<SEC-DOCUMENT>0001553350-20-000473.txt : 20200518
<SEC-HEADER>0001553350-20-000473.hdr.sgml : 20200518
<ACCEPTANCE-DATETIME>20200518170727
ACCESSION NUMBER:		0001553350-20-000473
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200515
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200518
DATE AS OF CHANGE:		20200518

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DUOS TECHNOLOGIES GROUP, INC.
		CENTRAL INDEX KEY:			0001396536
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				650493217
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39227
		FILM NUMBER:		20890560

	BUSINESS ADDRESS:	
		STREET 1:		6622 SOUTHPOINT DRIVE S
		STREET 2:		SUITE 310
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32216
		BUSINESS PHONE:		904-296-2807

	MAIL ADDRESS:	
		STREET 1:		6622 SOUTHPOINT DRIVE S
		STREET 2:		SUITE 310
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DUOS TECHNOLOGY GROUP, INC.
		DATE OF NAME CHANGE:	20150710

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INFORMATION SYSTEMS ASSOCIATES, INC.
		DATE OF NAME CHANGE:	20070416
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>duot_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Current Report</TITLE>
<META NAME="author" CONTENT="Edgar">
<META NAME="date" CONTENT="04/28/2020">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin-top:0px; margin-bottom:8.867px">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="line-height:1pt; margin:0px; font-size:12pt" align=center><B>&nbsp;</B></P>
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<P style="margin:0px; font-size:12pt" align=center><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0px" align=center><B>Washington, D.C. 20549</B></P>
<P style="line-height:8pt; margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>&#151;&#151;&#151;&#151;&#151;&#151;</P>
<P style="line-height:8pt; margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:12pt" align=center><B>FORM 8-K</B></P>
<P style="line-height:8pt; margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>&#151;&#151;&#151;&#151;&#151;&#151;</P>
<P style="line-height:8pt; margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>CURRENT REPORT</B></P>
<P style="line-height:8pt; margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>
<P style="line-height:8pt; margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>Date of Report (Date of earliest event reported): &nbsp;May 15, 2020</B></P>
<P style="line-height:8pt; margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>&#151;&#151;&#151;&#151;&#151;&#151;</P>
<P style="line-height:8pt; margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:16pt" align=center><B>Duos Technologies Group, Inc.</B></P>
<P style="margin:0px; font-size:8pt" align=center><I>(Exact name of registrant as specified in its charter)</I></P>
<P style="line-height:8pt; margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>&#151;&#151;&#151;&#151;&#151;&#151;</P>
<P style="line-height:8pt; margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=208.133 /><TD width=207.933 /><TD width=207.933 /></TR>
<TR><TD style="margin-top:0px" valign=top width=208.133><P style="margin:0px" align=center><B>Florida</B></P>
</TD><TD style="margin-top:0px" valign=top width=207.933><P style="margin:0px" align=center><B>001-39227</B></P>
</TD><TD style="margin-top:0px" valign=top width=207.933><P style="margin:0px" align=center><B>65-0493217</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=208.133><P style="margin:0px; font-size:8pt" align=center><I>(State or Other Jurisdiction</I></P>
</TD><TD style="margin-top:0px" valign=top width=207.933><P style="margin:0px; font-size:8pt" align=center><I>(Commission</I></P>
</TD><TD style="margin-top:0px" valign=top width=207.933><P style="margin:0px; font-size:8pt" align=center><I>(I.R.S. Employer</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=208.133><P style="margin:0px; font-size:8pt" align=center><I>of Incorporation)</I></P>
</TD><TD style="margin-top:0px" valign=top width=207.933><P style="margin:0px; font-size:8pt" align=center><I>File Number)</I></P>
</TD><TD style="margin-top:0px" valign=top width=207.933><P style="margin:0px; font-size:8pt" align=center><I>Identification No.)</I></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>6622 Southpoint Drive S., Suite 310</B></P>
<P style="margin:0px" align=center><B>Jacksonville, Florida 32216</B></P>
<P style="margin:0px; font-size:8pt" align=center><I>(Address of Principal Executive Office) (Zip Code)</I></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>(904) 652-1601</B></P>
<P style="margin:0px; font-size:8pt" align=center><I>(Registrant&#146;s telephone number, including area code)</I></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin-top:8.867px; margin-bottom:0px" align=justify>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:</P>
<P style="margin-top:8.867px; margin-bottom:0px; font-family:Wingdings" align=justify>&#168;<FONT style="font-family:Times New Roman"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
<P style="margin-top:8.867px; margin-bottom:0px; font-family:Wingdings" align=justify>&#168;<FONT style="font-family:Times New Roman"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
<P style="margin-top:8.867px; margin-bottom:0px; font-family:Wingdings" align=justify>&#168;<FONT style="font-family:Times New Roman"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
<P style="margin-top:8.867px; margin-bottom:0px; font-family:Wingdings" align=justify>&#168;<FONT style="font-family:Times New Roman"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>
<P style="line-height:6pt; margin:0px" align=justify><BR></P>
<P style="margin:0px">Securities registered pursuant to Section 12(b) of the Act:</P>
<P style="line-height:6pt; margin:0px" align=justify>&nbsp;</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=212 /><TD width=6 /><TD width=199 /><TD width=6 /><TD width=199 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=212><P style="margin:0px; font-size:8pt" align=center><B>Title of each class</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6><P style="margin:0px; font-size:8pt" align=center>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=199><P style="margin:0px; font-size:8pt" align=center><B>Trading Symbol(s)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6><P style="margin:0px; font-size:8pt" align=center>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=199><P style="margin:0px; font-size:8pt" align=center><B>Name of each exchange on which registered</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=212><P style="margin:0px" align=center>Common Stock</P>
</TD><TD style="margin-top:0px" valign=top width=6><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=199><P style="margin:0px" align=center>DUOT</P>
</TD><TD style="margin-top:0px" valign=top width=6><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=199><P style="margin:0px" align=center>Nasdaq Capital Market</P>
</TD></TR>
</TABLE>
<P style="line-height:6pt; margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</P>
<P style="line-height:6pt; margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Emerging growth company &nbsp;<FONT style="font-family:Wingdings">&#168;</FONT></P>
<P style="line-height:6pt; margin:0px"><BR></P>
<P style="margin:0px" align=justify>If an emerging growth company, indicate by checkmark 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.&nbsp;<FONT style="font-family:Wingdings">&#168;</FONT></P>
<P style="line-height:6pt; margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:2.2px; padding-bottom:4px; border-bottom:1.333px solid #000000">&nbsp;</P>
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<P style="margin:0px"><BR></P>
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<BR></P>
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<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><B>Item 2.02 Results of Operations and Financial Condition</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify>On May 15, 2020, Duos Technologies Group, Inc. (the <font style='font-family:Arial Unicode MS,Times New Roman'>&#8220;</font>Company<font style='font-family:Arial Unicode MS,Times New Roman'>&#8221;</font>) issued a press release announcing the financial and operating results of the Company for the quarter ended March 31, 2020. The text of the press release is furnished as Exhibit 99.1 and incorporated herein by reference.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Additionally, on May 15, 2020, the Company held an earnings phone call open to the public (the &#147;Earnings Call&#148;). Mr. Gianni B. Arcaini, Chairman of the Company&#146;s Board of Directors and Chief Executive Officer along with Mr. Adrian G. Goldfarb, the Company&#146;s Chief Financial Officer, discussed the financial and operating results of the Company for the quarter ended March 31, 2020 as well as the Company&#146;s revised guidance for fiscal year 2020 due to the uncertainty related to Covid 19. The script for the Earnings Call is furnished hereto as Exhibit 99.2 and incorporated herein by reference.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><B>Item 7.01&nbsp;Regulation FD&nbsp;Disclosure.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">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.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><U>Cautionary Note Regarding Forward-Looking Statements</U></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=justify>This Current Report on Form 8-K includes information that may constitute forward-looking statements. These forward-looking statements are based on the Company&#146;s current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. Forward looking statements include, without limitation, statements relating to projected industry growth rates, the Company&#146;s current growth rates and the Company&#146;s present and future cash flow position. A variety of factors could cause actual events and results, as well as the Company&#146;s expectations, to differ materially from those expressed in or contemplated by the forward-looking statements. Risk factors affecting the Company are discussed in detail in the Company&#146;s filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable securities laws.</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>The information in Item 2.02 and Item 7.01 to this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed &#147;filed&#148; 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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The Press Release and script of the Earnings Call can also be found on our website at https://duostechnologies.com.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><B>Item 9.01&nbsp;&nbsp;Financial Statements and Exhibits.</B></P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<P style="margin:0px">(d)&nbsp;Exhibits</P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=58 /><TD width=8 /><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=58><P style="margin:0px; font-size:8pt"><B>Exhibit No.</B></P>
</TD><TD style="margin-top:0px" valign=top width=8><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; font-size:8pt"><B>Description of Exhibit</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=58><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top width=58><P style="margin:0px">99.1</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=top width=8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; color:#0000FF"><A HREF="duot_ex99z1.htm"><U>Press Release dated May 15, 2020</U></A><FONT style="color:#000000"></FONT></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=58><P style="margin:0px">99.2</P>
</TD><TD style="margin-top:0px" valign=top width=8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px; color:#0000FF"><A HREF="duot_ex99z2.htm"><U>Script of Earnings Call with Mr. Gianni B. Arcaini and Mr. Adrian G. Goldfarb, dated March 18, 2020</U></A><FONT style="color:#000000"></FONT></P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
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<P style="margin-top:0px; margin-bottom:8.867px" align=center>2</P>
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<P style="margin:0px" align=center><B>SIGNATURES</B></P>
<P style="margin-top:8.867px; margin-bottom:0px">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.</P>
<P style="margin-top:9.8px; margin-bottom:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=42.333 /><TD width=248 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=290.333 colspan=2><P style="margin:0px"><B>DUOS TECHNOLOGIES GROUP, INC.</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=42.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=248><P style="margin:0px">&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=42.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=248><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px">Dated: May 18, 2020</P>
</TD><TD style="margin-top:0px" valign=top width=42.333><P style="margin:0px">By:&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=248><P style="margin:0px">/s/&nbsp;<I>Adrian Goldfarb</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=42.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=248 rowspan=2><P style="margin:0px">Adrian Goldfarb</P>
<P style="margin:0px">Chief Financial Officer</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=42.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
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<P style="margin-top:0px; margin-bottom:8.867px" align=center>3</P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>duot_ex99z1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>Press Release</TITLE>
<META NAME="author" CONTENT="Steven Hart">
<META NAME="date" CONTENT="05/18/2020">
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<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px" align=right><B>EXHIBIT 99.1</B></P>
<P style="margin:0px" align=right><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=343.2 /></TR>
<TR><TD style="margin-top:0px"><P style="margin:0px; font-family:Arial Black,Arial; font-size:18pt; color:#0000FF">duos<FONT style="color:#000000">tech</FONT></P>
</TD><TD style="margin-top:0px" width=343.2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=right><B>FOR IMMEDIATE RELEASE</B></P>
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<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:18pt" align=center><B>Duos Technologies Group Reports First Quarter 2020 Results</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Jacksonville, FL / Accesswire / May 15, 2020 - </B>Duos Technologies Group, Inc. (&#147;Duos&#148; or the &#147;Company&#148;) (Nasdaq: DUOT), a provider of intelligent security analytical technology solutions, reported financial results for the first quarter ended March 31, 2020. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>First Quarter 2020 and Recent Operational Highlights</B></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; float:left">&#183;</P>
<P style="margin-top:0px; margin-bottom:4px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Awarded a $1.8 million contract for a turn-key Rail Inspection Portal (<FONT style="color:#0000FF"><U>rip&#174;</U></FONT>), which is expected to be completed by the end of the third quarter of this year.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left">&#183;</P>
<P style="margin-top:0px; margin-bottom:4px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Successfully listed onto the Nasdaq Capital Market and began trading under the ticker symbol <font style='font-family:Arial Unicode MS,Times New Roman'>&#8220;</font>DUOT<font style='font-family:Arial Unicode MS,Times New Roman'>&#8221;</font> effective February 13, 2020. In connection with the listing, Duos management rang the ceremonial Nasdaq Opening Bell on February 21, 2020.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left">&#183;</P>
<P style="margin-top:0px; margin-bottom:4px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Also in connection with being listed on the Nasdaq, completed underwritten public offering of 1,542,188 shares of common stock at an offering price of $6.00 per share, resulting in total gross proceeds of $9.25 million, which includes the exercise of its over-allotment option prior to deducting underwriting discounts, commissions and offering expenses payable by the Company.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left">&#183;</P>
<P style="margin-top:0px; margin-bottom:4px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Implemented first full-scale rip&#174; in record time for CSX Transportation, Inc.,<FONT style="font-family:Cambria,Times New Roman; font-size:11pt"> </FONT>one of the seven Class 1 Railroad operators who own and operate a combined 140,000 miles of rail track.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left">&#183;</P>
<P style="margin-top:0px; margin-bottom:4px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Substantially completed another rip&#174; with a different customer, which is scheduled for final acceptance at a site in Mexico &nbsp;upon lifting of travel restrictions related to COVID 19. </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin-top:0px; margin-bottom:4.8px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman; font-size:12pt">Awarded $945,000 follow-on contract for Monroe County Sheriff<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s office in Florida to provide the Company<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s Intelligent Correctional Automation System, <FONT style="font-family:Arial Black,Arial; font-size:10pt">ic</FONT><FONT style="font-family:Arial Black,Arial; font-size:10pt; color:#0000FF">a</FONT><FONT style="font-family:Arial Black,Arial; font-size:10pt">s</FONT><FONT style="font-family:Arial">&#153;,</FONT> which is expected to be implemented starting in late 2020 and completed in 2021.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt; page-break-before:always" align=justify><B>First Quarter 2020 Financial Results</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><I>It should be noted that the following Financial Results represent the consolidation of the Company with its subsidiaries Duos Technologies, Inc. and</I> <I>truevue360&#153;.</I></P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Total revenue</B> decreased 77% to $<FONT style="background-color:#FFFFFF">991,000</FONT> compared to $4.35 million in the same quarterly period. The majority of the decrease in total revenue for the quarter was due to delays in anticipated contract awards due to business interruptions affecting several customers. &nbsp;Such business interruptions have also caused delays in &nbsp;some project execution. The current pandemic related to the coronavirus (COVID-19) outbreak has temporarily impacted expected receipt of awards and caused delays in execution due to travel and other restrictions.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gross profit</B> decreased 95% to $103,000 (10% of total revenue) compared to $2.13 million (49% of total revenue) in the same quarterly period last year.<FONT style="font-family:Times New Roman; font-size:10pt"> </FONT>The overall decrease in gross profit reflects the lower revenues for the quarter and increased costs for equipment related to project implementation which was not offset in the current quarter due to the aforementioned &nbsp;delays. </P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Operating expenses</B> increased 5% to $2.19 million from $2.08 million in the same quarterly period<A NAME="_Hlk521331753"></A>. The increase in operating expense was primarily due to an increase in resources to support the Company&#146;s anticipated growth, including research and development, administration and artificial intelligence (AI) technologies expenses, which were offset by a decrease in engineering and sales and marketing expenses. &nbsp;</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Net loss</B> totaled $2.15 million, a decrease from net income of $44,000 in the same quarter a year-ago. <A NAME="_Hlk529699188"></A>The increase in net loss was primarily <A NAME="_Hlk521331832"></A>attributable to<FONT style="font-family:Times New Roman; font-size:10pt"> <A NAME="_Hlk39836491"></A></FONT>the aforementioned lower revenues.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Cash and cash equivalents</B> at quarter-end totaled $6.6 million, compared to $56,000 at December 31, 2019.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt; page-break-before:always" align=justify><B>Financial Outlook</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>As a result of delays in project execution resulting from the restrictive travel environment currently in place as well as the additional, uncertain final impact on the overall economy from the COVID-19 outbreak, it is uncertain if the Company will realize the 2020 revenue guidance previously stated. Going forward, the Company will continue to re-evaluate the growth and predictability of its operating performance with respect to providing financial forecasts.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Management Commentary</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>&#147;We began the year with significant operational momentum and in one of the strongest positions in company history,&#148; said Duos Chairman and CEO Gianni Arcaini. &#147;Unfortunately, like many businesses, we were not immune to the effects of the ongoing global pandemic, which caused business disruptions for most of our key customers and consequently impacted our operations during the first quarter. As an essential business, we were able to continue working uninterrupted, allowing us to provide critical services and tech support for our on-going commitments. </P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>&#147;Prior to the COVID-19 outbreak, our expectations had already factored in a modest start to the year with sequential growth going forward, and that projection remains intact. The $1.8 million rip&#174; award we received in April was a strong step forward in the right direction, and, hopefully, an indication of progress ahead. We expect to receive a number of additional awards in the near future, however, because of the uncertainty that remains, we cannot accurately quantify the full impact on our operations for the remainder of the year at this time. We have and will continue to push forward in a challenging environment, and we remain confident in the long-term growth opportunity in rail transportation and the other industries we serve.&#148;</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt; page-break-before:always" align=justify><B>Conference Call</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>The Company&#146;s management will host a conference call today, Friday, May 15, 2020 at 11:00 a.m. Eastern time (8:00 a.m. Pacific time) to discuss these results, followed by a question and answer period. </P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Date: Friday, May 15, 2020</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>U.S. dial-in: (877) 407-3088</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>International dial-in: +1 (201) 389-0927</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Confirmation: 13703531</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>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 Gateway Investor Relations at (949) 574-3860.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><FONT style="background-color:#FFFFFF">The conference call will be broadcasted live via telephone and available for online replay via the investor section of the Company's website </FONT><FONT style="background-color:#FFFFFF"><U>here</U></FONT><FONT style="background-color:#FFFFFF">.</FONT></P>
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<P style="margin-top:0px; margin-bottom:7.333px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B>About Duos Technologies Group, Inc.</B></P>
<P style="margin-top:0px; margin-bottom:7.333px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiary, Duos Technologies, Inc., provides advanced, analytical technology solutions with a strong portfolio of intellectual property. The Company&#146;s core competencies include intelligent technologies that combine machine learning, artificial intelligence and advanced video analytics that are delivered through its proprietary integrated enterprise command and control centraco&#174; platform. The Company provides its broad range of technology solutions with an emphasis on mission critical security, inspection and operations within the rail transportation, retail, petrochemical, government, and banking sectors. Duos Technologies also offers professional and consulting services for large data centers. For more information, visit <FONT style="color:#0000FF"><U>www.duostech.com</U></FONT>.</P>
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<P style="margin-top:0px; margin-bottom:7.333px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B><I>Forward Looking Statements</I></B></P>
<P style="margin-top:0px; margin-bottom:7.333px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><I>This press release contains &#147;forward-looking statements&#148; within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking terminology such as &#147;believes,&#148; &#147;expects,&#148; &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;anticipates,&#148; &#147;plans,&#148; or similar expressions or the negative of these terms and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause Duos Technologies Group, Inc.&#146;s actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in Duos&#146; Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in Duos&#146; filings with the SEC.</I></P>
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<TR><TD style="margin-top:0px" valign=top width=313.4><P style="margin-top:0px; margin-bottom:7.333px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B>Contacts:</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=313.4><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B>Corporate</B></P>
<P style="margin-top:0px; margin-bottom:7.333px; font-family:Calibri,Times New Roman; font-size:11pt">Tracie Hutchins</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt">Duos Technologies Group, Inc. (Nasdaq: DUOT)</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt">(904) 652-1601</P>
<P style="margin-top:0px; margin-bottom:7.333px; font-family:Calibri,Times New Roman; font-size:11pt; color:#0000FF"><U>tlh@duostech.com</U><U></U></P>
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<P style="margin-top:0px; margin-bottom:7.333px; font-family:Calibri,Times New Roman; font-size:11pt"><B>Investor Relations</B></P>
<P style="margin-top:0px; margin-bottom:7.333px; font-family:Calibri,Times New Roman; font-size:11pt">Matt Glover or Tom Colton</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt">Gateway Investor Relations</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt">(949) 574-3860</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt; color:#0000FF"><U>DUOT@GatewayIR.com</U><U></U><FONT style="color:#000000"> </FONT></P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt; page-break-before:always" align=center><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center><B>CONSOLIDATED STATEMENTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center><B>(Unaudited)</B></P>
<P style="margin-top:0px; margin-bottom:7.333px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=5.533 /><TD width=11.667 /><TD width=62.467 /><TD width=5.533 /><TD width=5.533 /><TD width=7.267 /><TD width=59.133 /><TD width=5.4 /></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=151.6 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>For the Months Ended</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>March 31,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=74.133 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>2020</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=66.4 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:8pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">REVENUES:</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=74.133 colspan=2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.4 colspan=2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Technology systems</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=11.667><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>513,674</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.267><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,918,438</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Technical support</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>345,187</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>321,474</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Consulting services</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>132,084</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>112,169</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">AI technologies</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.133><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=62.467><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=59.133><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Total Revenues</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>990,945</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>4,352,081</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=62.467><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=59.133><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">COST OF REVENUES:</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.133><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Technology systems</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>581,544</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,092,994</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Technical support</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>234,276</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>105,324</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Consulting services</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>72,260</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>22,919</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">AI technologies</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.133><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=62.467><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=59.133><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Total Cost of Revenues</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>888,080</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,221,237</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=62.467><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=59.133><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">GROSS PROFIT</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>102,865</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,130,844</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=62.467><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=59.133><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">OPERATING EXPENSES:</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.133><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Research and development</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>406,392</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>383,421</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Engineering</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>312,428</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>465,907</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Sales &amp; marketing</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>139,852</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>250,425</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Administration</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,015,559</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>803,327</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">AI technologies</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>316,549</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>181,314</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.133><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Total Operating Expenses</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,190,780</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,084,394</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.133><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">PROFIT (LOSS) FROM OPERATIONS</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(2,087,914</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>46,450</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.133><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">OTHER INCOME (EXPENSES):</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=62.467><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=59.133><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Interest Expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(68,932</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(2,621</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Other income, net</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>9,798</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>340</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.133><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Total Other Income (Expense)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(59,134</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=5.533><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(2,281</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=5.4><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.133><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">NET PROFIT (LOSS)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(2,147,048</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=5.533><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>44,169</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.133><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=62.467><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=59.133><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">Basic Net Profit (Loss) Per Share</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.667><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(0.80</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=5.533><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.267><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.03</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">Diluted Net Profit (Loss) Per Share</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=11.667><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(0.80</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.267><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.01</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.467><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=59.133><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">Weighted Average Shares-Basic</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,687,482</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,547,946</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">Weighted Average Shares-Diluted</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.667><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=62.467><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,687,482</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.533><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.267><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=59.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,485,891</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=5.4><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; padding-left:-78px; padding-right:-72px; font-family:Calibri,Times New Roman; font-size:11pt; page-break-before:always" align=center><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center><B>CONSOLIDATED BALANCE SHEETS</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=6.733 /><TD width=6.867 /><TD width=67.2 /><TD width=6.733 /><TD width=6.733 /><TD width=6.867 /><TD width=67.2 /><TD width=6.6 /></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=74.067 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>March 31,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=74.067 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>December 31,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.067 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>2020</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.067 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=top width=74.067 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>(Unaudited)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:8pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>ASSETS</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">CURRENT ASSETS:</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Cash</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>6,552,888</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>56,249</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Accounts receivable, net</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>645,536</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,611,608</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Contract assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>383,700</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,375,920</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Prepaid expenses and other current assets</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>887,035</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>716,598</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Total Current Assets</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>8,469,159</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>4,760,375</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Property and equipment, net</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>246,811</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>260,181</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Operating lease right of use asset</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>374,287</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>430,146</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">OTHER ASSETS:</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Software Development Costs, net</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>15,000</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>20,000</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Patents and trademarks, net</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>67,566</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>61,598</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Total Other Assets</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>82,566</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>81,598</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">TOTAL ASSETS</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>9,172,823</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>5,532,300</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">CURRENT LIABILITIES:</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Accounts payable</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>663,746</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,641,437</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Accounts payable - related parties</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>12,491</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>12,791</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Notes payable - financing agreements</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>184,580</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>42,299</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Notes payable - related parties, net of discounts</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>954,299</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>905,373</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Line of credit</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>65</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>27,615</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Payroll taxes payable</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>12,390</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>115,111</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Accrued expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>150,969</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>393,272</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Current portion - financing lease&nbsp;&nbsp;agreements</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>46,520</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>45,072</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Current portion-operating lease obligations</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>248,985</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>239,688</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Contract liabilities</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>10,170</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>8,661</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Deferred revenue</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>681,673</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>936,428</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Total Current Liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,965,888</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>5,367,747</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Finance lease payable</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>76,876</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>89,026</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Operating lease obligations</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>137,535</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>202,797</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Total Liabilities</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,180,299</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>5,659,570</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">Commitments and Contingencies (Note 6)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">STOCKHOLDERS' EQUITY (DEFICIT):</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Preferred stock:&nbsp;&nbsp;$0.001 par value, 10,000,000 authorized, 9,485,000 shares available to be designated</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Series A redeemable convertible cumulative preferred stock, $10 stated value per share, 500,000 shares designated; 0 issued and outstanding at March 31, 2020 and December 31, 2019, convertible into common stock at $6.30 per share</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Series B convertible cumulative preferred stock, $1,000 stated value per share, 15,000 shares designated; 1,705 and 1,705 issued and outstanding at March 31, 2020 and December 31, 2019, convertible into common stock at $7 per share</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,705,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,705,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Common stock:&nbsp;&nbsp;$0.001 par value; 500,000,000 shares authorized, 3,525,838 and 1,982,039 shares issued, 3,524,514 and 1,980,715 shares outstanding at March 31, 2020 and December 31, 2019, respectively</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,526</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,982</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Additional paid-in capital</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>39,329,214</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>31,063,915</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Total stock &amp; paid-in-capital</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>41,037,740</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>32,770,897</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Accumulated deficit</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(34,887,764</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(32,740,715</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Sub-total</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>6,149,976</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>30,182</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Less:&nbsp;&nbsp;Treasury stock (1,324 shares of common stock at March 31, 2020 and December 31, 2019)</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(157,452</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(157,452</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">Total Stockholders' Equity (Deficit)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>5,992,524</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(127,270</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.867><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.6><P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">Total Liabilities and Stockholders' Equity (Deficit)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>9,172,823</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.867><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>5,532,300</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.6><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt; page-break-before:always" align=center><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center><B>(Unaudited)</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=6.667 /><TD width=6.8 /><TD width=67.133 /><TD width=6.733 /><TD width=6.733 /><TD width=6.8 /><TD width=67.2 /><TD width=6.733 /></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=161.4 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>For the Three Months Ended</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=161.4 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>March 31,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=73.933 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>2020</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=74 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=73.933 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=74 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman" align=center><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Cash from operating activities:</B></P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman"><B>Net profit (loss)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(2,147,048</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>44,169</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Adjustments to reconcile net loss to net cash (used in) provided by operating activities:</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>48,647</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>41,132</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Stock based compensation</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>8,100</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>21,892</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Stock issued for services</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>7,500</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Interest expense related to debt discounts</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>48,926</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Changes in assets and liabilities:</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Accounts receivable</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,966,072</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(2,084,943</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Contract assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>992,220</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>921,608</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Prepaid expenses and other current assets</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(5,062</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>91,898</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Operating lease right of use asset</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>55,858</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(557,485</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Accounts payable</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(1,977,690</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>643,916</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Related payable-related party</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(300</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Payroll taxes payable</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(102,721</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(156,843</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Accrued expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(242,303</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>26,265</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Operating lease obligation</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(55,965</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>571,245</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Contract liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,509</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(999,048</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Deferred revenue</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(254,755</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(63,965</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Net cash used in operating activities</B></P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(1,657,012</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(1,500,159</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">Cash flows from investing activities:</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Purchase of patents/trademarks</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(7,310</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Purchase of fixed assets</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(28,935</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(88,511</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Net cash used in investing activities</B></P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(36,245</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(91,511</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">Cash flows from financing activities:</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Repayments of line of credit</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(27,550</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(921</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Issuance cost</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(1,001,885</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Repayments of insurance and equipment financing</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(23,094</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(64,295</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Payment of finance lease</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(10,702</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Proceeds from common stock issued</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>9,253,128</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Proceeds from warrants exercised</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,650,000</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Net cash provided by financing activities</B></P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>8,189,897</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,584,784</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Net increase (decrease) in cash</B></P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>6,496,640</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(6,886</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Cash, beginning of period</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>56,249</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,209,301</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Cash, end of period</B></P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>6,552,889</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,202,415</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman"><B><U>Supplemental Disclosure of Cash Flow Information:</U></B></P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Interest paid</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>6,643</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,536</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-family:Calibri,Times New Roman"><B><U>Supplemental Non-Cash Investing and Financing Activities:</U></B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Common stock issued for accrued BOD fees</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>7,500</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Note issued for financing of insurance premiums</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.667><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=67.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>165,375</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=6.8><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=67.2><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>165,864</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=6.733><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
</TABLE>
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<P style="margin:0px" align=center><BR>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>duot_ex99z2.htm
<DESCRIPTION>EARNINGS CALL TRANSCRIPT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Earnings Call &nbsp;Transcript</TITLE>
<META NAME="keywords" CONTENT="Conference Title">
<META NAME="author" CONTENT="InComm Conferencing">
<META NAME="date" CONTENT="05/18/2020">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px; font-size:11pt" align=right>&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=right><B>EXHIBIT 99.2</B></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:14pt" align=center><B>Duos Technologies </B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:14pt" align=center><B>Q1 2020 Earnings Call</B></P>
<P style="margin:0px; padding-bottom:4px; font-family:Calibri,Times New Roman; font-size:14pt; border-bottom:2px solid #000000" align=center><B>May 15, 2020</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-48px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B><U>Presenters</U></B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gianni Arcaini - Chairman and Chief Executive Officer</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Adrian Goldfarb - Chief Financial Officer</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B><U>Q&amp;A Participants</U></B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B>Ashok Kumar, ThinkEquity</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B>Michael Legg, Benchmark </B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B>Richard Jackson, TrueNorth Financial Solutions</B></P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><FONT style="background-color:#FFFFFF"><B>Operator</B></FONT><FONT style="background-color:#FFFFFF"> &nbsp;</FONT></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Good afternoon and welcome to Duos Technologies First Quarter (audio gap) Conference Call. Joining us for today's call are Duos&#146; Chairman and CEO, Gianni Arcaini, and CFO Adrian Goldfarb. Following their remarks, we will open up the call for your questions. Then before we conclude today's call, I will provide the necessary cautious regarding the forward-looking statements made by management during this call. Now, I would like to turn the call over to Duos&#146; Chairman and CEO, Gianni Arcaini. Thank you. Please proceed.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gianni Arcaini</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Thank you, operator. Welcome, everyone, and thank you for joining us. First and foremost, our heart goes out to the many families impacted by the devastating effects of the coronavirus. We hope you and your families remain safe and healthy during this challenging time. Given not much time has past since our last update call a little over a month ago, my prepared remarks today will be brief. Early today, we issued a press release announcing our financial results for the first quarter 2020, as well as other operational highlights. A copy of the press release is available in the Investor Relations section of our website.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>As I mentioned on our last call just a few weeks ago, we began to view a significant operational momentum and in one of the strongest position in the company history. We had a record financial performance in 2019 and achieved a number of multi-year company milestones in the first few months of 2020. In February, we completed a successful capital raise of more than 9 million and up listed to the NASDAQ capital market. In better times, we believe the added visibility from a national listing will allow us to grow our profile within a more substantial investment pool. Additionally, our secured capital position will provide us with the necessary resources to continue growing our business over the long term. In interim, we have the necessary reserves to face the current unprecedented market volatilities.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center>InComm Conferencing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page <FONT style="font-size:12pt"><B>1</B></FONT> of <B>11</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.incommconferencing.com</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Turning to our results for the first quarter, like many business, we were not immune to the effects of the ongoing global pandemic, which caused business disruptions for most of our key customers and consequently impacted our operations, and it completely impact us in our current quarter. As an essential business we were able to continue working uninterrupted, allowing us to provide critical services and tech support for our ongoing commitments.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>As I mentioned on our last call prior to the COVID-19 outbreak, our expectations had already effected in a modest start to the year with some sequential growths going forward, and that project remains intact. The 1.8 million RIP award we received in April was a strong step forward in the right direction and hopefully an indication of progress ahead. We expect to receive a number of additional awards in the very near future. However, because of the uncertainty that remains, we cannot accurately quantify the full impact on our operations for the remainder of the year at this time. We have and will continue to push forward in a challenging environment, and we remain confident in the long term growth opportunity in rail transportation and the other industries we serve.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>We remain bullish about our long term prospects, and in the midst of the current environment, we are continuing to control what is within our power to ensure that we are ready and fully operational when things hopefully return to some semblance of normalcy. The development of several new technologies, which we initiated before the start of the pandemic, is continuing uninterrupted, and we will announce completion as they pass our better testing phase. Now before I go any further into our recent updates, I will now turn the call over to our CFO, Adrian Goldfarb, who will walk us through our financial results for the quarter. Adrian?</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Adrian Goldfarb</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Thank you, Gianni. Now turning to our financial results for the first quarter. Total revenue for the first quarter decreased 77% to 991,000 compared to 4.35 million in the equivalent quarter in 2019. I would note that the original plan put in place before the current situation was for just 1.17 million for the quarter due to the cyclical nature of our business after a very strong Q4.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Most of the decrease in total revenue for the quarter was due to delays and anticipated contract awards due to business interruptions affecting several customers. Such business interruptions have also caused delays in some project execution, which caused the quarter to be slightly worse than anticipated. The current pandemic related to the coronavirus/COVID-19 outbreak has temporarily impacted expected receipt of awards and caused delays in execution due to travel and other restrictions.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Gross profit in Q1 was 103,000, or 10% of revenues, which was a decrease of 95% from 2.13, million or 49% of revenues, for the equivalent quarter in 2019. The overall decrease in gross profits reflects the lower revenues for the quarter and certain fixed costs related to project implementation, which was not offset by revenues in the current quarter due to certain custom delays previously described.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center>InComm Conferencing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page <FONT style="font-size:12pt"><B>2</B></FONT> of <B>11</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.incommconferencing.com</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Turning to our costs, operating expenses increased 5% in Q1 2020 to 2.19 million from 2.08 million in the same quarterly period last year. The increase in operating expense was primarily due to an increase in resources to support our anticipated growth, including research and development, administration and artificial intelligence technologies expenses, which were offset by decrease in engineering and sales and marketing expenses. We recorded a net loss in Q1 of 2.15 million, or $0.80 loss per share, compared to net income of 44,000, or $0.01 per share, in the equivalent quarter in 2019. The increase in net loss was primarily attributable to the lower revenues previously disclosed. The loss also includes approximately 317,000 in R&amp;D expenses for the truevue360 subsidiary, which did not recognize any revenue in the quarter.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Let's now discuss the balance sheet. We ended the quarter with $6.6 million in cash and cash equivalents, and we also had net receivables of 646,000. As Gianni mentioned earlier, our substantially improved cash position was the result of our successful capital raise of more than $9 million in February of this year before banking fees and expenses. In Q1, we used $1.7 million in cash in operations. The increase in net cash used in operations for the three months ended March 31, 2020, with the result of higher expenditures related to current and future project execution in anticipation of new projects. Finally, I'd like to provide an update on our current financial projections. We have previously provided revenue guidance of $20 million for 2020, which would represent an approximate 47% increase over the 13.6 million recorded in 2019. This guidance was based on contracts in backlog and near-term pending orders that are already performing or scheduled to be executed throughout the course of 2020.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>As a result of delays in project execution resulting from the restrictive travel environment currently in place, as well as the additional uncertain impact on the overall economy from the COVID-19 outbreak, we are not providing 2020 revenue guidance at this time. Going forward we will continue to reevaluate the growth and predictability of our operating performance with respect to providing financial forecasts. While we still expect to generate growth in 2020, we have refraining from providing updating annual revenue expectations until more reliable information becomes available. With that, I'll now turn the call back over to Gianni to provide an update on the business. Gianni?</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gianni Arcaini</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Thanks, Adrian. I will now highlight some of our major achievements and wins for the quarter, as well as provide an update on our truevue360 activities before finishing with a brief outlook for the remainder of the year. Beginning first with our customer wins, as I mentioned on our last call in January of this year, we successfully implemented the first full-scale rail inspection portal in record time for CSX transportation, one of the seven class one railroad operators who owned and operate a combined 140,000 miles of rail track. After completion, the portal was featured in a promotional video published by CSX hiring the renewed and expanded commitment to safety improvement and technological enhancements. As an existing customer by the first-time buyer of our next generation rail car inspection portal system, CSX has shown that they remain committed to working with cutting-edge technology providers like Duos to ensure the highest level of safety and efficiency.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center>InComm Conferencing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page <FONT style="font-size:12pt"><B>3</B></FONT> of <B>11</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.incommconferencing.com</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>The next phase of this project includes the addition of an initial set of 20 Artificial Intelligence models, which, when installed over the coming month, will mark the completion of the overall automation process. Next, we're also substantially completed another rail inspection portal with a different customer, which is scheduled for final acceptance at a site in Mexico as soon as COVID-19 travel restrictions are lifted.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Moving to more recent awards, post Q1 in April, we were awarded a $1.8 million contract for a turnkey Rail Inspection Portal, which is expected to be completed by the end of the third quarter of this year. While we're happy to get this deal finalized, this is the contract we had initially planned on signing in the first quarter and it's emblematic of the delays in major decision making Adrian just mentioned earlier. Earlier this week, we were also awarded the $945,000 follow-on contract for Monroe County Sheriff's Office in Florida to provide our Intelligent Correctional Automation System, or ICAS. As a provider of intelligent analytical technology solution, Duos is also a leader in intelligent integrated command and control solutions for correctional facilities.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Our ICAS system provides all digital video, intercom, detention door control, and access control and is integrated into a singular command and control platforms known as Centraco (sp)<B>.</B>&nbsp;The completely integrated system provides superior monitoring and control, is substantially more cost-effective, and integrates all aspects of control into a single intuitive user interface (sp). ICAS was specifically designed to replace legacy jail and correctional facility automation systems based upon the all programmable logic controller technology and human-machine interfaces.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>The new modular digital input/output system will coordinate all aspects of controlled movement and situational awareness for the facility. Implementation is expected to begin later this year with the completion date in 2021. We appreciate our continued relationship and long-standing service to the Monroe County Sheriff Office. Going forward, we plan to pursue the correction facilities (unintelligible) as we expand our business development plan.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>We will next we move to truevue360. At the beginning of the year&#151;sorry. At the beginning of the first quarter of 2019, we launched truevue360, a subsidiary whose mission is to develop market and operate artificial intelligence and deep machine learning applications. Truevue360 will not only serve our current customer base, but also pursue many AI opportunities with other verticals. In Q3 of 2019, we announced our first major contract and expect to begin recognizing initial revenue from our truevue360 operations beginning in 2020. Long-term, we expect truevue360 contribute significantly to our recurring revenue base over time.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>The investment that we have and will continue to make in our truevue360 subsidiary is included now for the consolidated financial statements. I will now take a minute to provide some specific updates on our truevue360 artificial intelligence activities from the quarter. Beginning with our AI labeling (unintelligible), labeling images is one of the most important steps to ensure the functionality of any AI applications. This is where the system receives the instructions on what to look for. In addition to the millions of images we are readied annotated, we currently have a library of approximately 4 million images in our labeling pipeline. Today, we have been using the AI student body of the University of Florida computer engineering class to label our database of images.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center>InComm Conferencing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page <FONT style="font-size:12pt"><B>4</B></FONT> of <B>11</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.incommconferencing.com</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Most recently, we have expanded the labeling team and now&#151;and have now a team of over 50 labelers working 24/7 for total projected image processing of approximately 700,000 images per month, which represents a throughput of four times our current processing capacity. The increase throughput of image labeling will significantly impact our application quality as we will be able to present images to our AI engine in an order of magnitude greater than where we were before.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Moving next to our AI applications, we are making a great progress in developing the AI applications and models for our existing customers. On average, we are retraining seven models a week until we reach 95% accuracy, at which point these models are deployed for live validation with the customers environments. We also experimenting with novel AI applications using drone video footage processing and high-speed rail car analysis looking for car separation.</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>On the business development front, we are in active discussions with a number of existing and new potential customers, and I hope we'll be able to announce additional awards in the very near future.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>We are very optimistic about the long term opportunity within our AI business and will continue to devote resources to support its growth. On that front, truevue360 recently filled the important position of COO with the hiring of Aaron Wood. Aaron will be working side by side with our CTO David Ponevac to drive both the technical and the business development of our AI business. We also recently agreed to terms with a new business development manager who will solely focused on BD with truevue360 and will continue to recruit additional key personnel to meet our development roadmap.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Looking ahead to the remainder of the year, our current outlook has been impacted to a degree based on the information we currently have. We still expect to grow this year and driven (sp) our success from 2019. However, the timeline for growth has been extended and remains a bit uncertain. We will continue to keep an open dialogue with all our customers. As of Monday next week, we will resume regular operations as our local and state governments have lifted the work from home directives. We have and will continue to push forward in the challenging environment, and we remain confident in the long term growth opportunity, innovative transportation, and the other industries we serve. And with that, we are ready hoping the call for your questions. Operator, please provide appropriate instructions.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Operator</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Thank you. At this time we will conduct 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 followed by the number 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. Our first question comes from a Ashok Kumar (sp). Please state your question.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center>InComm Conferencing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page <FONT style="font-size:12pt"><B>5</B></FONT> of <B>11</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.incommconferencing.com</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Ashok Kumar</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Thank you very much. Thank you, Gianni and Adrian. Could you comment on the bookings&#151;the 25 million, 30 million you had for the year? Is that still intact, and is the delivery timeline is stretched out? And two is, could you also talk about expanding average selling prices given increasing functionality in your product line, including embedding AI? Thank you very much.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Adrian Goldfarb</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Yes. I will address the question. So, the bookings that you're referring to is the orders or anticipated orders. And obviously with the current situation, that has been delay in that mainly, because our customers, as Gianni referenced earlier, have been delayed in that. However, the good news is that we have not seen any speculations (sp) at this time or the timeframe for implementation. And remember, our projects are typically long term, but we are still quite comfortable with the booking situations.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gianni Arcaini</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Yeah. As to the implementation of new technologies, we are at the fast pace in developing these new technologies. Number one, we&#151;we&#146;re about to complete the installation of our first 3D automated pantograph system. Unfortunately, Chicago metro labor has been recalled during the COVID crisis, but we understand that that's going to resume rather soon. And so, we are at the final stages so we can start beta testing. On the AI side, as recorded previously, we're making great progress in developing and implementing the AI into the novels for the rail and for our retail customers. We are in the process of upgrading our hardware infrastructure so that we can quadruple the learning process of the models. Right now, we can only process a limited number, but we already are in the process of expanding our hardware platform, so we can quadruple that process.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Ashok Kumar</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Okay. Thank you very much and all the best.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gianni Arcaini</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Thank you.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Adrian Goldfarb</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Thanks, Ashok.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Operator</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Our next question comes from Michael Legg with Benchmark. Please state your question.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Michael Legg</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Hey. Could you guys talk a little bit about more of your conversations with your client, specifically CSX? And you mentioned you have an open dialogue with them. Can you talk a little bit&#151;originally we thought you might have more access to the tracks given the pandemic, and now we're hearing the travel is kind of slowing it. What are you hearing from the customers as far as are they putting these on hold, or are they in active dialogues trying to figure out a way to get them going?</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center>InComm Conferencing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page <FONT style="font-size:12pt"><B>6</B></FONT> of <B>11</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.incommconferencing.com</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gianni Arcaini</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Well, I would say the latter is the fact. So, the best example and confirmation is that CSX just gave us an order for the next rail inspection portal. We were hoping to get two in this year, but one of the delays that they essentially instilled upon us is that they gave us one inspection portal for the $1.8 million revenue that we will complete before the end of the third quarter. We are hoping that the second one is still going to happen later this year, but I don't think there is a slowdown. Remember that our technology helps our customers to essentially economize on the cost of maintenance. So, I would think that, especially now in these days where there is a distance&#151;social distance process, and there's also a cost cutting process within our large customers, I think that there will be a continuous pressure on them to replace manual processes with technology. So, we feel quite bullish that our process won't go away. It may be slowed down because of prudent capital allocation among those larger customers, but we don't see any risk&#151;downside risk when we lose this revenue.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Michael Legg</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Okay. Great. Now&#151;and along those lines, when you look at the pipeline that you have or you had at the beginning of the year&#151;and obviously you said there's no cancellations, what can you do as far as getting those systems up and ready for installation? Do you need access for the site? How much can you complete ahead, and are you?</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gianni Arcaini</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Well, actually, the good news is that we, over the past year and a half, have adjusted our deployment strategies. And so, when we needed two months for site installation, that's been cut down to one month. So, we are pre-assembling pretty much everything before it gets installed so we minimized the loss track time we need from the customer. The limitations right now really are more the logistics within our customers than the logistics within our organization. We are fully operational, but most of the large customers, especially on the rail side, they are limiting the free mobility of their staff. So, I think it's really a question of a couple of more months until we see going back to normal operation among the customers.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Michael Legg</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Okay. Great. And then just one last or two actually. One are any of the segments more of a focus for you now, or they're all still going from the RIP term and also the command and control? Any area that you can proceed more so during this environment?</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gianni Arcaini</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>No, we really&#151;from our standpoint, we are not really limited by it. I think that we&#146;re just pushing right now to complete the projects that are on the drawing board. We have&#151;we expect a couple of follow on orders from another customer in Canada. I don't like to say the name, but those should be forthcoming very, very soon. It's a matter of days I believe, and then we will be able to install everything. Those we are not dependent on our travel capability, because the physical installation is done by our subcontractors, which are local. So, again, I think, going forward, we continue to be quite bullish.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center>InComm Conferencing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page <FONT style="font-size:12pt"><B>7</B></FONT> of <B>11</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.incommconferencing.com</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>And this is the last question. I mean, obviously this is impacting everyone's balance sheet. And while your balance sheet is very strong and you're well-positioned for the rest of the year, obviously with the delay in the business model going forward from the COVID, how far do you speak to&#151;will this cash they'll get you through breakeven, or do you not know at this point?</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Adrian Goldfarb</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Yeah. At this time&#151;I've done considerable analysis for this, and this cash will get us through (unintelligible). There&#146;s no plan for any capital raises.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Michael Legg</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Okay. Great. Thanks, guys.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gianni Arcaini</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>No problem.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Operator</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Thank you. Just a reminder, to ask a question, press star one on your telephone keypad. To remove yourself from the queue, press star followed by the number two. Once again, to ask a question, press star one on your telephone keypad. Our next question comes from Bill Chapman. Please state your question. Bill Chapman, your line is open.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Bill Chapman</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Okay. Thank you very much. Good morning, guys.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gianni Arcaini</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Good morning.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Bill Chapman</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>I was curious, on your correctional automation system, will you be marketing that directly, or will it be through Biltmore Constructions or anyone else to help you market it?</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gianni Arcaini</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>So, the dialogue with the end user&#151;the customer (unintelligible) office has been direct. However, they are building a new courthouse and a new jail, and the general contract is with Biltmore. That's why the contract itself was done through Biltmore, but we talked to the end user directly. One of the things that&#146;s (sp) interesting on the correctional market is that almost the entire market is controlled by engineering firms, which are essentially specialized on correctional facilities. So, yeah, that's the answer to it (sp).</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Bill Chapman</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Okay. So, I'm assuming this is really&#151;this will be a slow growth initiative for you guys, I presume?</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gianni Arcaini</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Yeah. The correctional (unintelligible) is in slow because of the budget cycle&#151;mainly because of the budget cycle. Typically, the life cycle for contract is about a year, year and half, but the interesting thing is that we believe we have the only modern technology for correction facilities. The one thing we did last time in the first phase was that we were able to upgrade their technology while the population was still inside the jail. So, we didn't have to evacuate anything. And that's a very unique capability, because typically most technologies require shutdown of one and installation of the other. We were able to develop the process in a way that we can really, in parallel, upgrade our technology without affecting the population of the jail.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Bill Chapman</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Okay. You mention the substantial cost savings. Is this more with less personnel in the facility?</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gianni Arcaini</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Yeah. It's less personnel and much more accurate information flow directly to the Sheriff's office. So, I got to say one thing, though, that we are going to slow down the hiring process, and we're going to try to revisit the resources we add to our organization. And since this is a longer lead item, we are most likely not going to proceed with hiring a dedicated business development team for that. We haven't included in our projections any income for additional jails at this point. So, that would be the prudent thing to do to postpone hiring dedicated team. But as long as we don't hire a dedicated team, the business development obviously is not going to come by itself. But that's one of the things&#151;I don't want to mislead you in thinking that we said&#151;we're going to have 5 to 10 jails a year, because we don't have the infrastructure and the staffing to do that right now.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Bill Chapman</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Okay. That's really&#151;that's where I was heading with this. Thanks for clarifying.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gianni Arcaini</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Thanks.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Bill Chapman</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Okay. Goodbye.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gianni Arcaini</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Goodbye.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center>InComm Conferencing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page <FONT style="font-size:12pt"><B>9</B></FONT> of <B>11</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.incommconferencing.com</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Our next question comes from Richard Jackson with TrueNorth Financial Solutions. Please state your question.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Richard Jackson</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Good morning, gentlemen. I'm fairly new to the story here, but I thought I read in the past press release that you're doing some beta tests with both the MTA and on a few banks involving their security systems. I want to (sp) get updates on those. And is the bank solution similar to the present solution, or is it a different platform?</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gianni Arcaini</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>So, with the banks, particularly a big customer, Texas Capital Bank, in the last year, we provided a security infrastructure to 36 subsidiaries where we did the entire soup-to-nuts (sp) from digital video to access control in a calm (unintelligible). That's been our legacy bread-and-butter, and so we have an infrastructure which can handle these things. We expect that the bank, who is in the process of merging and adding hundreds additional branches, we expect some business flow. Again, we have been very conservative in our projections. We have only projected a modest increase in that business, but most likely we will be pleasantly surprised.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>On the MTA and New York transit, I presume you&#146;re talking about that. We have matured our product, and it's now branded as (unintelligible) where we are using artificial intelligence not only to detect objects of people falling on the track, but we also can now classify what the objects are. For instance, we can classify if someone's wearing a hard hat and safety vest, and we can then decide this is an allowed intrusion. We can look at other classification. So, that product is matured, and we are talking to a variety of potential customers to apply that technology.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>We are also in discussions with the Florida DOT, and hopefully we&#146;ll be able to have a (unintelligible) technology grade crossings throughout the state of Florida. This same technology can be applied not only to the tracks of a passenger rail but also can be applied by railroad crossings and any other similar conditions where you have people intruding the safety space. So, that's part of our&#151;this year's initiative. I discussed that truevue360 added the business development capability, and that will be one of the major targets that we're going to pursue this year.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Richard Jackson</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Thank you.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gianni Arcaini</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>You&#146;re welcome.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center>InComm Conferencing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page <FONT style="font-size:12pt"><B>10</B></FONT> of <B>11</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.incommconferencing.com</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Operator</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>At this time this concludes our question-and-answer session. I'd now like to turn the call back over to Mr. Arcaini for his closing remarks.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Gianni Arcaini</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Well, thank you for joining us today. I especially want to thank our employees and partners and investors for their continued support. We look forward to updating you on our next call. Operator?</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>Operator</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>Thank you. Before we conclude today's call, I would like to provide to you (audio gap) a 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 Private Securities Litigation Reform Act of 1995. Forward-looking terminology such as &nbsp;believes, expects, may, will, should, anticipate, plans, and their opposites are similar expressions are intended to identify forward-looking statements.</P>
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<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify>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 the statements and the projections upon which the statements are based and could cause Duos Technologies Groups Incorporated&#146;s actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include but are not limited to those described in item 1-A in Duos's 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 Technology Groups 2020 first quarter earnings conference call. You may now disconnect.</P>
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