DUOS TECHNOLOGIES GROUP, INC. Files 10-K for Fiscal Year Ended December 31, 2023

TL;DR

<b>DUOS TECHNOLOGIES GROUP, INC. has filed its 2023 10-K report detailing its financial performance and business operations.</b>

AI Summary

DUOS TECHNOLOGIES GROUP, INC. (DUOT) filed a Annual Report (10-K) with the SEC on April 1, 2024. DUOS TECHNOLOGIES GROUP, INC. filed its annual report (10-K) for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 7660 Centurion Parkway, Suite 100, Jacksonville, FL 32256. DUOS TECHNOLOGIES GROUP, INC. is incorporated in Florida. The company's Standard Industrial Classification code is 7372 (Services-Prepackaged Software).

Why It Matters

For investors and stakeholders tracking DUOS TECHNOLOGIES GROUP, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of DUOS TECHNOLOGIES GROUP, INC.'s financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors to assess the company's current standing and future prospects. Understanding the details within this filing is essential for stakeholders to evaluate the company's compliance with regulatory requirements and its positioning within the software services industry.

Risk Assessment

Risk Level: medium — DUOS TECHNOLOGIES GROUP, INC. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to the inherent risks and uncertainties detailed in the 10-K filing, which could impact its ability to achieve its strategic objectives.

Analyst Insight

Investors should carefully review the financial statements and risk factors outlined in the 10-K to make informed investment decisions regarding DUOS TECHNOLOGIES GROUP, INC.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-01 — Filing Date (Date of submission)

Key Players & Entities

• DUOS TECHNOLOGIES GROUP, INC. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 7660 Centurion Parkway, Suite 100, Jacksonville, FL 32256 (address) — Business address
• FL (location) — State of incorporation
• 7372 (sic_code) — Standard Industrial Classification

FAQ

Industry Context

The company operates within the software services industry, specifically focusing on prepackaged software solutions.

Regulatory Implications

The filing adheres to the reporting requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the detailed financial statements for the fiscal year ended December 31, 2023.
2. Analyze the business operations and strategies outlined in the 10-K.
3. Assess the identified risk factors and their potential impact on the company.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ended December 31, 2023, following previous filings.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share DUOT The NASDAQ Capital Mar
• $165,000 — r during the second quarter of 2023 for $165,000 via a convertible note. The year 2023

Filing Documents

• duot_10k-123123.htm (10-K) — 1730KB
• ex23x1.htm (EX-23.1) — 2KB
• ex31x1.htm (EX-31.1) — 10KB
• ex31x2.htm (EX-31.2) — 10KB
• ex32x1.htm (EX-32.1) — 5KB
• ex32x2.htm (EX-32.2) — 5KB
• ex97.htm (EX-97) — 29KB
• image_002.jpg (GRAPHIC) — 18KB
• 0001079973-24-000473.txt (&nbsp;) — 8060KB
• duot-20231231.xsd (EX-101.SCH) — 60KB
• duot-20231231_cal.xml (EX-101.CAL) — 67KB
• duot-20231231_def.xml (EX-101.DEF) — 257KB
• duot-20231231_lab.xml (EX-101.LAB) — 441KB
• duot-20231231_pre.xml (EX-101.PRE) — 389KB
• duot_10k-123123_htm.xml (XML) — 1231KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 13 Item 1C. Cybersecurity 13 Item 2.

Properties

Properties 13 Item 3.

Legal Proceedings

Legal Proceedings 14 Item 4. Mine Safety Disclosures 14 PART II Item 5. Market for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 15 Item 6. [Reserved] 18 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operation

Management's Discussion and Analysis of Financial Condition and Results of Operation 19 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 27 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 27 Item 9A.

Controls and Procedures

Controls and Procedures 27 Item 9B. Other Information 27 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 27 PART III Item 10. Directors, Executive Officers and Corporate Governance 28 Item 11.

Executive Compensation

Executive Compensation 35 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 39 Item 13. Certain Relationships and Related Transactions, and Director Independence 43 Item 14. Principal Accountant Fees and Services 44 PART IV Item 15 . Exhibit and Financial Statement Schedules 45 Item 16. Form 10-K Summary 47

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS The following discussion should be read in conjunction with the financial statements and related notes contained elsewhere in this Form 10-K. Certain statements made in this discussion are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements can be identified by terminology such as "may", "will", "should", "expects", "intends", "anticipates", "believes", "estimates", "predicts", or "continue" or the negative of these terms or other comparable terminology and include, without limitation, statements below regarding our business plans, the ability to raise working capital and expectations as to market acceptance of our products. 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 cash to continue and expand operations, the competitive environment generally and in our 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 our specific market areas, changes in federal, state and/or local government laws and regulations potentially affecting the use of our technology, changes in operating strategy or development plans and the ability to attract and retain qualified personnel. Although we believe that expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance or achievements. Indeed, it is likely that some of our assumptions may prove to be incorrect. Our actual results and financial

Business

Item 1. Business. Our Corporate History Information Systems Associates, Inc. ("ISA") was incorporated in Florida on May 31, 1994. Our original business operations consisted of consulting services for asset management of large corporate data centers and the development and licensing of information technology ("IT") asset management software. In late 2014, ISA entered negotiations with Duos Technologies, Inc. ("duostech") for the purposes of executing a merger between the two organizations (also known as a "reverse triangular merger"). Incorporated under the laws of Florida on November 30, 1990, duostech operated in various industry segments, specializing in the design, development and deployment of proprietary technology applications and turn-key engineered systems. This transaction was completed on April 1, 2015, whereby duostech became a wholly owned subsidiary of ISA. After the merger was completed, ISA changed its corporate name to Duos Technologies Group, Inc. The Company, based in Jacksonville, Florida, oversees its wholly owned subsidiary, duostech and employs approximately 71 people and is a technology company which designs, develops, deploys and operates intelligent technology solutions with a focus on software applications and artificial intelligence ("AI"). The Company has a strong portfolio of intellectual property. The Company's headquarters are located at 7660 Centurion Parkway, Suite 100, Jacksonville, Florida 32256 and main telephone number is (904) 296-2807. Overview The Company, operating under its brand name duos tech , 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 se

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View this 10-K filing on SEC EDGAR