Quick Summary:
AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS March 31, December 31, 2025 2024 (Unaudited) ASSETS CURRENT ASSETS: Cash $3,799,281 $6,266,296 Accounts receivable, net 215,060 109,007 Accounts receivable, net - related parties 1,760,625 294,434 Contract assets 700,458 635,774 Inventory 520,122 605,356 Prepaid expenses and other current assets 468,252 176,338 Note receivable, net - - Total Current Assets 7,463,798 8,087,205 Inventory - non current 196,315 196,315 Property and equipment, net 3,300,754 2,771,779 Operating lease right of use asset - Office Lease 3,937,256 4,028,397 Financing lease right of use asset - Edge Data Centers 1,943,547 2,019,180 Security deposit 500,000 500,000 OTHER ASSETS: Equity Method Investment - Sawgrass APR Holdings LLC 7,233,000 7,233,000 Intangible Asset, net 9,043,996 9,592,118 Patents and trademarks, net 133,714 127,300 Software development costs, net 334,960 403,383 Total Other Assets 16,745,670 17,355,801 TOTAL ASSETS $34,087,340 $34,958,677 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $698,518 $969,822 Notes payable - financing agreements 129,914 17,072 Accrued expenses 451,130 373,251 Operating lease obligation - Office Lease -current portion 803,536 798,556 Financing lease obligations - Edge Data Centers - current portion 487,695 367,451 Notes payable, net of discount - related parties 1,027,707 1,758,396 Contract liabilities, current 3,001,352 3,188,518 Contract liabilities, current - related parties 7,366,500 8,616,500 Total Current Liabilities 13,966,352 16,089,566 Contract liabilities, less current portion 6,851,513 7,399,634 Contract liabilities, less current portion - related parties 2,712,375 3,616,500 Operating lease obligation - Office Lease, less current portion 3,767,106 3,867,042 Financing lease obligations - Edge Data Centers, less current portion 1,638,040 1,724,604 Total Liabilities 28,935,386 32,697,346 Commitments and Contingencies (Note 8) STOCKHOLDERS' EQUITY: Preferred stock: $0.001 par value, 10,000,000 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 and 0 issued and outstanding at March 31, 2025 and December 31, 2024, 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, 2025 and December 31, 2024, 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, 2025 and December 31, 2024, respectively, convertible into common stock at $5.50 per share Series D convertible preferred stock, $1,000 stated value per share, 1 1 4,000 shares designated; 999 and 1,299 issued and outstanding at March 31, 2025 and December 31, 2024, respectively, convertible into common stock at $3.00 per share Series E convertible preferred stock, $1,000 stated value per share, 30,000 shares designated; 13,500 and 13,500 issued and outstanding at March 31, 2025 and December 31, 2024, respectively, 14 14 convertible into common stock at $2.61 per share Series F convertible preferred stock, $1,000 stated value per share, 5,000 shares designated; 0 and 0 issued and outstanding at March 31, 2025 and December 31, 2024, respectively, - - convertible into common stock at $6.20 per share Common stock: $0.001 par value; 500,000,000 shares authorized, 11,655,229 and 8,922,576 shares issued, 11,653,905 and 8,921,252 11,654 8,921 shares outstanding at March 31, 2025 and December 31, 2024, respectively Additional paid-in-capital 81,745,409 76,777,856 Accumulated deficit (76,447,672) (74,368,009) Sub-total 5,309,406 2,418,783 Less: Treasury stock (1,324 shares of common stock at March 31, 2025 and December 31, 2024) (157,452) (157,452)Total Stockholders' Equity 5,151,954 2,261,331 Total Liabilities and Stockholders' Equity $34,087,340 $34,958,677 DUOS TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Three Months Ended March 31, 2025 2024 Cash from operating activities: Net loss$(2,079,663) $(2,752,309)Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 712,388 158,208 Inventory write-off 25,000 - Stock based compensation 995,647 159,320 Stock issued for services 50,000 37,500 Amortization of debt discount related to warrant liabilities 269,311 - Amortization of operating lease right of use asset - Office Lease 91,142 83,348 Amortization of lease right of use asset - Edge Data Centers 75,633 - Changes in assets and liabilities: Accounts receivable (106,053) 866,373 Accounts receivable-related parties (1,466,191) - Note receivable - (1,875)Contract assets (64,684) (270,099)Inventory 10,624 23,828 Prepaid expenses and other current assets (42,467) 57,944 Accounts payable (271,304) (415,718)Accrued expenses 77,879 76,370 Operating lease obligation - Office Lease (94,956) (82,306)Lease obligations - Edge Data Centers 33,680 - Contract liabilities (2,889,411) 26,697 Net cash used in operating activities (4,673,425) (2,032,719) Cash flows from investing activities: Purchase of patents/trademarks (9,264) (980)Purchase of fixed assets (572,359) (8,830) Net cash used in investing activities (581,623) (9,810) Cash flows from financing activities: Repayments on financing agreements (136,606) (130,535)Repayments of notes payable, related parties (1,000,000) - Proceeds from common stock issued 3,954,940 - Proceeds from excercise of stock options 107,925 - Stock issuance cost (138,226) (36,188)Proceeds from preferred stock issued - 2,745,002 Net cash provided by financing activities 2,788,033 2,578,279 Net increase (decrease) in cash (2,467,015) 535,750 Cash, beginning of period 6,266,296 2,441,842 Cash, end of period$3,799,281 $2,977,592 Supplemental Disclosure of Cash Flow Information: Interest paid$3,865 $- Taxes paid$15,945 $- Supplemental Non-Cash Investing and Financing Activities: Notes issued for financing of insurance premiums$249,448 $272,322 Transfer of inventory to fixed assets$49,609 $- A photo accompanying this announcement is available at This press release was published by a CLEAR® Verified individual.
Company records approximately $5 million in revenue, a 363% revenue increase with a strong start in its services and consulting business for fast power.JACKSONVILLE, Fla., May 15, 2025 (GLOBE NEWSWIRE) -- 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 2025”) ended March 31, 2025. First Quarter 2025 and Recent Operational Highlights Recorded over $4.8 million in Services and Consulting revenue including $3.9 million for services related to the Asset Management Agreement ("AMA”) with New APR Energy.
