Q2 2026 Revenue Increases Nearly 30%, Driven by Initial Ramp in AI and Data Center Deployments
Over $100 Million in Growth Capital Secured Through Multiple Transactions
Company Reaffirms 2026 Guidance for 25 MW Deployed and Over $50 Million in Revenue
JACKSONVILLE, Fla., Aug. 17, 2026 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. ("Duos" or the "Company") (Nasdaq: DUOT), a leading provider of adaptive, modular, and scalable Edge Data Center solutions, reported financial results for the second quarter ("Q2 2026") ended June 30, 2026.
Second Quarter 2026 and Recent Operational Highlights
-- Signed five-year, 55 MW hosting agreements with Axe Compute valued at
more than $500 million, representing a significant commercial milestone
in the Company's strategy to develop and operate high-density AI
infrastructure
-- Entered into an exclusive term sheet with 0Lat LLC for a proposed
structured lease across a 15-site, 225-cabinet Edge Data Center portfolio
in Texas and Georgia, initiating a 90-day exclusivity and confirmatory
diligence period
-- Completed the sale of the Company's wholly owned rail technology
subsidiary, Duos Technologies, Inc. The divestiture marks the completion
of a broader strategic repositioning and enables the Company to fully
concentrate its resources on its Edge Data Center and AI infrastructure
businesses through Duos Edge AI, Inc. and Duos Technology Solutions, Inc.
-- Secured $111 million in contracted revenue with an investment-grade
hyperscaler to provide 10 MW of critical IT-load capacity for five years
at its Columbus, Georgia data center campus
-- The Company now has 25 MW contracted with all 25 MW planned for
deployment in 2026, demonstrating accelerating demand and an ability to
rapidly design, manufacture, and deploy modular infrastructure in
underserved Tier 3 and Tier 4 markets
-- Received $50.4 million in proceeds from the sale of substantially all the
assets of New APR Energy, LLC, in which the Company held a 5% minority
stake of the parent company
-- Closed $55 million registered direct offering with a single large
institutional investor, providing additional financial support for the
Company's growth plans, including the acquisition of its Columbus
facility and related infrastructure investments to fulfill contracted
customer deployments and expand the campus
-- Hosted six (6) open houses with additional events and grand openings
planned, showcasing the continued expansion of the Company's EDC pipeline
to support increasing demand for AI inference, training, and
high-performance computing workloads
-- Added to the Russell 2000$(R)$ Index as part of the 2026 Russell indexes
annual reconstitution
Second Quarter 2026 Financial Results
It should be noted that the following Financial Results represent the consolidation of the Company with its subsidiaries Duos Edge AI, Inc., Duos Technology Solutions, Inc. and Duos Energy Corporation ("Duos Energy").
Total revenues for Q2 2026 increased 30% to $6.18 million compared to $4.77 million in the second quarter of 2025 ("Q2 2025"). Total revenue for Q2 2026 represents an aggregate of approximately $3.23 million of Technology Solutions revenue, $2.91 million of Services and Consulting revenue, and approximately $.03 million of Hosting revenue. The increase in revenue was driven primarily by the increase in Technology Solutions revenue, which was partially offset by a decrease in Services and Consulting revenue in connection with the Company's continued reduction in the scope of services provided under the Duos Energy Asset Management Agreement (the "AMA") and the sale by New APR of substantially all of its assets in May 2026.
The Technology Solutions business unit provides manufacturer-agnostic infrastructure sourcing, integration, and value-added supply chain services supporting data center, AI, and enterprise deployments. The Company expects services revenue from both its hosting and technology solutions to increase throughout 2026. This growth is expected to be driven by the deployment of additional edge data centers coming online as well as expanding Technology Solutions revenue tied to growth in the data center market.
Cost of revenues for Q2 2026 decreased 9% to $2.73 million compared to $2.99 million for Q2 2025. The decrease was primarily due to reduced costs associated with the previously mentioned AMA and the wind-down of AMA-related activities.
Gross margin for Q2 2026 increased 94% to $3.45 million compared to $1.78 million for Q2 2025. Gross margin improved primarily due to the significantly reduced cost of revenues associated with the AMA and the growing contribution of the Technology Solutions business.
Operating expenses for Q2 2026 increased 2% to $3.40 million compared to $3.32 million for Q2 2025. The increase in expenses was attributable to increases in sales and marketing expenses as additional resources were deployed to support business development for the Edge Data Center and Technology Solutions businesses as well as general and administration expenses.
Net operating income for Q2 2026 totaled $0.05 million compared to net operating loss of $1.54 million for Q2 2025, our first positive operating quarter as a data center infrastructure company. The decrease in the loss was primarily driven by the favorable impact of increased Technology Solutions revenue, accelerated recognition of the remaining AMA-related deferred revenue, and improved gross margins.
Net income before taxes for Q2 2026 totaled $53.64 million compared to net loss of $1.62 million for Q2 2025. The increase in net income was primarily attributable to the gain on sale of investments previously noted in connection with the sale of substantially all of New APR's assets. Basic and diluted net income per common share was $1.61 and a loss of $0.14 and $1.37 and a loss of $0.14 for the three months ended June 30, 2026 and 2025, respectively.
Cash and cash equivalents at June 30, 2026 totaled $112.31 million compared to $15.47 million at December 31, 2025. In addition, the Company had over $15.90 million in receivables and contract assets for a total of approximately $128.21 million in cash and expected short-term liquidity.
Six Month 2026 Financial Results
Total revenues decreased 4% to $8.32 million from $8.68 million in the same period last year. Total revenue for the first six months of 2026 represents an aggregate of approximately $3.79 million of Technology Solutions revenue, $4.46 million of Services and Consulting revenue, and approximately $.06 million of Hosting revenue. The decrease in total revenues was primarily driven by the previously noted decrease in Services and Consulting revenue in connection with the Company's continued reduction in the scope of services provided under the AMA and the sale by New APR of substantially all of its assets in May 2026.
Cost of revenues decreased 32% to $3.82 million from $5.65 million in the same period last year. The decrease in cost of revenues was primarily due to reduced costs associated with the previously mentioned AMA and the wind-down of AMA-related activities.
Gross margin increased 48% to $4.50 million from $3.03 million in the same period last year. Gross margin improved primarily due to the significantly reduced cost of revenues associated with the AMA and the growing contribution of the Technology Solutions business.
Operating expenses increased 49% to $7.63 million from $5.11 million in the same period last year. The increase in expenses was largely attributable to increases in sales and marketing expenses as additional resources were deployed to support business development for the Edge Data Center and Technology Solutions businesses as well as general and administration expenses.
Net operating loss totaled $3.13 million compared to net operating loss of $2.07 million in the same period last year. The increase in loss from operations was primarily driven by higher operating expenses, offset by growth in Technology Solutions revenue and accelerated recognition of the remaining AMA-related deferred revenue.
Net income before taxes totaled $50.60 million compared to net loss of $2.44 million in the same period last year. The increase in net income was primarily attributable to the gain on sale of investments previously noted in connection with the sale of substantially all of New APR's assets. Basic and diluted net income per common share was $1.70 and a loss of $0.21 and $1.41 and a loss of $0.21 for the six months ended June 30, 2026 and 2025, respectively.
Financial Outlook
At the end of the second quarter, the Company's bookings represented approximately $43.5 million in revenue, of which all is expected to be recognized during the year, including contracted backlog and near-term anticipated awards. In addition, approximately $1.1 million of contracted Technology Solutions deferred revenue recorded in 2025 will be recorded as revenue in 2026, further supporting near-term performance. Duos Technology Solutions continues to add new customers and has approximately $28 million in backlog so far in 2026.
Based on these committed contracts and near-term pending orders that are already performing or scheduled to be executed throughout the course of 2026, the Company is reconfirming its expectation for total revenue in 2026 to exceed $50 million. A significant portion of this revenue is anticipated to be recognized in the second half of the year, aligned with project timing and infrastructure deployments, supporting continued operating leverage and progression toward the Company growth strategy.
Adjusted EBITDA for the second quarter of 2026 was $0.5 million. The Company did not report adjusted EBITDA in the prior-year period. Adjusted EBITDA was positive for the quarter, and the Company expects profitability to continue to improve as revenue ramps over the coming quarters and anticipates achieving positive adjusted EBITDA for the full year 2026.
Management Commentary
"In the second quarter and over the last several weeks, we have made tremendous progress both in operational execution and the fundamental repositioning of our business as a standalone AI infrastructure provider, " said Duos CEO Doug Recker. "Financially, we began to see the early stages of the substantial performance ramp we expect to build over the course of this year, highlighted by a 30% increase in revenue and a material improvement in profitability. We also secured over $100 million in growth capital through two major transactions: a $55 million direct investment with a single institutional investor and an additional $50.4 million in proceeds resulting from New APR's sale of substantially all its assets.
"Operationally, we recently announced the successful divestiture of our legacy rail operations, which will now enable us to fully concentrate our resources on the Edge Data Center and AI infrastructure businesses. We also agreed to terms on a new $111 million, 10 MW contract with an investment-grade hyperscaler to provide critical IT-load capacity, adding to our already-substantial backlog and supporting our reaffirmed outlook to provide 25 MW of compute and generate north of $50 million in revenue by the end of this year."
Conference Call
The Company's management will host a conference call on Monday, August 17, 2026, at 4:30 p.m. Eastern Time to discuss these results, followed by a question-and-answer period.
Date: Monday, August 17, 2026 Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time) U.S. dial-in: +1 877-407-3088 International: Dial-In Matrix Link Confirmation: 13761911
If you experience any difficulty accessing the call or wish to submit questions in advance, please contact the Company at DUOT@duostech.com. An audio replay of the call will also be available in the Investor Relations section of the Company's website following the event.
For additional information about the Company, please visit: www.duostechnologies.com | www.duosedge.ai.
About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, is focused on providing and managing modular data center colocation facilities and infrastructure solutions. Through its wholly owned subsidiaries Duos Edge AI, Inc., and Duos Technology Solutions, Inc., the Company delivers high function computing infrastructure at the "Edge" designed to support high power computing facilities suitable for AI and Enterprise Computing. Duos is strategically focused on scaling its edge data center platforms in conjunction with its data center infrastructure solutions business. It provides manufacturer-agnostic sourcing and fulfillment services to support efficient deployment of data centers and IT environments. Together, these platforms position the Company to address the growing demand for distributed digital infrastructure, while continuing to support legacy applications in Tier 3 and Tier 4 markets.
For more information, visit www.duostech.com and www.duosedge.ai.
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 generate sufficient cash to 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
Investor Relations
Tom Colton and Greg Bradbury
Gateway Group, Inc.
+1 949-574-3860 | DUOT@duostech.com
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months Ended For the Six Months Ended
June 30, June 30,
-------------------------- ----------------------------
2026 2025 2026 2025
---------- ---------- ---------- ----------
REVENUES:
Technology
solutions 3,231,544 $ - 3,793,998 $ -
Services and
consulting -
related
parties 2,911,330 4,760,403 4,463,902 8,675,153
Hosting Revenue 32,549 8,000 62,824 8,000
---------- ---------- ---------- ----------
Total Revenues 6,175,423 4,768,403 8,320,724 8,683,153
---------- ---------- ---------- ----------
COST OF
REVENUES:
Technology
solutions 2,404,108 - 2,910,678 -
Services and
consulting -
related
parties 226,255 2,976,469 770,112 5,634,537
Hosting 98,964 15,343 138,397 15,343
---------- ---------- ---------- ----------
Total Cost of
Revenues 2,729,327 2,991,812 3,819,187 5,649,880
---------- ---------- ---------- ----------
GROSS MARGIN 3,446,096 1,776,591 4,501,537 3,033,273
---------- ---------- ---------- ----------
OPERATING
EXPENSES:
Sales and
marketing 253,515 32,835 742,362 81,296
Research and
development - - - -
General and
administration 3,143,488 3,283,938 6,884,358 5,024,723
---------- ---------- ---------- ----------
Total Operating
Expenses 3,397,003 3,316,773 7,626,720 5,106,020
---------- ---------- ---------- ----------
INCOME (LOSS)
FROM
OPERATIONS 49,093 (1,540,182) (3,125,183) (2,072,747)
OTHER INCOME
(EXPENSES):
Interest expense (121) (87,348) (121) (406,660)
Interest
income on
lease
receivable 3,325 1,247 6,765 1,247
Interest
income 413,490 10,629 497,049 43,357
Other income,
net - (1,875) - (2,061)
Gain on sale
of
investments 53,173,803 - 53,226,105 -
---------- ---------- ---------- ----------
Total Other
Income
(Expenses),
net 53,590,497 (77,348) 53,729,798 (364,118)
---------- ---------- ---------- ----------
INCOME (LOSS)
FROM CONTINUING
OPERATIONS
BEFORE INCOME
TAXES $53,639,590 $(1,617,530) $50,604,615 $(2,436,865)
========== ========== ========== ==========
Income tax
expense $(4,984,170) $ - $(4,984,170) $ -
========== ========== ========== ==========
NET INCOME
(LOSS) FROM
CONTINUING
OPERATIONS NET
OF TAX $48,655,420 $(1,617,530) $45,620,445 $(2,436,865)
========== ========== ========== ==========
NET INCOME
(LOSS) FROM
DISCONTINUED
OPERATIONS NET
OF TAX $ (810,990) $(1,900,502) $(1,268,260) $(3,160,829)
========== ========== ========== ==========
NET INCOME
(LOSS) $47,844,430 $(3,518,032) $44,352,185 $(5,597,695)
========== ========== ========== ==========
Basic Net Income
(Loss) Per
Share From
Continuing
Operations $ 1.61 $ (0.14) $ 1.70 $ (0.21)
========== ========== ========== ==========
Basic Net Income
(Loss) Per
Share From
Discontinued
Operations $ (0.03) $ (0.16) $ (0.05) $ (0.27)
========== ========== ========== ==========
Basic Net Income
(Loss) Per
Share $ 1.58 $ (0.30) $ 1.65 $ (0.48)
========== ========== ========== ==========
Diluted Net
Income (Loss)
Per Share From
Continuing
Operations $ 1.37 $ (0.14) $ 1.41 $ (0.21)
========== ========== ========== ==========
Diluted Net
Income (Loss)
Per Share From
Discontinued
Operations $ (0.02) $ (0.16) $ (0.04) $ (0.27)
========== ========== ========== ==========
Diluted Net
Income (Loss)
Per Share $ 1.35 $ (0.30) $ 1.37 $ (0.48)
========== ========== ========== ==========
Weighted Average
Shares-Basic 30,143,928 11,847,115 26,899,063 11,619,714
========== ========== ========== ==========
Weighted Average
Shares-Diluted 35,538,098 11,847,115 32,258,735 11,619,714
========== ========== ========== ==========
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
June 30, December 31,
------------- ---------------
2026 2025
(unaudited)
ASSETS
CURRENT ASSETS:
Cash $112,308,012 $ 15,472,229
Accounts receivable, net 3,064,611 621,927
Accounts receivable, net -
related parties 222,923 5,304,231
Holdback receivable - related
parties 10,013,872 -
Lease receivable 36,307 35,361
Contract assets 2,558,125 -
Inventory 50,438 2
Prepaid expenses and other
current assets 1,461,767 487,660
----------- -----------
Total Current Assets 129,716,055 21,921,410
----------- -----------
Deposits on equipment 68,793,810 -
Deposit on real estate 5,800,000 -
Lease receivable, less current
portion 209,236 227,629
Property and equipment, net 29,726,514 27,311,933
Operating lease right of use
asset - Land, net 600,506 357,561
OTHER ASSETS:
Equity Investment - Sawgrass APR
Holdings LLC - 7,233,000
Patents and trademarks, net 14,601 15,111
----------- -----------
Total Other Assets 14,601 7,248,111
----------- -----------
Assets held for sale 6,426,222 6,342,772
----------- -----------
TOTAL ASSETS $241,286,943 $ 63,409,415
=========== ===========
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES:
Accounts payable $ 1,445,855 $ 4,592,930
Notes payable - financing
agreements 326,617 -
Accrued expenses 760,486 185,194
Income taxes payable 4,984,170 -
Operating lease obligation- Land
- current portion 103,224 53,000
Contract liabilities, current -
Technology Solutions 2,477,952 1,132,164
Contract liabilities, current -
related parties - 3,616,500
Total Current Liabilities 10,098,304 9,579,788
Contract liabilities, less
current portion 18,770,228 -
Operating lease obligation -
Land, less current portion 522,801 311,457
----------- -----------
Liabilities held for sale 4,490,799 4,965,605
----------- -----------
Total Liabilities 33,882,132 14,856,849
----------- -----------
Commitments and Contingencies
(Note 13)
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 June 30, 2026 and December 31, 2025, 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 June 30, 2026
and December 31, 2025, 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 June 30,
2026 and December 31, 2025,
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 999 issued
and outstanding at June 30,
2026 and December 31, 2025,
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;
12,500 and 12,500 issued
and outstanding at June 30,
2026 and December 31, 2025,
respectively, 13 13
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 June 30,
2026 and December 31, 2025,
respectively, - -
convertible into common stock
at $6.20 per share
Common stock: $0.001 par value;
500,000,000 shares authorized,
31,273,823 and 20,449,462
shares issued, 31,272,499 and
20,448,138 31,275 20,449
shares outstanding at June
30, 2026 and December 31,
2025, respectively
Additional paid-in-capital 247,381,829 132,892,595
Accumulated deficit (39,850,855) (84,203,040)
----------- -----------
Sub-total 207,562,263 48,710,018
Less: Treasury stock (1,324
shares of common stock
at June 30, 2026 and December
31, 2025) (157,452) (157,452)
----------- -----------
Total Stockholders' Equity 207,404,811 48,552,566
----------- -----------
Total Liabilities and
Stockholders' Equity $241,286,943 $ 63,409,415
=========== ===========
DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended
June 30,
-----------------------------
2026 2025
Cash from operating activities:
Net income (loss) $ 44,352,183 $(5,597,694)
Adjustments to reconcile net loss to
net cash used in operating activities:
Depreciation and amortization 96,249 15,410
Gain on sale on investments (53,226,105) -
Stock based compensation 1,752,332 2,133,933
Stock issued for services 208,750 90,000
Amortization of debt discount related
to warrant liabilities - 326,743
Amortization of right of use asset -
land 9,441 -
Amortization of lease right of use
asset - Edge Data Centers - 150,821
Provision for credit losses, accounts
receivable 40,561 -
Changes in assets and liabilities:
Accounts receivable (2,507,996) -
Accounts receivable-related parties 5,081,308 (952,898)
Lease receivable 17,447 2,789
Contract assets (2,558,125) -
Inventory (50,436) -
Prepaid expenses and other current
assets (220,791) 200,451
Accounts payable (3,147,075) (80,496)
Accrued expenses 5,559,462 181,437
Operating lease obligation - land 3,501 -
Financing lease obligations - Edge
Data Centers - (12,359)
Contract liabilities, Technology
solutions 1,345,788 -
Contract liabilities, related parties (3,616,500) (4,308,250)
Contract liabilities, less current
portion 18,770,228 -
----------- ----------
Net cash provided by (used in)
operating activities - continuing
operations 11,910,222 (7,850,113)
Net cash used in operating activities -
discontinued operations (549,458) (25,624)
Net cash provided by (used in)
operating activities 11,360,764 (7,875,737)
----------- ----------
Cash flows from investing activities:
Purchase of patents/trademarks
Deposits on equipment (68,793,810) -
Proceeds from sale of investments 50,392,931 -
Purchase of Marketable Securities (29,693,638) -
Sale of Marketable Securities 29,745,940 -
Deposit on real estate (5,800,000) -
Purchase of property and equipment (2,510,721) (1,363,560)
----------- ----------
Net cash used in investing activities -
continuing operations (26,659,298) (1,363,560)
Net cash used in investing activities -
discontinued operations (15,087) (24,482)
Net cash used in investing activities (26,674,385) (1,388,042)
----------- ----------
Cash flows from financing activities:
Repayments on financing agreements (389,565) (274,965)
Repayments of notes payable, related
parties - (1,000,000)
Proceeds from common stock issued 120,096,195 5,692,579
Proceeds from exercise of stock
options 374,326 144,777
Stock issuance costs (7,983,869) (205,238)
Proceeds from shares issued under
Employee Stock Purchase Plan 52,317 114,724
----------- ----------
Net cash provided by financing
activities - continuing operations 112,149,404 4,471,877
Net increase (decrease) in cash 96,835,783 (4,767,419)
Cash, beginning of period 15,472,229 6,266,296
----------- ----------
Cash, end of period $112,308,012 $ 1,498,877
----------- ----------
Supplemental Disclosure of Cash Flow
Information:
---------------------------------------
Interest paid $ - $ 3,865
----------- ----------
Taxes paid $ - $ 19,733
=========== ==========
Supplemental Non-Cash Investing and
Financing Activities:
---------------------------------------
Notes issued for financing of insurance
premiums $ 671,834 $ 477,727
----------- ----------
Transfer of inventory to property and
equipment $ - $ 49,609
----------- ----------
Subscription receivable $ - $ 98,235
----------- ----------
Transfer of property and equipment to
lease receivable $ - $ 282,772
----------- ----------
Non-cash financing activity: Warrants
issued as part of equity raise $ 2,305,016 $ -
----------- ----------
Conversion of Series E Preferred Stock
to common stock $ - $ 1
----------- ----------
Initial ROU asset and liability $ 256,765 $ -
----------- --
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