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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 September 30, 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 November 13, 2024, the registrant has one class
of common equity, and the number of shares outstanding of such common equity is 8,410,625.
TABLE OF CONTENTS
i
PART I FINANCIAL INFORMATION
Item 1. Financial Statements.
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| |
| | |
| |
| |
September
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | |
| |
CURRENT ASSETS: | |
| | | |
| | |
Cash | |
$ | 613,594 | | |
$ | 2,441,842 | |
Restricted cash | |
| 32,519 | | |
| — | |
Accounts receivable, net | |
| 1,601,152 | | |
| 1,462,463 | |
Contract assets | |
| 609,008 | | |
| 641,947 | |
Inventory | |
| 1,028,387 | | |
| 1,526,165 | |
Prepaid expenses and other current assets | |
| 310,869 | | |
| 184,478 | |
Note Receivable, net | |
| 159,375 | | |
| — | |
| |
| | | |
| | |
Total Current Assets | |
| 4,354,904 | | |
| 6,256,895 | |
| |
| | | |
| | |
Property and equipment, net | |
| 2,318,233 | | |
| 726,507 | |
Operating lease right of use asset | |
| 4,117,471 | | |
| 4,373,155 | |
Security deposit | |
| 500,000 | | |
| 550,000 | |
| |
| | | |
| | |
OTHER ASSETS: | |
| | | |
| | |
Intangible Asset, net | |
| 10,140,238 | | |
| — | |
Note Receivable, net | |
| — | | |
| 153,750 | |
Patents and trademarks, net | |
| 128,793 | | |
| 129,140 | |
Software development costs, net | |
| 465,228 | | |
| 652,838 | |
Total Other Assets | |
| 10,734,259 | | |
| 935,728 | |
| |
| | | |
| | |
Total Assets | |
$ | 22,024,867 | | |
$ | 12,842,285 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Accounts payable | |
$ | 1,727,190 | | |
$ | 595,634 | |
Notes payable - financing agreements | |
| 128,404 | | |
| 41,976 | |
Accrued expenses | |
| 323,593 | | |
| 164,113 | |
Operating lease obligations-current portion | |
| 793,658 | | |
| 779,087 | |
Contract liabilities, current | |
| 2,982,213 | | |
| 1,666,243 | |
| |
| | | |
| | |
Total Current Liabilities | |
| 5,955,058 | | |
| 3,247,053 | |
| |
| | | |
| | |
Contract liabilities, less current portion | |
| 7,947,755 | | |
| — | |
Notes payable | |
| 1,647,995 | | |
| — | |
Operating lease obligations, less current portion | |
| 3,961,590 | | |
| 4,228,718 | |
| |
| | | |
| | |
Total Liabilities | |
| 19,512,398 | | |
| 7,475,771 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 5) | |
| | | |
| | |
| |
| | | |
| | |
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
and 0
issued and outstanding at September 30, 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 September 30, 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 September 30, 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; 1,399 and 1,299 issued and outstanding at September 30, 2024 and December 31, 2023, respectively,
convertible into common stock at $3.00 per share | |
| 1 | | |
| 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 September 30, 2024 and December 31, 2023, respectively, convertible into common stock at $2.61 and $3.00 per share, respectively | |
| 14 | | |
| 12 | |
Series F convertible preferred stock, $1,000 stated value per share, 5,000 shares designated; 0 and 0 issued and outstanding at September 30, 2024 and December 31, 2023, respectively, convertible into common stock at $6.20 per share | |
| — | | |
| — | |
Common stock: $0.001 par value; 500,000,000 shares authorized, 8,051,189 and 7,306,663 shares issued, 8,049,865 and 7,305,339 shares outstanding at September 30, 2024 and December 31, 2023, respectively | |
| 8,049 | | |
| 7,306 | |
Additional paid-in-capital | |
| 73,623,552 | | |
| 69,120,199 | |
Accumulated deficit | |
| (70,961,695 | ) | |
| (63,603,552 | ) |
Sub-total | |
| 2,669,921 | | |
| 5,523,966 | |
Less: Treasury
stock (1,324 shares of common stock at September 30, 2024 and December 31, 2023) |
|
|
(157,452 |
) |
|
|
(157,452 |
) |
Total Stockholders' Equity | |
| 2,512,469 | | |
| 5,366,514 | |
| |
| | | |
| | |
Total Liabilities and Stockholders' Equity | |
$ | 22,024,867 | | |
$ | 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
September 30, |
|
|
For the Three Months Ended
September 30, |
|
|
For the Nine Months Ended
September 30, |
|
|
For the Nine Months Ended
September 30, |
|
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
REVENUES: | |
| | |
| | |
| | |
| |
Technology systems | |
$ | 1,686,456 | | |
$ | 705,849 | | |
$ | 2,221,310 | | |
$ | 3,404,107 | |
Services and consulting | |
| 1,552,454 | | |
| 825,074 | | |
| 3,598,776 | | |
| 2,541,163 | |
| |
| | | |
| | | |
| | | |
| | |
Total Revenues | |
| 3,238,910 | | |
| 1,530,923 | | |
| 5,820,086 | | |
| 5,945,270 | |
| |
| | | |
| | | |
| | | |
| | |
COST OF REVENUES: | |
| | | |
| | | |
| | | |
| | |
Technology systems | |
| 947,563 | | |
| 883,836 | | |
| 2,311,912 | | |
| 3,723,151 | |
Services and consulting | |
| 1,372,248 | | |
| 420,499 | | |
| 2,709,007 | | |
| 1,217,022 | |
| |
| | | |
| | | |
| | | |
| | |
Total Cost of Revenues | |
| 2,319,811 | | |
| 1,304,335 | | |
| 5,020,919 | | |
| 4,940,173 | |
| |
| | | |
| | | |
| | | |
| | |
GROSS MARGIN | |
| 919,099 | | |
| 226,588 | | |
| 799,167 | | |
| 1,005,097 | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING EXPENSES: | |
| | | |
| | | |
| | | |
| | |
Sales and marketing | |
| 471,411 | | |
| 353,386 | | |
| 1,737,353 | | |
| 962,040 | |
Research and development | |
| 396,610 | | |
| 450,006 | | |
| 1,168,752 | | |
| 1,392,692 | |
General and administration | |
| 1,971,358 | | |
| 2,394,173 | | |
| 5,790,804 | | |
| 6,916,390 | |
| |
| | | |
| | | |
| | | |
| | |
Total Operating Expenses | |
| 2,839,379 | | |
| 3,197,565 | | |
| 8,696,909 | | |
| 9,271,122 | |
| |
| | | |
| | | |
| | | |
| | |
LOSS FROM OPERATIONS | |
| (1,920,280 | ) | |
| (2,970,977 | ) | |
| (7,897,742 | ) | |
| (8,266,025 | ) |
| |
| | | |
| | | |
| | | |
| | |
OTHER INCOME (EXPENSES): | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (116,396 | ) | |
| (1,406 | ) | |
| (117,991 | ) | |
| (5,816 | ) |
Change in fair value of warrant liabilities | |
| 245,980 | | |
| — | | |
| 245,980 | | |
| — | |
Gain on extinguishment of warrant liabilities | |
| 379,626 | | |
| — | | |
| 379,626 | | |
| — | |
Other income, net | |
| 9,407 | | |
| 24,647 | | |
| 31,984 | | |
| 191,022 | |
| |
| | | |
| | | |
| | | |
| | |
Total Other Income (Expenses), net | |
| 518,617 | | |
| 23,241 | | |
| 539,599 | | |
| 185,206 | |
| |
| | | |
| | | |
| | | |
| | |
NET LOSS | |
$ | (1,401,663 | ) | |
$ | (2,947,736 | ) | |
$ | (7,358,143 | ) | |
$ | (8,080,819 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and Diluted Net Loss Per Share | |
$ | (0.18 | ) | |
$ | (0.41 | ) | |
$ | (0.98 | ) | |
$ | (1.12 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Weighted Average Shares-Basic and Diluted | |
| 7,724,170 | | |
| 7,240,632 | | |
| 7,494,772 | | |
| 7,189,256 | |
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 and Nine Months Ended September 30,
2024 and 2023
(Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred
Stock B | | |
Preferred
Stock C | | |
Preferred
Stock D | | |
Preferred
Stock E | | |
Preferred
Stock F | | |
Common
Stock | | |
Additional | | |
| | |
| | |
| |
| |
#
of Shares | | |
Amount | | |
#
of Shares | | |
Amount | | |
#
of Shares | | |
Amount | | |
#
of Shares | | |
Amount | | |
#
of Shares | | |
Amount | | |
#
of Shares | | |
Amount | | |
Paid-in- Capital | | |
Accumulated
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 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock options compensation | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
$ | 161,399 | | |
$ | — | | |
$ | — | | |
$ | 161,399 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issuance cost | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 281,500 | | |
| — | | |
| — | | |
| 281,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for services | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 5,645 | | |
| 6 | | |
| 32,494 | | |
| — | | |
| — | | |
| 32,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued under the Employee
Stock Purchase Plan ("ESPP") for cash and compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 65,561 | | |
| 66 | | |
| 183,199 | | |
| — | | |
| — | | |
| 183,265 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss for the three months
ended June 30, 2023 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,989,400 | ) | |
| — | | |
| (2,989,400 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance June 30, 2023 | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| 1,299 | | |
$ | 1 | | |
| 4,000 | | |
$ | 4 | | |
| — | | |
$ | — | | |
| 7,240,545 | | |
$ | 7,240 | | |
$ | 61,029,659 | | |
$ | (57,494,917 | ) | |
$ | (157,452 | ) | |
$ | 3,384,535 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Series F preferred stock issued | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| 5,000 | | |
$ | 5 | | |
| — | | |
$ | — | | |
$ | 4,999,995 | | |
$ | — | | |
$ | — | | |
$ | 5,000,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock options compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 164,118 | | |
| — | | |
| — | | |
| 164,118 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for services | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 7,910 | | |
| 8 | | |
| 40,557 | | |
| — | | |
| — | | |
| 40,565 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock Compensation under ESPP | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 32,728 | | |
| — | | |
| — | | |
| 32,728 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss for the three months
ended September 30, 2023 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,947,736 | ) | |
| — | | |
| (2,947,736 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance September 30,
2023 | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| 1,299 | | |
$ | 1 | | |
| 4,000 | | |
$ | 4 | | |
| 5,000 | | |
$ | 5 | | |
| 7,248,455 | | |
$ | 7,248 | | |
$ | 66,267,057 | | |
$ | (60,442,653 | ) | |
$ | (157,452 | ) | |
$ | 5,674,210 | |
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 and Nine Months Ended September 30,
2024 and 2023 (Continued)
(Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred
Stock B | | |
Preferred
Stock C | | |
Preferred
Stock D | | |
Preferred
Stock E | | |
Preferred
Stock F | | |
Common
Stock | | |
Additional | | |
| | |
| | |
| |
| |
#
of Shares | | |
Amount | | |
#
of Shares | | |
Amount | | |
#
of Shares | | |
Amount | | |
#
of Shares | | |
Amount | | |
#
of Shares | | |
Amount | | |
#
of Shares | | |
Amount | | |
Paid-in- Capital | | |
Accumulated
Deficit | | |
Treasury
Stock | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
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 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |