false
0001396536
0001396536
2024-05-13
2024-05-13
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
——————
FORM 8-K
——————
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 13, 2024
——————
Duos Technologies Group, Inc.
(Exact name of registrant as specified in its
charter)
——————
Florida |
001-39227 |
65-0493217 |
(State or Other Jurisdiction |
(Commission |
(I.R.S. Employer |
of Incorporation) |
File Number) |
Identification No.) |
7660 Centurion Parkway, Suite 100, Jacksonville,
Florida 32256
(Address of Principal Executive Offices) (Zip
Code)
(904) 296-2807
(Registrant’s telephone number, including
area code)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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 per share) |
|
DUOT |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Item 2.02. Results
of Operations and Financial Condition.
On May 13, 2024, Duos Technologies Group,
Inc. (the “Company”) issued a press release announcing the financial and operating results of the Company for the first
quarter ended March 31, 2024. The text of the press release is furnished as Exhibit 99.1 and incorporated herein
by reference.
Additionally, on May 13, 2024, the Company held
an earnings phone call open to the public (the “Earnings Call”). Mr. Chuck Ferry, the Company's Chief Executive Officer,
along with Mr. Adrian G. Goldfarb, the Company's Chief Financial Officer, discussed the financial and operating results of the
Company for the first quarter ended March 31, 2024. The transcript of the Earnings Call is furnished as Exhibit
99.2 and incorporated herein by reference.
Item 7.01.
Regulation FD Disclosure.
The information
set forth in Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 7.01.
The information
in Item 2.02 and Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities
of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as
expressly set forth by specific reference in such filing.
The press release and transcript
of the Earnings Call may also be found on our website at https://www.duostechnologies.com/.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
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, hereunto duly authorized.
|
DUOS TECHNOLOGIES GROUP, INC. |
|
|
|
|
|
|
Dated: May 14, 2024 |
By: |
/s/ Adrian G. Goldfarb |
|
|
Adrian G. Goldfarb
Chief Financial Officer |
|
|
Exhibit 99.1
duostech |
FOR
IMMEDIATE RELEASE |
Duos Technologies Group Reports First Quarter
2024 Results
Key progress on strategic initiatives and
intellectual property sets the foundation for an expected improvement in results for the balance of the year.
JACKSONVILLE, FL /
Globe Newswire / May 13, 2024 - Duos Technologies Group, Inc.
(“Duos” or the “Company”) (Nasdaq: DUOT), a provider of machine vision and artificial intelligence that analyzes
fast moving vehicles, reported financial results for the first quarter (“Q1 2024”) ended March 31, 2024.
First Quarter 2024 and Recent Operational
Highlights
| · | Notified of an award for an additional Railcar Inspection Portal (“rip®”
or “RIP®”) system in a new industrial application environment. The contract is expected to be valued at approximately
$2.7 million and installed in 2024. This addition to the Duos portfolio of RIPs currently deployed in North America expands the potential
addressable market outside of the traditional passenger and freight rail operators. |
| · | Granted further, wide ranging, Patent for "Device
to Capture High Resolution images of a Train as it passes through an Inspection Portal" bringing the total number of patents
for the RIP technology to 10, covering all aspects of the automated visual inspection of railcars. The Company has a further 6 patents
pending for visualization of moving objects. |
| · | Over 2.4 million comprehensive railcar scans performed in the first quarter across 13 portals, of which
more than 386,000 were unique railcars. This metric encompasses all railcars scanned at locations across the U.S., Canada, and Mexico,
representing approximately 24% of the total freight car population in North America. |
| · | Released an article sponsored by Dell Technologies in Forbes magazine (“AI
at the Edge; The New Vanguard of Railway Innovation”). Duos was also featured in a Dell
Technologies customer profile, highlighting how the Company is performing Artificial Intelligence (“AI”) based railcar
inspections at the Edge, enhancing railroad safety. |
| · | Formed a new business, “Duos Edge AI, Inc.”, as a subsidiary
of Duos Technologies Group, that plans to build and operate Edge Data Centers (“EDCs”) that provide Edge colocation data services.
Duos is currently in negotiations with several large telecommunications companies to support the rollout of AI Information Technology
(“IT”) infrastructure at the Edge, using our existing in-house expertise to support the massive demand for AI, Edge computing,
and 5G rollout. This is aligned with our strategy to be an important part of the overall AI value chain. |
| · | As of the end of the first quarter, the Company had $10 million of revenue in backlog and near-term extensions
and renewals, and expects $7 million to be recognized during the remainder of 2024. |
First Quarter 2024 Financial Results
It should be noted that the following Financial Results represent
the consolidation of the Company with its subsidiary Duos Technologies, Inc.
Total revenues for Q1 2024 decreased
60% to $1.07 million compared to $2.64 million in the first quarter of 2023 (“Q1 2023”). Total revenue for Q1 2024 represents
an aggregate of approximately $270,000 of technology systems revenue and approximately $800,000 in recurring services and consulting revenue.
The revenue decrease in the first quarter, compared to the same quarter last year, is mainly due to timing in revenue recognition for
a major customer, with postponed delivery expected to be booked in Q4 2024. The 2% decline in recurring revenue services and consulting
revenue for the same comparison period is due to the transition from certain services revenue to subscription.
Cost of revenues for Q1 2024 decreased
54% to $0.98 million compared to $2.11 million for
Q1 2023. The decrease in cost of revenues was driven by a similar decrease in technology systems revenue primarily stemming from the manufacturing
of two high-speed, transit-focused Railcar Inspection Portals.
Gross margin for Q1 2024 decreased 82%
to $94,000 compared to $537,000 for Q1 2023 reflecting the decline in revenues and the equivalent lower costs that were largely in-line
with the revenue decrease. The gross margin was improved in our technology systems business despite the relatively small revenue recorded.
Operating expenses for Q1 2024 increased
6% to $2.86 million compared to $2.68 million for Q1 2023. The increase in expenses is attributed to investment in sales resources for
expanding the commercial team. This was offset by reductions in R&D and administrative costs due to the completion of certain activities
and the impact of previously implemented cost reductions. Stable operating expenses are expected for the remainder of 2024 while we continue
to focus on further efficiencies to support anticipated revenue growth.
Net operating loss for Q1 2024 totaled
$2.76 million compared to net operating loss of $2.15 million for Q1 2023. Operating losses were higher than the comparative quarter a
year ago, but the increase was proportionally less than the relative decrease in revenues and gross margin should have produced.
Net loss for Q1 2024 totaled $2.75 million
compared to net loss of $2.14 million for Q1 2023. The 28% increase in net loss was mostly attributed to the decrease in revenues as described
above from timing delays along with growing expenses but was smaller than expected as we were successful in driving higher margins from
our project business, a trend which is expected to continue.
Cash and cash equivalents at March 31,
2024 totaled $2.98 million compared to $2.44 million at December 31, 2023. In addition, the Company had over $1.5 million in receivables
and contract assets for a total of approximately $4.5 million in cash and expected short-term liquidity.
Financial Outlook
At the end of the first quarter, the Company’s
contracts in backlog and near-term renewals and extensions is now more than $10 million in revenue, of which approximately $7 million
is expected to be recognized during the remainder of 2024. The balance of contract backlog is comprised of multi-year service and software
agreements as well as project revenues.
Duos anticipates an improvement in operating results
to be reflected over the course of the full year in 2024. As a result of timing and other factors, the Company expects revenues in the
second quarter of 2024 to be in-line with the first quarter of 2024 before ramping up in the latter half of the year.
Management Commentary
"The Company made solid progress in Q1 particularly
in the area of new business development, patent awards and building the foundation for our subscription data offering." said Chuck
Ferry, Duos CEO. “While our Q1 results were anticipated, my expectation is that we will deliver growth, particularly in the second
half as the results of all our initiatives become booked revenues as indicated by the increase in backlog.”
Conference Call
The Company’s management will host a conference
call today, May 13, 2024, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results, followed by a question-and-answer
period.
Date: Monday, May 13, 2024
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific
time)
U.S. dial-in: 877-407-3088
International dial-in: 201-389-0927
Confirmation: 13746314
Please call the conference telephone number
5-10 minutes prior to the start time of the conference call. An operator will register your name and organization.
If you have any difficulty connecting with the
conference call, please contact DUOT@duostech.com.
The
conference call will be broadcast live via telephone and available for online replay via the investor section of the Company's website
here.
About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (Nasdaq:
DUOT), based in Jacksonville, Florida, through its wholly owned subsidiary, Duos Technologies, Inc., designs, develops, deploys and operates
intelligent vision-based technology solutions using Machine Vision and Artificial Intelligence (“AI”) to analyze fast moving
freight, passenger and transit trains and trucks streamlining operations, improving safety and reducing costs. The Company provides cutting
edge solutions that automate the mechanical and security inspection of fast-moving trains, trucks and automobiles through a broad range
of proprietary hardware, software, information technology and artificial intelligence. For more information, visit www.duostech.com.
Forward- Looking Statements
This news release includes forward-looking statements
regarding the Company's financial results and estimates and business prospects that involve substantial risks and uncertainties that could
cause actual results to differ materially. Forward-looking statements relate to future events and typically address the Company's expected
future business and financial performance. The forward-looking statements in this news release relate to, among other things, information
regarding anticipated timing for the installation, development and delivery dates of our systems; anticipated entry into additional contracts;
anticipated effects of macro-economic factors (including effects relating to supply chain disruptions and inflation); timing with respect
to revenue recognition; trends in the rate at which our costs increase relative to increases in our revenue; anticipated reductions in
costs due to changes in the Company's organizational structure; potential increases in revenue, including increases in recurring revenue;
potential changes in gross margin (including the timing thereof); statements regarding our backlog and potential revenues deriving therefrom;
and statements about future profitability and potential growth of the Company. Words such as "believe," "expect,"
"anticipate," "should," "plan," "aim," "will," "may," "should,"
"could," "intend," "estimate," "project," "forecast," "target," "potential"
and other words and terms of similar meaning, typically identify such forward-looking statements. Forward-looking statements involve risks
and uncertainties and there are important factors that could cause actual results to differ materially from those expressed or implied
by these forward-looking statements. These factors include, but are not limited 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 Reports 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 U.S. Securities and Exchange Commission (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.
Contacts
Corporate
Fei Kwong, Director, Corporate
Communications
Duos Technologies Group, Inc. (Nasdaq:
DUOT)
904-652-1625
fk@duostech.com
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 | |
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 | |
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 | |
Exhibit 99.2
Duos Technologies Group, Inc.
First Quarter 2024 Earnings Conference Call
May 13, 2024
Chuck Ferry, Chief
Executive Officer
Adrian Goldfarb, Chief
Financial Officer
Q&A Participants
Fatid Theon - Northland Capital
Markets
Edward Woo - Ascendiant Capital Markets
Operator
Good afternoon. Welcome to Duos Technologies’
First Quarter 2024 Earnings Conference Call. Joining us for today’s call are Duos CEO, Chuck Ferry; and CFO, Adrian Goldfarb. Following
their remarks, we will open the call for your questions. Then, before we conclude today’s call, I’ll provide the necessary
cautions regarding the forward-looking statements made by management during this call.
Now, I would like to turn the call over to Duos CEO,
Chuck Ferry. Sir, please go ahead.
Chuck Ferry
Welcome, everyone, and thank you for joining us. We’ve
just issued a press release as well as our 10-Q announcing our financial results for the first quarter of 2024 and other operational highlights.
Copies of both are available on the Investor Relations section of our website. I encourage all listeners to view that release and 10-Q
filing with the SEC to better understand some of the details we’ll be discussing during today’s call.
Some of the highlights that I will discuss in more
detail after the financial report include an award for a new Railcar Inspection Portal valued at $2.7 million, an improved backlog of
$10 million, and a new very comprehensive patent on our Railcar Inspection Portal. We have also formed a second operating entity called
Duos Edge AI and are in contract negotiations to install and operate our first four Edge data centers this year.
Before we get into the financials, I want to remind
everyone that we anticipated short-term financial headwinds as we transition from a pure play CapEx business focused on the rail sector
to a recurring and more diversified business within the broader AI value chain that I believe will result in significant shareholder value
over the next few years.
As we discussed in a recent press release, Adrian
Goldfarb will re-assume the CFO position following the departure of Andrew Murphy. Andrew did an outstanding job for us and was a significant
contributor to the turnaround that we have executed in the last few years. Andrew worked for me for over eight years at both APR Energy
and here at Duos. He is an exceptional financial professional and business leader, and we wish him the very best.
Given the critical stage that the company is at, the
Board and I asked Adrian to re-assume the role, given his close working relationship with Andrew and myself, in laying the groundwork
for the strategy that will make our company valuable. His long-term knowledge of the company and his experienced leadership will ensure
no gaps between the incoming and outgoing CFO. I am personally very happy he’s agreed to return to his important role and very much
enjoy working with him.
With that, I would like to invite Adrian to review
our most recent financial results. Adrian.
Adrian Goldfarb
Thank you, Chuck. Before discussing the results for
Q1, I would like to give a brief commentary on the company and its progress thus far. As you may or may not be aware, I’ve been
working with Chuck on a strategy for Duos and assisting him with implementing the plans and programs that are now underway.
In particular, I have maintained a close relationship
with the capital markets in terms of communicating the vision as it continues to develop. It was not a hard decision for me to return
as CFO. I truly believe that the company is in a very good position to profitably grow into a much larger entity, and I look forward to
being a part of that success.
My general commentary, before getting into the specific
financial results, is that traditionally, Duos’ growth has not been linear. Since 2022, we have taken concrete steps to structure
the business in such a way that we can produce more consistent and predictable growth. That transition has been in effect for much of
the past 18 months, and while we are not giving updated guidance today, I believe that we are on the threshold of steadily improving results.
The evidence to support that belief will be discussed by Chuck following my comments.
Lastly, I would like to thank all of the shareholders
who have offered their congratulations and support since returning as the CFO, and I hope to return that by being able to report increasingly
stronger results in successive quarters.
Now, let’s look at some of the highlights from
the first quarter. Total revenue for the quarter decreased 60 percent to $1.07 million compared to $2.64 million in the first quarter
of 2023. Total revenue for Q1 2024 represents an aggregate of approximately $270,000 of technology systems revenue and approximately $800,000
in recurring services and consulting revenue.
The revenue decrease in the first quarter compared
to the equivalent quarter a year ago is primarily related to timing and revenue recognition for a major customer who postponed delivery
last year into Q4 of this year. That revenue is expected to be booked in Q4. It is also important to note that the 2 percent decline in
recurring services and consulting revenue for the same comparison period marks the transition from services revenue to subscription. We
expect a similar effect in Q2 and then incremental growth in the second half of 2024 as increases in subscription and other revenues are
recorded.
Cost of revenues for the quarter decreased 54 percent,
$0.98 million compared to $2.11 million for Q1 2023, reflecting the decline in revenues and the associated lower costs that were largely
in line with the revenue decrease. It should be noted that the company does record certain ongoing costs in cost of revenues related to
ongoing expenses related to both system production and service delivery, and those costs will typically be a large percentage during periods
of lower overall revenues, leading to temporarily reduced margin.
Gross margin for Q1 2024 decreased 82 percent to $94,000,
compared to $537,000 for Q1 2023. Per my previous comments, when comparing the result between the two periods, the stage of completion
for manufacturing and installation can be factored into those comparisons and should be taken into account when analyzing the two periods.
Operating expenses for Q1 2024 increased 6 percent
to $2.86 million, compared to $2.68 million for Q1 2023. The entire amount of this increase is due to additional investment in sales resources
as the company builds the commercial team in anticipation of a much higher level of activity in the subscription and recurring revenue
areas.
The full increase was offset by modest reductions
in R&D as some of our activities are now complete, notably the technology behind the wide-ranging patents for the RIP and associated
AI. In addition, a reduction in administrative costs is the result of the cost reductions that have been implemented.
We anticipate that operating expenses will remain
stable throughout the remainder of 2024, with further efficiencies being implemented in areas that do not impact the expected growth in
revenues.
Net operating loss for Q1 2024 totaled $2.76 million
compared to net operating loss of $2.15 million for Q1 2023. Although operating losses were higher than the comparative quarter a year
ago, the increase was proportionately less than the relative decrease in revenue and gross margin.
Net loss for the first quarter was $2.75 million,
or negative $0.38 per share, compared to a net loss of $2.14 million, or negative $0.30 a share, for Q1 2023, with the 28 percent increase
being lower proportionately than might have been expected with a decrease in overall revenue.
With regard to the balance sheet, at March 31, 2024,
cash and cash equivalents totaled $2.98 million, compared to $2.44 million at December 31, 2023. In addition, the company had over $1.5
million in receivables and contract assets for a total of approximately $4.5 million in cash and expected short-term liquidity, a similar
position to the comparable quarter a year ago.
Duos also has $1.5 million in inventory as of March
31, 2024, consisting primarily of long lead items for future RIP installations that are expected to be deployed this year. Total current
liabilities are $3.08 million versus $3.25 million a year ago. My overall comment on the balance sheet is that it remains stable in anticipation
of expected growth in the business in the second half of this year.
At the end of the first quarter, the company’s
contracts and backlog and near-term renewals and extensions are now more than $10 million, of which approximately $7 million is expected
to be recognized as revenue during the remainder of 2024. The balance of contract backlog comprises multiyear service and software agreements
as well as project revenue.
Before turning the call back to Chuck, I would like
to address the subject of guidance. As we have discussed previously, we have experienced some difficulty in giving accurate guidance within
the time frame of a fiscal year due to the delays and uncertainties in our current market space. However, we believe that the current
analyst expectations for annual revenues this year represent a reasonable estimate at this time.
Chuck will be addressing the transition into new markets,
including our growing recurring revenue initiatives, such as AI and subscriptions, for which we have already announced some success this
year. As we transition another few months, my expectation is that we will be able to formally reintroduce guidance.
This concludes my financial commentary, and I will
now pass the call back to Chuck.
Chuck Ferry
Thank you, Adrian. As a reminder to our shareholders
and the market in general, I want to provide a reminder of what this company has accomplished to date. Duos is the inventor of the Railcar
Inspection Portal and is the only turnkey provider of this cutting-edge, machine-vision, artificial intelligence wayside detection system.
Duos designs, manufactures, installs, and operates every aspect of the solution, including hardware, software, IT infrastructure, and
artificial intelligence development.
We currently operate 13 freight Railcar Inspection
Portals that provide services to Amtrak, Canadian National, CSX, CPKC, and Ferromex, and have three more portals in our backlog. Our system
has been favorably reviewed by the Federal Rail Administration and currently supports waivers and/or waiver applications with both the
FRA and Transport Canada.
The system has been demonstrated to the labor union
of Mechanical Carmen national leadership, who have given it very high marks and would like to see their membership use the Railcar Inspection
Portal in greater numbers. The portal has been demonstrated to more than 30 U.S. Senators and Congressmen who would also like to see this
system used more broadly.
In fiscal year 2023, Duos scanned 8.5 million railcars,
producing more than 1 billion component images, which is the largest image database of railcar components in the world. Duos holds 10 active
patents on the Railcar Inspection Portal and has another 6 patents pending.
I am pleased to announce that we received notice of
award for an additional Railcar Inspection Portal by a large industrial shipper here in the United States, with a contract value of $2.7
million, which is expected to be fully installed later this year.
This new order expands the potential addressable market
outside of the traditional passenger and freight rail operators. With this new order, our operations teams will be busy this summer and
fall installing three new portals, two for Amtrak in Secaucus, New Jersey, and one for this new customer in Texas.
We have recently been awarded another comprehensive
patent on the full Railcar Inspection Portal. This new patent, when combined with our other nine active patents, further recognizes our
position as the inventor of this technology. We have an additional six patents pending, primarily related to new technology we intend
to deploy later this year.
Despite our financial results this quarter, which
were anticipated, we have increased our backlog to $10 million and have a good line of sight to at least another $5 million of contract
modifications with current customers. Our overall pipeline value has increased to over $100 million, given a significant uptick of interest
with the pending Railway Safety Act and challenges at the Mexican-United States border, where our system is used to detect illegal riders.
I would like to thank one of our long-term strategic
partners, Dell Technologies, who recently published a comprehensive article in Forbes Magazine discussing “AI at the Edge; The New
Vanguard of Railway Innovation.” This article highlights how our company is an important part of artificial intelligence, computing
at the edge, and our role in the AI value chain for the rail industry.
We have previously spoken about our keen interest
in expanding and diversifying Duos into the broader AI value chain, where analysts predict significant and rapid growth in edge computing--and
the IT infrastructure to support it. Accordingly, I am pleased to announce that we have formed a new operating entity called Duos Edge
AI that will install, own, and operate Edge data centers much like the ones we already operate in the Railcar Inspection Portal.
We are currently in final negotiations to install
our first four Edge data centers later this year that will produce solid and long-term recurring revenue, and we have a pipeline of more
than 200 more Edge data centers to be installed. We will conduct a press conference in the next month or so providing details of this
new line of business. You can find out more details in the meantime on our normal website as well as our new website at duosedge.ai.
I want to ensure the market understands what we’re
doing here. Our position in the AI value chain within the rail sector is solid, and it is described quite nicely in the Forbes article
previously mentioned. I expect to grow our rail sector line of business significantly in the coming years, particularly with our subscription
offering, which is gaining momentum.
Duos Edge AI is using the technical skills Duos already
has and deploying those skills to take advantage of a significant opportunity to build out the broader Edge AI IT infrastructure that
supports other sectors such as schools, oil and gas companies, utility companies, telecommunications fiber providers, manufacturing companies,
and government agencies.
For those that know me personally, you understand
my experience leading multiple lines of business, both in the civilian sector as well as leading complex and simultaneous missions as
an infantry and Special Operations officer. The team we have assembled here at Duos is quite capable, and we are prepared to do this.
In closing, I believe that Duos is in a strong leadership
position in the rail sector with machine vision and AI wayside detection systems, and we’ll continue to push this line of business
with focus on expanding the technical capabilities of the Railcar Inspection Portal and the subscription recurring revenue aspect of it.
Simultaneously, we will prove our value in the Edge data center line of business that will diversify the company and add to our recurring
revenue and overall valuation.
As always, I’d like to thank my Board of Directors
and shareholders for their support. Thank you for your time. And we’ll now open the call for your questions. Operator, would you
please provide the appropriate instructions.
Operator
Thank you. We will now be conducting a question-and-answer
session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line
is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker
equipment, it may be necessary to pick up your handset before pressing the star keys.
One moment, please, while we pull for questions. Thank
you. Our first question is Mike Latimore with Northland Capital Markets. Please proceed with your question.
Fatid Theon
Hi. This is Fatid Theon on behalf of Mike Latimore.
Could you give some color on what is the status of your next software upgrade, and what would be the main advancements?
Chuck Ferry
Yeah. I think the question relates around what’s
some of the next things that we’ll see with the Railcar Inspection Portal in terms of technology? So, the real emphasis right now
for our R&D teams has been largely around wheels and brakes. As everyone watches the rail sector, wheels and brakes are two of really
the top reasons for mechanical derailments. And that’s where our emphasis has been.
So as a part of our Amtrak contract, we’ve
been steadily developing some real cutting-edge wheel detection systems that use a combination of machine vision and laser technology
that will produce what I would argue is probably the most advanced wheel inspection systems, where we actually basically inspect the
360 degrees of the wheel. And then, there’s some other technologies that will do the same thing for the rotor discs that are on
the Amtrak trains, in the long-haul distance trains, as well as the new Acela 21.
So, we’re excited to be able to roll some of
that out. We’ve also got some advances and some big upgrades in our software. As you know, our Centraco system is our user interface.
And in preparation to take on multiple subscribers onto some of our systems, that software, we call it an R4 update, will be rolled out
here in the next month or so.
Fatid Theon
All right. And could you also give some color on how
much annual recurring revenue do you expect exiting this year?
Chuck Ferry
Yeah, I’ll turn that over to Adrian for his
comment on that one.
Adrian Goldfarb
Yes. So currently, we have recurring revenue that’s
running, as I said in the other one, about $800,000 per quarter. And I do expect that to increase probably by about at least 50 percent
to 75 percent as we get into Q4 and exiting the year. Let me give a little bit more color on that comment.
We have some initiatives that are in progress right
now that will probably get announced. Chuck mentioned there will probably be a special press release, press conference, in about a month
or so--and I think we’ll be more prepared to talk about than right now. But, we do expect a steady and growing increase in the amount
of recurring revenue. That’s where our major focus is.
Fatid Theon
Got it. Thank you.
Chuck Ferry
Thank you very much.
Operator
Our next question is from Ed Woo with Ascendiant Capital
Markets. Please proceed with your question.
Edward Woo
Yeah. Thank you for taking my question, and congratulations
about getting the additional railcar, the RIP award that was for new industrial application. You said it valued at $2.7 million. Will
it be all recognized this year? And my next question is, on the new industrial application, should we expect more sales to a different
type of application other than traditional railcar inspection?
Chuck Ferry
Yeah. So, the first part of the question is, yeah,
this is a job to basically build a full-on Railcar Inspection Portal inside a very large industrial shipper of, I’ll say, hazardous
material down in Texas. We’re in contract negotiations still, so I want to be confidential about their name, but that job is expected
to be completed this year. It’s approximately $2.7 million of a one-time spend. And then, we’ll expect that all of it will
have to be recognized this year.
And then, we’ll expect to probably have at least
$200,000, $300,000, maybe $400,000 of annual revenue from that on a go-forward basis. And then, that particular customer is also interested
in potentially some subscriptions after that on some of our other portals. What’s interesting about this customer is that this is
the first, what I’ll call shipper or rail shipper of hazardous materials, in this case. It’s one of a number of shippers that
we’ve been talking with, not only to build portals on their property but also to add them in our subscription services.
So effectively, what they’re doing is a very--it’s
a very large production facility. They bring in large consists of railcars into the facility where they first have to inspect them. They
make repairs there of their own cars, and then they load them with their products and then put them back onto the main line. So again,
this opens up a nice avenue for us outside of the normal freight and passenger rail.
Edward Woo
Great. Well, congratulations. That’s a great
opportunity, and I wish you guys good luck. Thank you.
Chuck Ferry
Appreciate it.
Operator
As a reminder, if you would like to ask a question,
please press star one on your telephone keypad. Thank you. Management will now take--.
Chuck Ferry
--I’m sorry, go ahead, Moderator.
Operator
Management will now take select listener-submitted
questions.
Chuck Ferry
Yeah. So, we had a couple come in here. And what I’ll
do is, one of the questioners asked the question, how does the new company, Duos Edge AI, fit in with the overall market space of railroads?
Kind of akin to the comments that I made, basically, we think of ourselves as a technology company that’s really operating inside
the overall AI value chain.
Right now, it’s focused inside the railroads
in terms of that machine vision and artificial intelligence and AI value chain. But, when you kind of read that article that comes from
Dell Technologies, you’ll kind of understand where we kind of see ourselves a bit better in that space.
And what we’re really doing here with this Duos
Edge AI is really just kind of laterally moving, using the skill sets that we already have, using technologies that we have, because we
already operate Edge data centers for the specific purpose of computing AI at the edge. And we’re simply kind of putting that into
another portion of the AI value chain. And in particular, it’s still within our business model, where we’re providing a service
that will produce solid recurring revenue that right now is in super-high demand inside that space.
So, we are just kind of at the lead edge of developing
that right now. We are currently in discussions to put the first four of these into the field. We expect to do that this year. We know
there’s going to be a lot of questions about it, so we’ll look forward to answering those as things firm up, and we’ll
do that in a special press conference here in the next month or so.
Okay. And with that, that will conclude our question-and-answer
session, and I’d like to turn the call back over to the operator, please.
Operator
At this time, I’d like to turn the call back
over to Mr. Ferry for his closing remarks.
Chuck Ferry
Yeah. Again, I just want to reiterate my special thanks,
one, for my CFO, Adrian Goldfarb joining me again, thank you, as well as all of our shareholders and Board members and their support.
Thank you all for joining us on today’s call.
Operator
Before we conclude today’s call, I would like
to provide Duos’ Safe Harbor statement that includes important cautions regarding forward-looking statements made during this call.
This earnings call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking
terminology, such as believes, expects, may, will, should, anticipates, plans, and their opposite or similar expression, are intended
to identify forward-looking statements.
We caution you that these statements are not guarantees
of future performance or events and are subject to a number of uncertainties, risks, and other influences, many of which are beyond our
control, which may influence the accuracy of statements and the projections upon which statements are based that could cause Duos Technologies
Group’s actual results to differ materially from those anticipated in forward-looking statements.
These risks and uncertainties include, but are not
limited to, those described in Item 1A in Duos’ Annual Report on Form 10-K, which is expressly incorporated herein by reference
and other factors as may periodically be described in Duos’ filings with the SEC.
Thank you for joining us today for Duos Technologies
Group’s first quarter 2024 earnings call. You may now disconnect.
7
v3.24.1.1.u2
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14a -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
Duos Technologies (NASDAQ:DUOT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Duos Technologies (NASDAQ:DUOT)
Historical Stock Chart
From Jul 2023 to Jul 2024