in ASC 606 include the following: a contract with a customer creates distinct contract assets and performance
obligations, satisfaction of a performance obligation creates revenue, and a performance obligation is satisfied upon transfer of control
to a good or service to a customer.
Revenue is recognized by evaluating our revenue contracts
with customers based on the five-step model under ASC 606:
|
1. |
Identify the contract with the customer; |
|
2. |
Identify the performance obligations in the contract; |
|
3. |
Determine the transaction price; |
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
|
4. |
Allocate the transaction price to separate performance obligations; and |
|
5. |
Recognize revenue when (or as) each performance obligation is satisfied. |
The Company generates revenue from four sources:
(1) Technology Systems
(2) AI Technologies
(3) Technical Support
(4) Consulting Services
Technology Systems
For revenues related to technology systems, the Company
recognizes revenue over time using a cost-based input methodology in which significant judgment is required to estimate costs to complete
projects. These estimated costs are then used to determine the progress towards contract completion and the corresponding amount of revenue
to recognize.
Accordingly, the Company now bases its revenue recognition
on ASC 606-10-25-27, where control of a good or service transfers over time if the entity’s performance does not create an asset
with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date including a
profit margin or reasonable return on capital. Control is deemed to pass to the customer instantaneously as the goods are manufactured
and revenue is recognized accordingly.
In addition, the Company has adopted ASC 606-10-55-21
such that if the cost incurred is not proportionate to the progress in satisfying the performance obligation, we adjust the input method
to recognize revenue only to the extent of the cost incurred. Therefore, the Company will recognize revenue at an equal amount to the
cost of the goods to satisfy the performance obligation. To accurately reflect revenue recognition based on the input method, the Company
has adopted the implementation guidance as set out in ASC-606-10-55-187 through 192.
Under this method, contract revenues are recognized
over the performance period of the contract in direct proportion to the costs incurred. Costs include direct material, direct labor, subcontract
labor and other allocable indirect costs. All un-allocable indirect costs and corporate general and administrative costs are also charged
to the periods as incurred. Any recognized revenues that have not been billed to a customer are recorded as an asset in “contract
assets”. Any billings of customers more than recognized revenues are recorded as a liability in “contract liabilities”.
However, in the event a loss on a contract is foreseen, the Company will recognize the loss when such loss is determined to be both probable
and reasonably estimable.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
AI Technologies
The Company has revenue from applications that incorporate
artificial intelligence (AI) in the form of predetermined algorithms which provide important operating information to the users of our
systems. The revenue generated from these applications of AI consists of a fixed fee related to the design, development, testing and incorporation
of new algorithms into the system, which is recognized as revenue at a point in time upon acceptance, as well as an annual application
maintenance fee, which is recognized as revenue ratably over the contracted maintenance term.
Technical Support
Technical support services are provided on both an
as-needed and extended-term basis and may include providing both parts and labor. Maintenance and technical support provided outside of
a maintenance contract are on an “as-requested” basis, and revenue is recognized over time as the services are provided. Revenue
for maintenance and technical support provided on an extended-term basis is recognized over time ratably over the term of the contract.
Consulting Services
The Company’s consulting services business generates
revenues under contracts with customers from three sources: (1) Professional Services (consulting and auditing); (2) Customer service training
and (3) Maintenance/support.
(1) Revenues for professional services, which are
of short-term duration, are recognized when services are completed;
(2) Training sales are one-time upfront short-term
training sessions and are recognized after the service has been performed; and
(3) Maintenance/support is an optional product sold
to our software license customers under one-year or longer contracts. Accordingly, maintenance payments received upfront are deferred
and recognized over the contract term.
Multiple Performance Obligations and Allocation
of Transaction Price
Arrangements with customers may involve multiple performance
obligations including project revenue and maintenance services in our Technology Systems business. Maintenance will occur after the project
is completed and may be provided on an extended-term basis or on an as-needed basis. In our consulting services business, multiple performance
obligations may include any of the above four sources. Training and maintenance on software products may occur after the software product
sale while other services may occur before or after the software product sale and may not relate to the software product. Revenue recognition
for a multiple performance obligations arrangement is as follows:
Each performance obligation is accounted for separately
when each has value to the customer on a standalone basis and there is Company specific objective evidence of the selling price of each
deliverable. For revenue arrangements with multiple deliverables, the Company allocates the total customer arrangement to the separate
units of accounting based on their relative selling prices as determined by the price of the items when sold separately. Once the selling
price is allocated, the revenue for each performance obligation is recognized using the applicable criteria under GAAP as discussed above
for performance obligations sold in single performance obligation arrangements. A delivered item or items that do not qualify as a separate
unit of accounting within the arrangement are combined with the other applicable undelivered items within the arrangement. The allocation
of arrangement consideration and the recognition of revenue is then determined for those combined deliverables as a single unit of accounting.
The Company sells its various services and software and hardware products at established prices on a standalone basis which provides Company
specific objective evidence of selling price for purposes of performance obligations relative selling price allocation. The Company only
sells maintenance services or spare parts based on its established rates after it has completed a system integration project for a customer.
The customer is not required to purchase maintenance services. All elements in multiple performance obligations arrangements with Company
customers qualify as separate units of account for revenue recognition purposes.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
Leases
The Company follows ASC 842 “Leases”.
This guidance requires lessees to recognize right-of-use (“ROU”) assets and lease liabilities for most operating leases. In
addition, this guidance requires that lessors separate lease and non-lease components in a contract in accordance with the revenue guidance
in ASC 606.
The Company made an accounting policy election to
not recognize short-term leases with terms of twelve months or less on the balance sheet and instead recognize the lease payments as an
expense when incurred. The Company has also elected to account for real estate leases that contain both lease and non-lease components
as a single lease component.
At the inception of a contract the Company assesses
whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of
a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout
the period, and (3) whether we have the right to direct the use of the asset.
Operating ROU assets represent the right to use the
leased asset for the lease term and operating lease liabilities are recognized based on the present value of minimum lease payments over
the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based
on the information available at the lease commencement date to determine the present value of future payments. The lease term includes
all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not
to exercise the termination options. Operating lease expense is recognized on a straight-line basis over the lease term and is included
in general and administration expenses in the consolidated statements of operations.
Earnings (Loss) Per Share
Basic earnings per share (EPS) are computed by dividing
the net loss applicable to common stock by the weighted average number of common shares outstanding. Diluted net loss per common share
is computed by dividing the net loss applicable to common stock by the weighted average number of common shares outstanding for the period
and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares
issuable upon the exercise or conversion of stock options, stock warrants, convertible debt instruments, convertible preferred stock or
other common stock equivalents. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive.
At March 31, 2024, there were (i) an aggregate of
44,644 outstanding warrants to purchase shares of common stock, (ii) employee stock options to purchase an aggregate of 1,387,775 shares
of common stock, (iii) 639,667 common shares issuable upon conversion of Series D Convertible Preferred Stock, and (iv) 4,541,667 common
shares issuable upon conversion of Series E Convertible Preferred Stock, all of which were excluded from the computation of diluted net
earnings per share because their inclusion would have been anti-dilutive.
At March 31, 2023, there were (i) an aggregate of
80,091 outstanding warrants to purchase shares of common stock, (ii) employee stock options to purchase an aggregate of 924,658 shares
of common stock, (iii) 433,000 common shares issuable upon conversion of Series D Convertible Preferred Stock and (iv) 1,333,334 common
shares issuable upon conversion of Series E Convertible Preferred Stock, all of which were excluded from the computation of diluted earnings
per share because their inclusion would have been anti-dilutive.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
Recent Accounting Pronouncements
From time to time, the FASB or other standards setting
bodies will issue new accounting pronouncements. Updates to the FASB ASC are communicated through issuance of an Accounting Standards
Update (“ASU”).
In November 2023, the FASB issued ASU 2023-07 Segment
Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires companies to disclose significant segment
expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 is effective for annual periods beginning on January
1, 2024 and interim periods beginning on January 1, 2025. ASU 2023-07 must be applied retrospectively to all prior periods presented in
the financial statements. The Company has evaluated the disclosure impact of ASU 2023-07; and determined the standard will not have an
impact on the Company’s consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09
Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires companies to disclose, on an annual basis, specific
categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative
threshold. Further, ASU 2023-09 requires companies to disclose additional information about income taxes paid. ASU 2023-09 is effective
for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively.
The Company is evaluating the disclosure impact of ASU 2023-09; however, the standard will not have an impact on the Company’s consolidated
financial statements.
Management does not believe that any other recently issued, but not
yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.
NOTE 2 – LIQUIDITY
Under Accounting Codification ASC 205, Presentation
of Financial Statements—Going Concern (Subtopic 205-40) (“ASC 205-40”), the Company has the responsibility to evaluate
whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due
within one year after the date that the financial statements are issued. As required by ASC 205-40, this evaluation shall initially not
take into consideration the potential mitigating effects of plans that have not been fully implemented as of the date the financial statements
are issued. Management has assessed the Company’s ability to continue as a going concern in accordance with the requirement of ASC
205-40.
As reflected in the accompanying consolidated financial
statements, the Company had a net loss of $2,752,309 for the three months ended March 31, 2024. During the same period, cash used in operating
activities was $2,032,719. The working capital surplus and accumulated deficit as of March 31, 2024, were $3,305,875 and $66,355,861,
respectively. In previous financial reports, the Company had raised substantial doubt about continuing as a going concern. This was principally
due to a lack of working capital prior to underwritten offerings and private placements which were completed during 2022, 2023, and now
the first and second quarters of 2024 as well.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
As previously
noted, the Company was successful during 2023 in raising gross proceeds of over $11,500,000 from the sale of Series E and F Preferred
Stock. Additionally, late in the first quarter of 2024, the Company raised gross proceeds of $2,745,000 from the issuance of a combination
of Series D and E Preferred Stock (See Note 5). As part of its strategy, the Company will endeavor to utilize the Preferred Series E
and the remainder of the Series D as additional funding mechanisms. Additionally, during the second quarter of 2024, the Company will
again have access to its S-3 “shelf registration” statement allowing the Company to sell additional common shares. At the
time of filing this document, the Company estimates that it has available capacity on its shelf registration which it can utilize to
bolster working capital and growth of the business in the event it did not have an uptake in the preferred classes of shares previously
noted. Although additional investment is not assured, the Company is comfortable that it would be able to raise sufficient capital to
support expanded operations based on an anticipated increase in business activity. In the long run, the continuation of the Company as
a going concern is dependent upon the ability of the Company to continue executing its business plan, generate enough revenue, and attain
consistently profitable operations. Although the lingering effects of the global pandemic related to the coronavirus (Covid-19) previously
affected our operations, particularly in our supply chain, we now believe that the supply chain lags have largely been abated. We have
analyzed our cash flow under “stress test” conditions and have determined that we have sufficient liquid assets on hand or
available via the capital markets to maintain operations for at least twelve months from the issuance date of this report.
In the long run, the continuation of the Company
as a going concern is dependent upon the ability of the Company to continue executing its business plan, and growing the Company sufficiently
to generate enough revenue to attain consistently profitable operations. The Company cannot currently quantify the uncertainty related
to previous supply chain delays or the persistence of inflation and their effects on our customers in the coming quarters. We have analyzed
our cash flow under “stress test” conditions and have determined that we have sufficient liquid assets on hand, forthcoming
with ongoing business or available via the capital markets to maintain operations for at least twelve months from the date of this report.
In addition, management has been taking and continues
to take actions including, but not limited to, elimination of certain costs that do not contribute to short term revenue, and re-aligning
both management and staffing with a focus on improving certain skill sets necessary to build growth and profitability and focusing product
strategy on opportunities that are likely to bear results in the relatively short term. The Company believes that, as described above,
it will have sufficient sources of working capital to meet its obligations over the following twelve months. In the last twelve months
the Company has experienced relatively steady contracted backlog as well as seen positive signs from new commercial engagements that indicate
improvements in future commercial opportunities for both one-time capital and recurring services revenues.
Management believes that, at this time, the conditions
in our market space with ongoing contract delays, the consequent need to procure certain materials in advance of a binding contract and
the additional time needed to execute on new contracts previously reported have put a strain on our cash reserves. However, proactive
management of our existing contracts, recent stock offerings and private placements as well as the availability to raise capital via our
shelf registration indicate there is no substantial doubt that the Company can continue as a going concern for a period of twelve months
from the issuance date of this report. We continue executing the plan to grow our business and achieve profitability. The Company may
selectively look at opportunities for fund raising in the future. Management has extensively evaluated our requirements for the next twelve
months and has determined that the Company currently has sufficient cash and access to capital to operate for at least that period.
While no assurance can be provided, management believes
that these actions provide the opportunity for the Company to continue as a going concern and to grow its business and achieve profitability
with access to additional capital funding. Ultimately the continuation of the Company as a going concern is dependent upon the ability
of the Company to continue executing the plan described above which was put in place in late 2022, continued in 2023, and will continue
in 2024 and beyond. These consolidated financial statements do not include any adjustments related to the recoverability and classification
of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going
concern.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
NOTE 3 – DEBT
Notes Payable - Financing Agreements
The Company’s notes payable relating to financing
agreements classified as current liabilities consist of the following as of March 31, 2024 and December 31, 2023:
Schedule of notes payable | |
| | |
| | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Notes Payable | |
Principal | | |
Interest | | |
Principal | | |
Interest | |
| |
| | |
| | |
| | |
| |
Third Party - Insurance Note 1 | |
$ | — | | |
| — | % | |
$ | 39,968 | | |
| 8.00 | % |
Third Party - Insurance Note 2 | |
| 22,438 | | |
| — | | |
| 2,008 | | |
| — | |
Third Party - Insurance Note 3 | |
| 161,325 | | |
| — | | |
| — | | |
| — | |
Total | |
$ | 183,763 | | |
| — | | |
$ | 41,976 | | |
| — | |
The Company entered into an agreement on April 15,
2023 with its insurance provider by issuing a note payable (Insurance Note 1) for the purchase of an insurance policy in the amount of
$142,734,
secured by that policy with an annual interest rate of 8.00%
and payable in 11 monthly installments of principal and interest totaling $13,501.
At March 31, 2024 and December 31, 2023, the balance of Insurance Note 1 was zero 0
and $39,968,
respectively.
The Company renewed it’s agreement on February
3, 2024 with its insurance provider by issuing a note payable (Insurance Note 2) for the purchase of an insurance policy in the amount
of $24,140, and payable in 12 monthly installments of $2,012. At March 31, 2024 and December 31, 2023, the balance of Insurance Note 2
was $22,438 and $2,008, respectively.
The Company entered into an agreement on February
3, 2024 with its insurance provider by issuing a note payable (Insurance Note 3) for the purchase of an insurance policy in the amount
of $245,798 with a down payment paid in
the amount of $84,473 in the first quarter of 2024
and ten monthly installments of $20,169.
At March 31, 2024 and December 31, 2023, the balance of Insurance Note 4 was $161,325
and zero 0 , respectively.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
NOTE 4 – COMMITMENTS AND CONTINGENCIES
Operating Lease Obligations
On July 26, 2021, the
Company entered a new operating lease agreement for office and warehouse combination space of 40,000 square feet, with the lease commencing
on November 1, 2021 and ending April 30, 2032. This new space combines the Company’s two separate work locations into one facility,
which allows for greater collaboration and also accommodates a larger anticipated workforce and manufacturing facility. On November 24,
2021, the lease was amended to commence on December 1, 2021 and end on May 31, 2032. The Company recognized a ROU asset and operating
lease liability in the amount of $4,980,104 at
lease commencement. Rent for the first eleven months of the term was calculated based on 30,000 rentable square feet. The rent is subject
to an annual escalation of 2.5%, beginning November 1, 2023. The Company made a security deposit payment in the amount of $600,000 on
July 26, 2021. Per the contract, in the 18th month, the security deposit was reduced by $50,000. The right of use asset balance at March
31, 2024, net of accumulated amortization, was $4,289,807.
As of March 31, 2024, the office and warehouse lease
is the Company’s only lease with a term greater than twelve months. The office and warehouse lease has a remaining term of approximately
8.3 years and includes an option to extend for two renewal terms of five years each. The renewal options are not reasonably certain to
be exercised, and therefore, they are not included when determining the lease term used to establish the right-of use asset and lease
liability. The Company also has several short-term leases, primarily related to equipment. The Company made an accounting policy election
to not recognize short-term leases with terms of twelve months or less on the consolidated balance sheet and instead recognize the lease
payments in expense as incurred. The Company has also elected to account for real estate leases that contain both lease and non-lease
components (such as common area maintenance) as a single lease component.
The following table shows supplemental information
related to leases:
Schedule of supplemental information
related to leases | |
| | |
| |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Lease cost: | |
| | | |
| | |
Operating lease cost | |
$ | 195,410 | | |
$ | 195,409 | |
Short-term lease cost | |
$ | 4,296 | | |
$ | 7,104 | |
| |
| | | |
| | |
Other information: | |
| | | |
| | |
Operating cash outflow used for operating leases | |
$ | 194,367 | | |
$ | 126,416 | |
Weighted average discount rate | |
| 9.0 | % | |
| 9.0 | % |
Weighted average remaining lease term | |
| 8.3 years | | |
| 9.2 years | |
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
As of March 31, 2024, future minimum lease payments
due under our operating leases are as follows:
Schedule of future minimum lease payments
due under the operating lease | |
| |
| |
Amount | |
Calendar year: | |
| | |
2024 | |
$ | 584,720 | |
2025 | |
| 798,556 | |
2026 | |
| 818,518 | |
2027 | |
| 838,984 | |
2028 | |
| 859,856 | |
Thereafter | |
| 3,183,571 | |
Total undiscounted future minimum lease payments | |
| 7,084,205 | |
Less: Impact of discounting | |
| (2,158,706 | ) |
Total present value of operating lease obligations | |
| 4,925,599 | |
Current portion | |
| (783,944 | ) |
Operating lease obligations, less current portion | |
$ | 4,141,555 | |
NOTE 5 – STOCKHOLDERS’ EQUITY
Series B Convertible Preferred Stock
The following summary of certain terms and provisions
of our Series B Convertible Preferred Stock (the “Series B Convertible Preferred Stock”) is subject to, and qualified in its
entirety by reference to, the terms and provisions set forth in our certificate of designation of preferences, rights and limitations
of Series B Convertible Preferred Stock (the “Series B Convertible Preferred Certificate of Designation”) as previously filed.
Subject to the limitations prescribed by our articles of incorporation, our board of directors is authorized to establish the number of
shares constituting each series of preferred stock and to fix the designations, powers, preferences, and rights of the shares of each
of those series and the qualifications, limitations and restrictions of each of those series, all without any further vote or action by
our stockholders. Our board of directors designated 15,000 of the 10,000,000 authorized shares of preferred stock as Series B Convertible
Preferred Stock with a stated value of $1,000 per share. The shares of Series B Convertible Preferred Stock were validly issued, fully
paid and non-assessable.
Each share of Series B Convertible Preferred
Stock was convertible at any time at the holder’s option into a number of shares of common stock equal to $1,000
divided by the conversion price of $7.00
per share. Notwithstanding the foregoing, we could not effect any conversion of Series B Convertible Preferred Stock, with certain
exceptions, to the extent that, after giving effect to an attempted conversion, the holder of shares of Series B Convertible Preferred
Stock (together with such holder’s affiliates, and any persons acting as a group together with such holder or any of such holder’s
affiliates) would beneficially own a number of shares of our common stock in excess of 4.99% (or, at the election of the purchaser, 9.99%)
of the shares of our common stock then outstanding after giving effect to such conversion. The Series B Convertible Preferred Certificate
of Designation does not prohibit the Company from waiving this limitation. Upon any liquidation, dissolution or winding-up of Company,
whether voluntary or involuntary (a “Liquidation”), the holders shall be entitled to participate on an as-converted-to-common
stock basis (without giving effect to the Beneficial Ownership Limitation) with holders of the common stock in any distribution of assets
of the Company to the holders of the common stock. As of March 31, 2024 and December 31, 2023, respectively, there are zero 0
and zero 0
shares of Series B Convertible Preferred Stock issued and outstanding.
Series C Convertible Preferred Stock
The Company’s Board of Directors designated
5,000 shares as the Series C Convertible Preferred Stock (the “Series C Convertible Preferred Stock”). Each share of the Series
C Convertible Preferred Stock had a stated value of $1,000. The holders of the Series C Convertible Preferred Stock, the holders of the
common stock and the holders of any other class or series of shares entitled to vote with the common stock shall vote together as one
class on all matters submitted to a vote of shareholders of the Company. Each share of Series C Convertible Preferred Stock has 172 votes
(subject to adjustment); provided that in no event may a holder of Series C Convertible Preferred Stock be entitled to vote a number of
shares in excess of such holder’s Beneficial Ownership Limitation (as defined in the Certificate of Designation and as described
below). Each share of Series C Convertible Preferred Stock was convertible, at any time and from time to time, at the option of the holder,
into that number of shares of common stock (subject to the Beneficial Ownership Limitation) determined by dividing the stated value of
such share ($1,000) by the conversion price, which is $5.50 (subject to adjustment). The Company shall not effect any conversion of the
Series C Convertible Preferred Stock, and a holder shall not have the right to convert any portion of the Series C Convertible Preferred
Stock, to the extent that after giving effect to the conversion sought by the holder such holder (together with such holder’s Attribution
Parties (as defined in the Certificate of Designation)) would beneficially own more than 4.99% (or upon election by a holder, 19.99%)
of the number of shares of common stock outstanding immediately after giving effect to the issuance of shares of common stock issuable
upon such conversion (the “Beneficial Ownership Limitation”). All holders of the Series C Preferred Stock elected the 19.99%
Beneficial Ownership Limitation.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
On February 26, 2021, the Company entered into a
Securities Purchase Agreement (the “Purchase Agreement”) with certain existing investors in the Company (the “Purchasers”).
Pursuant to the Purchase Agreement, the Purchasers purchased 4,500 shares of a newly authorized Series C Convertible Preferred Stock,
and the Company received proceeds of $4,500,000.
The Purchase Agreement contains customary representations, warranties, agreements and indemnification rights and obligations of the parties.
In January 2022, the 2,500 outstanding shares of Series C Convertible Preferred Stock were converted into 454,546
shares of common stock. As of March 31, 2024 and December 31, 2023, respectively, there were zero 0
and zero 0
shares of Series C Convertible Preferred Stock issued and outstanding.
In connection with the Purchase Agreement, the Company
also entered into a Registration Rights Agreement with the Purchasers. Pursuant to the Registration Rights Agreement, the Company filed
with the SEC a registration statement covering the resale by the Purchasers of the shares of common stock into which the shares of Series
C Convertible Preferred Stock were convertible. The Registration Rights Agreement contains customary representations, warranties, agreements
and indemnification rights and obligations of the parties.
Series D Convertible
Preferred Stock
On September 28, 2022, the Company amended its articles
of incorporation to designate 4,000 shares as the Series D Convertible Preferred Stock (the “Series D Convertible Preferred Stock”).
Each share of the Series D Convertible Preferred Stock has a stated value of $1,000. The holders of the Series D Convertible Preferred
Stock, the holders of the common stock and the holders of any other class or series of shares entitled to vote with the common stock shall
vote together as one class on all matters submitted to a vote of shareholders of the Company. Each share of Series D Convertible Preferred
Stock has 333 votes (subject to standard anti-dilution adjustment); provided that in no event may a holder of Series D Convertible Preferred
Stock be entitled to vote a number of shares in excess of such holder’s Beneficial Ownership Limitation (as defined in the Certificate
of Designation and as described below). Each share of Series D Convertible Preferred Stock is convertible, at any time and from time to
time, at the option of the holder, into that number of shares of common stock (subject to the Beneficial Ownership Limitation) determined
by dividing the stated value of such share ($1,000) by the conversion price, which is $3.00 (subject to adjustment). The Company shall
not effect any conversion of the Series D Convertible Preferred Stock, and a holder shall not have the right to convert any portion of
the Series D Convertible Preferred Stock, to the extent that after giving effect to the conversion sought by the holder such holder (together
with such holder’s Attribution Parties (as defined in the Certificate of Designation)) would beneficially own more than 4.99% (or
upon election by a holder, 19.99%) of the number of shares of common stock outstanding immediately after giving effect to the issuance
of shares of common stock issuable upon such conversion (the “Beneficial Ownership Limitation”). All holders of the Series
D Preferred Stock are subject to the 4.99% restriction, with the exception of one who elected the 19.99% Beneficial Ownership Limitation.
The Company shall reserve and keep available out of its authorized and unissued Common Stock, solely for the issuance upon the conversion
of the Series D Convertible Preferred Stock, such a number of shares of Common Stock as shall from time to time be issuable upon the conversion
of all of the shares of the Series D Convertible Preferred Stock then outstanding. Additionally, the Series D Convertible Preferred Stock
does not have the right to dividends and in the event of an involuntary liquidation, the Series D shares shall be treated as a pro rata
equivalent of common stock outstanding at the date of the liquidation event and have no liquidation preference.
On September 30, 2022, the Company entered into a
Securities Purchase Agreement (the “Purchase Agreement”) with certain existing investors in the Company (the “Purchasers”).
Pursuant to the Purchase Agreement, the Purchasers purchased 999 shares of the newly authorized Series D Convertible Preferred Stock,
and the Company received proceeds of $999,000. The Purchase Agreement contains customary representations, warranties, agreements and indemnification
rights and obligations of the parties.
On October 29, 2022, the Company entered into a Securities
Purchase Agreement (the “Purchase Agreement”) with a certain existing investor in the Company (the “Purchaser”).
Pursuant to the Purchase Agreement, the Purchaser purchased 300 shares of the newly authorized Series D Convertible Preferred Stock, and
the Company received proceeds of $300,000. The Purchase Agreement contains customary representations, warranties, agreements and indemnification
rights and obligations of the parties.
On May 16, 2023, the Series D Convertible Preferred
Stock was approved for conversion to common shares during the Company’s annual shareholder meeting.
On March 22, 2024 and March 28, 2024, the Company
entered into Securities Purchase Agreements (the “Purchase Agreements”) with certain existing and other accredited investors
(the “2024 Purchasers”). Pursuant to the Purchase Agreements, the 2024 Purchasers purchased an aggregate of 620 shares of
Series D Preferred Stock, at a price of $1,000 per share, and the Company received proceeds of $620,000. The Series D Preferred Stock
is convertible into Common Stock at $3.00 a share. If all of the 620 shares of Series D Preferred Stock were converted, the Company would
issue 206,667 shares of Common Stock.
As of March 31, 2024 and December 31, 2023, respectively,
there were 1,919 and 1,299 shares of Series D Convertible Preferred Stock issued and outstanding.
In connection with such Purchase Agreements, the Company
also entered into a Registration Rights Agreement with the Purchasers. Pursuant to the Registration Rights Agreement, the Company filed
with the SEC a registration statement covering the resale by the Purchasers of the shares of common stock into which the shares of Series
D Convertible Preferred Stock are convertible. The Registration Rights Agreement contains customary representations, warranties, agreements
and indemnification rights and obligations of the parties.
The Registration Rights Agreement contains provisions
for liquidated damages equal to 1% multiplied by the aggregate subscription amount paid, paid each month, in the event certain deadlines
are missed.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
Series E Convertible Preferred Stock
The
Company’s Board of Directors has designated 30,000 shares as the Series E Convertible Preferred Stock (the “Series E Convertible
Preferred Stock”). Each share of the Series E Convertible
Preferred Stock has a stated value of $1,000. The holders of the Series E Convertible Preferred Stock, the holders of the common stock
and the holders of any other class or series of shares entitled to vote with the common stock shall vote as one class on all matters submitted
to a vote of shareholders of the Company. Each share of Series E Convertible Preferred Stock has 333 votes (subject to adjustment); provided
that in no event may a holder of Series E Convertible Preferred Stock be entitled to vote a number of shares in excess of such holder’s
Beneficial Ownership Limitation. Each share of Series E Convertible Preferred Stock is convertible, subject to shareholder approval (which
has not yet been granted); at any time and from time to time, at the option of the holder, into that number of shares of common stock
(subject to the Beneficial Ownership Limitation) determined by dividing the stated value of such share ($1,000) by the conversion price,
which is $3.00 (subject to adjustment). The Company shall not effect any conversion of the Series E Convertible Preferred Stock, and the
holder shall not have the right to convert any portion of the Series E Convertible Preferred Stock, to the extent that after giving effect
to the conversion sought by the holder such holder (together with such holder’s Attribution Parties (as defined in the Certificate
of Designation)) would beneficially own more than 4.99% (or upon election by a holder, 19.99%) of the number of shares of common stock
outstanding immediately after giving effect to the issuance of shares of common stock issuable upon such conversion (the “Beneficial
Ownership Limitation”). All holders of the Series E Convertible Preferred Stock are subject to the 4.99% restriction, with the exception
of one who elected the 19.99% Beneficial Ownership Limitation
The Company on March 27, 2023 entered into a
Securities Purchase Agreement (the “Purchase Agreement”) with an existing investor in the Company (the “Purchaser”).
Pursuant to the Purchase Agreement, the Purchaser purchased 4,000 shares of a newly authorized Series E Convertible Preferred Stock at
a price of $1,000 per share, and the Company received proceeds of $4,000,000. The Purchase Agreement contains customary representations,
warranties, agreements and indemnification rights and obligations of the parties.
The existing investor’s Purchase Agreement
also provides that the Company will not, with certain exceptions, sell or issue common stock or Common Stock Equivalents (as defined in
the Purchase Agreement) on or prior to December 31, 2023 that entitles any person to acquire shares of common stock at an effective price
per share less than the then conversion price of the Series E Convertible Preferred Stock without the consent of the Purchaser.
On November 9, 2023, the Company entered into
a Securities Purchase Agreement (the “Purchase Agreement”) with an existing investor in the Company (the “Purchaser”).
Pursuant to the Purchase Agreement, the Purchaser purchased 2,500 shares of authorized Series E Convertible Preferred Stock, at a price
of $1,000 per share, and the Company received proceeds of $2,500,000. In connection with the November 2023 Series E Convertible Preferred
Stock offering, the Company entered into an Exchange Agreement with the investor and issued an additional 5,000 shares of Series E Convertible
Preferred Stock at $1,000 per share with the $3.00 per common share common stock equivalent conversion price in exchange for 5,000 outstanding
and issued shares of Series F Convertible Preferred Stock, which were convertible to common stock at $6.20 per common share. All shares
of Series F Convertible Preferred Stock were held by a single shareholder.
The November Purchase Agreement also provides
that the Company will not, with certain exceptions, sell or issue common stock or Common Stock Equivalents (as defined in the November
Purchase Agreement) on or prior to June 30, 2024 that entitles any person to acquire shares of common stock at an effective price per
share less than the then conversion price of the Series E Convertible Preferred Stock without the consent of the Purchasers. The conversion
price of the Series E Convertible Preferred Stock currently is $3.00 per share (subject to adjustment).
The Purchasers under the November Purchase Agreement
also were the holders of the Company’s Series F Convertible Preferred Stock issued on August 1, 2023. The purchase agreement relating
to the shares of Series F Convertible Preferred Stock required the consent of the holders in the event the Company were to issue common
stock or rights to acquire common stock prior to December 31, 2023 at an effective price per share less than the then conversion price
of the Series F Convertible Preferred Stock, which was $6.20 per share. As a result, on November 10, 2023 the Company and the holders
of the Series F Convertible Preferred Stock entered into Exchange Agreements pursuant to which the holders of Series F Convertible Preferred
Stock exchanged their 5,000 shares of Series F Convertible Preferred Stock for an equal number of shares of Series E Convertible Preferred
Stock. As a result of the November Purchase Agreement and the Exchange Agreements, the Company issued a total of 7,500 shares of Series
E Convertible Preferred Stock and the 5,000 shares of Series F Convertible Preferred Stock were cancelled.
On March 22, 2024 and
March 28, 2024, the Company entered into Securities Purchase Agreements (the “Purchase Agreements”) with certain existing and
other accredited investors (the “2024 Purchasers”). Pursuant to the Purchase Agreements, the 2024 Purchasers purchased an
aggregate of 2,125 shares of Series E Convertible Preferred
Stock, at a price in each case of $1,000 per share, and the Company received proceeds of $2,125,002. The Series E Preferred Stock is convertible
into Common Stock at $3.00 a share. If all of the 2,125 shares of Series E Convertible Preferred Stock were converted, the Company would
issue 708,333 shares of Common Stock.
As of March 31, 2024 and December 31, 2023, respectively, there were
13,625 and 11,500 shares of Series E Convertible Preferred Stock issued and outstanding.
In connection with such Purchase Agreements, the Company
also entered into a Registration Rights Agreement with the Purchasers. Pursuant to the Registration Rights Agreement, the Company filed
with the SEC a registration statement covering the resale by the Purchasers of the shares of common stock into which the shares of Series
E Convertible Preferred Stock are convertible. The Registration Rights Agreement contains customary representations, warranties, agreements
and indemnification rights and obligations of the parties.
The Registration Rights Agreement contains provisions
for liquidated damages equal to 1% multiplied by the aggregate subscription amount paid, paid each month, in the event certain deadlines
are missed.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
Series F Convertible Preferred Stock
On August 2, 2023, the Company entered into a Securities
Purchase Agreement (the “Purchase Agreement”) with an existing, accredited investor in the Company (the “Purchaser”).
Pursuant to the Purchase Agreement, the Purchaser purchased 5,000 shares of a newly authorized Series F Convertible Preferred Stock (the
“Series F Convertible Preferred Stock”), and the Company received proceeds of $5,000,000. The Purchase Agreement contains
customary representations, warranties, agreements and indemnification rights and obligations of the parties.
The Company's Board of Directors designated 5,000
shares as the Series F Preferred Stock. Each share of Series F Preferred Stock is convertible, at any time and from time to time, at the
option of the holder, into that number of shares of common stock (subject to the beneficial ownership limitation described below) determined
by dividing the stated value of such share ($1,000) by the conversion price, which is $6.20 (subject to adjustment) which equates to 161
common shares for each converted Series F preferred share. The Company, however, shall not effect any conversion of the Series F Preferred
Stock, and the holder shall not have the right to convert any portion of the Series F Preferred Stock, to the extent that after giving
effect to the conversion sought by the holder such holder (together with such holder’s Attribution Parties (as defined in the Certificate
of Designation)) would beneficially own more than 4.99% (or upon election by a holder, 19.99%) of the number of shares of common stock
outstanding immediately after giving effect to the issuance of shares of common stock issuable upon such conversion. The purchasers of
the Series F Preferred Stock elected that their ownership limitation would be 19.99%.
The holders of the Series F Preferred Stock, the holders
of the common stock and the holders of any other class or series of shares entitled to vote with the common stock shall vote together
as one class on all matters submitted to a vote of shareholders of the Company. Each share of Series F Preferred Stock had 161 votes (subject
to adjustment); provided that in no event may a holder of Series F Preferred Stock be entitled to vote a number of shares in excess of
such holder’s ownership limitation.
The Company also agreed that it would not, with certain
exceptions, sell or issue common stock or Common Stock Equivalents (as defined in the Purchase Agreement relating to the Series F Preferred
Stock) on or prior to December 31, 2023 that entitled any person to acquire shares of common stock at an effective price per share less
than the then conversion price of the Series F Preferred Stock without the consent of the holders. As a result of that agreement, upon
the issuance of 2,500 shares of Series E Preferred Stock (which have a conversion price of $3.00 per share) on November 10, 2023, the
holders exchanged their 5,000 shares of Series F Preferred Stock for 5,000 shares of Series E Preferred Stock. All of the shares of Series
F Preferred Stock thereupon were cancelled with 0 shares now outstanding.
As of March 31, 2024 and December 31, 2023, respectively,
there were zero 0
and zero 0 shares of Series F Convertible Preferred Stock issued and outstanding.
Common stock issued
Three Months Ended March 31, 2024
During the three months ended March 31, 2024, the
Company issued 8,655 shares of common stock for payment of board fees to three directors in the amount of $37,500 for services to the
board which was expensed during the three months ended March 31, 2024. The volume-weighted average price (VWAP) per share is $4.33.
Three Months Ended March 31, 2023
During the three months ended March 31, 2023, the
Company issued 12,463 shares of common stock for payment of board fees to three directors in the amount of $32,500 for services to the
board which was expensed during the three months ended March 31, 2023. The volume-weighted average price (VWAP) per share is $2.61.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
Employee Stock Purchase Plan
In the fourth quarter
of 2022, the board of directors adopted an Employee Stock Purchase Plan (“ESPP”) which was effective as of January 1, 2023
with a term of 10 years. The ESPP allows eligible employees to purchase shares of the Company's common stock at a discounted price, through
payroll deductions from a minimum of 1% and up to 25% of their eligible compensation up to a maximum of $25,000 or the IRS allowable limit
per calendar year. The Company’s Chief Financial Officer administers the ESPP in conjunction with approvals from the Company’s
Compensation Committee, including with respect to the frequency and duration of offering periods, the maximum number of shares that an
eligible employee may purchase during an offering period, and, subject to certain limitations set forth in the ESPP, the per-share purchase
price. Currently, the maximum number of shares that can be purchased by an eligible employee under the ESPP is 10,000 shares per offering
period and there are two six-month offering periods that begin in the first and third quarters of each fiscal year. The purchase price
for one share of Common Stock under the ESPP is currently equal to 85% of the fair market value of one share of Common Stock on the first
trading day of the offering period or the purchase date, whichever is lower (look-back feature). Although not required by the ESPP, all
payroll deductions received or held by the Company under the ESPP are segregated and deemed as “restricted cash” until the
completion of the offering period and redemption of the applicable shares and those withheld amounts are recorded as liabilities. The
ESPP employee contribution for the three months ended March 31, 2024 is less than 2 %
of total cash and is not deemed material, therefore it is not presented separately on the Balance Sheet as “restricted cash”.
The maximum aggregate number of shares of the Common Stock that may be issued under the ESPP is 1,000,000 shares.
Under ASC 718-50 “Employee Share Purchase Plans”
the plan is considered a compensatory plan and the compensation for each six-month offering period is computed based upon the grant date
fair value of the estimated shares to be purchased based on the estimated payroll deduction withholdings. The grant date fair value was
computed as the sum of (a) 15% purchase discount off of the grant date quoted trading price of the Company’s common stock and (b)
the fair value of the look-back feature of the Company’s common stock on the grant date which consists of a call option on 85% of
a share of common stock and a put option on 15% of a share of common stock.
As of the three months
ended March 31, 2024, the Company has an accrued liability of $44,686 included in accrued expenses of
employee contributions for the ESPP which may convert to shares of common stock upon the close of the offering period open from January
1, 2024 to June 30, 2024. The liability is offset by restricted cash held by the Company in the same amount for employee contributions
which the Company expects to convert to common stock upon closure of the offering period at June 30, 2024. Additionally, the Company
recorded a stock-based expense associated with the ESPP for the three months ended March 31, 2024 of $18,116.
The Company computed the fair value of the look-back
feature call and put options for January 1, 2024 to March 31, 2024 using a Black Scholes option pricing model using the following assumptions:
Schedule of black scholes option pricing model | |
| |
| |
At March 31, 2024 | |
Grant date share price | |
| $2.70 - $4.34 | |
Grant date exercise price | |
| $2.30 - $3.69 | |
Expected term | |
| 0.25 years | |
Expected volatility | |
| 66.8 | % |
Risk-free rate | |
| 5.41 | % |
Expected dividend rate | |
| 0 | % |
During the offer period, the Company records
stock-based compensation pro rata as an expense and a credit to additional paid-in capital. The following table discloses relevant
information for the ESPP at March 31, 2024 and for three months then ended.
Schedule of stock-based compensation | |
|
| |
At March 31, 2024 |
Cash payment received from employee withholdings | |
$ |
44,686 |
Cash from employee withholdings used to purchase shares under ESPP | |
— |
Cash and ESPP employee withholding liability | |
$ | 44,686 |
| |
|
|
|
For the Three Months ended |
|
|
March 31,
2024 |
Cash from employee withholdings used to purchase ESPP shares |
|
$ |
— |
Stock based compensation expense |
|
|
18,116 |
Total increase to equity for three months ended March 31, 2024 |
|
$ |
18,116 |
Stock-Based Compensation
Stock-based compensation
expense recognized under ASC 718-10 for the three months ended March 31, 2024 and 2023, was $141,204
and $75,128, respectively, for stock options granted to employees. This expense is included in selling, general and administrative expenses
in the unaudited consolidated statements of operations. Stock-based compensation expense recognized
during the periods is based on the grant-date fair value of the portion of share-based payment awards that
are ultimately expected to vest during the period. At March 31, 2024, the total compensation cost for stock options not yet recognized
was $438,998. This cost will be recognized over the remaining vesting term of the options ranging from nine months to two and one-half
years.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
On May 12, 2021, the Board adopted, with shareholder
approval, the 2021 Equity Incentive Plan (the “2021 Plan”) providing for the issuance of up to 1,000,000 shares of our common
stock. The purpose of the 2021 Plan is to assist the Company in attracting and retaining key employees, directors and consultants and
to provide incentives to such individuals to align their interests with those of our shareholders. During the third quarter of 2021, the
shareholders approved the issuance of up to one million shares or share equivalents pursuant to the 2021 Plan. The Company filed an S-8
registration statement in concert with the 2021 Plan which was deemed effective on August 5, 2021. The plan covers a period of ten years.
As of March 31, 2024, and December 31, 2023, options
to purchase a total of 1,387,775 (net of forfeitures discussed below) shares of common stock and 1,387,775 shares of common stock were
outstanding, respectively. At March 31, 2024, 766,323 options were exercisable. Of the total options issued, 269,658 and 269,658 options
were outstanding under the 2016 Equity Incentive Plan, 788,117 and 788,117 were outstanding under the 2021 Plan and a further 330,000
and 330,000 non-plan options to purchase common stock were outstanding as of March 31, 2024 and December 31, 2023, respectively. The non-plan
options were granted to four executives as hiring incentives, including the Company’s CEO in the fourth quarter of 2020.
Schedule of stock option issuance of shares | | |
| | |
| | |
| | |
| |
| | |
| | |
Weighted | | |
Average | | |
| |
| | |
| | |
Average | | |
Remaining | | |
Aggregate | |
| | |
Number of | | |
Exercise | | |
Contractual | | |
Intrinsic | |
| | |
Options | | |
Price | | |
Term (Years) | | |
Value | |
| Outstanding at December 31, 2022 | | |
| 926,266 | | |
$ | 5.74 | | |
| 3.3 | | |
$ | — | |
| Granted | | |
| 463,117 | | |
$ | 4.22 | | |
| 4.35 | | |
$ | — | |
| Forfeited | | |
| (1,608 | ) | |
$ | 14.00 | | |
| — | | |
$ | — | |
| Outstanding at December 31, 2023 | | |
| 1,387,775 | | |
$ | 5.23 | | |
| 3.0 | | |
$ | — | |
| Exercisable at December 31, 2023 | | |
| 581,324 | | |
$ | 5.38 | | |
| 1.8 | | |
$ | — | |
| | | |
| | | |
| | | |
| | | |
| | |
| Outstanding at December 31, 2023 | | |
| 1,387,775 | | |
$ | 5.23 | | |
| 3.0 | | |
$ | — | |
| Granted | | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
| Exercised/Forfeited/Expired | | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
| Outstanding at March 31, 2024 | | |
| 1,387,775 | | |
$ | 5.23 | | |
| 2.8 | | |
$ | — | |
| Exercisable at March 31, 2024 | | |
| 766,323 | | |
$ | 5.55 | | |
| 1.8 | | |
$ | — | |
Warrants
Schedule of warrants outstanding | |
| | |
| | |
| | |
| |
| |
| | |
| | |
Weighted | | |
| |
| |
| | |
Weighted | | |
Average | | |
| |
| |
| | |
Average | | |
Remaining | | |
Aggregate | |
| |
Number of | | |
Exercise | | |
Contractual | | |
Intrinsic | |
| |
Warrants | | |
Price | | |
Term (Years) | | |
Value | |
Outstanding at December 31, 2022 | |
| 80,091 | | |
$ | 8.63 | | |
| 0.8 | | |
| — | |
Warrants expired, forfeited, cancelled or exercised | |
| (102,947 | ) | |
| — | | |
| — | | |
| — | |
Warrants issued | |
| — | | |
| — | | |
| — | | |
| — | |
Outstanding at December 31, 2023 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.7 | | |
| — | |
Exercisable at December 31, 2023 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.7 | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding at December 31, 2023 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.7 | | |
| — | |
Warrants expired, forfeited, cancelled or exercised | |
| — | | |
| — | | |
| — | | |
| — | |
Warrants issued | |
| — | | |
| — | | |
| — | | |
| — | |
Outstanding at March 31, 2024 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.5 | | |
| — | |
Exercisable at March 31, 2024 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.5 | | |
| — | |
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
NOTE 6 - REVENUE AND CONTRACT ACCOUNTING
Revenue Recognition and Contract Accounting
The Company generates revenue from four sources: (1)
Technology Systems; (2) AI Technology which is included in the consolidated statements of operations line-item Technology Systems; (3)
Technical Support; and (4) Consulting Services which is included in the consolidated statements of operations line-item Services and Consulting.
Contract assets and contract liabilities on uncompleted
contracts for revenues recognized over time are as follows:
Contract Assets
Contract assets on uncompleted contracts represent
cumulative revenues recognized in excess of billings and/or cash received on uncompleted contracts accounted for under the cost-to-cost
input method, which recognizes revenue based on the ratio of cost incurred to total estimated costs.
At March 31, 2024 and December 31, 2023, contract
assets on uncompleted contracts consisted of the following:
Schedule of contract assets on
uncompleted contracts | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Cumulative revenues recognized | |
$ | 9,090,355 | | |
$ | 8,820,256 | |
Less: Billings or cash received | |
| (8,178,309 | ) | |
| (8,178,309 | ) |
Contract assets | |
$ | 912,046 | | |
$ | 641,947 | |
Contract Liabilities
Contract liabilities on uncompleted contracts represent
billings and/or cash received that exceed cumulative revenues recognized on uncompleted contracts accounted for under the cost-to-cost
input method, which recognizes revenues based on the ratio of the cost incurred to total estimated costs.
Contract liabilities on services and consulting revenues
represent billings and/or cash received in excess of revenue recognized on service agreements that are not accounted for under the cost-to-cost
input method.
At March 31, 2024 and December 31, 2023, contract
liabilities on uncompleted contracts and contract liabilities on services and consulting consisted of the following:
Schedule of contract liabilities
on uncompleted contracts | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Billings and/or cash receipts on uncompleted contracts | |
$ | 1,264,658 | | |
$ | 1,264,658 | |
Less: Cumulative revenues recognized | |
| (199,976 | ) | |
| (199,976 | ) |
Contract liabilities, technology systems | |
| 1,064,682 | | |
| 1,064,682 | |
Contract liabilities, services and consulting | |
| 628,258 | | |
| 601,561 | |
Total contract liabilities | |
$ | 1,692,940 | | |
$ | 1,666,243 | |
Contract liabilities at December 31, 2023 were $1,666,243;
of which zero 0 for technology
systems and $292,947 in services and consulting have been recognized as of March 31, 2024.
The Company expects to recognize all contract liabilities
within 12 months from the respective consolidated balance sheet date.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
Disaggregation of Revenue
The Company is following the guidance of ASC 606-10-55-296
and 297 for disaggregation of revenue. Accordingly, revenue has been disaggregated according to the nature, amount, timing and uncertainty
of revenue and cash flows. We are providing qualitative and quantitative disclosures.
Qualitative:
|
1. |
We have four distinct revenue sources: |
|
a. |
Technology Systems (Turnkey, engineered projects); |
|
b. |
AI Technology (Associated maintenance and support services); |
|
c. |
Technical Support (Licensing and professional services related to auditing of data center assets); and |
|
d. |
Consulting Services (Predetermined algorithms to provide important operating information to the users of our systems). |
|
2. |
We currently operate in North America including the USA, Mexico and Canada. |
|
3. |
Our customers include rail transportation, commercial, government, banking and IT suppliers. |
|
4. |
Our services & maintenance contracts are fixed price and fall into two duration types: |
|
a. |
Turnkey engineered projects and professional service contracts that are less than one year in duration and are typically one to two quarters in length; and |
|
b. |
Maintenance and support contracts ranging from one to five years in length. |
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
Quantitative:
For the Three Months Ended March 31, 2024
Schedule of disaggregation of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segments |
|
Rail |
|
|
Commercial |
|
|
Government |
|
|
Artificial Intelligence |
|
|
Total |
|
Primary Geographical Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
$ |
1,067,449 |
|
|
$ |
3,231 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,070,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major Goods and Service Lines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnkey Projects |
|
$ |
270,099 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
270,099 |
|
Maintenance and Support |
|
|
601,379 |
|
|
|
3,231 |
|
|
|
— |
|
|
|
— |
|
|
|
604,610 |
|
Algorithms |
|
|
195,971 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
195,971 |
|
|
|
$ |
1,067,449 |
|
|
$ |
3,231 |
|
|
$ |
— |
|
|
$ |
|
|
|
$ |
1,070,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods transferred over time |
|
$ |
270,099 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
270,099 |
|
Services transferred over time |
|
|
797,350 |
|
|
|
3,231 |
|
|
|
— |
|
|
|
— |
|
|
|
800,581 |
|
|
|
$ |
1,067,449 |
|
|
$ |
3,231 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,070,680 |
|
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
For the Three Months Ended March 31, 2023
| |
| | |
| | |
| | |
| | |
| |
Segments | |
Rail | | |
Commercial | | |
Government | | |
Artificial Intelligence | | |
Total | |
Primary Geographical Markets | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| |
North America | |
$ | 2,376,449 | | |
$ | 28,831 | | |
$ | 11,353 | | |
$ | 227,655 | | |
$ | 2,644,288 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Major Goods and Service Lines | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Turnkey Projects | |
$ | 1,827,764 | | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 1,827,764 | |
Maintenance and Support | |
| 548,685 | | |
| 28,831 | | |
| 11,353 | | |
| — | | |
| 588,869 | |
Algorithms | |
| — | | |
| — | | |
| — | | |
| 227,655 | | |
| 227,655 | |
| |
$ | 2,376,449 | | |
$ | 28,831 | | |
$ | 11,353 | | |
$ | 227,655 | | |
$ | 2,644,288 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Timing of Revenue Recognition | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Goods transferred over time | |
$ | 1,827,764 | | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 1,827,764 | |
Services transferred over time | |
| 548,685 | | |
| 28,831 | | |
| 11,353 | | |
| 227,655 | | |
| 816,524 | |
| |
$ | 2,376,449 | | |
$ | 28,831 | | |
$ | 11,353 | | |
$ | 227,655 | | |
$ | 2,644,288 | |
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
NOTE 7 – DEFINED CONTRIBUTION PLAN
The Company has a 401(k)-retirement savings plan (the
“401(k) Plan”) covering all eligible employees. The 401(k) Plan allows employees to defer a portion of their annual compensation,
and the Company may match a portion of the employees’ contributions generally after the first six months of service. During the
three months ended March 31, 2024, the Company matched 100% of the first 4% of eligible employee compensation that was contributed
to the 401(k) Plan. For the three months ended March 31, 2024, the Company recognized expense for matching cash contributions to the 401(k)
Plan totaling $55,099.
NOTE 8 – RELATED PARTY TRANSACTIONS
There were no related party transactions for the periods
reflected in this report.
NOTE 9 – SALE OF ASSETS
On June 29, 2023, the Company completed a transaction
whereby it sold assets related to its Integrated Correctional Automation System (iCAS) business with a single customer. In the fourth
quarter of 2022, the Company elected to not renew a support contract due to the limited nature of the business. The transaction was completed
with a third-party buyer of which the Company’s former and now current Chief Financial Officer is a director. Said officer did not
participate in the transaction on behalf of the Company.
The assets of the iCAS business were sold for a convertible
promissory note with a principal amount of $165,000 with a 10% original issue discount as well as common stock purchase warrants. The
note matures in 2 years from the date of sale and is convertible immediately through the later of the maturity date or payment by the
borrower of the default amount, as defined in the note, into shares of the buyer’s common stock at a conversion price of $0.003
or 55,000,000 shares. The conversion of the note carries restrictions which include limiting conversion to the extent it would exceed
4.99% of the common stock outstanding of the buyer. The convertible promissory note is subject to standard anti-dilution provisions.
The common stock purchase warrants are for a total
of 55,000,000 common shares of the buyer at an exercise price of $0.01 per share. The warrants are subject to standard anti-dilution provisions.
The warrants are not exercisable until on or after six months from the issuance date and no later than on or before the third anniversary
of the issuance date. The Company may exercise the warrants at any time after the six-month anniversary of the issuance date on a cashless
basis if there is no effective registration statement covering the resale of the Warrant Shares at prevailing market prices by the holder.
The exercise of these warrants is subject to beneficial ownership limits of 4.99% which may be increased by the holder up to 9.99% as
defined in the warrant. Given that the shares carried no intrinsic value at the time of the transaction and that the overall fair value
is de minimis, the Company has not recorded the warrants associated with the transaction.
The Company recognized a gain on sale of assets of
$150,000, which is included in other income in 2023.
The original issue discount is being accrued into
interest income over the term of the note.
The note receivable was recorded as follows on March
31, 2024:
Schedule of note receivable | |
| |
| |
March 31, 2024 | |
Convertible note receivable | |
$ | 165,000 | |
Unamortized discount | |
| (9,375 | ) |
Convertible note receivable, net | |
$ | 155,625 | |
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) |
NOTE 10 – SUBSEQUENT EVENTS
On April 3, 2024, the Company received aggregate proceeds
of $250,000 related to the sale of 250 shares of Series D Preferred Stock. The Series D Preferred Stock is convertible into Common Stock
at a conversion price of $3.00 per share.
In connection with the Purchase Agreement, the Company
also entered into a Registration Rights Agreement with the Purchasers. Pursuant to the Registration Rights Agreement, the Company shall
file with the SEC a registration statement covering the resale by the Purchasers of the shares of common stock into which the shares of
Series D Preferred Stock are convertible. Subject to certain conditions, the Company must cause the registration statement to be declared
effective by 90 days after closing (or in the event of a full review by the SEC, by 120 days). The Registration Rights Agreement contains
customary representations, warranties, agreements and indemnification rights and obligations of the parties. Under the Purchase Agreement,
the Company is required to hold a meeting of shareholders at the earliest practical date, but in no event later than 120 days after closing
(or 150 days in the event of a review of the proxy statement by the Securities and Exchange Commission (the “SEC”)).
On April 23, 2024, the Company changed the name of
its dormant subsidiary “Duos Technologies International, Inc.” to “Duos Edge AI, Inc.”
On April 23, 2024, a holder of our Series D Preferred
Stock converted 225 shares of Series D Preferred Stock into 75,000 shares of Common Stock.
On April 30, 2024, two holders of our Series D
Preferred Stock converted an aggregate of 350
shares of Series D Preferred Stock into 116,668
shares of Common Stock.
On May 7, 2024, a holder of our Series D Preferred Stock converted
75 shares of Series D Preferred Stock into 25,000 shares of Common Stock.
Item 2. Management’s Discussion and Analysis
of Financial Condition and Results of Operation.
This quarterly report on Form 10-Q and other reports
filed by Duos Technologies Group, Inc., and its operating subsidiary, Duos Technologies, Inc. (“Duos”) (Duos Technologies
Group, Inc. and Duos, collectively the “Company” “we”, “our”, and “us”) from time to time
with the Securities and Exchange Commission (the “SEC”) contain or may contain forward-looking statements and information
that are based upon beliefs of, and information currently available to, the Company’s management as well as estimates and assumptions
made by Company’s management. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only
predictions and speak only as of the date hereof. When used in the filings, the words “anticipate,” “believe,”
“estimate,” “expect,” “future,” “intend,” “plan,” “aim,” “project,”
“target,” “will,” “may,” “should,” “forecast” or the negative of these terms
and similar expressions as they relate to the Company or the Company’s management identify forward-looking statements. Such statements
typically address the Company’s expected future business and financial performance and are subject to risks, uncertainties, assumptions,
and other factors, including the risks contained in the “Risk Factors” section of the Company’s Annual Report on Form
10-K for the fiscal year ended December 31, 2023, relating to the Company’s industry, the Company’s operations and results
of operations, and any businesses that the Company may acquire. Should one or more of these risks or uncertainties materialize, or should
the underlying assumptions prove incorrect, actual results may differ materially from those anticipated, believed, estimated, expected,
intended, or planned.
These factors include, but are not limited to,
risks related to the Company’s ability to continue as a going concern, the Company’s ability to generate sufficient cash to
continue and expand operations, the competitive environment generally and in the Company’s specific market areas, changes in technology,
the availability of and the terms of financing, changes in costs and availability of goods and services, economic conditions in general
and in the Company’s specific market areas, changes in federal, state and/or local government laws and regulations potentially affecting
the use of the Company’s technology, changes in operating strategy or development plans and the ability to attract and retain qualified
personnel. The Company cautions that the foregoing list of risks, uncertainties and factors is not exclusive. Additional information concerning
these and other risk factors is contained in the Company’s most recently filed Annual Report on Form 10-K, subsequent Quarterly
Reports on Form 10-Q, recent Current Reports on Form 8-K, and other filings filed by the Company with the SEC, which are available at
the SEC’s website, http://www.sec.gov. The Company believes its plans, intentions and expectations reflected in or suggested by
these forward-looking statements are based on reasonable assumptions. No assurance, however, can be given that the Company will achieve
or realize these plans, intentions or expectations. Indeed, it is likely that some of the Company’s assumptions may prove to be
incorrect. The Company’s actual results and financial position may vary from those projected or implied in the forward-looking statements
and the variances may be material. Each forward-looking statement speaks only as of the date of the particular statement. We do not undertake
or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any
change in our expectations or any change in events, conditions or circumstances on which any forward-looking statement is based, except
as required by law. All subsequent written and oral forward-looking statements concerning the Company or other matters attributable to
the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
Our financial statements are prepared in accordance
with accounting principles generally accepted in the United States (“GAAP”). These accounting principles require us to make
certain estimates, judgments and assumptions. We believe that the estimates, judgments and assumptions upon which we rely are reasonable
based upon information available to us at the time that these estimates, judgments and assumptions are made. These estimates, judgments
and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported
amounts of revenues and expenses during the periods presented. Our financial statements would be affected to the extent there are material
differences between these estimates and actual results. In many cases, the accounting treatment of a particular transaction is specifically
dictated by GAAP and does not require management’s judgment in its application. There are also areas in which management’s
judgment in selecting any available alternative would not produce a materially different result. The following discussion should be read
in conjunction with our financial statements and notes thereto appearing elsewhere in this report.
Overview
The Company, operating under its brand name duostech,
develops and deploys technology systems with focus on inspecting and evaluating moving vehicles. Its technology focus is within the Vision
Technology market sector and, more specifically, the Machine Vision subsector. Machine Vision companies provide imaging-based automatic
inspection and analysis for process control for industry with potential expansion into other markets. Duos has developed key technologies
over the past several years in software, industry specific hardware and artificial intelligence and has demonstrated industrial strength
usability of its systems supporting rail, logistics and intermodal businesses that streamline operations, improve safety and reduce costs.
Our team includes engineering subject matter expertise in hardware, software, and information technology as well as industry specific
applications of artificial intelligence also referred to as Expert Artificial Intelligence. We also have specific industry experts in
the rail industry on staff and as consultants.
Duos is currently developing industry solutions for
its target markets which will address rail, trucking, aviation and other vehicle-based processes. Duos’ initial offering, the Railcar
Inspection Portal (RIP), provides both freight and transit railroad customers and select government agencies the ability to conduct fully
remote railcar inspections of trains while they are moving at full speed. The RIP utilizes a variety of sophisticated optical, laser
and speed sensors to scan each passing railcar to create a high-resolution image-set of the top, sides and undercarriage. These images
are then processed with our edge data center using artificial intelligence (AI) algorithms to identify safety and security defects on
each railcar. The algorithms are developed in conjunction with industrial application experts, in this case resident Railcar Mechanical
Engineers, to provide specific guidance in the analysis (“human in the loop”). Within seconds of the railcar passing through
the RIP, a detailed report is sent to the customer where they are able to take action on identified issues. This solution has the potential
to transform the railroad industry immediately increasing safety, improving efficiency and reducing costs. The Company has already deployed
this system with several Class 1 railroads and anticipates an increased demand from transit and other railroad customers along with selected
government agencies that operate and/or manage rail traffic. The Company has deployed RIPs in Canada, Mexico and the United States and
anticipates expanding this solution into Europe, Asia and the Middle East in coming years.
The Company has also developed the Automated Logistics
Information System (ALIS) which automates gatehouse operations where transport trucks enter and exit large logistics and intermodal facilities.
This solution incorporates a similar set of sensors, data processing and artificial intelligence to streamline the customer’s logistics
transactions and tracking and can also automate the security and safety inspection if called for. The Company is evaluating other solutions
for moving vehicles including aircraft, which could provide similar benefits in terms of safety and efficiency for required inspections
as part of an operations process. The Company is not currently actively pursing further customers for ALIS but will continue to analyze
the potential market and expects to deploy an upgraded Truck Inspector Portal (TIP) which uses the same technology and lessons learned
from ALIS and RIP systems at some point in the future.
We have developed two proprietary solutions that operate
our software and artificial intelligence.centraco® is an Enterprise Information Management Software platform that consolidates data
and events from multiple sources into a unified and distributive user interface. Customized to the end user’s Concept of Operations
(CONOPS), it provides improved situational awareness and data visualization for operational objectives compared to traditional manual
inspections. truevue360™ is our fully integrated platform that we utilize to develop and deploy Artificial Intelligence (AI) algorithms,
including Machine Learning, Computer Vision, Object Detection and Deep Neural Network-based processing for real-time applications.
These same Artificial Intelligence applications have
begun to open up other opportunities for the Company to provide revenue producing solutions with potentially high market adoption.
In 2021, the Company ended support of its IT Asset
Management (ITAM) solution which cataloged results for data center asset inventory and audit services. We are currently evaluating using
our current operations experience within “edge data centers” (as deployed for our Railcar Inspection Portal) to drive additional
revenues within other markets requiring this type of solution although no specific offering has been developed at this time.
In the last quarter of 2022, the Company elected
not to renew a support contract for its Integrated Correctional Automation System (iCAS) for one customer. The Company subsequently sold
its iCAS assets to a buyer during the second quarter of 2023 for $165,000 via a convertible note.
The year 2022 ushered in a new phase in the Company’s
development. Although we continue to see an extension of challenges faced in past years, we also see positive changes and opportunities
for our business that will be discussed in greater detail herein. They include:
| · | Introducing a new “subscription” based offering for access to data and images by a much broader target market including Class 1 railroads, railcar owners and lessors, and short-line railroads.
|
| · | Owning
and operating a network of RIPs with multiple subscribers outside of the Company’s
traditional customer base. |
| · | Selling
customized RIPs to Class 1, short-line and other industrial companies where specialized applications
or routes demand a bespoke solution. |
Prospects and Outlook
The Company’s
focus for the last several years was to improve operational and technical execution which will continue into the foreseeable future.
This we expect will enable the commercial side of the business to expand delivery of the Company’s products and services into
existing customers and to expand and diversify our current customer base as well as enter new markets. The Company’s primary
customers have indicated readiness to order more equipment and services should the Company execute as expected on key deliverables.
With the Company working toward a subscription platform approach for current and planned offerings and its expansion of its
artificial intelligence offering, this will also open up additional commercial avenues to the Company. Historically, the Company has
been focused on large, one-time sales with the subscription opportunities representing an expanded addressable market with an
increasing emphasis on recurring revenues.
The Company is making engineering
and software upgrades to the RIP to meet anticipated Federal Railroad Association (FRA) and Association of American Railroad (AAR) standards.
In addition, the Company is expanding its offerings by taking subsets of its integrated RIP and associated products and pursuing revenues
outside of its traditional markets. Both the products upgrades and the additional offerings will continue to be released throughout 2024
and are expected to drive revenue growth this year and beyond.
The Company expanded its
focus in the rail industry to encompass passenger transportation and was awarded a large, multi-year contract with a national rail carrier
in 2022. The Company has been developing and constructing the enhanced systems for this contract and anticipates that it will install
a high performance, two-RIP solution for the carrier in 2024, with a long-term services agreement commencing upon delivery of the system.
Although the Company’s prospects for future
revenue growth are anticipated to be favorable, investing in our securities involves risk and careful consideration should be made before
deciding to purchase our securities. There are many risks that affect our business and results of operations, some of which are beyond
our control and unexpected macro events can have a severe impact on the business. Please see the risk factors identified in “Item
1A – Risk Factors” of our Annual Report on Form 10-K filed with the SEC on April 1, 2024.
Results of Operations
The following discussion should be read in conjunction
with the unaudited financial statements included in this report.
Comparison for the Three Months Ended March 31,
2024 Compared to Three Months Ended March 31, 2023
The following table sets forth a summary of our unaudited
Consolidated Statements of Operations and is used in the following discussions of our results of operations:
| |
For the Three Months Ended | |
| |
March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Revenues | |
$ | 1,070,680 | | |
$ | 2,644,288 | |
Cost of revenues | |
| 976,048 | | |
| 2,107,116 | |
Gross margin | |
| 94,632 | | |
| 537,172 | |
Operating expenses | |
| 2,855,678 | | |
| 2,683,970 | |
Loss from operations | |
| (2,761,046 | ) | |
| (2,146,798 | ) |
Other income (expense) | |
| 8,737 | | |
| 3,115 | |
Net loss | |
$ | (2,752,309 | ) | |
$ | (2,143,683 | ) |
Revenues
| |
For the Three Months Ended | |
| |
March 31, | |
| |
2024 | | |
2023 | | |
% Change | |
Revenues: | |
| | |
| | |
| |
Technology systems | |
$ | 269,855 | | |
$ | 1,827,764 | | |
| -85 | % |
Services and consulting | |
| 800,825 | | |
| 816,524 | | |
| -2 | % |
Total revenues | |
$ | 1,070,680 | | |
$ | 2,644,288 | | |
| -60 | % |
The decrease in overall revenues for the quarter
ended March 31, 2024, compared to the quarter ended March 31, 2023, is primarily attributed to delays outside of the Company’s
control with deployment of our two high-speed Railcar Inspection Portals, which are recorded in the technology systems portion of
our business. Although these systems were largely ready for deployment in 2023, customer delays at the deployment site prevented
installation even though these two high-speed Railcar Inspection Portals were deep into their production and manufacturing phases,
which did not allow us to record the next phase of recognition. We believe that the customer is approaching the completion of the
local site preparation and is preparing for field installation later this year. Additionally, the Company continues to see
opportunities for expansion of its programs with existing customers. In spite of the timing delays that continue to impact the
quarterly results, management remains confident in the long-term potential of the RIP product.
The slight variation in the services portion of our revenues stems from
two of our sites pausing their service payments in exchange for the chance to offer subscriptions at these locations, a change offset
by the subscription revenue from these sites. The Company expects growth with new revenue from existing customers, including services
revenue as the result of new maintenance contracts being established on installations coming on-line during 2024. The Company also anticipates
renewals of existing and backlog contracts and a shift to the next generation of technology systems which are currently being manufactured
and expect to be completed during 2024.
Cost of Revenues
| |
For the Three Months Ended | |
| |
March 31, | |
| |
2024 | | |
2023 | | |
% Change | |
Cost of revenues: | |
| | |
| | |
| |
Technology systems | |
$ | 583,437 | | |
$ | 1,767,209 | | |
| -67 | % |
Services and consulting | |
| 392,611 | | |
| 339,907 | | |
| 16 | % |
Total cost of revenues | |
$ | 976,048 | | |
$ | 2,107,116 | | |
| -54 | % |
Cost of revenues largely comprises equipment and labor
necessary to support the implementation of new systems and support and maintenance of existing systems and software projects.
During the three months ended March 31, 2024, the
cost of revenues on technology systems decreased compared to the equivalent period in 2023. This reduction is primarily due to the company
being well into the middle of production and manufacturing phase of our two high-speed Railcar Inspection Portals during the first quarter
of 2023. By the first quarter of 2024, we are approaching the end of the manufacturing cycle and beginning preparations for field installation
later in the year, and thereby contributing to the decrease in cost of revenues year-over-year. Additionally, the Company records certain
fixed, operating and servicing costs for both technology systems and services and consulting. These fixed costs, in part, contribute to
the cost of revenues declining at a slower rate than that of revenue. The Company continues to face headwinds with supply disruption and
cost. While we expect that macro-economic factors will continue to drive prices, the Company continues to manage its costs and, where
possible, pass through increased costs to customers in the form of higher prices, although this is not assured.
Cost of revenues on services and consulting increased
in the three months ended March 31, 2024 compared to the prior year period. This rise in costs is due to one-time site improvements carried
out for a customer in the first quarter of 2024, unlike in the corresponding period of 2023. Additionally, sales commissions associated
with site services were reclassified from sales and marketing expenses to direct costs.
Gross Margin
| |
For the Three Months Ended | |
| |
March 31, | |
| |
2024 | | |
2023 | | |
% Change | |
| |
| | |
| | |
| |
Revenues | |
$ | 1,070,680 | | |
$ | 2,644,288 | | |
| -60 | % |
Cost of revenues | |
| 976,048 | | |
| 2,107,116 | | |
| -54 | % |
Gross margin | |
$ | 94,632 | | |
$ | 537,172 | | |
| -82 | % |
Gross margin decreased for the first quarter of 2024
as compared to the same period in 2023 largely in line with the decline in revenue. As noted above, the decrease in margin was a direct
result of the timing of business activity related to the manufacturing of two high-speed, transit-focused Railcar Inspection Portals.
Those same project revenues and subsequent margin contributions were not present during the first quarter of 2024. It should be noted
that when comparing the results between two periods, the stage of completion for manufacturing and installation can factor into those
comparisons and should be taken into account when analyzing those periods.
Operating Expenses
| |
For the Three Months Ended | |
| |
March 31, | |
| |
2024 | | |
2023 | | |
% Change | |
Operating expenses: | |
| | | |
| | | |
| | |
Sales and marketing | |
$ | 553,486 | | |
$ | 307,577 | | |
| 80 | % |
Research and development | |
| 382,142 | | |
| 404,885 | | |
| -6 | % |
General and administration | |
| 1,920,050 | | |
| 1,971,508 | | |
| -3 | % |
Total operating expenses | |
$ | 2,855,678 | | |
$ | 2,683,970 | | |
| 6 | % |
During the three months ended March 31, 2024, the
Company experienced a modest increase in overall operating expenses compared to the same period in 2023. There was a significant uptick
in sales and marketing costs, primarily due to an expansion in staff after strengthening our commercial team in the latter half of 2023
in preparation for entering new markets. Conversely, research and development expenses fell by 6% owing to reduced personnel and scaled-back
testing of prospective technologies. Overall, the Company continues to focus on stabilizing operating expenses while meeting the increased
needs of our customers. It should be noted that when comparing the results between two periods, the stage of completion for manufacturing
and installation can factor into those comparisons and should be taken into account when analyzing those periods.
Loss from Operations
The loss from operations for the three months ended
March 31, 2024 and 2023 was $2,761,046 and $2,146,798, respectively. The increase in loss from operations was primarily the result of
lower revenues recorded in the quarter as a consequence of delays in going to field for the two high-speed RIPs for a passenger transit
client offset by a planned reduction in expenses which resulted in a lower percentage increase in operating loss compared to a larger
percentage decrease in revenue recorded during the quarter.
Other Income/Expense
Other income for the three months ended March 31,
2024 was $9,182 and $4,295 for the comparative period in 2023. Interest expense for the three months ended March 31, 2024 was $445 and
$1,180 for the comparative period in 2023.
Net Loss
The net loss for the three months ended March 31,
2024 and 2023 was $2,752,309 and $2,143,683 respectively. The 28% increase in net loss was mostly attributed to the decrease in revenues
as described above from timing delays along with growing expenses. Net loss per common share was $0.38 and $0.30 for the three months
ended March 31, 2024 and 2023, respectively.
Liquidity and Capital Resources
As of March 31, 2024, the Company has a working capital
surplus of $3,305,875 and the Company had a net loss of $2,752,309 for the three months ended March 31, 2024.
Cash Flows
The following table sets forth the major components
of our statements of cash flows data for the periods presented:
| |
For the Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Net cash used in operating activities | |
$ | (2,032,719 | ) | |
$ | (7,086 | ) |
Net cash used in investing activities | |
| (9,810 | ) | |
| (261,144 | ) |
Net cash provided by financing activities | |
| 2,578,279 | | |
| 3,488,085 | |
Net increase in cash | |
$ | 535,750 | | |
$ | 3,219,855 | |
Net cash used in operating activities for the three months ended March
31, 2024 and 2023 was $2,032,719 and $7,086, respectively. The increase in net cash used in operating activities for the three months
ended March 31, 2024, was the result of cash outflows to procure necessary materials and overall sales and marketing, general and administration
expenses offset by cash inflows from milestone payments related to current projects. In addition, there are two material changes in assets
and liabilities that increased the use of cash in operating activities, notably the cash used for the reduction in accounts payable and
decreased contract assets related to lower overall project activities reported during the quarter.
Net cash used in investing activities for the three
months ended March 31, 2024 and 2023 was $9,810 and $261,144 respectively, representing an decrease in the purchase of various fixed assets
for computer equipment and product and software development and disbursements for patent costs.
Net cash provided by financing activities for the
three months ended March 31, 2024 and 2023 was $2,578,279 and $3,488,085, respectively. Cash flows provided by financing activities during
the first three months of 2024 were primarily attributable to gross proceeds of approximately $2,745,002 from issuances of Series D and
Series E Convertible Preferred Stock. Cash flows from financing activities during the first three months of 2023 were primarily attributable
to the issuance of Series E Convertible Preferred shares for $4,000,000 of gross proceeds offset by repayments of certain loans related
to financing of insurance costs.
On a long-term basis, our liquidity is dependent on
the continuation and expansion of operations and receipt of revenues. We believe our current capital and revenues are sufficient to fund
such expansion and our operations over the next twelve months, although we are dependent on timely payments from our customers for projects
and work in process. However, we expect such timely payments to continue. Material cash requirements will be satisfied within the normal
course of business including substantial upfront payments from our customers prior to starting projects. The Company may elect to purchase
materials and supplies in advance of contract award but where there is a high probability of that award.
Demand for our products and services will be dependent
on, among other things, market acceptance of our products and services, the technology market in general, and general economic conditions,
which are cyclical in nature. Because a major portion of our activities is the receipt of revenues from the sales of our products and
services, our business operations may continue to be challenged by our competitors and prolonged recession periods.
Liquidity
Under Accounting Codification ASC 205, Presentation
of Financial Statements—Going Concern (Subtopic 205-40) (“ASC 205-40”), the Company has the responsibility to evaluate
whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due
within one year after the date that the financial statements are issued. As required by ASC 205-40, this evaluation shall initially not
take into consideration the potential mitigating effects of plans that have not been fully implemented as of the date the financial statements
are issued. Management has assessed the Company’s ability to continue as a going concern in accordance with the requirement of ASC
205-40.
As reflected in the accompanying consolidated financial
statements, the Company had a net loss of $2,752,309 for the three months ended March 31, 2024. During the same period, cash used in operating
activities was $2,032,719. The working capital surplus and accumulated deficit as of March 31, 2024, were $3,305,875 and $66,355,861,
respectively. In previous financial reports, the Company had raised substantial doubt about continuing as a going concern. This was principally
due to a lack of working capital prior to underwritten offerings and private placements which were completed during 2022, 2023, and now
the first and second quarters of 2024 as well.
As previously noted, the Company was successful
during 2023 in raising gross proceeds of over $11,500,000 from the sale of Series E and F Preferred Stock. Additionally, late in the
first quarter of 2024, the Company raised gross proceeds of $2,745,000 from the issuance of a combination of Series D and E
Preferred Stock (See Note 5). As part of its strategy, the Company will endeavor to utilize the Preferred Series E and the remainder
of the Series D as additional funding mechanisms. Additionally, during the second quarter of 2024, the Company will again have
access to its S-3 “shelf registration” statement allowing the Company to sell additional common shares. At the time of
filing this document, the Company estimates that it has available capacity on its shelf registration which it can utilize to bolster
working capital and growth of the business in the event it did not have an uptake in the preferred classes of shares previously
noted. Although additional investment is not assured, the Company is comfortable that it would be able to raise sufficient capital
to support expanded operations based on an anticipated increase in business activity. In the long run, the continuation of the
Company as a going concern is dependent upon the ability of the Company to continue executing its business plan, generate enough
revenue, and attain consistently profitable operations. Although the lingering effects of the global pandemic related to the
coronavirus (Covid-19) previously affected our operations, particularly in our supply chain, we now believe that the supply chain
lags have largely been abated. We have analyzed our cash flow under “stress test” conditions and have determined that we
have sufficient liquid assets on hand or available via the capital markets to maintain operations for at least twelve months from
the issuance date of this report.
In addition, management has been taking and continues
to take actions including, but not limited to, elimination of certain costs that do not contribute to short term revenue, and re-aligning
both management and staffing with a focus on improving certain skill sets necessary to build growth and profitability and focusing product
strategy on opportunities that are likely to bear results in the relatively short term. The Company believes that, as described above,
it will have sufficient sources of working capital to meet its obligations over the following twelve months. In the last twelve months
the Company has experienced relatively steady contracted backlog as well as seen positive signs from new commercial engagements that indicate
improvements in future commercial opportunities for both one-time capital and recurring services revenues.
Management believes that, at this time, the conditions
in our market space with ongoing contract delays, the consequent need to procure certain materials in advance of a binding contract and
the additional time needed to execute on new contracts previously reported have put a strain on our cash reserves. However, proactive
management of our existing contracts, recent stock offerings and private placements as well as the availability to raise capital via our
shelf registration indicate there is no substantial doubt that the Company can continue as a going concern for a period of twelve months
from the issuance date of this report. We continue executing the plan to grow our business and achieve profitability. The Company may
selectively look at opportunities for fund raising in the future. Management has extensively evaluated our requirements for the next twelve
months and has determined that the Company currently has sufficient cash and access to capital to operate for at least that period.
While no assurance can be provided, management believes
that these actions provide the opportunity for the Company to continue as a going concern and to grow its business and achieve profitability
with access to additional capital funding. Ultimately the continuation of the Company as a going concern is dependent upon the ability
of the Company to continue executing the plan described above which was put in place in late 2022 and continued in 2023, and will continue
in 2024 and beyond. These consolidated financial statements do not include any adjustments related to the recoverability and classification
of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going
concern.
Critical Accounting Estimates
Revenue Recognition
The Company follows Accounting Standards Codification
606, Revenue from Contracts with Customers (“ASC 606”), that affects the timing of when certain types of revenues will be
recognized. The basic principles in ASC 606 include the following: a contract with a customer creates distinct contract assets and performance
obligations, satisfaction of a performance obligation creates revenue, and a performance obligation is satisfied upon transfer of control
to a good or service to a customer.
Revenue is recognized by evaluating our revenue contracts
with customers based on the five-step model under ASC 606:
|
1. |
Identify the contract with the customer; |
|
2. |
Identify the performance obligations in the contract; |
|
3. |
Determine the transaction price; |
|
4. |
Allocate the transaction price to separate performance obligations; and |
|
5. |
Recognize revenue when (or as) each performance obligation is satisfied. |
The Company generates revenue from four sources:
1. Technology Systems
2. AI Technologies
3. Technical Support
4. Consulting Services
Stock Based Compensation
The Company accounts for employee and non-employee
stock-based compensation in accordance with ASC 718-10, “Share-Based Payment,” which requires the measurement and recognition
of compensation expense for all share-based payment awards made to employees and directors including stock options, restricted stock units,
and employee stock purchases based on estimated fair values. The stock-based compensation carries a graded vesting feature subject to
the condition of time of employment service with awarded stock-based compensation tranches vesting evenly upon the anniversary date of
the award.
The Company estimates the fair value of stock options
granted using the Black-Scholes option-pricing formula. In accordance with ASC 718-10-35-8, the Company elected to recognize the fair
value of the stock award using the graded vesting method as time of employment service is the criteria for vesting. The Company’s
determination of fair value using an option-pricing model is affected by the stock price as well as assumptions regarding a number of
highly subjective variables.
The Company estimates volatility based upon the historical
stock price of the Company and estimates the expected term for stock options using the simplified method for employees and directors and
the contractual term for non-employees. The risk-free rate is determined based upon the prevailing rate of United States Treasury securities
with similar maturities.
Item 3. Quantitative and Qualitative Disclosures
About Market Risk.
Not applicable.
Item
4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
With the participation
of our Chief Executive Officer, Chief Financial Officer and Contoller, we have evaluated the effectiveness of our disclosure controls
and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), as of the end of the period covered by this Report. Based upon such evaluation, our Chief Executive Officer, Chief Financial
Officer and Controller have concluded that, as of the end of such period, our disclosure controls and procedures were effective to ensure
that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized
and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to our management,
including our Chief Executive Officer, Chief Financial Officer and Controller, as appropriate to allow timely decisions regarding required
disclosure.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over
financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the quarter ended March 31,
2024 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.
PART II OTHER INFORMATION
Item 1. Legal Proceedings.
From time to time, we may be involved in litigation
relating to claims arising out of our operations in the normal course of business. We are currently not involved in any litigation that
we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding,
inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to
the knowledge of the executive officers of our Company or any of our subsidiaries, threatened against or affecting our Company, our common
stock, any of our subsidiaries or any of our Company’s or our subsidiaries’ officers or directors in their capacities as such,
in which an adverse decision could have a material adverse effect.
Item 1A. Risk Factors.
We believe there are no changes that constitute material
changes from the risk factors previously disclosed in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission
on April 1, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
None
Item 3. Defaults Upon Senior Securities.
There has been no default in the payment of principal,
interest, sinking or purchase fund installment, or any other material default, with respect to any indebtedness of the Company.
Item 4. Mine Safety Disclosures.
Not applicable
Item 5. Other Information.
Trading Plans
During the quarter ended
March 31, 2024, no director or Section 16 officer adopted or terminated any
Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation
S-K).
Item 6. Exhibits.
* Filed
** Furnished herewith
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
DUOS TECHNOLOGIES GROUP, INC.
|
Date: May 13, 2024 |
By: |
/s/ Charles P. Ferry |
|
Charles P. Ferry
Chief Executive Officer |
|
|
Date: May 13, 2024 |
By: |
/s/ Adrian G. Goldfarb |
|
Adrian G. Goldfarb
Chief Financial Officer |
Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Charles P. Ferry, certify that:
1. I have reviewed this quarterly
report on Form 10-Q of Duos Technologies Group, Inc.;
2. Based on my knowledge, this
quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the
financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
4. The registrant’s other
certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:
a) | | designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly for the period in which this quarterly report is being prepared; |
b) | | designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles; |
c) | | evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
d) | | disclosed in this
report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most
recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control
over financial reporting; |
5. The registrant’s other
certifying officer and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee
of the registrant’s board of directors (or persons performing the equivalent function):
a) | | all significant
deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability to record, process,
summarize and report financial data and have identified for the registrant’s auditors any material weaknesses in internal controls;
and |
b) | | any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant’s internal controls
over financial reporting. |
|
|
Date: May 13, 2024 |
By: |
/s/ Charles P. Ferry |
|
|
Charles P. Ferry
Chief Executive Officer |
Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Adrian G. Goldfarb, certify that:
1. I have reviewed this quarterly
report on Form 10-Q of Duos Technologies Group, Inc.;
2. Based on my knowledge, this
quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the
financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
4. The registrant’s other
certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:
a) | | designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly for the period in which this quarterly report is being prepared; |
b) | | designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles; |
c) | | evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
d) | | disclosed in this
report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most
recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control
over financial reporting; |
5. The registrant’s other
certifying officer and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee
of registrant’s board of directors (or persons performing the equivalent function):
a) | | all significant
deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability to record, process,
summarize and report financial data and have identified for the registrant’s auditors any material weaknesses in internal controls;
and |
b) | | any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant’s internal controls
over financial reporting. |
|
|
|
Date: May 13, 2024 |
By: |
/s/ Adrian G. Goldfarb |
|
|
Adrian G. Goldfarb
Chief Financial Officer |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002
In connection with this Quarterly Report of Duos
Technologies Group, Inc. (the “Company”), on Form 10-Q for the period ended March 31, 2024, as filed with
the U.S. Securities and Exchange Commission on the date hereof, I, Charles P. Ferry, Chief Executive Officer of the Company, certify
to the best of my knowledge, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002,
that:
(1) | | Such Quarterly
Report on Form 10-Q for the period ended March 31, 2024, fully complies with the requirements of section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and |
(2) | | The information contained
in such Quarterly Report on Form 10-Q for the period ended March 31, 2024, fairly presents, in all material respects,
the financial condition and results of operations of the Company. |
Date: May 13, 2024 |
By: |
/s/ Charles P. Ferry |
|
|
|
Charles P. Ferry |
|
|
|
Chief Executive Officer
|
|
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002
In connection with this Quarterly Report of Duos
Technologies Group, Inc. (the “Company”), on Form 10-Q for the period ended March 31, 2024, as filed with
the U.S. Securities and Exchange Commission on the date hereof, I, Adrian G. Goldfarb, Chief Financial Officer of the Company,
certify to the best of my knowledge, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of
2002, that:
(1) | | Such Quarterly
Report on Form 10-Q for the period ended March 31, 2024, fully complies with the requirements of section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and |
(2) | | The information
contained in such Quarterly Report on Form 10-Q for the period ended March 31, 2024, fairly presents, in all material respects, the financial
condition and results of operations of the Company. |
Date: May 13, 2024 |
By: |
/s/ Adrian G. Goldfarb |
|
|
|
Adrian G. Goldfarb |
|
|
|
Chief Financial Officer
|
|
v3.24.1.1.u2
Cover - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 10, 2024 |
Cover [Abstract] |
|
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Document Type |
10-Q
|
|
Amendment Flag |
false
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Document Quarterly Report |
true
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Document Transition Report |
false
|
|
Document Period End Date |
Mar. 31, 2024
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-55497
|
|
Entity Registrant Name |
Duos Technologies Group, Inc.
|
|
Entity Central Index Key |
0001396536
|
|
Entity Tax Identification Number |
65-0493217
|
|
Entity Incorporation, State or Country Code |
FL
|
|
Entity Address, Address Line One |
7660 Centurion Parkway
|
|
Entity Address, Address Line Two |
Suite 100
|
|
Entity Address, City or Town |
Jacksonville
|
|
Entity Address, State or Province |
FL
|
|
Entity Address, Postal Zip Code |
32256
|
|
City Area Code |
904
|
|
Local Phone Number |
296-2807
|
|
Title of 12(b) Security |
Common Stock, par value $0.001
|
|
Trading Symbol |
DUOT
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
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Entity Interactive Data Current |
Yes
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Entity Filer Category |
Non-accelerated Filer
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Entity Small Business |
true
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v3.24.1.1.u2
CONSOLIDATED BALANCE SHEETS - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
CURRENT ASSETS: |
|
|
Cash |
$ 2,977,592
|
$ 2,441,842
|
Accounts receivable, net |
596,090
|
1,462,463
|
Contract assets |
912,046
|
641,947
|
Inventory |
1,502,337
|
1,526,165
|
Prepaid expenses and other current assets |
398,856
|
184,478
|
Total Current Assets |
6,386,921
|
6,256,895
|
Property and equipment, net |
645,342
|
726,507
|
Operating lease right of use asset |
4,289,807
|
4,373,155
|
Security deposit |
550,000
|
550,000
|
OTHER ASSETS: |
|
|
Note Receivable, net |
155,625
|
153,750
|
Patents and trademarks, net |
127,357
|
129,140
|
Software development costs, net |
587,388
|
652,838
|
Total Other Assets |
870,370
|
935,728
|
TOTAL ASSETS |
12,742,440
|
12,842,285
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
179,916
|
595,634
|
Notes payable - financing agreements |
183,763
|
41,976
|
Accrued expenses |
240,483
|
164,113
|
Operating lease obligations-current portion |
783,944
|
779,087
|
Contract liabilities |
1,692,940
|
1,666,243
|
Total Current Liabilities |
3,081,046
|
3,247,053
|
Operating lease obligations, less current portion |
4,141,555
|
4,228,718
|
Total Liabilities |
7,222,601
|
7,475,771
|
Commitments and Contingencies (Note 4) |
|
|
STOCKHOLDERS' EQUITY: |
|
|
Common stock: $0.001 par value; 500,000,000 shares authorized, 7,315,318 and 7,306,663 shares issued, 7,313,994 and 7,305,339 shares outstanding at March 31, 2024 and December 31, 2023, respectively |
7,315
|
7,306
|
Additional paid-in-capital |
72,025,821
|
69,120,199
|
Accumulated deficit |
(66,355,861)
|
(63,603,552)
|
Sub-total |
5,677,291
|
5,523,966
|
Less: Treasury stock (1,324 shares of common stock at March 31, 2024 and December 31, 2023) |
(157,452)
|
(157,452)
|
Total Stockholders' Equity |
5,519,839
|
5,366,514
|
Total Liabilities and Stockholders' Equity |
12,742,440
|
12,842,285
|
Convertible Series A Preferred Stock [Member] |
|
|
STOCKHOLDERS' EQUITY: |
|
|
Preferred stock, value |
0
|
0
|
Convertible Series B Preferred Stock [Member] |
|
|
STOCKHOLDERS' EQUITY: |
|
|
Preferred stock, value |
0
|
0
|
Convertible Series C Preferred Stock [Member] |
|
|
STOCKHOLDERS' EQUITY: |
|
|
Preferred stock, value |
0
|
0
|
Convertible Series D Preferred Stock [Member] |
|
|
STOCKHOLDERS' EQUITY: |
|
|
Preferred stock, value |
2
|
1
|
Convertible Series E Preferred Stock [Member] |
|
|
STOCKHOLDERS' EQUITY: |
|
|
Preferred stock, value |
14
|
12
|
Convertible Series F Preferred Stock [Member] |
|
|
STOCKHOLDERS' EQUITY: |
|
|
Preferred stock, value |
$ 0
|
$ 0
|
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v3.24.1.1.u2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Preferred stock, shares designated |
9,441,000
|
9,441,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
Common stock, shares issued |
7,315,318
|
7,306,663
|
Common stock, shares outstanding |
7,313,994
|
7,305,339
|
Treasury stock, common shares |
1,324
|
1,324
|
Convertible Series A Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 10
|
$ 10
|
Preferred stock, shares designated |
500,000
|
500,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Preferred stock, conversion price per share |
$ 6.30
|
$ 6.30
|
Convertible Series B Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 1,000
|
$ 1,000
|
Preferred stock, shares designated |
15,000
|
15,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Preferred stock, conversion price per share |
$ 7
|
$ 7
|
Convertible Series C Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 1,000
|
$ 1,000
|
Preferred stock, shares designated |
5,000
|
5,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Preferred stock, conversion price per share |
$ 5.50
|
$ 5.50
|
Convertible Series D Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 1,000
|
$ 1,000
|
Preferred stock, shares designated |
4,000
|
4,000
|
Preferred stock, shares issued |
1,919
|
1,299
|
Preferred stock, shares outstanding |
1,919
|
1,299
|
Preferred stock, conversion price per share |
$ 3
|
$ 3
|
Convertible Series E Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 1,000
|
$ 1,000
|
Preferred stock, shares designated |
30,000
|
30,000
|
Preferred stock, shares issued |
13,625
|
11,500
|
Preferred stock, shares outstanding |
13,625
|
11,500
|
Preferred stock, conversion price per share |
$ 3
|
$ 3
|
Convertible Series F Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 1,000
|
$ 1,000
|
Preferred stock, shares designated |
5,000
|
5,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Preferred stock, conversion price per share |
$ 6.20
|
$ 6.20
|
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v3.24.1.1.u2
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
REVENUES: |
|
|
Total Revenues |
$ 1,070,680
|
$ 2,644,288
|
COST OF REVENUES: |
|
|
Total Cost of Revenues |
976,048
|
2,107,116
|
GROSS MARGIN |
94,632
|
537,172
|
OPERATING EXPENSES: |
|
|
Sales and marketing |
553,486
|
307,577
|
Research and development |
382,142
|
404,885
|
General and Administration |
1,920,050
|
1,971,508
|
Total Operating Expenses |
2,855,678
|
2,683,970
|
LOSS FROM OPERATIONS |
(2,761,046)
|
(2,146,798)
|
OTHER INCOME (EXPENSES): |
|
|
Interest expense |
(445)
|
(1,180)
|
Other income, net |
9,182
|
4,295
|
Total Other Income (Expenses) |
8,737
|
3,115
|
NET LOSS |
$ (2,752,309)
|
$ (2,143,683)
|
Basic Net Loss Per Share |
$ (0.38)
|
$ (0.30)
|
Diluted Net Loss Per Share |
$ (0.38)
|
$ (0.30)
|
Weighted Average Shares-Basic |
7,306,949
|
7,156,876
|
Weighted Average Shares-Diluted |
7,306,949
|
7,156,876
|
Technology Service [Member] |
|
|
REVENUES: |
|
|
Total Revenues |
$ 269,855
|
$ 1,827,764
|
COST OF REVENUES: |
|
|
Total Cost of Revenues |
583,437
|
1,767,209
|
Service, Other [Member] |
|
|
REVENUES: |
|
|
Total Revenues |
800,825
|
816,524
|
COST OF REVENUES: |
|
|
Total Cost of Revenues |
$ 392,611
|
$ 339,907
|
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v3.24.1.1.u2
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
|
Preferred Stock D [Member] |
Preferred Stock E [Member] |
Preferred Stock F [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Treasury Stock, Common [Member] |
Total |
Beginning balance, value at Dec. 31, 2022 |
$ 1
|
|
|
$ 7,156
|
$ 56,562,600
|
$ (52,361,834)
|
$ (157,452)
|
$ 4,050,471
|
Beginning balance, shares at Dec. 31, 2022 |
1,299
|
|
|
7,156,876
|
|
|
|
|
Series E preferred stock issued |
|
$ 4
|
|
|
3,999,996
|
|
|
4,000,000
|
Series E preferred stock issued, shares |
|
4,000
|
|
|
|
|
|
|
Stock options compensation |
|
|
|
|
75,128
|
|
|
75,128
|
Stock issuance cost |
|
|
|
|
(299,145)
|
|
|
(299,145)
|
Stock issued for services |
|
|
|
$ 12
|
32,488
|
|
|
32,500
|
Stock issued for services, shares |
|
|
|
12,463
|
|
|
|
|
Net loss |
|
|
|
|
|
(2,143,683)
|
|
(2,143,683)
|
Ending balance, value at Mar. 31, 2023 |
$ 1
|
$ 4
|
|
$ 7,168
|
60,371,067
|
(54,505,517)
|
(157,452)
|
5,715,271
|
Ending balance, shares at Mar. 31, 2023 |
1,299
|
4,000
|
|
7,169,339
|
|
|
|
|
Beginning balance, value at Dec. 31, 2023 |
$ 1
|
$ 12
|
|
$ 7,306
|
69,120,199
|
(63,603,552)
|
(157,452)
|
5,366,514
|
Beginning balance, shares at Dec. 31, 2023 |
1,299
|
11,500
|
|
7,306,663
|
|
|
|
|
Series D preferred stock issued |
$ 1
|
|
|
|
619,999
|
|
|
620,000
|
Series D preferred stock issued, shares |
620
|
|
|
|
|
|
|
|
Series E preferred stock issued |
|
$ 2
|
|
|
2,125,000
|
|
|
2,125,002
|
Series E preferred stock issued, shares |
|
2,125
|
|
|
|
|
|
|
Stock options compensation |
|
|
|
|
141,204
|
|
|
141,204
|
Stock issuance cost |
|
|
|
|
(36,188)
|
|
|
(36,188)
|
Stock issued for services |
|
|
|
$ 9
|
37,491
|
|
|
37,500
|
Stock issued for services, shares |
|
|
|
8,655
|
|
|
|
|
Stock compensation under ESPP |
|
|
|
|
18,116
|
|
|
18,116
|
Net loss |
|
|
|
|
|
(2,752,309)
|
|
(2,752,309)
|
Ending balance, value at Mar. 31, 2024 |
$ 2
|
$ 14
|
|
$ 7,315
|
$ 72,025,821
|
$ (66,355,861)
|
$ (157,452)
|
$ 5,519,839
|
Ending balance, shares at Mar. 31, 2024 |
1,919
|
13,625
|
|
7,315,318
|
|
|
|
|
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v3.24.1.1.u2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash from operating activities: |
|
|
Net loss |
$ (2,752,309)
|
$ (2,143,683)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
158,208
|
116,588
|
Stock based compensation |
159,320
|
75,128
|
Stock issued for services |
37,500
|
32,500
|
Amortization of operating lease right of use asset |
83,348
|
77,101
|
Changes in assets and liabilities: |
|
|
Accounts receivable |
866,373
|
2,700,917
|
Note receivable |
(1,875)
|
0
|
Contract assets |
(270,099)
|
(1,000,590)
|
Inventory |
23,828
|
(101,167)
|
Prepaid expenses and other current assets |
57,944
|
228,941
|
Accounts payable |
(415,718)
|
(1,008,207)
|
Accrued expenses |
76,370
|
(85,371)
|
Operating lease obligation |
(82,306)
|
(8,107)
|
Contract liabilities |
26,697
|
1,108,864
|
Net cash used in operating activities |
(2,032,719)
|
(7,086)
|
Cash flows from investing activities: |
|
|
Purchase of patents/trademarks |
(980)
|
(7,339)
|
Purchase of software development |
0
|
(212,067)
|
Purchase of fixed assets |
(8,830)
|
(41,738)
|
Net cash used in investing activities |
(9,810)
|
(261,144)
|
Cash flows from financing activities: |
|
|
Repayments on financing agreements |
(130,535)
|
(201,485)
|
Repayment of finance lease |
0
|
(11,285)
|
Stock issuance cost |
(36,188)
|
(299,145)
|
Proceeds from preferred stock issued |
2,745,002
|
4,000,000
|
Net cash provided by financing activities |
2,578,279
|
3,488,085
|
Net increase in cash |
535,750
|
3,219,855
|
Cash, beginning of period |
2,441,842
|
1,121,092
|
Cash, end of period |
2,977,592
|
4,340,947
|
Supplemental Disclosure of Cash Flow Information: |
|
|
Interest paid |
0
|
1,180
|
Taxes paid |
0
|
0
|
Supplemental Non-Cash Investing and Financing Activities: |
|
|
Notes issued for financing of insurance premiums |
$ 272,322
|
$ 320,004
|
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v3.24.1.1.u2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 1 – NATURE OF OPERATIONS AND SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
Duos Technologies Group, Inc. (the “Company”),
through its operating subsidiary, Duos Technologies, Inc. (“Duos”) (collectively the “Company”), is a company
that specializes in machine vision and artificial intelligence to analyze fast moving objects such as trains, trucks, automobiles, and
aircraft. This technology can help improve safety, maintenance, and operating metrics.
The Company is the inventor of the Railcar Inspection
Portal (RIP) and is currently the rail industry leader for machine vision/camera wayside detection systems that include the use of Artificial
Intelligence at speeds up to 125 mph. The RIP inspects a train at full speed from the top, sides, and bottom looking at FRA/AAR mandated
safety inspection points. The system also detects illegal riders, which can assist law enforcement agencies. Each rail car is scanned
with machine vision cameras and other sensors from the top, sides, and bottom, where images are produced within seconds of the railcar
passing. These images can then be used by the customer to help prevent derailments, improve maintenance operations, and assist with security.
The Company self-performs all aspects of hardware, software, Information Technology (“IT”), and Artificial Intelligence development
and engineering. The Company maintains significant intellectual property and continues to be awarded additional patents for both the technology
and methodologies used. The Company also has a proprietary portfolio of approximately 50 Artificial Intelligence “Use Cases”
that automatically flag defects. The Company has deployed this system with several Class 1 railroads and one major passenger carrier and
anticipates an increased demand in the future from railcar operators, owners, shippers, transit railroads as well as law enforcement agencies.
The Company has also developed the Automated Logistics
Information System (“ALIS”) which automates gatehouse operations where trucks enter and exit large logistics and intermodal
facilities. This solution also incorporates sensors and data points as necessary for each operation and directly interconnects with backend
logistics databases and processes to streamline and significantly improve operations and security and, importantly, dramatically improve
throughput on each lane on which the technology is deployed. The Company is not currently actively pursuing further customers for ALIS
but will continue to analyze the potential market and expects to deploy an upgraded Truck Inspection Portal (TIP) which uses the same
technology and lessons learned from the ALIS and RIP systems at some point in the future.
The Company’s strategy for the rail industry
is to expand beyond our existing customer base in the Class 1 and major passenger transit market and we expect to add additional users
in the short line and regional transit markets in North America. In addition, we plan to expand our subscription offering to car owners
and shippers and expand operations to meet the demand from international customers. The Company is prepared to respond and scale, if necessary,
to react to increased demand from potential regulations that may be imposed around wayside detection technology. In the future the Company
may put more emphasis on the trucking and intermodal sector with an updated Truck Inspection Portal solution. The Company continues to
focus on operational and technical excellence, customer satisfaction, and maintaining a highly skilled and performance-based work force.
The Company is also further investigating market opportunities for subsets of its technology including deployment and management of Edge
Data Centers, a fundamental component of the distributed, rapid response data analysis used in the RIP.
Basis of Presentation
The accompanying unaudited consolidated financial
statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial
information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (all of which are
of a normal recurring nature) considered necessary for a fair presentation have been included. Operating results for the three months
ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any
other future period. These unaudited consolidated financial statements and the unaudited condensed notes thereto should be read in conjunction
with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2024.
Principles of Consolidation
The unaudited consolidated financial statements include
Duos Technologies Group, Inc. and its wholly owned subsidiary, Duos Technologies, Inc. All inter-company transactions and balances are
eliminated in consolidation.
Use of Estimates
The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these
estimates. The most significant estimates in the accompanying unaudited consolidated financial statements include the allowance on accounts
receivable and notes receivable, valuation of common stock warrants received in exchange for an asset sale, valuation of deferred tax
assets, valuation of intangible and other long-lived assets, estimates of net contract revenues and the total estimated costs to determine
progress towards contract completion, valuation of inventory, estimates of the valuation of right of use assets and corresponding lease
liabilities, valuation of warrants issued with debt and valuation of stock-based awards. We base our estimates on historical experience
and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making
judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ
from these estimates.
Concentrations
Cash Concentrations
Cash is maintained at financial institutions and at
times, balances may exceed federally insured limits. We have not experienced any losses related to these balances. As of March 31, 2024,
the balance in one financial institution exceeded federally insured limits by approximately $2,485,140. Any loss incurred or a lack of
access to such funds could have a significant adverse impact on the Company’s consolidated financial condition, results of operation
and cash flows.
Significant Customers and Concentration of Credit Risk
The Company had certain customers
whose revenue individually represented 10% or more of the Company’s total revenue, or whose accounts receivable balances individually
represented 10% or more of the Company’s total accounts receivable, as follows:
For the three months ended March 31, 2024, three customers
accounted for 31%, 30% and 26% of revenues. For the three months ended March 31, 2023, two customers accounted for 70%, and 20% of revenues.
In all cases, there are no minimum contract values stated. Each contract covers an agreement to deliver a Railcar Inspection Portal which,
once accepted, must be paid in full, with 30% or more being due and payable prior to delivery. The balances of the contracts are for service
and maintenance which is may be paid annually in advance with revenues recorded ratably over the contract period.
At March 31, 2024, three customers accounted for 49%,
38%, and 13% of accounts receivable. At December 31, 2023, two customers accounted for 83%, and 11% of accounts receivable. Much of the
credit risk is mitigated since all the customers listed here are Class 1 railroads with a history of timely payments to us.
Geographic Concentration
For the three months ended March 31, 2024, approximately
61% of revenue was generated from three customers outside of the United States. For the three months ended March 31, 2023, approximately
25% of revenue was generated from three customers outside of the United States.
Significant Vendors and Concentration of Credit
Risk
In some instances, the Company relies on a limited
pool of vendors for key components related to the manufacturing of its subsystems. These vendors are primarily focused on camera, server,
and lighting technologies integral to the Company’s solution. Where possible, the Company seeks multiple vendors for key components
to mitigate vendor concentration risk.
Fair Value of Financial Instruments and Fair Value Measurements
The Company follows Accounting Standards Codification
(“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured
at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted
accounting principles that requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure
about such fair value measurements.
ASC 820 defines fair value as the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the
use of unobservable inputs.
These inputs are prioritized below:
Level 1: |
Observable inputs such as quoted market prices in active markets for identical assets or liabilities. |
Level 2: |
Observable market-based inputs or unobservable inputs that are corroborated by market data. |
Level 3: |
Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions that the market participants would use in the valuation of the asset or liability based on the best available information. |
The Company analyzes all financial instruments with
features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard
for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level
of input that is significant to the fair value measurement.
The estimated fair value of certain financial instruments,
including accounts receivable, prepaid expenses, accounts payable, accrued expenses and notes payable are carried at historical cost basis,
which approximates their fair values because of the short-term nature of these instruments.
Accounts Receivable
On January 1, 2023, the Company adopted ASC 326, “Financial
Instruments - Credit Losses”. In accordance with ASC 326, an allowance is maintained for estimated forward-looking losses resulting
from the possible inability of customers to make the required payments (current expected losses). The amount of the allowance is determined
principally on the basis of past collection experience and known financial factors regarding specific customers.
Accounts receivable are stated at estimated net realizable
value. Accounts receivable are comprised of balances due from customers net of estimated credit loss allowances for uncollectible accounts.
In determining the collections on the account, historical trends are evaluated, and specific customer issues are reviewed to arrive at
appropriate allowances. The Company reviews its accounts to estimate losses resulting from the inability of its customers to make the
required payments. Any required allowance is based on specific analysis of past due accounts and also considers historical trends of write-offs.
Past due status is based on how recently payments have been received from customers.
Inventory
Inventory consists primarily of spare parts and consumables
and long-lead time components to be used in the production of our technology systems or in connection with maintenance agreements with
customers. Any inventory deemed to be obsolete is written off. Inventory is stated at the lower of cost or net realizable value. Inventory
cost is primarily determined using the weighted average cost method.
Software Development Costs
Software development costs incurred prior to establishing
technological feasibility are charged to operations and included in research and development costs. The technological feasibility of a
software product is established when the Company has completed all planning, designing, coding, and testing activities that are necessary
to establish that the product meets its design specifications, including functionality, features, and technical performance requirements.
Software development costs incurred after establishing technological feasibility for software sold as a perpetual license, as defined
within ASC 985-20 (Software – Costs of Software to be Sold, Leased, or Marketed), are capitalized and amortized on a product-by-product
basis when the product is available for general release to customers. Software development costs are evaluated for impairment annually
by comparing the net realizable value to the unamortized capitalized costs and writing these costs down to net realizable value.
Stock-Based Compensation
The Company accounts for employee and non-employee
stock-based compensation in accordance with ASC 718-10, “Share-Based Payment,” which requires the measurement and recognition
of compensation expense for all share-based payment awards made to employees and directors including stock options, restricted stock units,
and employee stock purchases based on estimated fair values. The stock-based compensation carries a graded vesting feature subject to
the condition of time of employment service with awarded stock-based compensation tranches vesting evenly upon the anniversary date of
the award.
The Company estimates the fair value of stock options
granted using the Black-Scholes option-pricing formula. In accordance with ASC 718-10-35-8, the Company elected to recognize the fair
value of the stock award using the graded vesting method as time of employment service is the criteria for vesting. The Company’s
determination of fair value using an option-pricing model is affected by the stock price as well as assumptions regarding a number of
highly subjective variables.
The Company estimates volatility based upon the historical
stock price of the Company and estimates the expected term for stock options using the simplified method for employees and directors and
the contractual term for non-employees. The risk-free rate is determined based upon the prevailing rate of United States Treasury securities
with similar maturities.
Revenue Recognition
The Company follows Accounting Standards Codification
606, Revenue from Contracts with Customers (“ASC 606”), that affects the timing of when certain types of revenues will be
recognized. The basic principles in ASC 606 include the following: a contract with a customer creates distinct contract assets and performance
obligations, satisfaction of a performance obligation creates revenue, and a performance obligation is satisfied upon transfer of control
to a good or service to a customer.
Revenue is recognized by evaluating our revenue contracts
with customers based on the five-step model under ASC 606:
|
1. |
Identify the contract with the customer; |
|
2. |
Identify the performance obligations in the contract; |
|
3. |
Determine the transaction price; |
|
4. |
Allocate the transaction price to separate performance obligations; and |
|
5. |
Recognize revenue when (or as) each performance obligation is satisfied. |
The Company generates revenue from four sources:
(1) Technology Systems
(2) AI Technologies
(3) Technical Support
(4) Consulting Services
Technology Systems
For revenues related to technology systems, the Company
recognizes revenue over time using a cost-based input methodology in which significant judgment is required to estimate costs to complete
projects. These estimated costs are then used to determine the progress towards contract completion and the corresponding amount of revenue
to recognize.
Accordingly, the Company now bases its revenue recognition
on ASC 606-10-25-27, where control of a good or service transfers over time if the entity’s performance does not create an asset
with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date including a
profit margin or reasonable return on capital. Control is deemed to pass to the customer instantaneously as the goods are manufactured
and revenue is recognized accordingly.
In addition, the Company has adopted ASC 606-10-55-21
such that if the cost incurred is not proportionate to the progress in satisfying the performance obligation, we adjust the input method
to recognize revenue only to the extent of the cost incurred. Therefore, the Company will recognize revenue at an equal amount to the
cost of the goods to satisfy the performance obligation. To accurately reflect revenue recognition based on the input method, the Company
has adopted the implementation guidance as set out in ASC-606-10-55-187 through 192.
Under this method, contract revenues are recognized
over the performance period of the contract in direct proportion to the costs incurred. Costs include direct material, direct labor, subcontract
labor and other allocable indirect costs. All un-allocable indirect costs and corporate general and administrative costs are also charged
to the periods as incurred. Any recognized revenues that have not been billed to a customer are recorded as an asset in “contract
assets”. Any billings of customers more than recognized revenues are recorded as a liability in “contract liabilities”.
However, in the event a loss on a contract is foreseen, the Company will recognize the loss when such loss is determined to be both probable
and reasonably estimable.
AI Technologies
The Company has revenue from applications that incorporate
artificial intelligence (AI) in the form of predetermined algorithms which provide important operating information to the users of our
systems. The revenue generated from these applications of AI consists of a fixed fee related to the design, development, testing and incorporation
of new algorithms into the system, which is recognized as revenue at a point in time upon acceptance, as well as an annual application
maintenance fee, which is recognized as revenue ratably over the contracted maintenance term.
Technical Support
Technical support services are provided on both an
as-needed and extended-term basis and may include providing both parts and labor. Maintenance and technical support provided outside of
a maintenance contract are on an “as-requested” basis, and revenue is recognized over time as the services are provided. Revenue
for maintenance and technical support provided on an extended-term basis is recognized over time ratably over the term of the contract.
Consulting Services
The Company’s consulting services business generates
revenues under contracts with customers from three sources: (1) Professional Services (consulting and auditing); (2) Customer service training
and (3) Maintenance/support.
(1) Revenues for professional services, which are
of short-term duration, are recognized when services are completed;
(2) Training sales are one-time upfront short-term
training sessions and are recognized after the service has been performed; and
(3) Maintenance/support is an optional product sold
to our software license customers under one-year or longer contracts. Accordingly, maintenance payments received upfront are deferred
and recognized over the contract term.
Multiple Performance Obligations and Allocation
of Transaction Price
Arrangements with customers may involve multiple performance
obligations including project revenue and maintenance services in our Technology Systems business. Maintenance will occur after the project
is completed and may be provided on an extended-term basis or on an as-needed basis. In our consulting services business, multiple performance
obligations may include any of the above four sources. Training and maintenance on software products may occur after the software product
sale while other services may occur before or after the software product sale and may not relate to the software product. Revenue recognition
for a multiple performance obligations arrangement is as follows:
Each performance obligation is accounted for separately
when each has value to the customer on a standalone basis and there is Company specific objective evidence of the selling price of each
deliverable. For revenue arrangements with multiple deliverables, the Company allocates the total customer arrangement to the separate
units of accounting based on their relative selling prices as determined by the price of the items when sold separately. Once the selling
price is allocated, the revenue for each performance obligation is recognized using the applicable criteria under GAAP as discussed above
for performance obligations sold in single performance obligation arrangements. A delivered item or items that do not qualify as a separate
unit of accounting within the arrangement are combined with the other applicable undelivered items within the arrangement. The allocation
of arrangement consideration and the recognition of revenue is then determined for those combined deliverables as a single unit of accounting.
The Company sells its various services and software and hardware products at established prices on a standalone basis which provides Company
specific objective evidence of selling price for purposes of performance obligations relative selling price allocation. The Company only
sells maintenance services or spare parts based on its established rates after it has completed a system integration project for a customer.
The customer is not required to purchase maintenance services. All elements in multiple performance obligations arrangements with Company
customers qualify as separate units of account for revenue recognition purposes.
Leases
The Company follows ASC 842 “Leases”.
This guidance requires lessees to recognize right-of-use (“ROU”) assets and lease liabilities for most operating leases. In
addition, this guidance requires that lessors separate lease and non-lease components in a contract in accordance with the revenue guidance
in ASC 606.
The Company made an accounting policy election to
not recognize short-term leases with terms of twelve months or less on the balance sheet and instead recognize the lease payments as an
expense when incurred. The Company has also elected to account for real estate leases that contain both lease and non-lease components
as a single lease component.
At the inception of a contract the Company assesses
whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of
a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout
the period, and (3) whether we have the right to direct the use of the asset.
Operating ROU assets represent the right to use the
leased asset for the lease term and operating lease liabilities are recognized based on the present value of minimum lease payments over
the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based
on the information available at the lease commencement date to determine the present value of future payments. The lease term includes
all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not
to exercise the termination options. Operating lease expense is recognized on a straight-line basis over the lease term and is included
in general and administration expenses in the consolidated statements of operations.
Earnings (Loss) Per Share
Basic earnings per share (EPS) are computed by dividing
the net loss applicable to common stock by the weighted average number of common shares outstanding. Diluted net loss per common share
is computed by dividing the net loss applicable to common stock by the weighted average number of common shares outstanding for the period
and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares
issuable upon the exercise or conversion of stock options, stock warrants, convertible debt instruments, convertible preferred stock or
other common stock equivalents. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive.
At March 31, 2024, there were (i) an aggregate of
44,644 outstanding warrants to purchase shares of common stock, (ii) employee stock options to purchase an aggregate of 1,387,775 shares
of common stock, (iii) 639,667 common shares issuable upon conversion of Series D Convertible Preferred Stock, and (iv) 4,541,667 common
shares issuable upon conversion of Series E Convertible Preferred Stock, all of which were excluded from the computation of diluted net
earnings per share because their inclusion would have been anti-dilutive.
At March 31, 2023, there were (i) an aggregate of
80,091 outstanding warrants to purchase shares of common stock, (ii) employee stock options to purchase an aggregate of 924,658 shares
of common stock, (iii) 433,000 common shares issuable upon conversion of Series D Convertible Preferred Stock and (iv) 1,333,334 common
shares issuable upon conversion of Series E Convertible Preferred Stock, all of which were excluded from the computation of diluted earnings
per share because their inclusion would have been anti-dilutive.
Recent Accounting Pronouncements
From time to time, the FASB or other standards setting
bodies will issue new accounting pronouncements. Updates to the FASB ASC are communicated through issuance of an Accounting Standards
Update (“ASU”).
In November 2023, the FASB issued ASU 2023-07 Segment
Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires companies to disclose significant segment
expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 is effective for annual periods beginning on January
1, 2024 and interim periods beginning on January 1, 2025. ASU 2023-07 must be applied retrospectively to all prior periods presented in
the financial statements. The Company has evaluated the disclosure impact of ASU 2023-07; and determined the standard will not have an
impact on the Company’s consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09
Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires companies to disclose, on an annual basis, specific
categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative
threshold. Further, ASU 2023-09 requires companies to disclose additional information about income taxes paid. ASU 2023-09 is effective
for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively.
The Company is evaluating the disclosure impact of ASU 2023-09; however, the standard will not have an impact on the Company’s consolidated
financial statements.
Management does not believe that any other recently issued, but not
yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.
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- DefinitionThe entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles.
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v3.24.1.1.u2
LIQUIDITY
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
LIQUIDITY |
NOTE 2 – LIQUIDITY
Under Accounting Codification ASC 205, Presentation
of Financial Statements—Going Concern (Subtopic 205-40) (“ASC 205-40”), the Company has the responsibility to evaluate
whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due
within one year after the date that the financial statements are issued. As required by ASC 205-40, this evaluation shall initially not
take into consideration the potential mitigating effects of plans that have not been fully implemented as of the date the financial statements
are issued. Management has assessed the Company’s ability to continue as a going concern in accordance with the requirement of ASC
205-40.
As reflected in the accompanying consolidated financial
statements, the Company had a net loss of $2,752,309 for the three months ended March 31, 2024. During the same period, cash used in operating
activities was $2,032,719. The working capital surplus and accumulated deficit as of March 31, 2024, were $3,305,875 and $66,355,861,
respectively. In previous financial reports, the Company had raised substantial doubt about continuing as a going concern. This was principally
due to a lack of working capital prior to underwritten offerings and private placements which were completed during 2022, 2023, and now
the first and second quarters of 2024 as well.
As previously
noted, the Company was successful during 2023 in raising gross proceeds of over $11,500,000 from the sale of Series E and F Preferred
Stock. Additionally, late in the first quarter of 2024, the Company raised gross proceeds of $2,745,000 from the issuance of a combination
of Series D and E Preferred Stock (See Note 5). As part of its strategy, the Company will endeavor to utilize the Preferred Series E
and the remainder of the Series D as additional funding mechanisms. Additionally, during the second quarter of 2024, the Company will
again have access to its S-3 “shelf registration” statement allowing the Company to sell additional common shares. At the
time of filing this document, the Company estimates that it has available capacity on its shelf registration which it can utilize to
bolster working capital and growth of the business in the event it did not have an uptake in the preferred classes of shares previously
noted. Although additional investment is not assured, the Company is comfortable that it would be able to raise sufficient capital to
support expanded operations based on an anticipated increase in business activity. In the long run, the continuation of the Company as
a going concern is dependent upon the ability of the Company to continue executing its business plan, generate enough revenue, and attain
consistently profitable operations. Although the lingering effects of the global pandemic related to the coronavirus (Covid-19) previously
affected our operations, particularly in our supply chain, we now believe that the supply chain lags have largely been abated. We have
analyzed our cash flow under “stress test” conditions and have determined that we have sufficient liquid assets on hand or
available via the capital markets to maintain operations for at least twelve months from the issuance date of this report.
In the long run, the continuation of the Company
as a going concern is dependent upon the ability of the Company to continue executing its business plan, and growing the Company sufficiently
to generate enough revenue to attain consistently profitable operations. The Company cannot currently quantify the uncertainty related
to previous supply chain delays or the persistence of inflation and their effects on our customers in the coming quarters. We have analyzed
our cash flow under “stress test” conditions and have determined that we have sufficient liquid assets on hand, forthcoming
with ongoing business or available via the capital markets to maintain operations for at least twelve months from the date of this report.
In addition, management has been taking and continues
to take actions including, but not limited to, elimination of certain costs that do not contribute to short term revenue, and re-aligning
both management and staffing with a focus on improving certain skill sets necessary to build growth and profitability and focusing product
strategy on opportunities that are likely to bear results in the relatively short term. The Company believes that, as described above,
it will have sufficient sources of working capital to meet its obligations over the following twelve months. In the last twelve months
the Company has experienced relatively steady contracted backlog as well as seen positive signs from new commercial engagements that indicate
improvements in future commercial opportunities for both one-time capital and recurring services revenues.
Management believes that, at this time, the conditions
in our market space with ongoing contract delays, the consequent need to procure certain materials in advance of a binding contract and
the additional time needed to execute on new contracts previously reported have put a strain on our cash reserves. However, proactive
management of our existing contracts, recent stock offerings and private placements as well as the availability to raise capital via our
shelf registration indicate there is no substantial doubt that the Company can continue as a going concern for a period of twelve months
from the issuance date of this report. We continue executing the plan to grow our business and achieve profitability. The Company may
selectively look at opportunities for fund raising in the future. Management has extensively evaluated our requirements for the next twelve
months and has determined that the Company currently has sufficient cash and access to capital to operate for at least that period.
While no assurance can be provided, management believes
that these actions provide the opportunity for the Company to continue as a going concern and to grow its business and achieve profitability
with access to additional capital funding. Ultimately the continuation of the Company as a going concern is dependent upon the ability
of the Company to continue executing the plan described above which was put in place in late 2022, continued in 2023, and will continue
in 2024 and beyond. These consolidated financial statements do not include any adjustments related to the recoverability and classification
of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going
concern.
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v3.24.1.1.u2
DEBT
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
DEBT |
NOTE 3 – DEBT
Notes Payable - Financing Agreements
The Company’s notes payable relating to financing
agreements classified as current liabilities consist of the following as of March 31, 2024 and December 31, 2023:
Schedule of notes payable | |
| | |
| | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Notes Payable | |
Principal | | |
Interest | | |
Principal | | |
Interest | |
| |
| | |
| | |
| | |
| |
Third Party - Insurance Note 1 | |
$ | — | | |
| — | % | |
$ | 39,968 | | |
| 8.00 | % |
Third Party - Insurance Note 2 | |
| 22,438 | | |
| — | | |
| 2,008 | | |
| — | |
Third Party - Insurance Note 3 | |
| 161,325 | | |
| — | | |
| — | | |
| — | |
Total | |
$ | 183,763 | | |
| — | | |
$ | 41,976 | | |
| — | |
The Company entered into an agreement on April 15,
2023 with its insurance provider by issuing a note payable (Insurance Note 1) for the purchase of an insurance policy in the amount of
$142,734,
secured by that policy with an annual interest rate of 8.00%
and payable in 11 monthly installments of principal and interest totaling $13,501.
At March 31, 2024 and December 31, 2023, the balance of Insurance Note 1 was zero 0
and $39,968,
respectively.
The Company renewed it’s agreement on February
3, 2024 with its insurance provider by issuing a note payable (Insurance Note 2) for the purchase of an insurance policy in the amount
of $24,140, and payable in 12 monthly installments of $2,012. At March 31, 2024 and December 31, 2023, the balance of Insurance Note 2
was $22,438 and $2,008, respectively.
The Company entered into an agreement on February
3, 2024 with its insurance provider by issuing a note payable (Insurance Note 3) for the purchase of an insurance policy in the amount
of $245,798 with a down payment paid in
the amount of $84,473 in the first quarter of 2024
and ten monthly installments of $20,169.
At March 31, 2024 and December 31, 2023, the balance of Insurance Note 4 was $161,325
and zero 0 , respectively.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE 4 – COMMITMENTS AND CONTINGENCIES
Operating Lease Obligations
On July 26, 2021, the
Company entered a new operating lease agreement for office and warehouse combination space of 40,000 square feet, with the lease commencing
on November 1, 2021 and ending April 30, 2032. This new space combines the Company’s two separate work locations into one facility,
which allows for greater collaboration and also accommodates a larger anticipated workforce and manufacturing facility. On November 24,
2021, the lease was amended to commence on December 1, 2021 and end on May 31, 2032. The Company recognized a ROU asset and operating
lease liability in the amount of $4,980,104 at
lease commencement. Rent for the first eleven months of the term was calculated based on 30,000 rentable square feet. The rent is subject
to an annual escalation of 2.5%, beginning November 1, 2023. The Company made a security deposit payment in the amount of $600,000 on
July 26, 2021. Per the contract, in the 18th month, the security deposit was reduced by $50,000. The right of use asset balance at March
31, 2024, net of accumulated amortization, was $4,289,807.
As of March 31, 2024, the office and warehouse lease
is the Company’s only lease with a term greater than twelve months. The office and warehouse lease has a remaining term of approximately
8.3 years and includes an option to extend for two renewal terms of five years each. The renewal options are not reasonably certain to
be exercised, and therefore, they are not included when determining the lease term used to establish the right-of use asset and lease
liability. The Company also has several short-term leases, primarily related to equipment. The Company made an accounting policy election
to not recognize short-term leases with terms of twelve months or less on the consolidated balance sheet and instead recognize the lease
payments in expense as incurred. The Company has also elected to account for real estate leases that contain both lease and non-lease
components (such as common area maintenance) as a single lease component.
The following table shows supplemental information
related to leases:
Schedule of supplemental information
related to leases | |
| | |
| |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Lease cost: | |
| | | |
| | |
Operating lease cost | |
$ | 195,410 | | |
$ | 195,409 | |
Short-term lease cost | |
$ | 4,296 | | |
$ | 7,104 | |
| |
| | | |
| | |
Other information: | |
| | | |
| | |
Operating cash outflow used for operating leases | |
$ | 194,367 | | |
$ | 126,416 | |
Weighted average discount rate | |
| 9.0 | % | |
| 9.0 | % |
Weighted average remaining lease term | |
| 8.3 years | | |
| 9.2 years | |
As of March 31, 2024, future minimum lease payments
due under our operating leases are as follows:
Schedule of future minimum lease payments
due under the operating lease | |
| |
| |
Amount | |
Calendar year: | |
| | |
2024 | |
$ | 584,720 | |
2025 | |
| 798,556 | |
2026 | |
| 818,518 | |
2027 | |
| 838,984 | |
2028 | |
| 859,856 | |
Thereafter | |
| 3,183,571 | |
Total undiscounted future minimum lease payments | |
| 7,084,205 | |
Less: Impact of discounting | |
| (2,158,706 | ) |
Total present value of operating lease obligations | |
| 4,925,599 | |
Current portion | |
| (783,944 | ) |
Operating lease obligations, less current portion | |
$ | 4,141,555 | |
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.1.1.u2
STOCKHOLDERS’ EQUITY
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE 5 – STOCKHOLDERS’ EQUITY
Series B Convertible Preferred Stock
The following summary of certain terms and provisions
of our Series B Convertible Preferred Stock (the “Series B Convertible Preferred Stock”) is subject to, and qualified in its
entirety by reference to, the terms and provisions set forth in our certificate of designation of preferences, rights and limitations
of Series B Convertible Preferred Stock (the “Series B Convertible Preferred Certificate of Designation”) as previously filed.
Subject to the limitations prescribed by our articles of incorporation, our board of directors is authorized to establish the number of
shares constituting each series of preferred stock and to fix the designations, powers, preferences, and rights of the shares of each
of those series and the qualifications, limitations and restrictions of each of those series, all without any further vote or action by
our stockholders. Our board of directors designated 15,000 of the 10,000,000 authorized shares of preferred stock as Series B Convertible
Preferred Stock with a stated value of $1,000 per share. The shares of Series B Convertible Preferred Stock were validly issued, fully
paid and non-assessable.
Each share of Series B Convertible Preferred
Stock was convertible at any time at the holder’s option into a number of shares of common stock equal to $1,000
divided by the conversion price of $7.00
per share. Notwithstanding the foregoing, we could not effect any conversion of Series B Convertible Preferred Stock, with certain
exceptions, to the extent that, after giving effect to an attempted conversion, the holder of shares of Series B Convertible Preferred
Stock (together with such holder’s affiliates, and any persons acting as a group together with such holder or any of such holder’s
affiliates) would beneficially own a number of shares of our common stock in excess of 4.99% (or, at the election of the purchaser, 9.99%)
of the shares of our common stock then outstanding after giving effect to such conversion. The Series B Convertible Preferred Certificate
of Designation does not prohibit the Company from waiving this limitation. Upon any liquidation, dissolution or winding-up of Company,
whether voluntary or involuntary (a “Liquidation”), the holders shall be entitled to participate on an as-converted-to-common
stock basis (without giving effect to the Beneficial Ownership Limitation) with holders of the common stock in any distribution of assets
of the Company to the holders of the common stock. As of March 31, 2024 and December 31, 2023, respectively, there are zero 0
and zero 0
shares of Series B Convertible Preferred Stock issued and outstanding.
Series C Convertible Preferred Stock
The Company’s Board of Directors designated
5,000 shares as the Series C Convertible Preferred Stock (the “Series C Convertible Preferred Stock”). Each share of the Series
C Convertible Preferred Stock had a stated value of $1,000. The holders of the Series C Convertible Preferred Stock, the holders of the
common stock and the holders of any other class or series of shares entitled to vote with the common stock shall vote together as one
class on all matters submitted to a vote of shareholders of the Company. Each share of Series C Convertible Preferred Stock has 172 votes
(subject to adjustment); provided that in no event may a holder of Series C Convertible Preferred Stock be entitled to vote a number of
shares in excess of such holder’s Beneficial Ownership Limitation (as defined in the Certificate of Designation and as described
below). Each share of Series C Convertible Preferred Stock was convertible, at any time and from time to time, at the option of the holder,
into that number of shares of common stock (subject to the Beneficial Ownership Limitation) determined by dividing the stated value of
such share ($1,000) by the conversion price, which is $5.50 (subject to adjustment). The Company shall not effect any conversion of the
Series C Convertible Preferred Stock, and a holder shall not have the right to convert any portion of the Series C Convertible Preferred
Stock, to the extent that after giving effect to the conversion sought by the holder such holder (together with such holder’s Attribution
Parties (as defined in the Certificate of Designation)) would beneficially own more than 4.99% (or upon election by a holder, 19.99%)
of the number of shares of common stock outstanding immediately after giving effect to the issuance of shares of common stock issuable
upon such conversion (the “Beneficial Ownership Limitation”). All holders of the Series C Preferred Stock elected the 19.99%
Beneficial Ownership Limitation.
On February 26, 2021, the Company entered into a
Securities Purchase Agreement (the “Purchase Agreement”) with certain existing investors in the Company (the “Purchasers”).
Pursuant to the Purchase Agreement, the Purchasers purchased 4,500 shares of a newly authorized Series C Convertible Preferred Stock,
and the Company received proceeds of $4,500,000.
The Purchase Agreement contains customary representations, warranties, agreements and indemnification rights and obligations of the parties.
In January 2022, the 2,500 outstanding shares of Series C Convertible Preferred Stock were converted into 454,546
shares of common stock. As of March 31, 2024 and December 31, 2023, respectively, there were zero 0
and zero 0
shares of Series C Convertible Preferred Stock issued and outstanding.
In connection with the Purchase Agreement, the Company
also entered into a Registration Rights Agreement with the Purchasers. Pursuant to the Registration Rights Agreement, the Company filed
with the SEC a registration statement covering the resale by the Purchasers of the shares of common stock into which the shares of Series
C Convertible Preferred Stock were convertible. The Registration Rights Agreement contains customary representations, warranties, agreements
and indemnification rights and obligations of the parties.
Series D Convertible
Preferred Stock
On September 28, 2022, the Company amended its articles
of incorporation to designate 4,000 shares as the Series D Convertible Preferred Stock (the “Series D Convertible Preferred Stock”).
Each share of the Series D Convertible Preferred Stock has a stated value of $1,000. The holders of the Series D Convertible Preferred
Stock, the holders of the common stock and the holders of any other class or series of shares entitled to vote with the common stock shall
vote together as one class on all matters submitted to a vote of shareholders of the Company. Each share of Series D Convertible Preferred
Stock has 333 votes (subject to standard anti-dilution adjustment); provided that in no event may a holder of Series D Convertible Preferred
Stock be entitled to vote a number of shares in excess of such holder’s Beneficial Ownership Limitation (as defined in the Certificate
of Designation and as described below). Each share of Series D Convertible Preferred Stock is convertible, at any time and from time to
time, at the option of the holder, into that number of shares of common stock (subject to the Beneficial Ownership Limitation) determined
by dividing the stated value of such share ($1,000) by the conversion price, which is $3.00 (subject to adjustment). The Company shall
not effect any conversion of the Series D Convertible Preferred Stock, and a holder shall not have the right to convert any portion of
the Series D Convertible Preferred Stock, to the extent that after giving effect to the conversion sought by the holder such holder (together
with such holder’s Attribution Parties (as defined in the Certificate of Designation)) would beneficially own more than 4.99% (or
upon election by a holder, 19.99%) of the number of shares of common stock outstanding immediately after giving effect to the issuance
of shares of common stock issuable upon such conversion (the “Beneficial Ownership Limitation”). All holders of the Series
D Preferred Stock are subject to the 4.99% restriction, with the exception of one who elected the 19.99% Beneficial Ownership Limitation.
The Company shall reserve and keep available out of its authorized and unissued Common Stock, solely for the issuance upon the conversion
of the Series D Convertible Preferred Stock, such a number of shares of Common Stock as shall from time to time be issuable upon the conversion
of all of the shares of the Series D Convertible Preferred Stock then outstanding. Additionally, the Series D Convertible Preferred Stock
does not have the right to dividends and in the event of an involuntary liquidation, the Series D shares shall be treated as a pro rata
equivalent of common stock outstanding at the date of the liquidation event and have no liquidation preference.
On September 30, 2022, the Company entered into a
Securities Purchase Agreement (the “Purchase Agreement”) with certain existing investors in the Company (the “Purchasers”).
Pursuant to the Purchase Agreement, the Purchasers purchased 999 shares of the newly authorized Series D Convertible Preferred Stock,
and the Company received proceeds of $999,000. The Purchase Agreement contains customary representations, warranties, agreements and indemnification
rights and obligations of the parties.
On October 29, 2022, the Company entered into a Securities
Purchase Agreement (the “Purchase Agreement”) with a certain existing investor in the Company (the “Purchaser”).
Pursuant to the Purchase Agreement, the Purchaser purchased 300 shares of the newly authorized Series D Convertible Preferred Stock, and
the Company received proceeds of $300,000. The Purchase Agreement contains customary representations, warranties, agreements and indemnification
rights and obligations of the parties.
On May 16, 2023, the Series D Convertible Preferred
Stock was approved for conversion to common shares during the Company’s annual shareholder meeting.
On March 22, 2024 and March 28, 2024, the Company
entered into Securities Purchase Agreements (the “Purchase Agreements”) with certain existing and other accredited investors
(the “2024 Purchasers”). Pursuant to the Purchase Agreements, the 2024 Purchasers purchased an aggregate of 620 shares of
Series D Preferred Stock, at a price of $1,000 per share, and the Company received proceeds of $620,000. The Series D Preferred Stock
is convertible into Common Stock at $3.00 a share. If all of the 620 shares of Series D Preferred Stock were converted, the Company would
issue 206,667 shares of Common Stock.
As of March 31, 2024 and December 31, 2023, respectively,
there were 1,919 and 1,299 shares of Series D Convertible Preferred Stock issued and outstanding.
In connection with such Purchase Agreements, the Company
also entered into a Registration Rights Agreement with the Purchasers. Pursuant to the Registration Rights Agreement, the Company filed
with the SEC a registration statement covering the resale by the Purchasers of the shares of common stock into which the shares of Series
D Convertible Preferred Stock are convertible. The Registration Rights Agreement contains customary representations, warranties, agreements
and indemnification rights and obligations of the parties.
The Registration Rights Agreement contains provisions
for liquidated damages equal to 1% multiplied by the aggregate subscription amount paid, paid each month, in the event certain deadlines
are missed.
Series E Convertible Preferred Stock
The
Company’s Board of Directors has designated 30,000 shares as the Series E Convertible Preferred Stock (the “Series E Convertible
Preferred Stock”). Each share of the Series E Convertible
Preferred Stock has a stated value of $1,000. The holders of the Series E Convertible Preferred Stock, the holders of the common stock
and the holders of any other class or series of shares entitled to vote with the common stock shall vote as one class on all matters submitted
to a vote of shareholders of the Company. Each share of Series E Convertible Preferred Stock has 333 votes (subject to adjustment); provided
that in no event may a holder of Series E Convertible Preferred Stock be entitled to vote a number of shares in excess of such holder’s
Beneficial Ownership Limitation. Each share of Series E Convertible Preferred Stock is convertible, subject to shareholder approval (which
has not yet been granted); at any time and from time to time, at the option of the holder, into that number of shares of common stock
(subject to the Beneficial Ownership Limitation) determined by dividing the stated value of such share ($1,000) by the conversion price,
which is $3.00 (subject to adjustment). The Company shall not effect any conversion of the Series E Convertible Preferred Stock, and the
holder shall not have the right to convert any portion of the Series E Convertible Preferred Stock, to the extent that after giving effect
to the conversion sought by the holder such holder (together with such holder’s Attribution Parties (as defined in the Certificate
of Designation)) would beneficially own more than 4.99% (or upon election by a holder, 19.99%) of the number of shares of common stock
outstanding immediately after giving effect to the issuance of shares of common stock issuable upon such conversion (the “Beneficial
Ownership Limitation”). All holders of the Series E Convertible Preferred Stock are subject to the 4.99% restriction, with the exception
of one who elected the 19.99% Beneficial Ownership Limitation
The Company on March 27, 2023 entered into a
Securities Purchase Agreement (the “Purchase Agreement”) with an existing investor in the Company (the “Purchaser”).
Pursuant to the Purchase Agreement, the Purchaser purchased 4,000 shares of a newly authorized Series E Convertible Preferred Stock at
a price of $1,000 per share, and the Company received proceeds of $4,000,000. The Purchase Agreement contains customary representations,
warranties, agreements and indemnification rights and obligations of the parties.
The existing investor’s Purchase Agreement
also provides that the Company will not, with certain exceptions, sell or issue common stock or Common Stock Equivalents (as defined in
the Purchase Agreement) on or prior to December 31, 2023 that entitles any person to acquire shares of common stock at an effective price
per share less than the then conversion price of the Series E Convertible Preferred Stock without the consent of the Purchaser.
On November 9, 2023, the Company entered into
a Securities Purchase Agreement (the “Purchase Agreement”) with an existing investor in the Company (the “Purchaser”).
Pursuant to the Purchase Agreement, the Purchaser purchased 2,500 shares of authorized Series E Convertible Preferred Stock, at a price
of $1,000 per share, and the Company received proceeds of $2,500,000. In connection with the November 2023 Series E Convertible Preferred
Stock offering, the Company entered into an Exchange Agreement with the investor and issued an additional 5,000 shares of Series E Convertible
Preferred Stock at $1,000 per share with the $3.00 per common share common stock equivalent conversion price in exchange for 5,000 outstanding
and issued shares of Series F Convertible Preferred Stock, which were convertible to common stock at $6.20 per common share. All shares
of Series F Convertible Preferred Stock were held by a single shareholder.
The November Purchase Agreement also provides
that the Company will not, with certain exceptions, sell or issue common stock or Common Stock Equivalents (as defined in the November
Purchase Agreement) on or prior to June 30, 2024 that entitles any person to acquire shares of common stock at an effective price per
share less than the then conversion price of the Series E Convertible Preferred Stock without the consent of the Purchasers. The conversion
price of the Series E Convertible Preferred Stock currently is $3.00 per share (subject to adjustment).
The Purchasers under the November Purchase Agreement
also were the holders of the Company’s Series F Convertible Preferred Stock issued on August 1, 2023. The purchase agreement relating
to the shares of Series F Convertible Preferred Stock required the consent of the holders in the event the Company were to issue common
stock or rights to acquire common stock prior to December 31, 2023 at an effective price per share less than the then conversion price
of the Series F Convertible Preferred Stock, which was $6.20 per share. As a result, on November 10, 2023 the Company and the holders
of the Series F Convertible Preferred Stock entered into Exchange Agreements pursuant to which the holders of Series F Convertible Preferred
Stock exchanged their 5,000 shares of Series F Convertible Preferred Stock for an equal number of shares of Series E Convertible Preferred
Stock. As a result of the November Purchase Agreement and the Exchange Agreements, the Company issued a total of 7,500 shares of Series
E Convertible Preferred Stock and the 5,000 shares of Series F Convertible Preferred Stock were cancelled.
On March 22, 2024 and
March 28, 2024, the Company entered into Securities Purchase Agreements (the “Purchase Agreements”) with certain existing and
other accredited investors (the “2024 Purchasers”). Pursuant to the Purchase Agreements, the 2024 Purchasers purchased an
aggregate of 2,125 shares of Series E Convertible Preferred
Stock, at a price in each case of $1,000 per share, and the Company received proceeds of $2,125,002. The Series E Preferred Stock is convertible
into Common Stock at $3.00 a share. If all of the 2,125 shares of Series E Convertible Preferred Stock were converted, the Company would
issue 708,333 shares of Common Stock.
As of March 31, 2024 and December 31, 2023, respectively, there were
13,625 and 11,500 shares of Series E Convertible Preferred Stock issued and outstanding.
In connection with such Purchase Agreements, the Company
also entered into a Registration Rights Agreement with the Purchasers. Pursuant to the Registration Rights Agreement, the Company filed
with the SEC a registration statement covering the resale by the Purchasers of the shares of common stock into which the shares of Series
E Convertible Preferred Stock are convertible. The Registration Rights Agreement contains customary representations, warranties, agreements
and indemnification rights and obligations of the parties.
The Registration Rights Agreement contains provisions
for liquidated damages equal to 1% multiplied by the aggregate subscription amount paid, paid each month, in the event certain deadlines
are missed.
Series F Convertible Preferred Stock
On August 2, 2023, the Company entered into a Securities
Purchase Agreement (the “Purchase Agreement”) with an existing, accredited investor in the Company (the “Purchaser”).
Pursuant to the Purchase Agreement, the Purchaser purchased 5,000 shares of a newly authorized Series F Convertible Preferred Stock (the
“Series F Convertible Preferred Stock”), and the Company received proceeds of $5,000,000. The Purchase Agreement contains
customary representations, warranties, agreements and indemnification rights and obligations of the parties.
The Company's Board of Directors designated 5,000
shares as the Series F Preferred Stock. Each share of Series F Preferred Stock is convertible, at any time and from time to time, at the
option of the holder, into that number of shares of common stock (subject to the beneficial ownership limitation described below) determined
by dividing the stated value of such share ($1,000) by the conversion price, which is $6.20 (subject to adjustment) which equates to 161
common shares for each converted Series F preferred share. The Company, however, shall not effect any conversion of the Series F Preferred
Stock, and the holder shall not have the right to convert any portion of the Series F Preferred Stock, to the extent that after giving
effect to the conversion sought by the holder such holder (together with such holder’s Attribution Parties (as defined in the Certificate
of Designation)) would beneficially own more than 4.99% (or upon election by a holder, 19.99%) of the number of shares of common stock
outstanding immediately after giving effect to the issuance of shares of common stock issuable upon such conversion. The purchasers of
the Series F Preferred Stock elected that their ownership limitation would be 19.99%.
The holders of the Series F Preferred Stock, the holders
of the common stock and the holders of any other class or series of shares entitled to vote with the common stock shall vote together
as one class on all matters submitted to a vote of shareholders of the Company. Each share of Series F Preferred Stock had 161 votes (subject
to adjustment); provided that in no event may a holder of Series F Preferred Stock be entitled to vote a number of shares in excess of
such holder’s ownership limitation.
The Company also agreed that it would not, with certain
exceptions, sell or issue common stock or Common Stock Equivalents (as defined in the Purchase Agreement relating to the Series F Preferred
Stock) on or prior to December 31, 2023 that entitled any person to acquire shares of common stock at an effective price per share less
than the then conversion price of the Series F Preferred Stock without the consent of the holders. As a result of that agreement, upon
the issuance of 2,500 shares of Series E Preferred Stock (which have a conversion price of $3.00 per share) on November 10, 2023, the
holders exchanged their 5,000 shares of Series F Preferred Stock for 5,000 shares of Series E Preferred Stock. All of the shares of Series
F Preferred Stock thereupon were cancelled with 0 shares now outstanding.
As of March 31, 2024 and December 31, 2023, respectively,
there were zero 0
and zero 0 shares of Series F Convertible Preferred Stock issued and outstanding.
Common stock issued
Three Months Ended March 31, 2024
During the three months ended March 31, 2024, the
Company issued 8,655 shares of common stock for payment of board fees to three directors in the amount of $37,500 for services to the
board which was expensed during the three months ended March 31, 2024. The volume-weighted average price (VWAP) per share is $4.33.
Three Months Ended March 31, 2023
During the three months ended March 31, 2023, the
Company issued 12,463 shares of common stock for payment of board fees to three directors in the amount of $32,500 for services to the
board which was expensed during the three months ended March 31, 2023. The volume-weighted average price (VWAP) per share is $2.61.
Employee Stock Purchase Plan
In the fourth quarter
of 2022, the board of directors adopted an Employee Stock Purchase Plan (“ESPP”) which was effective as of January 1, 2023
with a term of 10 years. The ESPP allows eligible employees to purchase shares of the Company's common stock at a discounted price, through
payroll deductions from a minimum of 1% and up to 25% of their eligible compensation up to a maximum of $25,000 or the IRS allowable limit
per calendar year. The Company’s Chief Financial Officer administers the ESPP in conjunction with approvals from the Company’s
Compensation Committee, including with respect to the frequency and duration of offering periods, the maximum number of shares that an
eligible employee may purchase during an offering period, and, subject to certain limitations set forth in the ESPP, the per-share purchase
price. Currently, the maximum number of shares that can be purchased by an eligible employee under the ESPP is 10,000 shares per offering
period and there are two six-month offering periods that begin in the first and third quarters of each fiscal year. The purchase price
for one share of Common Stock under the ESPP is currently equal to 85% of the fair market value of one share of Common Stock on the first
trading day of the offering period or the purchase date, whichever is lower (look-back feature). Although not required by the ESPP, all
payroll deductions received or held by the Company under the ESPP are segregated and deemed as “restricted cash” until the
completion of the offering period and redemption of the applicable shares and those withheld amounts are recorded as liabilities. The
ESPP employee contribution for the three months ended March 31, 2024 is less than 2 %
of total cash and is not deemed material, therefore it is not presented separately on the Balance Sheet as “restricted cash”.
The maximum aggregate number of shares of the Common Stock that may be issued under the ESPP is 1,000,000 shares.
Under ASC 718-50 “Employee Share Purchase Plans”
the plan is considered a compensatory plan and the compensation for each six-month offering period is computed based upon the grant date
fair value of the estimated shares to be purchased based on the estimated payroll deduction withholdings. The grant date fair value was
computed as the sum of (a) 15% purchase discount off of the grant date quoted trading price of the Company’s common stock and (b)
the fair value of the look-back feature of the Company’s common stock on the grant date which consists of a call option on 85% of
a share of common stock and a put option on 15% of a share of common stock.
As of the three months
ended March 31, 2024, the Company has an accrued liability of $44,686 included in accrued expenses of
employee contributions for the ESPP which may convert to shares of common stock upon the close of the offering period open from January
1, 2024 to June 30, 2024. The liability is offset by restricted cash held by the Company in the same amount for employee contributions
which the Company expects to convert to common stock upon closure of the offering period at June 30, 2024. Additionally, the Company
recorded a stock-based expense associated with the ESPP for the three months ended March 31, 2024 of $18,116.
The Company computed the fair value of the look-back
feature call and put options for January 1, 2024 to March 31, 2024 using a Black Scholes option pricing model using the following assumptions:
Schedule of black scholes option pricing model | |
| |
| |
At March 31, 2024 | |
Grant date share price | |
| $2.70 - $4.34 | |
Grant date exercise price | |
| $2.30 - $3.69 | |
Expected term | |
| 0.25 years | |
Expected volatility | |
| 66.8 | % |
Risk-free rate | |
| 5.41 | % |
Expected dividend rate | |
| 0 | % |
During the offer period, the Company records
stock-based compensation pro rata as an expense and a credit to additional paid-in capital. The following table discloses relevant
information for the ESPP at March 31, 2024 and for three months then ended.
Schedule of stock-based compensation | |
|
| |
At March 31, 2024 |
Cash payment received from employee withholdings | |
$ |
44,686 |
Cash from employee withholdings used to purchase shares under ESPP | |
— |
Cash and ESPP employee withholding liability | |
$ | 44,686 |
| |
|
|
|
For the Three Months ended |
|
|
March 31,
2024 |
Cash from employee withholdings used to purchase ESPP shares |
|
$ |
— |
Stock based compensation expense |
|
|
18,116 |
Total increase to equity for three months ended March 31, 2024 |
|
$ |
18,116 |
Stock-Based Compensation
Stock-based compensation
expense recognized under ASC 718-10 for the three months ended March 31, 2024 and 2023, was $141,204
and $75,128, respectively, for stock options granted to employees. This expense is included in selling, general and administrative expenses
in the unaudited consolidated statements of operations. Stock-based compensation expense recognized
during the periods is based on the grant-date fair value of the portion of share-based payment awards that
are ultimately expected to vest during the period. At March 31, 2024, the total compensation cost for stock options not yet recognized
was $438,998. This cost will be recognized over the remaining vesting term of the options ranging from nine months to two and one-half
years.
On May 12, 2021, the Board adopted, with shareholder
approval, the 2021 Equity Incentive Plan (the “2021 Plan”) providing for the issuance of up to 1,000,000 shares of our common
stock. The purpose of the 2021 Plan is to assist the Company in attracting and retaining key employees, directors and consultants and
to provide incentives to such individuals to align their interests with those of our shareholders. During the third quarter of 2021, the
shareholders approved the issuance of up to one million shares or share equivalents pursuant to the 2021 Plan. The Company filed an S-8
registration statement in concert with the 2021 Plan which was deemed effective on August 5, 2021. The plan covers a period of ten years.
As of March 31, 2024, and December 31, 2023, options
to purchase a total of 1,387,775 (net of forfeitures discussed below) shares of common stock and 1,387,775 shares of common stock were
outstanding, respectively. At March 31, 2024, 766,323 options were exercisable. Of the total options issued, 269,658 and 269,658 options
were outstanding under the 2016 Equity Incentive Plan, 788,117 and 788,117 were outstanding under the 2021 Plan and a further 330,000
and 330,000 non-plan options to purchase common stock were outstanding as of March 31, 2024 and December 31, 2023, respectively. The non-plan
options were granted to four executives as hiring incentives, including the Company’s CEO in the fourth quarter of 2020.
Schedule of stock option issuance of shares | | |
| | |
| | |
| | |
| |
| | |
| | |
Weighted | | |
Average | | |
| |
| | |
| | |
Average | | |
Remaining | | |
Aggregate | |
| | |
Number of | | |
Exercise | | |
Contractual | | |
Intrinsic | |
| | |
Options | | |
Price | | |
Term (Years) | | |
Value | |
| Outstanding at December 31, 2022 | | |
| 926,266 | | |
$ | 5.74 | | |
| 3.3 | | |
$ | — | |
| Granted | | |
| 463,117 | | |
$ | 4.22 | | |
| 4.35 | | |
$ | — | |
| Forfeited | | |
| (1,608 | ) | |
$ | 14.00 | | |
| — | | |
$ | — | |
| Outstanding at December 31, 2023 | | |
| 1,387,775 | | |
$ | 5.23 | | |
| 3.0 | | |
$ | — | |
| Exercisable at December 31, 2023 | | |
| 581,324 | | |
$ | 5.38 | | |
| 1.8 | | |
$ | — | |
| | | |
| | | |
| | | |
| | | |
| | |
| Outstanding at December 31, 2023 | | |
| 1,387,775 | | |
$ | 5.23 | | |
| 3.0 | | |
$ | — | |
| Granted | | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
| Exercised/Forfeited/Expired | | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
| Outstanding at March 31, 2024 | | |
| 1,387,775 | | |
$ | 5.23 | | |
| 2.8 | | |
$ | — | |
| Exercisable at March 31, 2024 | | |
| 766,323 | | |
$ | 5.55 | | |
| 1.8 | | |
$ | — | |
Warrants
Schedule of warrants outstanding | |
| | |
| | |
| | |
| |
| |
| | |
| | |
Weighted | | |
| |
| |
| | |
Weighted | | |
Average | | |
| |
| |
| | |
Average | | |
Remaining | | |
Aggregate | |
| |
Number of | | |
Exercise | | |
Contractual | | |
Intrinsic | |
| |
Warrants | | |
Price | | |
Term (Years) | | |
Value | |
Outstanding at December 31, 2022 | |
| 80,091 | | |
$ | 8.63 | | |
| 0.8 | | |
| — | |
Warrants expired, forfeited, cancelled or exercised | |
| (102,947 | ) | |
| — | | |
| — | | |
| — | |
Warrants issued | |
| — | | |
| — | | |
| — | | |
| — | |
Outstanding at December 31, 2023 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.7 | | |
| — | |
Exercisable at December 31, 2023 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.7 | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding at December 31, 2023 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.7 | | |
| — | |
Warrants expired, forfeited, cancelled or exercised | |
| — | | |
| — | | |
| — | | |
| — | |
Warrants issued | |
| — | | |
| — | | |
| — | | |
| — | |
Outstanding at March 31, 2024 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.5 | | |
| — | |
Exercisable at March 31, 2024 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.5 | | |
| — | |
|
X |
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- DefinitionThe entire disclosure for equity.
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v3.24.1.1.u2
REVENUE AND CONTRACT ACCOUNTING
|
3 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
REVENUE AND CONTRACT ACCOUNTING |
NOTE 6 - REVENUE AND CONTRACT ACCOUNTING
Revenue Recognition and Contract Accounting
The Company generates revenue from four sources: (1)
Technology Systems; (2) AI Technology which is included in the consolidated statements of operations line-item Technology Systems; (3)
Technical Support; and (4) Consulting Services which is included in the consolidated statements of operations line-item Services and Consulting.
Contract assets and contract liabilities on uncompleted
contracts for revenues recognized over time are as follows:
Contract Assets
Contract assets on uncompleted contracts represent
cumulative revenues recognized in excess of billings and/or cash received on uncompleted contracts accounted for under the cost-to-cost
input method, which recognizes revenue based on the ratio of cost incurred to total estimated costs.
At March 31, 2024 and December 31, 2023, contract
assets on uncompleted contracts consisted of the following:
Schedule of contract assets on
uncompleted contracts | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Cumulative revenues recognized | |
$ | 9,090,355 | | |
$ | 8,820,256 | |
Less: Billings or cash received | |
| (8,178,309 | ) | |
| (8,178,309 | ) |
Contract assets | |
$ | 912,046 | | |
$ | 641,947 | |
Contract Liabilities
Contract liabilities on uncompleted contracts represent
billings and/or cash received that exceed cumulative revenues recognized on uncompleted contracts accounted for under the cost-to-cost
input method, which recognizes revenues based on the ratio of the cost incurred to total estimated costs.
Contract liabilities on services and consulting revenues
represent billings and/or cash received in excess of revenue recognized on service agreements that are not accounted for under the cost-to-cost
input method.
At March 31, 2024 and December 31, 2023, contract
liabilities on uncompleted contracts and contract liabilities on services and consulting consisted of the following:
Schedule of contract liabilities
on uncompleted contracts | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Billings and/or cash receipts on uncompleted contracts | |
$ | 1,264,658 | | |
$ | 1,264,658 | |
Less: Cumulative revenues recognized | |
| (199,976 | ) | |
| (199,976 | ) |
Contract liabilities, technology systems | |
| 1,064,682 | | |
| 1,064,682 | |
Contract liabilities, services and consulting | |
| 628,258 | | |
| 601,561 | |
Total contract liabilities | |
$ | 1,692,940 | | |
$ | 1,666,243 | |
Contract liabilities at December 31, 2023 were $1,666,243;
of which zero 0 for technology
systems and $292,947 in services and consulting have been recognized as of March 31, 2024.
The Company expects to recognize all contract liabilities
within 12 months from the respective consolidated balance sheet date.
Disaggregation of Revenue
The Company is following the guidance of ASC 606-10-55-296
and 297 for disaggregation of revenue. Accordingly, revenue has been disaggregated according to the nature, amount, timing and uncertainty
of revenue and cash flows. We are providing qualitative and quantitative disclosures.
Qualitative:
|
1. |
We have four distinct revenue sources: |
|
a. |
Technology Systems (Turnkey, engineered projects); |
|
b. |
AI Technology (Associated maintenance and support services); |
|
c. |
Technical Support (Licensing and professional services related to auditing of data center assets); and |
|
d. |
Consulting Services (Predetermined algorithms to provide important operating information to the users of our systems). |
|
2. |
We currently operate in North America including the USA, Mexico and Canada. |
|
3. |
Our customers include rail transportation, commercial, government, banking and IT suppliers. |
|
4. |
Our services & maintenance contracts are fixed price and fall into two duration types: |
|
a. |
Turnkey engineered projects and professional service contracts that are less than one year in duration and are typically one to two quarters in length; and |
|
b. |
Maintenance and support contracts ranging from one to five years in length. |
Quantitative:
For the Three Months Ended March 31, 2024
Schedule of disaggregation of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segments |
|
Rail |
|
|
Commercial |
|
|
Government |
|
|
Artificial Intelligence |
|
|
Total |
|
Primary Geographical Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
$ |
1,067,449 |
|
|
$ |
3,231 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,070,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major Goods and Service Lines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnkey Projects |
|
$ |
270,099 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
270,099 |
|
Maintenance and Support |
|
|
601,379 |
|
|
|
3,231 |
|
|
|
— |
|
|
|
— |
|
|
|
604,610 |
|
Algorithms |
|
|
195,971 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
195,971 |
|
|
|
$ |
1,067,449 |
|
|
$ |
3,231 |
|
|
$ |
— |
|
|
$ |
|
|
|
$ |
1,070,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods transferred over time |
|
$ |
270,099 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
270,099 |
|
Services transferred over time |
|
|
797,350 |
|
|
|
3,231 |
|
|
|
— |
|
|
|
— |
|
|
|
800,581 |
|
|
|
$ |
1,067,449 |
|
|
$ |
3,231 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,070,680 |
|
For the Three Months Ended March 31, 2023
| |
| | |
| | |
| | |
| | |
| |
Segments | |
Rail | | |
Commercial | | |
Government | | |
Artificial Intelligence | | |
Total | |
Primary Geographical Markets | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| |
North America | |
$ | 2,376,449 | | |
$ | 28,831 | | |
$ | 11,353 | | |
$ | 227,655 | | |
$ | 2,644,288 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Major Goods and Service Lines | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Turnkey Projects | |
$ | 1,827,764 | | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 1,827,764 | |
Maintenance and Support | |
| 548,685 | | |
| 28,831 | | |
| 11,353 | | |
| — | | |
| 588,869 | |
Algorithms | |
| — | | |
| — | | |
| — | | |
| 227,655 | | |
| 227,655 | |
| |
$ | 2,376,449 | | |
$ | 28,831 | | |
$ | 11,353 | | |
$ | 227,655 | | |
$ | 2,644,288 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Timing of Revenue Recognition | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Goods transferred over time | |
$ | 1,827,764 | | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 1,827,764 | |
Services transferred over time | |
| 548,685 | | |
| 28,831 | | |
| 11,353 | | |
| 227,655 | | |
| 816,524 | |
| |
$ | 2,376,449 | | |
$ | 28,831 | | |
$ | 11,353 | | |
$ | 227,655 | | |
$ | 2,644,288 | |
|
X |
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.24.1.1.u2
DEFINED CONTRIBUTION PLAN
|
3 Months Ended |
Mar. 31, 2024 |
Retirement Benefits [Abstract] |
|
DEFINED CONTRIBUTION PLAN |
NOTE 7 – DEFINED CONTRIBUTION PLAN
The Company has a 401(k)-retirement savings plan (the
“401(k) Plan”) covering all eligible employees. The 401(k) Plan allows employees to defer a portion of their annual compensation,
and the Company may match a portion of the employees’ contributions generally after the first six months of service. During the
three months ended March 31, 2024, the Company matched 100% of the first 4% of eligible employee compensation that was contributed
to the 401(k) Plan. For the three months ended March 31, 2024, the Company recognized expense for matching cash contributions to the 401(k)
Plan totaling $55,099.
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v3.24.1.1.u2
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.1.1.u2
SALE OF ASSETS
|
3 Months Ended |
Mar. 31, 2024 |
Sale Of Assets |
|
SALE OF ASSETS |
NOTE 9 – SALE OF ASSETS
On June 29, 2023, the Company completed a transaction
whereby it sold assets related to its Integrated Correctional Automation System (iCAS) business with a single customer. In the fourth
quarter of 2022, the Company elected to not renew a support contract due to the limited nature of the business. The transaction was completed
with a third-party buyer of which the Company’s former and now current Chief Financial Officer is a director. Said officer did not
participate in the transaction on behalf of the Company.
The assets of the iCAS business were sold for a convertible
promissory note with a principal amount of $165,000 with a 10% original issue discount as well as common stock purchase warrants. The
note matures in 2 years from the date of sale and is convertible immediately through the later of the maturity date or payment by the
borrower of the default amount, as defined in the note, into shares of the buyer’s common stock at a conversion price of $0.003
or 55,000,000 shares. The conversion of the note carries restrictions which include limiting conversion to the extent it would exceed
4.99% of the common stock outstanding of the buyer. The convertible promissory note is subject to standard anti-dilution provisions.
The common stock purchase warrants are for a total
of 55,000,000 common shares of the buyer at an exercise price of $0.01 per share. The warrants are subject to standard anti-dilution provisions.
The warrants are not exercisable until on or after six months from the issuance date and no later than on or before the third anniversary
of the issuance date. The Company may exercise the warrants at any time after the six-month anniversary of the issuance date on a cashless
basis if there is no effective registration statement covering the resale of the Warrant Shares at prevailing market prices by the holder.
The exercise of these warrants is subject to beneficial ownership limits of 4.99% which may be increased by the holder up to 9.99% as
defined in the warrant. Given that the shares carried no intrinsic value at the time of the transaction and that the overall fair value
is de minimis, the Company has not recorded the warrants associated with the transaction.
The Company recognized a gain on sale of assets of
$150,000, which is included in other income in 2023.
The original issue discount is being accrued into
interest income over the term of the note.
The note receivable was recorded as follows on March
31, 2024:
Schedule of note receivable | |
| |
| |
March 31, 2024 | |
Convertible note receivable | |
$ | 165,000 | |
Unamortized discount | |
| (9,375 | ) |
Convertible note receivable, net | |
$ | 155,625 | |
|
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v3.24.1.1.u2
SUBSEQUENT EVENTS
|
3 Months Ended |
Mar. 31, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE 10 – SUBSEQUENT EVENTS
On April 3, 2024, the Company received aggregate proceeds
of $250,000 related to the sale of 250 shares of Series D Preferred Stock. The Series D Preferred Stock is convertible into Common Stock
at a conversion price of $3.00 per share.
In connection with the Purchase Agreement, the Company
also entered into a Registration Rights Agreement with the Purchasers. Pursuant to the Registration Rights Agreement, the Company shall
file with the SEC a registration statement covering the resale by the Purchasers of the shares of common stock into which the shares of
Series D Preferred Stock are convertible. Subject to certain conditions, the Company must cause the registration statement to be declared
effective by 90 days after closing (or in the event of a full review by the SEC, by 120 days). The Registration Rights Agreement contains
customary representations, warranties, agreements and indemnification rights and obligations of the parties. Under the Purchase Agreement,
the Company is required to hold a meeting of shareholders at the earliest practical date, but in no event later than 120 days after closing
(or 150 days in the event of a review of the proxy statement by the Securities and Exchange Commission (the “SEC”)).
On April 23, 2024, the Company changed the name of
its dormant subsidiary “Duos Technologies International, Inc.” to “Duos Edge AI, Inc.”
On April 23, 2024, a holder of our Series D Preferred
Stock converted 225 shares of Series D Preferred Stock into 75,000 shares of Common Stock.
On April 30, 2024, two holders of our Series D
Preferred Stock converted an aggregate of 350
shares of Series D Preferred Stock into 116,668
shares of Common Stock.
On May 7, 2024, a holder of our Series D Preferred Stock converted
75 shares of Series D Preferred Stock into 25,000 shares of Common Stock.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.1.1.u2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Nature of Operations |
Nature of Operations
Duos Technologies Group, Inc. (the “Company”),
through its operating subsidiary, Duos Technologies, Inc. (“Duos”) (collectively the “Company”), is a company
that specializes in machine vision and artificial intelligence to analyze fast moving objects such as trains, trucks, automobiles, and
aircraft. This technology can help improve safety, maintenance, and operating metrics.
The Company is the inventor of the Railcar Inspection
Portal (RIP) and is currently the rail industry leader for machine vision/camera wayside detection systems that include the use of Artificial
Intelligence at speeds up to 125 mph. The RIP inspects a train at full speed from the top, sides, and bottom looking at FRA/AAR mandated
safety inspection points. The system also detects illegal riders, which can assist law enforcement agencies. Each rail car is scanned
with machine vision cameras and other sensors from the top, sides, and bottom, where images are produced within seconds of the railcar
passing. These images can then be used by the customer to help prevent derailments, improve maintenance operations, and assist with security.
The Company self-performs all aspects of hardware, software, Information Technology (“IT”), and Artificial Intelligence development
and engineering. The Company maintains significant intellectual property and continues to be awarded additional patents for both the technology
and methodologies used. The Company also has a proprietary portfolio of approximately 50 Artificial Intelligence “Use Cases”
that automatically flag defects. The Company has deployed this system with several Class 1 railroads and one major passenger carrier and
anticipates an increased demand in the future from railcar operators, owners, shippers, transit railroads as well as law enforcement agencies.
The Company has also developed the Automated Logistics
Information System (“ALIS”) which automates gatehouse operations where trucks enter and exit large logistics and intermodal
facilities. This solution also incorporates sensors and data points as necessary for each operation and directly interconnects with backend
logistics databases and processes to streamline and significantly improve operations and security and, importantly, dramatically improve
throughput on each lane on which the technology is deployed. The Company is not currently actively pursuing further customers for ALIS
but will continue to analyze the potential market and expects to deploy an upgraded Truck Inspection Portal (TIP) which uses the same
technology and lessons learned from the ALIS and RIP systems at some point in the future.
The Company’s strategy for the rail industry
is to expand beyond our existing customer base in the Class 1 and major passenger transit market and we expect to add additional users
in the short line and regional transit markets in North America. In addition, we plan to expand our subscription offering to car owners
and shippers and expand operations to meet the demand from international customers. The Company is prepared to respond and scale, if necessary,
to react to increased demand from potential regulations that may be imposed around wayside detection technology. In the future the Company
may put more emphasis on the trucking and intermodal sector with an updated Truck Inspection Portal solution. The Company continues to
focus on operational and technical excellence, customer satisfaction, and maintaining a highly skilled and performance-based work force.
The Company is also further investigating market opportunities for subsets of its technology including deployment and management of Edge
Data Centers, a fundamental component of the distributed, rapid response data analysis used in the RIP.
|
Basis of Presentation |
Basis of Presentation
The accompanying unaudited consolidated financial
statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial
information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (all of which are
of a normal recurring nature) considered necessary for a fair presentation have been included. Operating results for the three months
ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any
other future period. These unaudited consolidated financial statements and the unaudited condensed notes thereto should be read in conjunction
with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2024.
|
Principles of Consolidation |
Principles of Consolidation
The unaudited consolidated financial statements include
Duos Technologies Group, Inc. and its wholly owned subsidiary, Duos Technologies, Inc. All inter-company transactions and balances are
eliminated in consolidation.
|
Use of Estimates |
Use of Estimates
The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these
estimates. The most significant estimates in the accompanying unaudited consolidated financial statements include the allowance on accounts
receivable and notes receivable, valuation of common stock warrants received in exchange for an asset sale, valuation of deferred tax
assets, valuation of intangible and other long-lived assets, estimates of net contract revenues and the total estimated costs to determine
progress towards contract completion, valuation of inventory, estimates of the valuation of right of use assets and corresponding lease
liabilities, valuation of warrants issued with debt and valuation of stock-based awards. We base our estimates on historical experience
and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making
judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ
from these estimates.
|
Concentrations |
Concentrations
Cash Concentrations
Cash is maintained at financial institutions and at
times, balances may exceed federally insured limits. We have not experienced any losses related to these balances. As of March 31, 2024,
the balance in one financial institution exceeded federally insured limits by approximately $2,485,140. Any loss incurred or a lack of
access to such funds could have a significant adverse impact on the Company’s consolidated financial condition, results of operation
and cash flows.
Significant Customers and Concentration of Credit Risk
The Company had certain customers
whose revenue individually represented 10% or more of the Company’s total revenue, or whose accounts receivable balances individually
represented 10% or more of the Company’s total accounts receivable, as follows:
For the three months ended March 31, 2024, three customers
accounted for 31%, 30% and 26% of revenues. For the three months ended March 31, 2023, two customers accounted for 70%, and 20% of revenues.
In all cases, there are no minimum contract values stated. Each contract covers an agreement to deliver a Railcar Inspection Portal which,
once accepted, must be paid in full, with 30% or more being due and payable prior to delivery. The balances of the contracts are for service
and maintenance which is may be paid annually in advance with revenues recorded ratably over the contract period.
At March 31, 2024, three customers accounted for 49%,
38%, and 13% of accounts receivable. At December 31, 2023, two customers accounted for 83%, and 11% of accounts receivable. Much of the
credit risk is mitigated since all the customers listed here are Class 1 railroads with a history of timely payments to us.
Geographic Concentration
For the three months ended March 31, 2024, approximately
61% of revenue was generated from three customers outside of the United States. For the three months ended March 31, 2023, approximately
25% of revenue was generated from three customers outside of the United States.
Significant Vendors and Concentration of Credit
Risk
In some instances, the Company relies on a limited
pool of vendors for key components related to the manufacturing of its subsystems. These vendors are primarily focused on camera, server,
and lighting technologies integral to the Company’s solution. Where possible, the Company seeks multiple vendors for key components
to mitigate vendor concentration risk.
|
Fair Value of Financial Instruments and Fair Value Measurements |
Fair Value of Financial Instruments and Fair Value Measurements
The Company follows Accounting Standards Codification
(“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured
at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted
accounting principles that requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure
about such fair value measurements.
ASC 820 defines fair value as the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the
use of unobservable inputs.
These inputs are prioritized below:
Level 1: |
Observable inputs such as quoted market prices in active markets for identical assets or liabilities. |
Level 2: |
Observable market-based inputs or unobservable inputs that are corroborated by market data. |
Level 3: |
Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions that the market participants would use in the valuation of the asset or liability based on the best available information. |
The Company analyzes all financial instruments with
features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard
for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level
of input that is significant to the fair value measurement.
The estimated fair value of certain financial instruments,
including accounts receivable, prepaid expenses, accounts payable, accrued expenses and notes payable are carried at historical cost basis,
which approximates their fair values because of the short-term nature of these instruments.
|
Accounts Receivable |
Accounts Receivable
On January 1, 2023, the Company adopted ASC 326, “Financial
Instruments - Credit Losses”. In accordance with ASC 326, an allowance is maintained for estimated forward-looking losses resulting
from the possible inability of customers to make the required payments (current expected losses). The amount of the allowance is determined
principally on the basis of past collection experience and known financial factors regarding specific customers.
Accounts receivable are stated at estimated net realizable
value. Accounts receivable are comprised of balances due from customers net of estimated credit loss allowances for uncollectible accounts.
In determining the collections on the account, historical trends are evaluated, and specific customer issues are reviewed to arrive at
appropriate allowances. The Company reviews its accounts to estimate losses resulting from the inability of its customers to make the
required payments. Any required allowance is based on specific analysis of past due accounts and also considers historical trends of write-offs.
Past due status is based on how recently payments have been received from customers.
|
Inventory |
Inventory
Inventory consists primarily of spare parts and consumables
and long-lead time components to be used in the production of our technology systems or in connection with maintenance agreements with
customers. Any inventory deemed to be obsolete is written off. Inventory is stated at the lower of cost or net realizable value. Inventory
cost is primarily determined using the weighted average cost method.
|
Software Development Costs |
Software Development Costs
Software development costs incurred prior to establishing
technological feasibility are charged to operations and included in research and development costs. The technological feasibility of a
software product is established when the Company has completed all planning, designing, coding, and testing activities that are necessary
to establish that the product meets its design specifications, including functionality, features, and technical performance requirements.
Software development costs incurred after establishing technological feasibility for software sold as a perpetual license, as defined
within ASC 985-20 (Software – Costs of Software to be Sold, Leased, or Marketed), are capitalized and amortized on a product-by-product
basis when the product is available for general release to customers. Software development costs are evaluated for impairment annually
by comparing the net realizable value to the unamortized capitalized costs and writing these costs down to net realizable value.
|
Stock-Based Compensation |
Stock-Based Compensation
The Company accounts for employee and non-employee
stock-based compensation in accordance with ASC 718-10, “Share-Based Payment,” which requires the measurement and recognition
of compensation expense for all share-based payment awards made to employees and directors including stock options, restricted stock units,
and employee stock purchases based on estimated fair values. The stock-based compensation carries a graded vesting feature subject to
the condition of time of employment service with awarded stock-based compensation tranches vesting evenly upon the anniversary date of
the award.
The Company estimates the fair value of stock options
granted using the Black-Scholes option-pricing formula. In accordance with ASC 718-10-35-8, the Company elected to recognize the fair
value of the stock award using the graded vesting method as time of employment service is the criteria for vesting. The Company’s
determination of fair value using an option-pricing model is affected by the stock price as well as assumptions regarding a number of
highly subjective variables.
The Company estimates volatility based upon the historical
stock price of the Company and estimates the expected term for stock options using the simplified method for employees and directors and
the contractual term for non-employees. The risk-free rate is determined based upon the prevailing rate of United States Treasury securities
with similar maturities.
|
Revenue Recognition |
Revenue Recognition
The Company follows Accounting Standards Codification
606, Revenue from Contracts with Customers (“ASC 606”), that affects the timing of when certain types of revenues will be
recognized. The basic principles in ASC 606 include the following: a contract with a customer creates distinct contract assets and performance
obligations, satisfaction of a performance obligation creates revenue, and a performance obligation is satisfied upon transfer of control
to a good or service to a customer.
Revenue is recognized by evaluating our revenue contracts
with customers based on the five-step model under ASC 606:
|
1. |
Identify the contract with the customer; |
|
2. |
Identify the performance obligations in the contract; |
|
3. |
Determine the transaction price; |
|
4. |
Allocate the transaction price to separate performance obligations; and |
|
5. |
Recognize revenue when (or as) each performance obligation is satisfied. |
The Company generates revenue from four sources:
(1) Technology Systems
(2) AI Technologies
(3) Technical Support
(4) Consulting Services
Technology Systems
For revenues related to technology systems, the Company
recognizes revenue over time using a cost-based input methodology in which significant judgment is required to estimate costs to complete
projects. These estimated costs are then used to determine the progress towards contract completion and the corresponding amount of revenue
to recognize.
Accordingly, the Company now bases its revenue recognition
on ASC 606-10-25-27, where control of a good or service transfers over time if the entity’s performance does not create an asset
with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date including a
profit margin or reasonable return on capital. Control is deemed to pass to the customer instantaneously as the goods are manufactured
and revenue is recognized accordingly.
In addition, the Company has adopted ASC 606-10-55-21
such that if the cost incurred is not proportionate to the progress in satisfying the performance obligation, we adjust the input method
to recognize revenue only to the extent of the cost incurred. Therefore, the Company will recognize revenue at an equal amount to the
cost of the goods to satisfy the performance obligation. To accurately reflect revenue recognition based on the input method, the Company
has adopted the implementation guidance as set out in ASC-606-10-55-187 through 192.
Under this method, contract revenues are recognized
over the performance period of the contract in direct proportion to the costs incurred. Costs include direct material, direct labor, subcontract
labor and other allocable indirect costs. All un-allocable indirect costs and corporate general and administrative costs are also charged
to the periods as incurred. Any recognized revenues that have not been billed to a customer are recorded as an asset in “contract
assets”. Any billings of customers more than recognized revenues are recorded as a liability in “contract liabilities”.
However, in the event a loss on a contract is foreseen, the Company will recognize the loss when such loss is determined to be both probable
and reasonably estimable.
AI Technologies
The Company has revenue from applications that incorporate
artificial intelligence (AI) in the form of predetermined algorithms which provide important operating information to the users of our
systems. The revenue generated from these applications of AI consists of a fixed fee related to the design, development, testing and incorporation
of new algorithms into the system, which is recognized as revenue at a point in time upon acceptance, as well as an annual application
maintenance fee, which is recognized as revenue ratably over the contracted maintenance term.
Technical Support
Technical support services are provided on both an
as-needed and extended-term basis and may include providing both parts and labor. Maintenance and technical support provided outside of
a maintenance contract are on an “as-requested” basis, and revenue is recognized over time as the services are provided. Revenue
for maintenance and technical support provided on an extended-term basis is recognized over time ratably over the term of the contract.
Consulting Services
The Company’s consulting services business generates
revenues under contracts with customers from three sources: (1) Professional Services (consulting and auditing); (2) Customer service training
and (3) Maintenance/support.
(1) Revenues for professional services, which are
of short-term duration, are recognized when services are completed;
(2) Training sales are one-time upfront short-term
training sessions and are recognized after the service has been performed; and
(3) Maintenance/support is an optional product sold
to our software license customers under one-year or longer contracts. Accordingly, maintenance payments received upfront are deferred
and recognized over the contract term.
|
Multiple Performance Obligations and Allocation of Transaction Price |
Multiple Performance Obligations and Allocation
of Transaction Price
Arrangements with customers may involve multiple performance
obligations including project revenue and maintenance services in our Technology Systems business. Maintenance will occur after the project
is completed and may be provided on an extended-term basis or on an as-needed basis. In our consulting services business, multiple performance
obligations may include any of the above four sources. Training and maintenance on software products may occur after the software product
sale while other services may occur before or after the software product sale and may not relate to the software product. Revenue recognition
for a multiple performance obligations arrangement is as follows:
Each performance obligation is accounted for separately
when each has value to the customer on a standalone basis and there is Company specific objective evidence of the selling price of each
deliverable. For revenue arrangements with multiple deliverables, the Company allocates the total customer arrangement to the separate
units of accounting based on their relative selling prices as determined by the price of the items when sold separately. Once the selling
price is allocated, the revenue for each performance obligation is recognized using the applicable criteria under GAAP as discussed above
for performance obligations sold in single performance obligation arrangements. A delivered item or items that do not qualify as a separate
unit of accounting within the arrangement are combined with the other applicable undelivered items within the arrangement. The allocation
of arrangement consideration and the recognition of revenue is then determined for those combined deliverables as a single unit of accounting.
The Company sells its various services and software and hardware products at established prices on a standalone basis which provides Company
specific objective evidence of selling price for purposes of performance obligations relative selling price allocation. The Company only
sells maintenance services or spare parts based on its established rates after it has completed a system integration project for a customer.
The customer is not required to purchase maintenance services. All elements in multiple performance obligations arrangements with Company
customers qualify as separate units of account for revenue recognition purposes.
|
Leases |
Leases
The Company follows ASC 842 “Leases”.
This guidance requires lessees to recognize right-of-use (“ROU”) assets and lease liabilities for most operating leases. In
addition, this guidance requires that lessors separate lease and non-lease components in a contract in accordance with the revenue guidance
in ASC 606.
The Company made an accounting policy election to
not recognize short-term leases with terms of twelve months or less on the balance sheet and instead recognize the lease payments as an
expense when incurred. The Company has also elected to account for real estate leases that contain both lease and non-lease components
as a single lease component.
At the inception of a contract the Company assesses
whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of
a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout
the period, and (3) whether we have the right to direct the use of the asset.
Operating ROU assets represent the right to use the
leased asset for the lease term and operating lease liabilities are recognized based on the present value of minimum lease payments over
the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based
on the information available at the lease commencement date to determine the present value of future payments. The lease term includes
all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not
to exercise the termination options. Operating lease expense is recognized on a straight-line basis over the lease term and is included
in general and administration expenses in the consolidated statements of operations.
|
Earnings (Loss) Per Share |
Earnings (Loss) Per Share
Basic earnings per share (EPS) are computed by dividing
the net loss applicable to common stock by the weighted average number of common shares outstanding. Diluted net loss per common share
is computed by dividing the net loss applicable to common stock by the weighted average number of common shares outstanding for the period
and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares
issuable upon the exercise or conversion of stock options, stock warrants, convertible debt instruments, convertible preferred stock or
other common stock equivalents. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive.
At March 31, 2024, there were (i) an aggregate of
44,644 outstanding warrants to purchase shares of common stock, (ii) employee stock options to purchase an aggregate of 1,387,775 shares
of common stock, (iii) 639,667 common shares issuable upon conversion of Series D Convertible Preferred Stock, and (iv) 4,541,667 common
shares issuable upon conversion of Series E Convertible Preferred Stock, all of which were excluded from the computation of diluted net
earnings per share because their inclusion would have been anti-dilutive.
At March 31, 2023, there were (i) an aggregate of
80,091 outstanding warrants to purchase shares of common stock, (ii) employee stock options to purchase an aggregate of 924,658 shares
of common stock, (iii) 433,000 common shares issuable upon conversion of Series D Convertible Preferred Stock and (iv) 1,333,334 common
shares issuable upon conversion of Series E Convertible Preferred Stock, all of which were excluded from the computation of diluted earnings
per share because their inclusion would have been anti-dilutive.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements
From time to time, the FASB or other standards setting
bodies will issue new accounting pronouncements. Updates to the FASB ASC are communicated through issuance of an Accounting Standards
Update (“ASU”).
In November 2023, the FASB issued ASU 2023-07 Segment
Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires companies to disclose significant segment
expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 is effective for annual periods beginning on January
1, 2024 and interim periods beginning on January 1, 2025. ASU 2023-07 must be applied retrospectively to all prior periods presented in
the financial statements. The Company has evaluated the disclosure impact of ASU 2023-07; and determined the standard will not have an
impact on the Company’s consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09
Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires companies to disclose, on an annual basis, specific
categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative
threshold. Further, ASU 2023-09 requires companies to disclose additional information about income taxes paid. ASU 2023-09 is effective
for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively.
The Company is evaluating the disclosure impact of ASU 2023-09; however, the standard will not have an impact on the Company’s consolidated
financial statements.
Management does not believe that any other recently issued, but not
yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.
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v3.24.1.1.u2
DEBT (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of notes payable |
Schedule of notes payable | |
| | |
| | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Notes Payable | |
Principal | | |
Interest | | |
Principal | | |
Interest | |
| |
| | |
| | |
| | |
| |
Third Party - Insurance Note 1 | |
$ | — | | |
| — | % | |
$ | 39,968 | | |
| 8.00 | % |
Third Party - Insurance Note 2 | |
| 22,438 | | |
| — | | |
| 2,008 | | |
| — | |
Third Party - Insurance Note 3 | |
| 161,325 | | |
| — | | |
| — | | |
| — | |
Total | |
$ | 183,763 | | |
| — | | |
$ | 41,976 | | |
| — | |
|
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v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Schedule of supplemental information related to leases |
Schedule of supplemental information
related to leases | |
| | |
| |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Lease cost: | |
| | | |
| | |
Operating lease cost | |
$ | 195,410 | | |
$ | 195,409 | |
Short-term lease cost | |
$ | 4,296 | | |
$ | 7,104 | |
| |
| | | |
| | |
Other information: | |
| | | |
| | |
Operating cash outflow used for operating leases | |
$ | 194,367 | | |
$ | 126,416 | |
Weighted average discount rate | |
| 9.0 | % | |
| 9.0 | % |
Weighted average remaining lease term | |
| 8.3 years | | |
| 9.2 years | |
|
Schedule of future minimum lease payments due under the operating lease |
Schedule of future minimum lease payments
due under the operating lease | |
| |
| |
Amount | |
Calendar year: | |
| | |
2024 | |
$ | 584,720 | |
2025 | |
| 798,556 | |
2026 | |
| 818,518 | |
2027 | |
| 838,984 | |
2028 | |
| 859,856 | |
Thereafter | |
| 3,183,571 | |
Total undiscounted future minimum lease payments | |
| 7,084,205 | |
Less: Impact of discounting | |
| (2,158,706 | ) |
Total present value of operating lease obligations | |
| 4,925,599 | |
Current portion | |
| (783,944 | ) |
Operating lease obligations, less current portion | |
$ | 4,141,555 | |
|
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v3.24.1.1.u2
STOCKHOLDERS’ EQUITY (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
Schedule of black scholes option pricing model |
Schedule of black scholes option pricing model | |
| |
| |
At March 31, 2024 | |
Grant date share price | |
| $2.70 - $4.34 | |
Grant date exercise price | |
| $2.30 - $3.69 | |
Expected term | |
| 0.25 years | |
Expected volatility | |
| 66.8 | % |
Risk-free rate | |
| 5.41 | % |
Expected dividend rate | |
| 0 | % |
|
Schedule of stock-based compensation |
Schedule of stock-based compensation | |
|
| |
At March 31, 2024 |
Cash payment received from employee withholdings | |
$ |
44,686 |
Cash from employee withholdings used to purchase shares under ESPP | |
— |
Cash and ESPP employee withholding liability | |
$ | 44,686 |
| |
|
|
|
For the Three Months ended |
|
|
March 31,
2024 |
Cash from employee withholdings used to purchase ESPP shares |
|
$ |
— |
Stock based compensation expense |
|
|
18,116 |
Total increase to equity for three months ended March 31, 2024 |
|
$ |
18,116 |
|
Schedule of stock option issuance of shares |
Schedule of stock option issuance of shares | | |
| | |
| | |
| | |
| |
| | |
| | |
Weighted | | |
Average | | |
| |
| | |
| | |
Average | | |
Remaining | | |
Aggregate | |
| | |
Number of | | |
Exercise | | |
Contractual | | |
Intrinsic | |
| | |
Options | | |
Price | | |
Term (Years) | | |
Value | |
| Outstanding at December 31, 2022 | | |
| 926,266 | | |
$ | 5.74 | | |
| 3.3 | | |
$ | — | |
| Granted | | |
| 463,117 | | |
$ | 4.22 | | |
| 4.35 | | |
$ | — | |
| Forfeited | | |
| (1,608 | ) | |
$ | 14.00 | | |
| — | | |
$ | — | |
| Outstanding at December 31, 2023 | | |
| 1,387,775 | | |
$ | 5.23 | | |
| 3.0 | | |
$ | — | |
| Exercisable at December 31, 2023 | | |
| 581,324 | | |
$ | 5.38 | | |
| 1.8 | | |
$ | — | |
| | | |
| | | |
| | | |
| | | |
| | |
| Outstanding at December 31, 2023 | | |
| 1,387,775 | | |
$ | 5.23 | | |
| 3.0 | | |
$ | — | |
| Granted | | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
| Exercised/Forfeited/Expired | | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
| Outstanding at March 31, 2024 | | |
| 1,387,775 | | |
$ | 5.23 | | |
| 2.8 | | |
$ | — | |
| Exercisable at March 31, 2024 | | |
| 766,323 | | |
$ | 5.55 | | |
| 1.8 | | |
$ | — | |
|
Schedule of warrants outstanding |
Schedule of warrants outstanding | |
| | |
| | |
| | |
| |
| |
| | |
| | |
Weighted | | |
| |
| |
| | |
Weighted | | |
Average | | |
| |
| |
| | |
Average | | |
Remaining | | |
Aggregate | |
| |
Number of | | |
Exercise | | |
Contractual | | |
Intrinsic | |
| |
Warrants | | |
Price | | |
Term (Years) | | |
Value | |
Outstanding at December 31, 2022 | |
| 80,091 | | |
$ | 8.63 | | |
| 0.8 | | |
| — | |
Warrants expired, forfeited, cancelled or exercised | |
| (102,947 | ) | |
| — | | |
| — | | |
| — | |
Warrants issued | |
| — | | |
| — | | |
| — | | |
| — | |
Outstanding at December 31, 2023 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.7 | | |
| — | |
Exercisable at December 31, 2023 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.7 | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding at December 31, 2023 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.7 | | |
| — | |
Warrants expired, forfeited, cancelled or exercised | |
| — | | |
| — | | |
| — | | |
| — | |
Warrants issued | |
| — | | |
| — | | |
| — | | |
| — | |
Outstanding at March 31, 2024 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.5 | | |
| — | |
Exercisable at March 31, 2024 | |
| 44,644 | | |
$ | 7.70 | | |
| 0.5 | | |
| — | |
|
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v3.24.1.1.u2
REVENUE AND CONTRACT ACCOUNTING (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of contract assets on uncompleted contracts |
Schedule of contract assets on
uncompleted contracts | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Cumulative revenues recognized | |
$ | 9,090,355 | | |
$ | 8,820,256 | |
Less: Billings or cash received | |
| (8,178,309 | ) | |
| (8,178,309 | ) |
Contract assets | |
$ | 912,046 | | |
$ | 641,947 | |
|
Schedule of contract liabilities on uncompleted contracts |
Schedule of contract liabilities
on uncompleted contracts | |
| | |
| |
| |
March 31, 2024 | | |
December 31, 2023 | |
Billings and/or cash receipts on uncompleted contracts | |
$ | 1,264,658 | | |
$ | 1,264,658 | |
Less: Cumulative revenues recognized | |
| (199,976 | ) | |
| (199,976 | ) |
Contract liabilities, technology systems | |
| 1,064,682 | | |
| 1,064,682 | |
Contract liabilities, services and consulting | |
| 628,258 | | |
| 601,561 | |
Total contract liabilities | |
$ | 1,692,940 | | |
$ | 1,666,243 | |
|
Schedule of disaggregation of revenue |
Schedule of disaggregation of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segments |
|
Rail |
|
|
Commercial |
|
|
Government |
|
|
Artificial Intelligence |
|
|
Total |
|
Primary Geographical Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
$ |
1,067,449 |
|
|
$ |
3,231 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,070,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major Goods and Service Lines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnkey Projects |
|
$ |
270,099 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
270,099 |
|
Maintenance and Support |
|
|
601,379 |
|
|
|
3,231 |
|
|
|
— |
|
|
|
— |
|
|
|
604,610 |
|
Algorithms |
|
|
195,971 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
195,971 |
|
|
|
$ |
1,067,449 |
|
|
$ |
3,231 |
|
|
$ |
— |
|
|
$ |
|
|
|
$ |
1,070,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods transferred over time |
|
$ |
270,099 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
270,099 |
|
Services transferred over time |
|
|
797,350 |
|
|
|
3,231 |
|
|
|
— |
|
|
|
— |
|
|
|
800,581 |
|
|
|
$ |
1,067,449 |
|
|
$ |
3,231 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,070,680 |
|
For the Three Months Ended March 31, 2023
| |
| | |
| | |
| | |
| | |
| |
Segments | |
Rail | | |
Commercial | | |
Government | | |
Artificial Intelligence | | |
Total | |
Primary Geographical Markets | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| |
North America | |
$ | 2,376,449 | | |
$ | 28,831 | | |
$ | 11,353 | | |
$ | 227,655 | | |
$ | 2,644,288 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Major Goods and Service Lines | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Turnkey Projects | |
$ | 1,827,764 | | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 1,827,764 | |
Maintenance and Support | |
| 548,685 | | |
| 28,831 | | |
| 11,353 | | |
| — | | |
| 588,869 | |
Algorithms | |
| — | | |
| — | | |
| — | | |
| 227,655 | | |
| 227,655 | |
| |
$ | 2,376,449 | | |
$ | 28,831 | | |
$ | 11,353 | | |
$ | 227,655 | | |
$ | 2,644,288 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Timing of Revenue Recognition | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Goods transferred over time | |
$ | 1,827,764 | | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 1,827,764 | |
Services transferred over time | |
| 548,685 | | |
| 28,831 | | |
| 11,353 | | |
| 227,655 | | |
| 816,524 | |
| |
$ | 2,376,449 | | |
$ | 28,831 | | |
$ | 11,353 | | |
$ | 227,655 | | |
$ | 2,644,288 | |
|
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v3.24.1.1.u2
SALE OF ASSETS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Sale Of Assets |
|
Schedule of note receivable |
Schedule of note receivable | |
| |
| |
March 31, 2024 | |
Convertible note receivable | |
$ | 165,000 | |
Unamortized discount | |
| (9,375 | ) |
Convertible note receivable, net | |
$ | 155,625 | |
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v3.24.1.1.u2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Product Information [Line Items] |
|
|
|
Federally insured limits |
$ 2,485,140
|
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Number of incentive stock options |
1,387,775
|
924,658
|
|
Common Stock [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Outstanding warrants |
44,644
|
80,091
|
|
Series D Convertible Preferred Stock [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Common shares issuable upon conversion |
639,667
|
433,000
|
|
Series E Convertible Preferred Stock [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Common shares issuable upon conversion |
4,541,667
|
1,333,334
|
|
Customer 1 [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk, percentage |
31.00%
|
70.00%
|
|
Customer 1 [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk, percentage |
49.00%
|
|
83.00%
|
Customer 2 [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk, percentage |
30.00%
|
20.00%
|
|
Customer 2 [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
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38.00%
|
|
11.00%
|
Customer 3 [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk, percentage |
26.00%
|
|
|
Customer 3 [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk, percentage |
13.00%
|
|
|
Three Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | UNITED STATES |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration risk, percentage |
61.00%
|
25.00%
|
|
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LIQUIDITY (Details Narrative) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
Net loss |
$ 2,752,309
|
|
|
Cash used in operating activities |
2,032,719
|
$ 7,086
|
|
Working capital surplus |
3,305,875
|
|
|
Accumulated deficit |
$ 66,355,861
|
|
$ 63,603,552
|
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DEBT (Details - Notes payable financing agreements) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
Notes payable, principal |
$ 183,763
|
$ 41,976
|
Third Party - Insurance Note 1 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable, principal |
0
|
$ 39,968
|
Notes payable, interest |
|
8.00%
|
Third Party - Insurance Note 2 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable, principal |
22,438
|
$ 2,008
|
Third Party - Insurance Note 3 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable, principal |
$ 161,325
|
$ 0
|
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v3.24.1.1.u2
DEBT (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
|
Feb. 03, 2024 |
Apr. 15, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Third Party - Insurance Note 1 [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Notes payable outstanding balance |
|
$ 142,734
|
$ 0
|
$ 39,968
|
Derivative, Fixed Interest Rate |
|
8.00%
|
|
|
Monthly instalments of principal and interest |
|
$ 13,501
|
|
|
Third Party - Insurance Note 2 [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Notes payable outstanding balance |
$ 24,140
|
|
22,438
|
2,008
|
Monthly instalments of principal and interest |
2,012
|
|
|
|
Third Party - Insurance Note 3 [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Purchase of insurance policy |
245,798
|
|
|
|
Down payment paid |
$ 84,473
|
|
|
|
Monthly installments |
|
|
20,169
|
|
Third Party - Insurance Note 4 [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Notes payable outstanding balance |
|
|
$ 161,325
|
$ 0
|
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v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES (Details - Future minimum lease payments) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
|
2024 |
$ 584,720
|
|
2025 |
798,556
|
|
2026 |
818,518
|
|
2027 |
838,984
|
|
2028 |
859,856
|
|
Thereafter |
3,183,571
|
|
Total undiscounted future minimum lease payments |
7,084,205
|
|
Less: Impact of discounting |
(2,158,706)
|
|
Total present value of operating lease obligations |
4,925,599
|
|
Current portion |
(783,944)
|
$ (779,087)
|
Operating lease obligations, less current portion |
$ 4,141,555
|
$ 4,228,718
|
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v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES (Details Narrative)
|
Jul. 26, 2021
USD ($)
ft²
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Commitments and Contingencies Disclosure [Abstract] |
|
|
|
Area of lease | ft² |
40,000
|
|
|
Accumulated amortization |
$ 4,980,104
|
$ 4,289,807
|
$ 4,373,155
|
Rentable space | ft² |
30,000
|
|
|
Security deposit payment |
$ 600,000
|
|
|
Security deposit value |
$ 50,000
|
$ 550,000
|
$ 550,000
|
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v3.24.1.1.u2
STOCKHOLDERS' EQUITY (Details - Non plan options) - Share-Based Payment Arrangement, Option [Member] - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Outstanding beginning balance |
1,387,775
|
926,266
|
|
Weighted average exercise price, Outstanding beginning balance |
$ 5.23
|
$ 5.74
|
|
Weighted average remaining contractual term (Years) |
|
3 years
|
3 years 3 months 18 days
|
Aggregate intrinsic value, Outstanding beginning balance |
$ 0
|
$ 0
|
|
Number of options, Granted |
0
|
463,117
|
|
Weighted average exercise price, Granted |
$ 0
|
$ 4.22
|
|
Weighted average remaining contractual term (Years), Granted |
|
4 years 4 months 6 days
|
|
Number of options, Exercised/Forfeited/Expired |
0
|
(1,608)
|
|
Weighted average exercise price, Exercised/forfeited/expired |
$ 0
|
$ 14.00
|
|
Outstanding ending balance |
1,387,775
|
1,387,775
|
926,266
|
Weighted average exercise price, Outstanding ending balance |
$ 5.23
|
$ 5.23
|
$ 5.74
|
Weighted average remaining contractual term (Years) |
2 years 9 months 18 days
|
3 years
|
|
Aggregate intrinsic value, Outstanding ending balance |
$ 0
|
$ 0
|
$ 0
|
Number of options, Exercisable |
766,323
|
581,324
|
|
Weighted average exercise price, Exercisable |
$ 5.55
|
$ 5.38
|
|
Weighted average remaining contractual term (Years), Exercisable |
1 year 9 months 18 days
|
1 year 9 months 18 days
|
|
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$ 0
|
$ 0
|
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v3.24.1.1.u2
STOCKHOLDERS' EQUITY (Details - Warrants) - Warrant [Member] - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
Outstanding beginning balance |
44,644
|
80,091
|
|
Weighted average exercise price, Outstanding beginning balance |
$ 7.70
|
$ 8.63
|
|
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6 months
|
8 months 12 days
|
9 months 18 days
|
Aggregate intrinsic value, Outstanding beginning balance |
$ 0
|
$ 0
|
|
Number of warrants, Warrants expired, forfeited, cancelled or exercised |
0
|
(102,947)
|
|
Weighted average exercise price, Warrants expired, forfeited, cancelled or exercised |
$ 0
|
$ 0
|
|
Number of warrants, Warrants issued |
0
|
0
|
|
Weighted average exercise price, Warrants issued |
$ 0
|
$ 0
|
|
Outstanding ending balance |
44,644
|
44,644
|
80,091
|
Weighted average exercise price, Outstanding ending balance |
$ 7.70
|
$ 7.70
|
$ 8.63
|
Aggregate intrinsic value, Outstanding ending balance |
$ 0
|
$ 0
|
$ 0
|
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44,644
|
44,644
|
|
Weighted average exercise price, Exercisable |
$ 7.70
|
$ 7.70
|
|
Weighted average remaining contractual term (Years), Exercisable |
6 months
|
8 months 12 days
|
|
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$ 0
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$ 0
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v3.24.1.1.u2
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
|
|
|
Nov. 09, 2023 |
Aug. 02, 2023 |
Mar. 27, 2023 |
Oct. 29, 2022 |
Sep. 30, 2022 |
May 12, 2021 |
Feb. 26, 2021 |
Jan. 31, 2022 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Nov. 10, 2023 |
Sep. 28, 2022 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
9,441,000
|
|
|
9,441,000
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
10,000,000
|
|
|
10,000,000
|
|
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
$ 0.001
|
|
|
$ 0.001
|
|
|
Conversion price |
|
|
|
|
|
|
|
|
$ 0.003
|
|
|
|
|
|
Proceeds from convertible preferred stock |
|
$ 5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Series F preferred convertible preferred stock, shares |
|
5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for services, value |
|
|
|
|
|
|
|
|
$ 37,500
|
$ 32,500
|
|
|
|
|
Total compensation cost for stock options |
|
|
|
|
|
|
|
|
$ 438,998
|
|
|
|
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of incentive stock options |
|
|
|
|
|
|
|
|
1,387,775
|
|
926,266
|
1,387,775
|
|
|
Number of incentive stock options exercisable |
|
|
|
|
|
|
|
|
766,323
|
|
|
581,324
|
|
|
Employee Stock Purchase Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair market value percentage |
|
|
|
|
|
|
|
|
|
|
85.00%
|
|
|
|
Accrued liability |
|
|
|
|
|
|
|
|
$ 44,686
|
|
|
|
|
|
Stock-based compensation expense |
|
|
|
|
|
|
|
|
$ 18,116
|
|
|
|
|
|
Employee Stock Purchase Plan [Member] | Call Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase discount, percentage |
|
|
|
|
|
|
|
|
85.00%
|
|
|
|
|
|
Employee Stock Purchase Plan [Member] | Put Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase discount, percentage |
|
|
|
|
|
|
|
|
15.00%
|
|
|
|
|
|
Employee Stock Purchase Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plan, term |
|
|
|
|
|
|
|
|
|
|
10 years
|
|
|
|
Plan, description |
|
|
|
|
|
|
|
|
The ESPP allows eligible employees to purchase shares of the Company's common stock at a discounted price, through
payroll deductions from a minimum of 1% and up to 25% of their eligible compensation up to a maximum of $25,000 or the IRS allowable limit
per calendar year.
|
|
|
|
|
|
Maximum aggregate number of shares of common stock |
|
|
|
|
|
|
|
|
1,000,000
|
|
|
|
|
|
Plan 2021 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued, shares |
|
|
|
|
|
1,000,000
|
|
|
|
|
|
|
|
|
Number of incentive stock options |
|
|
|
|
|
|
|
|
788,117
|
|
|
788,117
|
|
|
Plan 2016 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of incentive stock options |
|
|
|
|
|
|
|
|
269,658
|
|
|
269,658
|
|
|
Non Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of incentive stock options |
|
|
|
|
|
|
|
|
330,000
|
|
|
330,000
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for services , shares |
|
|
|
|
|
|
|
|
8,655
|
12,463
|
|
|
|
|
Stock issued for services, value |
|
|
|
|
|
|
|
|
$ 9
|
$ 12
|
|
|
|
|
Common Stock [Member] | Employee Stock Purchase Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase discount, percentage |
|
|
|
|
|
|
|
|
15.00%
|
|
|
|
|
|
Three Directors [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for services , shares |
|
|
|
|
|
|
|
|
8,655
|
12,463
|
|
|
|
|
Stock issued for services, value |
|
|
|
|
|
|
|
|
$ 37,500
|
$ 32,500
|
|
|
|
|
Weighted average price per share |
|
|
|
|
|
|
|
|
$ 4.33
|
$ 2.61
|
|
|
|
|
Employees And Directors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
|
|
|
|
|
|
$ 141,204
|
$ 75,128
|
|
|
|
|
Convertible Series B Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
15,000
|
|
|
15,000
|
|
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
$ 1,000
|
|
|
Conversion of stock shares converted |
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
|
|
Conversion price |
|
|
|
|
|
|
|
|
$ 7.00
|
|
|
|
|
|
Preferred stock, shares issued |
|
|
|
|
|
|
|
|
0
|
|
|
0
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
|
0
|
|
|
0
|
|
|
Preferred stock, conversion price per share |
|
|
|
|
|
|
|
|
$ 7
|
|
|
$ 7
|
|
|
Convertible Series C Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
5,000
|
|
|
5,000
|
|
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
$ 1,000
|
|
|
Preferred stock, shares issued |
|
|
|
|
|
|
|
|
0
|
|
|
0
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
|
0
|
|
|
0
|
|
|
Preferred stock voting rights |
|
|
|
|
|
|
|
|
Each share of Series C Convertible Preferred Stock has 172 votes
|
|
|
|
|
|
Preferred stock, conversion price per share |
|
|
|
|
|
|
|
|
$ 5.50
|
|
|
$ 5.50
|
|
|
Series C preferred converted to common stock shares |
|
|
|
|
|
|
|
454,546
|
|
|
|
|
|
|
Convertible Series C Preferred Stock [Member] | Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from convertible preferred stock |
|
|
|
|
|
|
$ 4,500,000
|
|
|
|
|
|
|
|
Convertible Series D Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
4,000
|
|
|
4,000
|
|
4,000
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
$ 1,000
|
|
$ 1,000
|
Preferred stock, shares issued |
|
|
|
|
|
|
|
|
1,919
|
|
|
1,299
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
|
1,919
|
|
|
1,299
|
|
|
Preferred stock voting rights |
|
|
|
|
|
|
|
|
Each share of Series D Convertible Preferred
Stock has 333 votes
|
|
|
|
|
|
Preferred stock, conversion price per share |
|
|
|
|
|
|
|
|
$ 3
|
|
|
$ 3
|
|
|
Conversion price |
|
|
|
|
|
|
|
|
$ 3.00
|
|
|
|
|
|
Number of shares issued, shares |
|
|
|
|
|
|
|
|
620
|
|
|
|
|
|
Shares price |
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
|
|
Shares purchased, value |
|
|
|
|
|
|
|
|
$ 620,000
|
|
|
|
|
|
Conversion of stock shares converted |
|
|
|
|
|
|
|
|
620
|
|
|
|
|
|
Conversion of stock shares issued |
|
|
|
|
|
|
|
|
206,667
|
|
|
|
|
|
Convertible Series D Preferred Stock [Member] | Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares issued |
|
|
|
300
|
999
|
|
|
|
|
|
|
|
|
|
Proceeds from convertible preferred stock |
|
|
|
$ 300,000
|
$ 999,000
|
|
|
|
|
|
|
|
|
|
Convertible Series E Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
30,000
|
|
|
30,000
|
|
|
Preferred stock, par value |
$ 1,000
|
|
$ 1,000
|
|
|
|
|
|
$ 1,000
|
|
|
$ 1,000
|
|
|
Preferred stock, shares issued |
|
|
4,000
|
|
|
|
|
|
13,625
|
|
|
11,500
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
|
13,625
|
|
|
11,500
|
|
|
Preferred stock voting rights |
|
|
|
|
|
|
|
|
Each share of Series E Convertible Preferred Stock has 333 votes
|
|
|
|
|
|
Preferred stock, conversion price per share |
|
|
|
|
|
|
|
|
$ 3
|
|
|
$ 3
|
|
|
Proceeds from convertible preferred stock |
$ 2,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
|
|
|
|
|
$ 3.00
|
|
|
|
$ 3.00
|
|
Number of shares issued, shares |
|
|
|
|
|
|
|
|
2,125
|
|
|
|
|
|
Shares price |
$ 1,000
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
|
|
Shares purchased, value |
|
|
|
|
|
|
|
|
$ 2,125,002
|
|
|
|
|
|
Conversion of stock shares converted |
|
|
|
|
|
|
|
|
2,125
|
|
|
|
|
|
Conversion of stock shares issued |
|
|
|
|
|
|
|
|
708,333
|
|
|
|
|
|
Series E preferred convertible preferred stock, Shares |
2,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional shares |
5,000
|
|
|
|
|
|
|
|
|
|
|
|
7,500
|
|
Price per common share |
$ 3.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange of shares |
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
Convertible Series E Preferred Stock [Member] | Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from convertible preferred stock |
|
|
$ 4,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Series F Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares designated |
|
|
|
|
|
|
|
|
5,000
|
|
|
5,000
|
|
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
$ 1,000
|
$ 6.20
|
|
Preferred stock, shares issued |
|
|
|
|
|
|
|
|
0
|
|
|
0
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
|
0
|
|
|
0
|
|
|
Preferred stock voting rights |
|
|
|
|
|
|
|
|
Each share of Series F Preferred Stock had 161 votes
|
|
|
|
|
|
Preferred stock, conversion price per share |
|
|
|
|
|
|
|
|
$ 6.20
|
|
|
$ 6.20
|
|
|
Conversion price |
|
|
|
|
|
|
|
|
$ 6.20
|
|
|
|
|
|
Additional shares |
|
|
|
|
|
|
|
|
|
|
|
|
2,500
|
|
Price per common share |
$ 6.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange of shares |
5,000
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
Number of shares exchanged |
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
Number of shares cancelled |
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
Shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
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v3.24.1.1.u2
REVENUE AND CONTRACT ACCOUNTING (Details - Contract assets) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] |
|
|
Cumulative revenues recognized |
$ 9,090,355
|
$ 8,820,256
|
Less: Billings or cash received |
(8,178,309)
|
(8,178,309)
|
Contract assets |
$ 912,046
|
$ 641,947
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v3.24.1.1.u2
REVENUE AND CONTRACT ACCOUNTING (Details - Contract liabilities) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] |
|
|
Billings and/or cash receipts on uncompleted contracts |
$ 1,264,658
|
$ 1,264,658
|
Less: Cumulative revenues recognized |
(199,976)
|
(199,976)
|
Contract liabilities, technology systems |
1,064,682
|
1,064,682
|
Contract liabilities, services and consulting |
628,258
|
601,561
|
Total contract liabilities |
$ 1,692,940
|
$ 1,666,243
|
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v3.24.1.1.u2
REVENUE AND CONTRACT ACCOUNTING (Details -Disaggregated revenue) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
$ 1,070,680
|
$ 2,644,288
|
Goods Transferred Over Time [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
270,099
|
1,827,764
|
Services Transferred Over Time [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
800,581
|
816,524
|
Turnkey Projects [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
270,099
|
1,827,764
|
Maintenance And Support [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
604,610
|
588,869
|
Algorithms [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
195,971
|
227,655
|
Rail [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
1,067,449
|
2,376,449
|
Rail [Member] | Goods Transferred Over Time [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
270,099
|
1,827,764
|
Rail [Member] | Services Transferred Over Time [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
797,350
|
548,685
|
Rail [Member] | Turnkey Projects [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
270,099
|
1,827,764
|
Rail [Member] | Maintenance And Support [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
601,379
|
548,685
|
Rail [Member] | Algorithms [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
195,971
|
0
|
Commercial [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
3,231
|
28,831
|
Commercial [Member] | Goods Transferred Over Time [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
0
|
0
|
Commercial [Member] | Services Transferred Over Time [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
3,231
|
28,831
|
Commercial [Member] | Turnkey Projects [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
0
|
0
|
Commercial [Member] | Maintenance And Support [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
3,231
|
28,831
|
Commercial [Member] | Algorithms [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
0
|
0
|
Governments [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
0
|
11,353
|
Governments [Member] | Goods Transferred Over Time [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
0
|
0
|
Governments [Member] | Services Transferred Over Time [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
0
|
11,353
|
Governments [Member] | Turnkey Projects [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
0
|
0
|
Governments [Member] | Maintenance And Support [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
0
|
11,353
|
Governments [Member] | Algorithms [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
0
|
0
|
Artificial Intelligence [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
|
227,655
|
Artificial Intelligence [Member] | Goods Transferred Over Time [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
0
|
0
|
Artificial Intelligence [Member] | Services Transferred Over Time [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
|
227,655
|
Artificial Intelligence [Member] | Turnkey Projects [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
0
|
0
|
Artificial Intelligence [Member] | Maintenance And Support [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
0
|
0
|
Artificial Intelligence [Member] | Algorithms [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
0
|
227,655
|
North America [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
1,070,680
|
2,644,288
|
North America [Member] | Rail [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
1,067,449
|
2,376,449
|
North America [Member] | Commercial [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
3,231
|
28,831
|
North America [Member] | Governments [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
0
|
11,353
|
North America [Member] | Artificial Intelligence [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
$ 0
|
$ 227,655
|
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