<SEC-DOCUMENT>0001079973-24-000583.txt : 20240423
<SEC-HEADER>0001079973-24-000583.hdr.sgml : 20240423
<ACCEPTANCE-DATETIME>20240423161022
ACCESSION NUMBER:		0001079973-24-000583
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240423
DATE AS OF CHANGE:		20240423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DUOS TECHNOLOGIES GROUP, INC.
		CENTRAL INDEX KEY:			0001396536
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				650493217
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-278649
		FILM NUMBER:		24864909

	BUSINESS ADDRESS:	
		STREET 1:		7660 CENTURION PARKWAY
		STREET 2:		SUITE 100
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32256
		BUSINESS PHONE:		904-296-2807

	MAIL ADDRESS:	
		STREET 1:		7660 CENTURION PARKWAY
		STREET 2:		SUITE 100
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32256

	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>424B3
<SEQUENCE>1
<FILENAME>duos_424b.htm
<DESCRIPTION>PROSPECTUS
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(3)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No. 333-278649</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DUOS TECHNOLOGIES GROUP, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>998,337 Shares of Common Stock Offered by Selling
Stockholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This prospectus relates to the offering and resale
by the Selling Stockholders identified herein of up to 998,337 shares of common stock, par value $0.001 per share (the &#8220;Common Stock&#8221;),
of Duos Technologies Group, Inc. (the &#8220;Company&#8221;) issuable upon the conversion of a total of 870 shares of Series D Convertible
Preferred Stock, par value $0.001 per share (the &#8220;Series D Preferred Stock&#8221;), and 2,125 shares of Series E Convertible Preferred
Stock, par value $0.001 per share (the &#8220;Series E Preferred Stock&#8221;). In a private placement we sold to the Selling Stockholders
(i) 500 shares of Series D Preferred Stock and 2,125 shares of Series E Preferred Stock on March 22, 2024, (ii) 120 shares of Series D
Preferred Stock on March 28 2024, and (iii) 250 shares of Series D Preferred Stock on April 3, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Selling Stockholders may from time to time sell,
transfer, or otherwise dispose of any or all of the securities in a number of different ways and at varying prices. See &#8220;<A HREF="#a_0208">Plan
of Distribution</A>&#8221; beginning on page 22 of this prospectus for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are not selling any shares of Common Stock in this
offering, and we will not receive any proceeds from the sale of shares by the Selling Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Common Stock is currently quoted on the Nasdaq
Capital Market under the symbol &#8220;DUOT.&#8221; On April 9, 2024, the closing price as reported on the Nasdaq Capital Market was $3.10
per share. This price will fluctuate based on the demand for our Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Selling Stockholders may offer all or part of
the shares for resale from time to time through public or private transactions, at either prevailing market prices or at privately negotiated
prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This prospectus provides a general description of
the securities being offered. You should read this prospectus and the registration statement of which it forms a part before you invest
in any securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Investing in our securities involves a high degree
of risk. See &#8220;<A HREF="#a_0204">Risk Factors</A>&#8221; beginning on page 12 of this prospectus for a discussion of information
that should be considered in connection with an investment in our securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The date of this prospectus is April 22, 2024</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>



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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 94%; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 6%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>PAGE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_0201"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus Summary</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_0202"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Offering</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_0203"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary of Consolidated Financial Information</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_0204"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_0205"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary Note Regarding Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_0206"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_0207"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling Stockholders</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_0208"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan of Distribution</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_0209"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market for Common Equity and Related Shareholder Matters</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_0210"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_0211"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_0212"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors, Executive Officers and
    Corporate Governance</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_0213"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Compensation</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_0214"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Ownership of Certain Beneficial Owners and Management</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_0215"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Relationships and Related Party Transactions</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_0216"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Capital Stock</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_0217"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interests of Named Experts and Counsel</FONT></A></TD>
    <TD STYLE="text-align: right">51</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_0218"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where You Can Find More Information</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_0219"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation of Certain Information by Reference</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_0220"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Index to Consolidated Financial Statements</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This prospectus is part of a registration statement
that we have filed with the Securities and Exchange Commission (the &#8220;SEC&#8221; or the &#8220;Commission&#8221;). By using such
a registration statement, the Selling Stockholders may, from time to time, offer and sell shares of our common stock pursuant to this
prospectus. It is important for you to read and consider all of our information contained in this prospectus before making any decision
whether to invest in the common stock. You should also read and consider the information contained in the documents that we have incorporated
by reference as described in &#8220;Where You Can Find More Information,&#8221; and &#8220;Incorporation of Certain Information by Reference&#8221;
in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We and the Selling Stockholders have not authorized
anyone to give any information or to make any representations different from that which is contained or incorporated by reference in this
prospectus in connection with the offer made by this prospectus and, if given or made, such information or representations must not be
relied upon as having been authorized by the Company or any Selling Stockholder. Neither the delivery of this prospectus nor any sale
made hereunder and thereunder shall under any circumstances create an implication that there has been no change in the affairs of the
Company since the date hereof. You should assume that information contained in this prospectus is accurate only as of the date on the
front cover hereof. Our business, financial condition, results of operations and prospects may have changed since that date. This prospectus
does not constitute an offer or solicitation by anyone in any state in which such offer or solicitation is not authorized or in which
the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT ID="a_0201"></FONT><B>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>This summary highlights selected information appearing
elsewhere in this prospectus. While this summary highlights what we consider to be important information about us, you should carefully
read this entire prospectus before investing in our common stock, especially the risks and other information we discuss under the headings
&#8220;<A HREF="#a_0204">Risk Factors</A>&#8221; and &#8220;<A HREF="#a_0210">Management&#8217;s Discussion and Analysis of Financial
Condition and Results of Operations</A>&#8221; and our consolidated financial statements and related notes beginning on page F-1. Our
fiscal year end is December 31 and our fiscal years ended December 31, 2022 and 2023 are sometimes referred to herein as fiscal years
2022 and 2023, respectively. Some of the statements made in this prospectus discuss future events and developments, including our future
strategy and our ability to generate revenue, income, and cash flow. These forward-looking statements involve risks and uncertainties
which could cause actual results to differ materially from those contemplated in these forward-looking statements. See &#8220;<A HREF="#a_0205">Cautionary
Note Regarding Forward-Looking Statements</A>&#8221;. Unless otherwise indicated or the context requires otherwise, the words &#8220;we,&#8221;
&#8220;us,&#8221; &#8220;our&#8221;, the &#8220;Company&#8221; or &#8220;our Company&#8221; or &#8220;Duos&#8221; refer to Duos Technologies
Group, Inc., a Florida corporation, and our wholly owned subsidiary, Duos Technologies, Inc. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Our Corporate History</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Information Systems Associates, Inc. (&#8220;ISA&#8221;)
was incorporated in Florida on May 31, 1994. Our original business operations consisted of consulting services for asset management of
large corporate data centers and the development and licensing of information technology (&#8220;IT&#8221;) asset management software.
In late 2014, ISA entered negotiations with Duos Technologies, Inc. (&#8220;duostech&#8482;&#8221;) for the purposes of executing a merger
between the two organizations (also known as a &#8220;reverse triangular merger&#8221;). Incorporated under the laws of Florida on November
30, 1990, duostech&#8482; operated in various industry segments, specializing in the design, development and deployment of proprietary
technology applications and turn-key engineered systems. This transaction was completed on April 1, 2015, whereby duostech&#8482; became
a wholly owned subsidiary of ISA. After the merger was completed, ISA changed its corporate name to Duos Technologies Group, Inc. The
Company, based in Jacksonville, Florida, oversees its wholly owned subsidiary, duostech&#8482; and employs approximately 71 people and
is a technology company which designs, develops, deploys and operates intelligent technology solutions with a focus on software applications
and artificial intelligence (&#8220;AI&#8221;). The Company has a strong portfolio of intellectual property. The Company&#8217;s headquarters
are located at 7660 Centurion Parkway, Suite 100, Jacksonville, Florida 32256 and main telephone number is (904) 296-2807.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Aptos; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company, operating under its brand name </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #548DD4"><B>duos</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">tech</FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
develops and deploys technology systems with focus on inspecting and evaluating moving vehicles. Its technology focus is within the Vision
Technology market sector and, more specifically, the Machine Vision subsector. Machine Vision companies provide imaging-based automatic
inspection and analysis for process control for industry with potential expansion into other markets. Duos has developed key technologies
over the past several years in software, industry specific hardware and artificial intelligence and has demonstrated industrial strength
usability of its systems supporting rail, logistics and intermodal businesses that streamline operations, improve safety and reduce costs.
Our team includes engineering subject matter expertise in hardware, software, and information technology as well as industry specific
applications of artificial intelligence also referred to as Expert Artificial Intelligence. We also have specific industry experts in
the rail industry on staff and as consultants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Duos is currently developing industry solutions for
its target markets which will address rail, trucking, aviation and other vehicle-based processes. Duos&#8217; initial offering, the Railcar
Inspection Portal (RIP), provides both freight and transit railroad customers and select government agencies the ability to conduct fully
remote railcar inspections of trains while they are moving at full speed. The RIP utilizes a variety of sophisticated optical, laser and
speed sensors to scan each passing railcar to create a high-resolution image-set of the top, sides and undercarriage. These images are
then processed with our edge data center using artificial intelligence (AI) algorithms to identify safety and security defects on each
railcar. The algorithms are developed in conjunction with industrial application experts, in this case resident Railcar Mechanical Engineers,
to provide specific guidance in the analysis (&#8220;human in the loop&#8221;). Within seconds of the railcar passing through the RIP,
a detailed report is sent to the customer where they are able to take action on identified issues. This solution has the potential to
transform the railroad industry immediately increasing safety, improving efficiency and reducing costs. The Company has already deployed
this system with several Class 1 railroads and anticipates an increased demand from transit and other railroad customers along with selected
government agencies that operate and/or manage rail traffic. The Company has deployed RIPs in Canada, Mexico and the United States and
anticipates expanding this solution into Europe, Asia and the Middle East in coming years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has also developed the Automated Logistics
Information System (ALIS) which automates gatehouse operations where transport trucks enter and exit large logistics and intermodal facilities.
This solution incorporates a similar set of sensors, data processing and artificial intelligence to streamline the customer&#8217;s logistics
transactions and tracking and can also automate the security and safety inspection if called for. The Company has already deployed this
system with one large North American retailer and anticipates increased demand from other large retailers, railroad intermodal operators
and select government agencies that manage logistics and border crossing points. The Company is evaluating other solutions for moving
vehicles including aircraft, which could provide similar benefits in terms of safety and efficiency for required inspections as part of
an operations process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have developed two proprietary solutions that operate
our software and artificial intelligence. <FONT STYLE="background-color: white"><B>cen</B></FONT><B><FONT STYLE="color: #548DD4">t</FONT><FONT STYLE="background-color: white">raco</FONT><SUP>&#174;
</SUP></B>is an Enterprise Information Management Software platform that consolidates data and events from multiple sources into a unified
and distributive user interface. Customized to the end user&#8217;s Concept of Operations (CONOPS), it provides improved situational awareness
and data visualization for operational objectives compared to traditional manual inspections. <FONT STYLE="color: #548DD4"><B>true</B></FONT><B><FONT STYLE="background-color: white">vue</FONT>360<SUP>&#8482;
</SUP></B>is our fully integrated platform that we utilize to develop and deploy Artificial Intelligence (AI) algorithms, including Machine
Learning, Computer Vision, Object Detection and Deep Neural Network-based processing for real-time applications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These same Artificial Intelligence applications have
begun to open up other opportunities for the Company to provide revenue producing solutions with potentially high market adoption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2021, the Company ended support of its IT Asset
Management (ITAM) solution which cataloged results for data center asset inventory and audit services. We are currently evaluating using
our current operations experience within &#8220;edge data centers&#8221; (as deployed for our Railcar Inspection Portal) to drive additional
revenues within other markets requiring this type of solution although no specific offering has been developed at this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the last quarter of 2022, the Company elected not
to renew a support contract for its Integrated Correctional Automation System (iCAS) for one customer. The Company subsequently sold its
iCAS assets to a buyer during the second quarter of 2023 for $165,000 via a convertible note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The year 2022 ushered in a new phase in the Company&#8217;s
development. Although we continue to see an extension of challenges faced in past years, we also see positive changes and opportunities
for our business that will be discussed in greater detail herein. They include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&#160;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling customized RIPs to Class 1, short-line and other industrial companies where specialized applications or routes demand a bespoke solution.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&#160;&#160;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #548DD4"><B>duos</B></FONT><B>tech&#8482;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</P>

<P STYLE="font: 10pt Aptos; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Railcar Inspection
Portal</I> (</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">r<FONT STYLE="color: #548DD4">i</FONT>p</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">&#174;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Federal regulations require each railcar/train to
be inspected for mechanical defects prior to leaving a rail yard. Founded in 1934, the Association of American Railroads (AAR) is responsible
for setting the standards for the safety and productivity of the U.S./North American freight rail industry, and by extension, has established
the inspection parameters for the rail industry&#8217;s rolling stock. Also known as the &#8220;Why Made&#8221; codes, the AAR established
approximately 110 inspection points under its guidelines for mechanical inspections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under current practice, inspections are conducted
manually, a very labor intensive and inefficient process that only covers a select number of inspection points and can take several hours
per train. We believe our Railcar Inspection Portal has the potential to reduce this inspection to minutes while the train is moving at
speed, improving safety, reducing dwell time and optimizing maintenance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our system combines high-definition image and data
capture technologies with our AI-based analytics applications that are typically installed on active tracks located between two rail yards.
We inspect railcars traveling through our inspection portal at speeds of up to 70 mph and report mechanical anomalies detected by our
system to the inbound train yard, well ahead of the train entering the yard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Currently, three Class 1 railroads and several transit
and international railroads use our rip&#174; technology with one of those railroads broadly deploying the technology across its network.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company continues to expand its detection capabilities
through the development and integration of additional sensor technologies to include laser, infrared, thermal, sound and x-ray to process
AI-based analytics of inspection points. Currently the Company has a high-reliability catalog of over 48 artificial intelligence algorithms
which can be integrated into the RIP to enhance mechanical anomalies detections. These detections support railroads in the active maintenance
and overall safety of their railcar fleet and networks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Markets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe the opportunity for our Railcar Inspection
Portal business is substantial and continues to be our number one priority. We are currently engaged with the RIP solution with three
of seven Class 1 railroad operators with 13 systems already deployed across the North American rail network. Because of our early leadership
position, we have been able to accumulate experience and intellectual property that we believe would be time-consuming and expensive for
a new competitor to replicate. Furthermore, we believe we have the ability to upgrade and scale our solutions with additional technologies
in the future. We believe that the current market for our technologies is substantial. At the same time, we recognize that the technology
life cycle is fast and evolving. Potential competitors could move into this sector, and it is possible that some Class 1 railroads could
develop their own solutions that limit our total addressable market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In late 2022, the Company announced it will pursue
a subscription platform for the RIPs. Under this new model, the Company will build, own and operate its RIP product and offer the data
access for each portal to potential customers. This expansion of the RIP offering would potentially open up the addressable market to
other railroads, railcar owners, and car lessors. This shift increases the pool of potential customers by lowering the entry point for
the RIP and would reshape the Company&#8217;s working capital needs to invest in the construction of a RIP ahead of customer revenue inflows.
The Company continues to explore this expansion on the long-term effects it may have on future cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Aptos; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Another
market we are pursuing as our second priority is using our Automated Logistics and Information Systems solution (</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a<FONT STYLE="color: #548DD4">l</FONT>is</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&#8482;</B>)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
Potential customers include commercial retail logistics and intermodal operators, Class 1 rail intermodal operators that are moving large
amounts of automobiles, and U.S. Government agencies such as the Department of Defense and the Department of Homeland Security. Today,
we currently have 20 production systems in use, but we believe the greenfield opportunity here to be substantial. We have identified over
900 lanes of traffic within nearly 300 facilities as potential business opportunities in the near-term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Currently, we are focused on the North American market,
but plan to expand globally in the future with interest from Europe, Asia and the Middle East.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Patents and Trademarks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company holds a number of patents and trademarks
for our technology solutions. We protect our intellectual property rights by relying on federal, state, and common law rights, as well
as contractual restrictions. We control access to our proprietary technology by entering into confidentiality and invention assignment
agreements with all of our employees and contractors, and confidentiality agreements with third parties. We also actively engage in monitoring
activities with respect to infringing uses of our intellectual property by third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Specific Areas of Competition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">One of our primary commercial goals is to develop
innovative technology solutions and target potential &#8220;greenfield&#8221; market spaces in order to maximize our business footprint
and give us the ability to help define the market parameters for the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other companies that participate in the visual and
optical (laser) based railcar inspection systems market include Wabtec (Beena Vision), KLD Labs, WID, IEM, and Camlin Rail. Some Class
1 railroads have stated that they are developing &#8220;in-house&#8221; solutions. We believe that Duos has a significant competitive
advantage in that we have multiple years of deployment experience, have access to millions of images where our RIP has performed scans
with AI analysis and in-house industry expertise to train our systems and make identification of common problems more automated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Automated Logistics Information System (ALIS)
also represents an opportunity to expand into a mature market that we believe has a significant technology gap.&#160; While most facilities,
such as distribution centers, that process commercial trucks in and out have sophisticated software management applications for logistics
control, they have most often not implemented an advanced gatehouse automation solution. Historically, this category was referred to as
&#8220;Automated Gate Systems&#8221; or AGS.&#160; The purpose of AGS technology is to streamline entry in to and exit out of facilities.&#160;
The marketplace for this was mostly seaports and intermodal transfer facilities and was relatively expensive technology to deploy.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Our Growth Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Vision</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company designs, develops, deploys and operates
intelligent technology solutions for inspecting and evaluating moving objects. Its technology application focus is within the rail and
intermodal markets which offers imaging-based automatic inspection and analysis for process control for industry with potential expansion
into other markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Objectives</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Organic Growth</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our organic growth strategy is to continue our focus
and prioritization in the rail, logistics and intermodal market space. In this regard, the Company has made significant changes in the
senior management team to include a new Chief Executive Officer, who joined the Company in September 2020 and has years of experience
successfully leading start-up and turn-around companies. In addition, a key account executive from one of Duos&#8217; competitors joined
the team during late 2022 to support continued revenue growth of the business bringing significant sales experience focused around the
rail market. In the third quarter of 2023, the Company also brought on a new Chief Commercial Officer bringing significant experience
from the sales and operations aspects of the intermodal and power industries. In 2021, the Company also hired a new Chief Technology Officer
bringing 25 years of experience in designing and delivering value driven technologies. Our new CTO has already led the team through instrumental
changes to its approach to software and artificial intelligence development. The team also saw a change in CFO in late 2022 with the new
CFO bringing significant experience in growth for asset-intensive businesses which aligns with the subscription format the Company will
expand into.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The new leadership team&#8217;s
focus is to improve operational and technical execution which will in turn enable the commercial side of the business to expand RIP and
ALIS delivery into existing and new customers. Even though supply chain issues are expected to continue in 2024, the Company&#8217;s primary
customers have indicated readiness to order more equipment and services based upon the Company&#8217;s current performance and the new
subscription offerings expand the universe of potential customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Additionally, the CEO has
directed that the Company make continual engineering and software upgrades to the RIP to meet anticipated Federal Railroad Association
(FRA) and Association of American Railroad (AAR) standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Manufacturing and Assembly</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company designs and develops technology solutions
using a combination of in-house fabrication, commercial off-the-shelf technology, and outsourced manufacturing. On-site installations
are performed using a combination of in-house project managers and engineers and using third-party sub-contractors as needed. Throughout
the process of design, develop, deploy and operate, the Company maintains responsibility for all aspects. Our internal manufacturing operations
consist primarily of materials procurement, assembly, testing and quality control by our engineers. If not manufactured internally, we
use third-party manufacturing partners to produce our hardware related components and hardware products and we most often complete final
assembly, testing and quality control processes for these components and products. Our manufacturing processes are based on standardization
of components across product types, centralization of assembly and distribution centers, and a &#8220;build-to-order&#8221; methodology
in which products generally are built only after customers have placed firm orders. For most of our hardware products, we have existing
alternate sources of supply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For 2024 and possibly beyond, we expect to face significant
challenges with macro-economic impacts, specifically inflation and supply chain disruption. Although these started to be identified in
late 2021, we believe they continue to manifest themselves in ways that could challenge our business growth in the future. Specifically,
the ability to source key components and certain implementation services will dictate just how quickly the Company can meet desired installation
deadlines. In the industries in which we operate, the time from concept to contract can be substantial. Although we are now adapting to
these challenges, previous bids that have been submitted could be challenging to execute within the financial framework and execution
times originally envisaged. We continue to have dialogue with our customers regarding potential price increases and implementation delays,
but we may suffer some economic impacts as a result of this. Revenue recognition could be delayed as a result of these factors and profitability
could be impacted due to higher costs for materials and other services. The Company will continue to monitor the situation and update
shareholders as the situation unfolds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Research and Development</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s R&amp;D and software development
teams design and develop all systems and software applications with a combination of full-time in-house software engineers and outside
contractors. Internal development allows us to maintain technical control over the design and development of our products. Rapid technological
advances in hardware and software development, evolving standards in computer hardware and software technology, and changing customer
requirements characterize the markets in which we compete. We plan to continue to dedicate significant resources to research and development
efforts, including software development, to maintain and improve our current product and services offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has worked with various agencies of the
federal government for more than 10 years including the Department of Homeland Security (&#8220;DHS&#8221;). When our solutions have been
deployed into these agencies, they meet specific requirements for certification, safety and security that are stipulated in requirements
and contract documents. The Company is currently competing for other government related work and strictly follows the rules and regulations
outlined in the Federal Acquisition Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s primary customers are all governed
by regulations related to the safe and effective transportation of goods and passengers, primarily by rail, but in future scenarios by
air, road and sea. While changes in the regulatory environment could impact the Company in future years, we believe any changes will be
overall positive for the Company. We continuously review potential changes in the regulatory environment and maintain contact with key
personnel at certain agencies including the Federal Railroad Administration (FRA), the Transportation Security Administration (TSA) as
well as the DHS previously mentioned. We expect to develop similar relationships with governmental agencies in target markets both in
the US and internationally. At this time, we believe our offerings are complementary to the current and evolving standards and that we
will adapt to any new regulations as they are promulgated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Employees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have a current staff of 71 employees, of which
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Our Risks and Challenges</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in our securities involves a high degree
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Factors</A>&#8221; section of this prospectus immediately following this prospectus summary. These risks include, but are not limited
to, the following:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Recent Developments</B>&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 31, 2023, the Company issued 12,463 shares
of common stock for payment of board fees to three directors in the amount of $32,500 for services to the board which was expensed during
the three months ended March 31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 1, 2023, the Board granted to certain key
employees an aggregate of 353,117 non-qualified stock options with a strike price of $4.22, a term of 5-years and a 3-year vesting period.
The options were granted prior to the certificates being issued subject to a pending modification of specific language contained within
the option agreement pertaining to certain rights of the holder in the event of a merger or acquisition. The specific language was approved
by the shareholders on May 17, 2023 after which the option certificates were issued with the modified language. The specific language
had no bearing on the grant date nor on the valuation. Following the approval by the shareholders but prior to issuance of the certificates,
one holder resigned from the Company and forfeited 60,000 unvested options leading to a net issuance during the quarter of 293,117 non-qualified
stock options. The Company expects to take a charge of approximately $556,000 during the vesting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As previously reported, on May 16, 2023 the Company
held its 2023 annual meeting of stockholders. Certain matters were approved at the meeting including election of Board members, the issuance
of shares of common stock upon conversion of shares of Series D Preferred Stock, an Employee Stock Purchase Plan (ESPP), and ratification
of the auditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 30, 2023, the Company issued 65,561 shares
of common stock to employees participating in the Company&#8217;s Employee Stock Purchase Plan at the end of a six-month offering period.
The employee participation totaled $117,048 for the six months ended June 30, 2023 and represented a purchase price $1.79 per share based
upon 85% of the lower price per share on either the first trading day of the offering period or the purchase date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 1, 2023, the Company awarded an employee 50,000
non-qualified stock options, that received final board approval in November 2023, which have a 5-year term and a 3-year vesting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 30 2023, the Company issued an aggregate of
5,645 shares of common stock for payment of board fees to three directors in the amount of $32,500 for services to the board which was
expensed during the three months ended June 30, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 19, 2023, the Board of Directors elected Frank
Lonegro as a member of the Board, effective immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 30, 2023, the Company hired Christopher
King as its Chief Commercial Officer. Mr. King is a veteran of the logistics and energy markets who has led numerous commercial teams
who successfully won over $1 billion in new revenue, asset sales and contract extensions as well as brings Six Sigma leadership expertise
to the team.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">On August 30, 2023, the Company awarded
70,000 non-qualified stock options for a new employee, that received final board approval in November 2023, which have a 5-year term and
a 3-year vesting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">On September 29, 2023, the Company issued
an aggregate of 7,910 shares of common stock for payment of board fees to four directors in the amount of $40,565 for services to the
board which was expensed during the three months ended September 30, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">On November 30, 2023, the Company awarded
50,000 non-qualified stock options to a consultant, that received final board approval in November 2023, which have a 5-year term and
a 3-year vesting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">On December 29, 2023, the Company issued
an aggregate of 12,231 shares of common stock for payment of board fees to four directors in the amount of $37,500 for services to the
board which was expensed during the three months ended December 31, 2023.</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">On December 29, 2023, the Company issued
45,977 shares of Common Stock to employees participating in the Company&#8217;s Employee Stock Purchase Plan at the end of a six-month
offering period. The employee participation totaled $113,352 for the six months ended December 31, 2023 and represented a purchase price
of $2.47 per share based upon 85% of the lower price per share on either the first trading date of the offering period or the purchase
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 28, 2024, the Company issued an aggregate
of 8,655 shares of common stock for payment of board fees to four directors in the amount of $37,500 for services to the board which was
expensed during the three months ended March 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">In a private placement, the Company sold
(i) 500 shares of Series D Preferred Stock and 2,125 shares of Series E Preferred Stock on March 22, 2024, (ii) 120 shared of Series D
Preferred Stock on March 28, 2024, and (iii) 250 shares of Series D Preferred Stock on April 3, 2024. The Company received aggregate proceeds
of $2,995,000. The Series D Preferred Stock and the Series E Preferred Stock are each convertible into Common Stock at a conversion price
of $3.00 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Corporate Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our principal executive office is located at 7660
Centurion Parkway, Suite 100, Jacksonville, FL 32256. Our telephone number is (904) 296-2807. Our website address is www.duostechnologies.com.
Information contained on our website is not a part of this prospectus, and the inclusion of our website address in this prospectus is
an inactive textual reference only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="a_0202"></FONT>THE OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This prospectus relates to the offer and sale from time to time of
up to 998,337 shares of our Common Stock by the Selling Stockholders that may be issued upon conversion of the Series D Preferred Stock
and the Series E Preferred Stock. See &#8220;<A HREF="#a_0207">Selling Stockholders</A>&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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    <TD>&#160;</TD>
    <TD>&#160;</TD></TR>
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  <TR STYLE="vertical-align: top">
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    <TD>&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless otherwise indicated in this prospectus, throughout
this prospectus the number of shares of our common stock outstanding is based on 7,315,318 shares of our common stock outstanding as of
April 9, 2024 and excludes the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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  <TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT ID="a_0203"></FONT><B>SUMMARY OF CONSOLIDATED FINANCIAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following summary consolidated statement of operations
data for the fiscal years ended December 31, 2023 and 2022 and the summary consolidated balance sheet data as of December 31, 2023 and
2022 have been derived from our audited consolidated financial statements included elsewhere in this prospectus. You should read the summary
consolidated financial data in conjunction with those financial statements and the accompanying notes and &#8220;Management&#8217;s Discussion
and Analysis of Financial Condition and Results of Operations.&#8221; Our consolidated financial statements are prepared and presented
in accordance with United States generally accepted accounting principles, or U.S. GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSOLIDATED BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD></TR>
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    <TD STYLE="text-align: right">&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center">December 31,</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center">December 31,</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif">&#160;</TD></TR>
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    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="text-align: right">&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">ASSETS</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,418,263</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSOLIDATED BALANCE SHEETS (CONTINUED)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

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    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center">December 31,</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">453,023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;Operating
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">696,869</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;Contract
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,306</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">56,562,600</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Wingdings; margin: 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Wingdings; margin: 0; text-align: justify; background-color: white">&#160;</P>

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<P STYLE="font: 10pt Wingdings; margin: 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Wingdings; margin: 0; text-align: justify; background-color: white">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="a_0204"></FONT>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Investing in our securities involves a great deal
of risk. Careful consideration should be made of the following factors as well as other information included in this prospectus before
deciding to purchase our securities. There are many risks that affect our business and results of operations, some of which are beyond
our control. Our business, financial condition or operating results could be materially harmed by any of these risks. This could cause
the trading price of our securities to decline, and you may lose all or part of your investment. Additional risks that we do not yet know
of or that we currently think are immaterial may also affect our business and results of operations.</I></P>


<P STYLE="font: 10pt Wingdings; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risks Related to Our Company and Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>The nature of the technology management platforms
utilized by us are complex and highly integrated, and if we fail to successfully manage releases or integrate new solutions, it could
harm our revenues, operating income, and reputation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The technology platforms developed and designed by
us accommodate integrated applications that include our own developed technology and third-party technology, thereby substantially increasing
their functionality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Due to this complexity and the condensed development
cycles under which we operate, we may experience errors in our software, corruption or loss of our data, or unexpected performance issues
from time to time. For example, our solutions may face interoperability difficulties with software operating systems or programs being
used by our customers, or new releases, upgrades, fixes or the integration of acquired technologies may have unanticipated consequences
on the operation and performance of our other solutions. If we encounter integration challenges or discover errors in our solutions late
in our development cycle, it may cause us to delay our launch dates. Any major integration or interoperability issues or launch delays
could have a material adverse effect on our revenues, operating income and reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We face risks as a result of the coronavirus
(COVID-19 pandemic) lingering effects which could significantly disrupt our research and development, operations, sales, and financial
results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our business has been adversely impacted by the effects
of the COVID-19 pandemic. In addition to global macroeconomic effects, the COVID-19 pandemic and related adverse public health developments
caused disruption and/or delays to our operations and sales activities. Our third-party manufacturers and our customers were disrupted
by worker absenteeism, quarantines and restrictions on employees&#8217; ability to work, office and factory closures, disruptions to ports
and other shipping infrastructure, border closures, or other travel or health-related restrictions. Depending on the magnitude of such
effects on our activities or the operations of our third-party manufacturers and third-party distributors, the supply of our products,
in some cases, continue to be delayed, which could continue to adversely affect our business, operations and customer relationships. In
addition, the pandemic or other disease outbreak have had and may continue to have over the longer term a material adverse effect on the
economies and financial markets of many countries, resulting in an economic downturn that will affect demand for our products and services
and impact our operating results. There can be no assurance that any decrease in sales resulting from the pandemic slowdown will be offset
by increased sales in subsequent periods. Although the magnitude of the impact of the COVID-19 outbreak on our business and operations
remains uncertain, the continued spread of COVID-19 and the related public health measures and travel and business restrictions may adversely
impact our business, financial condition, operating results and cash flows. In addition, w<FONT STYLE="color: #0E0E0E">e have experienced
and may in the future experience disruptions to our business operations resulting from quarantines, self-isolations, or other restrictions
on the ability of our employees to perform their jobs that may impact our ability to develop and design our products and services in a
timely manner or meet required milestones or customer commitments. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #0E0E0E">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #0E0E0E"><B><I>We may be adversely affected
by the effects of inflation and supply chain disruption</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #0E0E0E"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #0E0E0E">Our business operates in an environment
of long bid to contract award cycles. Our customer&#8217;s bid requirements are such that firm pricing is expected on much or all of our
proposals and as such we must commit to certain commercial terms and conditions such as pricing. In addition, the Company hires employees
and contractors to perform most (if not all) of the work required to complete a contract. We are beginning to experience the impacts of
inflation upon previously forecasted costs including employees that require higher salaries, contractors demanding higher prices for jobs
and higher costs for materials necessary to complete contracts. While we endeavor to charge additional costs to our customers, in some
cases this may not be possible contractually and as a result our profitability may suffer as a result. Although we anticipate these effects
to be mitigated in the long term, we cannot be assured that this will be possible in all or any instances and as such our revenue, profitability
and growth prospects may suffer as a result of this.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #0E0E0E">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Current supply chain issues continue to extend deadlines
for shipment of key components used in our technology systems. The effect of this may be to delay revenue recognition. W<FONT STYLE="color: #0E0E0E">e
have experienced and expect to continue to experience delays to our business operations resulting from lack of materials availability,
delays in securing key components such as video cameras requiring certain computer chips, and other material and personnel shortages that
may impact our ability to implement our products and services in a timely manner or meet required milestones or customer commitments.&#160;
In addition, higher costs for travel </FONT>may adversely impact our business, financial condition, operating results and cash flows.
This has made it necessary for the Company to order certain components prior to receiving a contract to ensure we have key components
available when necessary to satisfy future contract obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #0E0E0E">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our products and services may fail to keep pace
with rapidly changing technology and evolving industry standards.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The market in which we operate is characterized by
rapid, and sometimes disruptive, technological developments, evolving industry standards, frequent new product introductions and enhancements
and changes in customer requirements. In addition, both traditional and new competitors are investing heavily in our market areas and
competing for customers. As next-generation video analytics technology continues to evolve, we must keep pace in order to maintain or
expand our market position. We continue to introduce new product offerings focused on automating mechanical and security inspections in
the rail, logistics, intermodal and government sectors as potential revenue drivers. If we are not able to successfully add staff resources
with sufficient technical skills to develop and bring these new products to market in a timely manner, achieve market acceptance of our
products and services or identify new market opportunities for our products and services, our business and results of operations may be
materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>The market opportunity for our products and
services may not develop in the ways that we anticipate.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The demand for our products and services could change
quickly and in ways that we may not&#160;anticipate.&#160;Our operating results may be adversely affected if the market opportunity for
our products and services does not develop in the ways that we anticipate or if other technologies become more accepted or standard in
our industry or disrupt our technology platforms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our revenues are dependent on general economic
conditions and the willingness of enterprises to invest in technology.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe that operators in the business sectors
we are focused on continue to be cautious about sustained economic growth and seek to maintain or improve profitability through cost control
and constrained spending. While our core technologies are designed to address cost reduction, other factors may cause companies to delay
or cancel capital projects, including the implementation of our products and services. In addition, the business sectors in which we are
focused are under financial pressure to reduce capital investment which may make it more difficult for us to close large contracts in
the immediate future. We believe there is a growing market trend toward more customers exploring operating expense models as opposed to
capital expense models for procuring technology. We believe the market trend toward operating expense models will continue as customers
seek ways of reducing their overhead and other costs. All of the foregoing may result in continued pressure on our ability to increase
our revenue and may potentially create competitive pricing pressures and price erosion. If these or other conditions limit our ability
to grow revenue or cause our revenue to decline our operating results may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our working capital profile may shift over time
to require additional investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Historically, the Company has leveraged significant
milestone payments at a contract onset to fund the purchase of required materials. Expansion into a subscription format would allow the
Company to potentially transact faster and more routinely with a larger customer base than it has previously had. In certain instances
where the Company would build, own and operate its own assets, it may require a different working capital and capitalization strategy
whereby the Company will be required to make upfront investments without significant customer milestone payments to offset the investment.
The Company believes that this presents a short-term capital risk but will, long-term, improve the overall performance of the business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Some of our competitors are larger and have
greater financial and other resources than we do.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Some of our product offerings compete and will compete
with other similar products from our competitors. These competitive products could be marketed by well-established, successful companies
that possess greater financial, marketing, distributional, personnel and other resources than we possess. In certain instances, competitors
with greater financial resources also may be able to enter a market in direct competition with us offering attractive marketing tools
to encourage the sale of products that compete with our products or present cost features that our target end users may find attractive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We have a history of losses and our growth plans
may lead to additional losses and negative operating cash flows in the future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our accumulated deficit was approximately $64 million
as of December 31, 2023. Our operating losses may continue as we continue to expend resources to further develop and enhance our technology
offering, complete prototyping for proof-of-concept, obtain regulatory clearances or approvals as required, expand our business development
activities and finance capabilities and conduct further research and development. We also expect to experience negative cash flow in the
short-term until our revenues and margins increase at a rate greater than our expenses, which may not occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We may be unable to protect our intellectual
property, which could impair our competitive advantage, reduce our revenue, and increase our costs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our success and ability to compete depend in part
on our ability to maintain the proprietary aspects of our technologies and products. We rely on a combination of trade secrets, patents,
copyrights, trademarks, confidentiality agreements, and other contractual provisions to protect our intellectual property, but these measures
may provide only limited protection. We customarily enter into written confidentiality and non-disclosure agreements with our employees,
consultants, customers, manufacturers, and other recipients of information about our technologies and products and assignment of invention
agreements with our employees and consultants. We may not always be able to enforce these agreements and may fail to enter into any such
agreement in every instance when appropriate. We license from third-parties certain technology used in and for our products. These third-party
licenses are granted with restrictions; therefore, such third-party technology may not remain available to us on terms beneficial to us.
Our failure to enforce and protect our intellectual property rights or obtain from third parties the right to use necessary technology
could have a material adverse effect on our business, operating results, and financial condition. In addition, the laws of some foreign
countries do not protect proprietary rights as fully as do the laws of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patents may not be issued from the patent applications
that we have filed or may file in the future. Our issued patents may be challenged, invalidated, or circumvented, and claims of our patents
may not be of sufficient scope or strength, or issued in the proper geographic regions, to provide meaningful protection or any commercial
advantage. We have registered certain of our trademarks in the United States and other countries. We cannot assure you that we will obtain
registrations of principal or other trademarks in key markets in the future. Failure to obtain registrations could compromise our ability
to protect fully our trademarks and brands and could increase the risk of challenge from third parties to our use of our trademarks and
brands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We may be required to incur substantial expenses
and divert management attention and resources in defending intellectual property litigation against us.</I></B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We cannot be certain that our technologies and products
do not and will not infringe on issued patents or other proprietary rights of others. While we are not currently subject to any infringement
claim, any future claim, with or without merit, could result in significant litigation costs and diversion of resources, including the
attention of management, and could require us to enter into royalty and licensing agreements, any of which could have a material adverse
effect on our business. We may not be able to obtain such licenses on commercially reasonable terms, if at all, or the terms of any offered
licenses may be unacceptable to us. If forced to cease using such technology, we may be unable to develop or obtain alternate technology.
Accordingly, an adverse determination in a judicial or administrative proceeding, or failure to obtain necessary licenses, could prevent
us from manufacturing, using, or selling certain of our products, which could have a material adverse effect on our business, operating
results, and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Furthermore, parties making such claims could secure
a judgment awarding substantial damages, as well as injunctive or other equitable relief, which could effectively block our ability to
make, use, or sell our products in the United States or abroad. Such a judgment could have a material adverse effect on our business,
operating results, and financial condition. In addition, we are obligated under certain agreements to indemnify the other party in connection
with infringement by us of the proprietary rights of third parties. In the event that we are required to indemnify parties under these
agreements, it could have a material adverse effect on our business, financial condition, and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We may incur substantial expenses and divert
management resources in prosecuting others for their unauthorized use of our intellectual property rights.</I></B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other companies, including our competitors, may develop
technologies that are similar or superior to our technologies, duplicate our technologies, or design around our patents, and may have
or obtain patents or other proprietary rights that would prevent, limit, or interfere with our ability to make, use, or sell our products.
Although we do not have operations outside North America at this time, we may compete for contracts in other countries in the future.
Effective intellectual property protection may be unavailable, or limited, in some foreign countries in which we may do business, such
as China. Unauthorized parties may attempt to copy or otherwise use aspects of our technologies and products that we regard as proprietary.
Our means of protecting our proprietary rights in the United States or abroad may not be adequate or competitors may independently develop
similar technologies. If our intellectual property protection is insufficient to protect our intellectual property rights, we could face
increased competition in the market for our technologies and products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Should any of our competitors file patent applications
or obtain patents that claim inventions also claimed by us, we may choose to participate in an interference proceeding to determine the
right to a patent for these inventions, because our business would be harmed if we fail to enforce and protect our intellectual property
rights. Even if the outcome is favorable, this proceeding could result in substantial cost to us and disrupt our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the future, we also
may need to file lawsuits to enforce our intellectual property rights, to protect our trade secrets, or to determine the validity and
scope of the proprietary rights of others. This litigation, whether successful or unsuccessful, could result in substantial costs and
diversion of
resources, which could have a material adverse effect on our business, financial condition, and results of operations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>If we are unable to apply technology effectively
in driving value for our clients through technology-based solutions or gain internal efficiencies and effective internal controls through
the application of technology and related tools, our operating results, client relationships, growth and compliance programs could be
adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our future success depends, in part, on our ability
to anticipate and respond effectively to the threat and opportunity presented by new technology disruption and developments. These may
include new software applications or related services based on artificial intelligence, machine learning, or robotics. We may be exposed
to competitive risks related to the adoption and application of new technologies by established market participants or new entrants, start-up
companies and others. These new entrants are focused on using technology and innovation, including artificial intelligence, to simplify
and improve the client experience, increase efficiencies, alter business models and effect other potentially disruptive changes in the
industries in which we operate. We must also develop and implement technology solutions and technical expertise among our employees that
anticipate and keep pace with rapid and continuing changes in technology, industry standards, client preferences and internal control
standards. We may not be successful in anticipating or responding to these developments on a timely and cost-effective basis and our ideas
may not be accepted in the marketplace. Additionally, the effort to gain technological expertise and develop new technologies in our business
requires us to incur significant expenses. If we cannot offer new technologies as quickly as our competitors, or if our competitors develop
more cost-effective technologies or product offerings, we could experience a material adverse effect on our operating results, client
relationships, growth and compliance programs.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are dependent on information technology networks
and systems to securely process, transmit and store electronic information and to communicate among our locations around North America
and with our people, clients, partners and vendors. As the breadth and complexity of this infrastructure continues to grow, including
as a result of the use of mobile technologies, social media and cloud-based services, the risk of security breaches and cyberattacks increases.
Such breaches could lead to shutdowns or disruptions of or damage to our systems and those of our clients, alliance partners and vendors,
and unauthorized disclosure of sensitive or confidential information, including personal data. In the past, we have experienced data security
breaches resulting from unauthorized access to our and our service providers&#8217; systems, which to date have not had a material impact
on our operations, however, there is no assurance that such impacts will not be material in the future.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In providing services and solutions to clients, we
may be required to manage, utilize and store sensitive or confidential client data, possibly including personal data, and we anticipate
these activities to increase, including through the use of artificial intelligence, the internet of things and analytics. Unauthorized
disclosure of sensitive or confidential client data, whether through systems failure, employee negligence, fraud, misappropriation, or
other intentional or unintentional acts, could damage our reputation, could cause us to lose clients and could result in significant financial
exposure. Similarly, unauthorized access to our or through our or our service providers&#8217; information systems or those we develop
for our clients, whether by our employees or third parties, including a cyberattack by computer programmers, hackers, members of organized
crime and/or state-sponsored organizations, who continuously develop and deploy viruses, ransomware or other malicious software programs
or social engineering attacks, could result in negative publicity, significant remediation costs, legal liability, damage to our reputation
and government sanctions and could have a material adverse effect on our results of operations. Cybersecurity threats are constantly expanding
and evolving, thereby increasing the difficulty of detecting and defending against them and maintaining effective security measures and
protocols.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We depend on key personnel who would be difficult
to replace, and our business plan will likely be harmed if we lose their services or cannot hire additional qualified personnel.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our success depends substantially on the efforts and
abilities of our senior management and certain key personnel. The competition for qualified management and key personnel, especially engineers,
is intense. Although we maintain non-competition and non-disclosure covenants with all our key personnel, we do not have employment agreements
with most of them. The loss of services of key employees, or the inability to hire, train, and retain key personnel, especially engineers
and technical support personnel, could delay the development and sale of our products, disrupt our business, and interfere with our ability
to execute our business plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Due to our dependence on a limited number of
customers, we are subject to a concentration of credit risk.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended December 31, 2023, three customers
accounted for 48%, 30%, and 11% of revenues. For the year ended December 31, 2022, four customers accounted for 42%, 18%, 14% and 14%
of revenues. In all cases, there are no minimum contract values stated. Each contract covers an agreement to deliver a rail inspection
portal which, once accepted, must be paid in full, with 30% or more being due and payable prior to delivery. The balances of the contracts
are for service and maintenance which is paid annually in advance with revenues recorded ratably over the contract period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2023, two customers accounted for
83%, and 11% of our accounts receivable. In the case of insolvency by one of our significant customers, accounts receivable with respect
to that customer might not be collectible, might not be fully collectible, or might be collectible over longer than normal terms, each
of which could adversely affect our financial position. Additionally, our largest customer accounted for approximately&#160;48%&#160;of
our total revenues for the year ended December 31, 2023. This concentration of credit risk makes us more vulnerable economically. The
loss of any of these customers could materially reduce our revenues and net income, which could have a material adverse effect on our
business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Risks Related to Our Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>There is currently not an active liquid trading market for the Company&#8217;s
common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our common stock is quoted on the Nasdaq Capital Market
tier under the symbol &#8220;DUOT&#8221;. However, there is currently limited active trading in our common stock. Although there are periodic
volume spikes from time to time, we cannot give an assurance that a consistent, active trading market will develop. If an active market
for our common stock develops, there is a significant risk that our stock price may fluctuate in the future in response to any of the
following factors, some of which are beyond our control:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>You may experience dilution of your ownership
interest due to future issuances of our securities.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are in a capital-intensive business, and we may
not have sufficient funds to finance the growth of our business or to support our projected capital expenditures. As a result, we may
require additional funds from future equity or debt financings, including potential sales of preferred shares or convertible debt, to
complete the development of new projects and pay the general and administrative costs of our business. We may in the future issue our
previously authorized and unissued securities, resulting in the dilution of the ownership interests of holders of our common stock. We
are currently authorized to issue 500,000,000 shares of common stock and 10,000,000 shares of preferred stock. We may also issue additional
shares of common stock or other securities that are convertible into or exercisable for common stock in future public offerings or private
placements for capital raising purposes or for other business purposes. The future issuance of a substantial number of shares of common
stock into the public market, or the perception that such issuance could occur, could adversely affect the prevailing market price of
our common shares. A decline in the price of our common stock could make it more difficult to raise funds through future offerings of
our common stock or securities convertible into common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our Board of Directors may issue and fix the
terms of shares of our Preferred Stock without stockholder approval, which could adversely affect the voting power of holders of our Common
Stock or any change in control of our Company.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Articles of Incorporation authorize the issuance
of up to 10,000,000 shares of &#8220;blank check&#8221; preferred stock, with such designations, rights and preferences as may be determined
from time to time by the Board of Directors. Our Board of Directors is empowered, without shareholder approval, to issue shares of preferred
stock with dividend, liquidation, conversion, voting or other rights which could adversely affect the voting power or other rights of
the holders of our common stock. In the event of such issuances, the preferred stock could be used, under certain circumstances, as a
method of discouraging, delaying, or preventing a change in control of our Company.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We do not expect to pay dividends and investors
should not buy our common stock expecting to receive dividends.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We do not anticipate that we will declare or pay any
dividends in the foreseeable future. Consequently, you will only realize an economic gain on your investment in our common stock if the
price appreciates. You should not purchase our common stock expecting to receive cash dividends. Accordingly, our stockholders will not
realize a return on their investment unless the trading price of our common stock appreciates, which is uncertain and unpredictable. In
addition, because we do not pay dividends, our common stock may be less attractive, which may cause us to have trouble raising additional
funds which could affect our ability to expand our business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Our operating results are likely to fluctuate from period to period.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We anticipate that there may be significant fluctuations in our future
operating results. Potential causes of future fluctuations in our operating results may include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&#160;</FONT><FONT STYLE="font-size: 4pt">&#160;</FONT></P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>We are subject to the Florida anti-takeover provisions, which may
prevent you from exercising a vote on business combinations, mergers or otherwise.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a Florida corporation, we are subject to certain
anti-takeover provisions that apply to public corporations under Florida law. Pursuant to Section 607.0901 of the Florida Business Corporation
Act, or the Florida Act, a publicly held Florida corporation, under certain circumstances, may not engage in a broad range of business
combinations or other extraordinary corporate transactions with an interested shareholder without the approval of the holders of two-thirds
of the voting shares of the corporation (excluding shares held by the interested shareholder).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An interested shareholder is defined as a person who
together with affiliates and associates beneficially owns more than 15% of a corporation&#8217;s outstanding voting shares. We have not
made an election in our amended Articles of Incorporation to opt out of Section 607.0901.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, we are subject to Section 607.0902 of
the Florida Act which prohibits the voting of shares in a publicly held Florida corporation that are acquired in a control-share acquisition
unless (i) our board of directors approved such acquisition prior to its consummation or (ii) after such acquisition, in lieu of prior
approval by our board of directors, the holders of a majority of the corporation&#8217;s voting shares, exclusive of shares owned by officers
of the corporation, employee directors or the acquiring party, approve the granting of voting rights as to the shares acquired in the
control-share acquisition. A control-share acquisition is defined as an acquisition that immediately thereafter entitles the acquiring
party to 20% or more of the total voting power in an election of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: justify">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>


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<P STYLE="font: 4pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT ID="a_0205"></FONT><FONT STYLE="font-size: 10pt"><B>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This prospectus contains forward-looking statements.
Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact
that they do not relate strictly to historical or current facts. Forward-looking statements involve risks and uncertainties and include
statements regarding, among other things, our projected revenue growth and profitability, our growth strategies and opportunity, anticipated
trends in our market and our anticipated needs for working capital. They are generally identifiable by use of the words &#8220;may,&#8221;
&#8220;will,&#8221; &#8220;should,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;plans,&#8221; &#8220;potential,&#8221;
&#8220;projects,&#8221; &#8220;continuing,&#8221; &#8220;ongoing,&#8221; &#8220;expects,&#8221; &#8220;management believes,&#8221; &#8220;we
believe,&#8221; &#8220;we intend&#8221; or the negative of these words or other variations on these words or comparable terminology. These
statements may be found under the sections entitled &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results
of Operations&#8221; and &#8220;Business,&#8221; as well as in this prospectus generally. In particular, these include statements relating
to future actions, prospective products, market acceptance, future performance or results of current and anticipated products, sales efforts,
expenses, and the outcome of contingencies such as legal proceedings and financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Examples of forward-looking statements in this prospectus
include, but are not limited to, our expectations regarding our business strategy, business prospects, operating results, operating expenses,
working capital, liquidity and capital expenditure requirements. Important assumptions relating to the forward-looking statements include,
among others, assumptions regarding demand for our products, the cost, terms and availability of components, pricing levels, the timing
and cost of capital expenditures, competitive conditions and general economic conditions. These statements are based on our management&#8217;s
expectations, beliefs and assumptions concerning future events affecting us, which in turn are based on currently available information.
These assumptions could prove inaccurate. Although we believe that the estimates and projections reflected in the forward-looking statements
are reasonable, our expectations may prove to be incorrect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Important factors that could cause actual results
to differ materially from the results and events anticipated or implied by such forward-looking statements include, but are not limited
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the market acceptance of our products;</FONT></TD></TR>
  <TR>
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    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in political, economic or regulatory conditions generally and in the markets in which we operate;</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our relationships with our key customers;</FONT></TD></TR>
  <TR>
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    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to retain and attract senior management and other key employees;</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to protect our trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others and prevent others from infringing on the proprietary rights of the Company; and</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We operate in a very competitive and rapidly changing
environment. New risks emerge from time to time. It is not possible for us to predict all of those risks, nor can we assess the impact
of all of those risks on our business or the extent to which any factor may cause actual results to differ materially from those contained
in any forward-looking statement. The forward-looking statements in this prospectus are based on assumptions management believes are reasonable.
However, due to the uncertainties associated with forward-looking statements, you should not place undue reliance on any forward-looking
statements. Further, forward-looking statements speak only as of the date they are made, and unless required by law, we expressly disclaim
any obligation or undertaking to publicly update any of them in light of new information, future events, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT ID="a_0206"></FONT><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">We will not
receive any proceeds from the sale of common stock by the Selling Stockholders. All of the net proceeds from the sale of our common stock
will go to the Selling Stockholders as described below in the sections entitled &#8220;<A HREF="#a_0207">Selling Stockholders</A>&#8221;
and &#8220;<A HREF="#a_0208">Plan of Distribution</A>&#8221;. We have agreed to bear the expenses relating to the registration of the
common stock for the Selling Stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT ID="a_0207"></FONT><FONT STYLE="font-size: 4pt">&#160;</FONT><FONT STYLE="font-size: 10pt"><B>SELLING
STOCKHOLDERS </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">On March 22, 2024, March 28, 2024 and April
3, 2024, the Company entered into Securities Purchase Agreements (the &#8220;Purchase Agreements&#8221;) with certain existing and other
accredited investors (the &#8220;Selling Stockholders&#8221;). Pursuant to the Purchase Agreements, the Selling Stockholders purchased an
aggregate of 870 shares of Series D Preferred Stock and 2,125 shares of Series E Preferred Stock, at a price in each case of $1,000 per
share, and the Company received proceeds of $2,995,000.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">Each of the Series D Preferred Stock and
the Series E Preferred Stock is convertible into Common Stock at $3.00 a share. If all of the 870 shares of Series D Preferred Stock and
the 2,125 shares of Series E Preferred Stock were converted, the Company would issue 998,337 shares of Common Stock.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">NASDAQ Marketplace Rule 5635(d), however,
limits the number of shares of Common Stock (or securities that are convertible into Common Stock) issuable without shareholder approval
in the case of private offerings of Common Stock at a price less then the Minimum Price (which is defined as the lower of (i) the closing
price of the Common Stock immediately preceding the signing of the Purchase Agreement or (ii) the average closing price of the Common
Stock for the five trading days immediately preceding the signing of the agreement). The conversion price of each of the Series D Preferred
Stock and the Series E Preferred Stock was less than the Minimum Price.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">The terms of the Series D Preferred Stock
provided that no shares could be converted into Common Stock until the shareholder approval was received. The Company&#8217;s shareholders approved
the full convertibility of the Series D Preferred Stock at the Annual Meeting of Shareholders held on May 16, 2023.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">The terms of the Series E Preferred
Stock provide that, until shareholder approval is obtained, the Company may not issue upon conversion of any shares of Series E
Preferred Stock a number of shares of Common Stock which, when aggregated with any shares of Common Stock issued upon the conversion
of any other shares of Series E Preferred Stock would exceed 1,430,484 shares (subject to adjustment). Such number represents 19.99%
of the number of shares of Common Stock issued and outstanding as of the filing date of the Series E Preferred Stock Certificate of
Designation.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company's shareholders have not yet approved the full convertibility
of the Series E Preferred Stock. The Company expects to seek such approval at its next Annual Meeting of Shareholders, although there
can be no assurance that such approval will be received. As a result, the shares of Series E Preferred Stock held by the Selling Stockholders
may not be convertible pending receipt of shareholder approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The shares of common stock being offered by the Selling
Stockholders are those issuable to the Selling Stockholders, upon conversion of the Series D Preferred Stock and Series E Preferred Stock.
We are registering the shares of common stock in order to permit the Selling Stockholders to offer the shares for resale from time to
time. Due to the ownership of the shares of Series D Preferred Stock and Series E Preferred Stock, as well as ownership of common stock,
and warrants, the Selling Stockholders collectively have had a material relationship with us within the past three years and hold the
largest percentage ownership of the Company subject to certain limitations as described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below lists the Selling Stockholders and
other information regarding the beneficial ownership of the shares of Common Stock by each of the Selling Stockholders. The first column
lists the number of shares of Common Stock beneficially owned by each Selling Stockholder as of April 15, 2024, assuming receipt of the
Series E Preferred Stockholder approval and conversion of the Series D Preferred Stock and Series E Preferred Stock, as well as conversion
of other convertible preferred stock and exercise of any warrants held by the Selling Stockholders on that date. The third column lists
the shares of Common Stock being offered by this prospectus by the Selling Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with the terms of registration rights
agreements with the Selling Stockholders, this prospectus generally covers the resale of the maximum number of shares of common stock
issuable upon conversion of the Series D Preferred Stock and Series E Preferred Stock, determined as if the outstanding shares of Series
D Preferred Stock and Series E Preferred Stock were converted in full as of the trading day immediately preceding the applicable date
of determination and subject to adjustment as provided in the registration rights agreements, without regard to any limitations on the
conversion of the Series D Preferred Stock and Series E Preferred Stock. The fourth column assumes the sale of all of the shares offered
by the Selling Stockholders pursuant to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the terms of the Series D Preferred Certificate
of Designation and the Series E Preferred Certificate of Designation, a Selling Stockholder may not convert the Series D Preferred Stock
or the Series E Preferred Stock to the extent such conversion would cause such Selling Stockholder, together with its affiliates and attribution
parties, to beneficially own a number of shares of common stock which would exceed 19.99% of our then outstanding common stock following
such conversion. The warrants held by the Selling Stockholders limit the exercise of such warrants if such exercise would cause such Selling
Stockholder, together with its affiliates and attribution parties, to beneficially own a number of shares of common stock which would
exceed 9.99% of our then outstanding common stock following such exercise. In the case of each such conversion or exercise, the determination
of beneficial ownership would exclude shares of common stock issuable upon exercise of the warrants which have not been exercised and
shares of common stock issuable upon conversion of the preferred stock which has not been converted. The numbers of shares in the second
column do not reflect these limitations. The Selling Stockholders may sell all, some, or none of their shares in this offering. See
&#8220;<A HREF="#a_0208">Plan of Distribution</A>.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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shares of <BR>
Common Stock<BR>
Owned&#160;Prior<BR>
to&#160;Offering&#160;<SUP>(1)</SUP></B></FONT></TD>
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of Common <BR>
Stock Owned<BR>
Prior to<BR>
Offering</B></FONT></TD>
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Shares of<BR>
Common Stock <BR>
to be Sold<BR>
Pursuant to <BR>
this <BR>
Prospectus<SUP>(1)</SUP></B></FONT></TD>
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Common Stock<BR>
Owned After<BR>
Offering</B></FONT></TD>
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shares of <BR>
Common Stock<BR>
Owned After<BR>
Offering</B></FONT></TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD COLSPAN="2">&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
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    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333,334</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">582,976</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">%</FONT></TD></TR>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83,334</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83,334</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">%</FONT></TD></TR>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76,000</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;76,000</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
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    <TD>&#160;</TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;0.0</FONT></TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,667</FONT></TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,667</FONT></TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.0</FONT></TD>
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    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.33</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.0</FONT></TD>
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33,334</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.44</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33,334</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.0</FONT></TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33,334</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.44</FONT></TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33,334</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.0</FONT></TD>
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    <TD>&#160;</TD>
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    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.0</FONT></TD>
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  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The actual number of shares of Common Stock offered hereby and included in the registration statement of which this prospectus is a part includes, in accordance with Rule 416 under the Securities Act, such indeterminate number of additional shares of our Common Stock as may become issuable in connection with any proportionate adjustment for any stock splits, stock combinations, stock dividends, recapitalizations, anti-dilution adjustments or similar events with respect to our Common Stock.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on Amendment No. 7 to Schedule 13G/A filed by Bleichroeder LP (&#8220;Bleichroeder&#8221;)
with the SEC on February 14, 2024 (the &#8220;Bleichroeder 13G/A&#8221;).&#160;&#160;According to the Bleichroeder 13G/A, Bleichroeder
is an investment advisor registered under Section 203 of the Investment Advisers Act of 1940 and as of February 14, 2024 was deemed to
be the beneficial owner of 1,283,162 shares of our Common Stock (21 April Fund, Ltd. held 929,522 shares and 21 April Fund, LP held 353,640
shares) as a result of acting as investment advisor to various clients.&#160;&#160; Bleichroeder also owns warrants to purchase shares
of our Common Stock held of record by 21 April Fund, Ltd. in the amount of 32,724 and warrants to purchase shares of our Common Stock
held of record by 21 April Fund LP (together with 21 April Fund, Ltd., the &#8220;21 April Entities&#8221;) in the amount of 11,920, which
are subject to a 9.99% beneficial ownership limitation included in such warrants.&#160;&#160;The 21 April Entities also purchased 999
shares of Series D Preferred Stock on September 30, 2022, which are convertible into 333,000 shares of Common Stock (21 April Fund, Ltd.
holds 237,000 common equivalent shares and 21 April Fund, LP holds 96,000 common equivalent shares). The 21 April Entities also purchased
4,000 shares of Series E Preferred Stock on March 27, 2023, which are convertible into 1,333,334 shares of Common Stock (21 April Fund,
Ltd. holds 933,334 common equivalent shares and 21 April Fund, LP holds 400,000 common equivalent shares). The 21 April Entities also
purchased an additional 2,500 shares of Series E Preferred Stock on November 10, 2023, which are convertible into 833,333 shares of Common
Stock (21 April Fund, Ltd. holds 508,333 common equivalent shares and 21 April Fund, LP holds 325,000 common equivalent shares). The 21
April Entities exchanged 5,000 shares of Series F Preferred Stock that were acquired in connection with the Purchase Agreement of Series
F Convertible Preferred Stock, completed on August 2, 2023. The 5,000 shares of Series F Preferred Stock, originally convertible into
806,452 common shares, were exchanged for 5,000 shares of Series E Preferred Stock on November 10, 2023, which are convertible into 1,666,667
shares of Common Stock, representing an additional 860,215 common share equivalents (21 April Fund, Ltd. holds 1,116,667 common equivalent
shares and 21 April Fund, LP holds 550,000 common equivalent shares). The 21 April Entities also purchased an additional 1,000 shares
of Series E Preferred Stock on March 22, 2024, which are convertible into 333,334 shares of Common Stock (21 April Fund, Ltd. holds 281,334
common equivalent shares and 21 April Fund, LP holds 52,000 common equivalent shares). Conversion of the Series D Preferred Stock and
the Series E Preferred Stock owned by the 21 April Entities is subject to a 19.99% beneficial ownership limitation.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on Amendment No. 4 to schedule 13G/A filed by Mr. Lytton with
the SEC on February 14, 2024 includes 482,976 shares of Common Stock and 100,000 shares of Common Stock into which 300 shares of Series
D Preferred Stock are convertible and 333,334 shares of Common Stock into which 1,000 shares of Series E Preferred Stock are convertible.
Mr. Lytton, however, has elected to have his shares of Series D and Series E Preferred Stock be subject to an ownership blocker of 4.99%
so they are not convertible so long as his beneficial ownership exceeds 4.99% or to the extent such conversion would cause his beneficial
ownership to exceed that percentage.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&#160;</P>

<P STYLE="margin: 0">&#160;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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    <TD STYLE="text-align: justify; width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes 83,334 shares of Common Stock into which 250 shares of Series D Preferred Stock are convertible.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes 49,000 shares of Common Stock into which 147 shares of Series D Preferred Stock and 27,000 shares of Common Stock into which 81 shares of Series E Preferred Stock are convertible. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
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  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes 25,000 shares of Common Stock into which 75 shares of Series D Preferred Stock are convertible.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes 33,334 shares of Common Stock into which 100 shares of Series D Preferred Stock are convertible.</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes 33,334 shares of Common Stock into which 100 shares of Series D Preferred Stock are convertible.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes 40,000 shares of Common Stock into which 120 shares of Series D Preferred Stock are convertible.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT ID="a_0208"></FONT><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each Selling Stockholder of the securities and any
of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their securities covered hereby on
the principal Trading Market or any other stock exchange, market or trading facility on which the securities are traded or in private
transactions. These sales may be at fixed or negotiated prices. A Selling Stockholder may use any one or more of the following methods
when selling securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&#160;</TD>
    <TD STYLE="width: 32px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchases by a broker-dealer as principal and resale by the broker-dealer for its account; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an exchange distribution in accordance with the rules of the applicable exchange; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">privately negotiated transactions; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#160;</TD>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities at a stipulated price per security; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through the distribution of securities by any Selling Stockholder to its parents, members or security holders;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a combination of any such methods of sale; or </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other method permitted pursuant to applicable law. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Selling Stockholders may also sell securities
under Rule 144 or any other exemption from registration under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;),
if available, rather than under this prospectus. The Selling Stockholders have the sole and absolute discretion not to accept any purchase
offer or make any sale of securities if they deem the purchase price to be unsatisfactory at any particular time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Broker-dealers engaged by the Selling Stockholders
may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Stockholders
(or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except
as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary brokerage commission
in compliance with FINRA Rule 2440; and in the case of a principal transaction a markup or markdown in compliance with FINRA IM- 2440.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the sale of the securities or interests
therein, the Selling Stockholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in
turn engage in short sales of the securities in the course of hedging the positions they assume. The Selling Stockholders may also sell
securities short and deliver these securities to close out their short positions, or loan or pledge the securities to broker-dealers that
in turn may sell these securities. The Selling Stockholders may also enter into option or other transactions with broker-dealers or other
financial institutions or create one or more derivative securities which require the delivery to such broker-dealer or other financial
institution of securities offered by this prospectus, which securities such broker-dealer or other financial institution may resell pursuant
to this prospectus (as supplemented or amended to reflect such transaction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Selling Stockholders may from time-to-time
pledge or grant a security interest in some or all of their securities to their broker-dealers under the margin provisions of customer
agreements or to other parties to secure other obligations. If a Selling Stockholder defaults on a margin loan or other secured obligation,
the broker-dealer or secured party may, from time to time, offer and sell the securities pledged or secured thereby pursuant to this prospectus.
The Selling Stockholders and any other persons participating in the sale or distribution of the securities will be subject to applicable
provisions of the Securities Act and the Exchange Act, and the rules and regulations thereunder, including, without limitation, Regulation
M. These provisions may restrict certain activities of and limit the timing of purchases and sales of any of the securities by, the Selling
Stockholders or any other person, which limitations may affect the marketability of the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Selling Stockholders also may transfer
the shares of our securities in other circumstances, in which case the transferees, pledgees or other successors-in-interest will be the
selling beneficial owners for purposes of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">A Selling Stockholder that is an entity may
elect to make a pro rata in-kind distribution of securities to its members, partners or shareholders pursuant to the registration statement
of which this prospectus is part by delivering a prospectus. To the extent that such members, partners or shareholders are not affiliates
of ours, such members, partners or shareholders would thereby receive freely tradeable securities pursuant to the distribution through
a registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Selling Stockholders and any broker-dealers or
agents that are involved in selling the securities may be deemed to be &#8220;underwriters&#8221; within the meaning of the Securities
Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale
of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. Each Selling Stockholder
has informed the Company that it does not have any written or oral agreement or understanding, directly or indirectly, with any person
to distribute the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is required to pay certain fees and expenses
incurred by the Company incident to the registration of the securities. The Company has agreed to indemnify the Selling Stockholders against
certain losses, claims, damages and liabilities, including liabilities under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We agreed to keep this prospectus effective until
the earlier of (i) the date on which the securities may be resold by the Selling Stockholders without registration and without regard
to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the Company to be in compliance with the
current public information under Rule 144 under the Securities Act or any other rule of similar effect or (ii) all of the securities have
been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect. The resale securities
will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in
certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified for sale in the applicable
state or an exemption from the registration or qualification requirement is available and is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under applicable rules and regulations under the Exchange
Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market making activities with respect
to the common stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In
addition, the Selling Stockholders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder,
including Regulation M, which may limit the timing of purchases and sales of the common stock by the Selling Stockholders or any other
person. We will make copies of this prospectus available to the Selling Stockholders and have informed them of the need to deliver a copy
of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT ID="a_0209"></FONT><B>MARKET FOR COMMON EQUITY AND RELATED SHAREHOLDER
MATTERS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>(a) Market Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Our common stock is quoted on the Nasdaq Capital Markets (&#8220;Nasdaq&#8221;)
under the trading symbol &#8220;DUOT&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>(b) Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of April 9, 2024, there were approximately 252
holders of record of our common stock, and the closing price of our common stock as reported on the Nasdaq Capital Market on April 9,
2024 was $3.10 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The transfer agent and registrar for our common stock
is Continental Stock Transfer &amp; Trust Company located at 1 State Street, 30th Floor, New York, NY 10004.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT ID="a_0210"></FONT><B>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF<BR>
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>This Registration Statement on Form S-1 and other
reports filed by the Company from time to time with the SEC (collectively, the &#8220;Filings&#8221;) contain or may contain forward-looking
statements and information that are based upon beliefs of, and information currently available to, the Company&#8217;s management as well
as estimates and assumptions made by Company&#8217;s management. Readers are cautioned not to place undue reliance on these forward-looking
statements, which are only predictions and speak only as of the date hereof. When used in the Filings, the words &#8220;anticipate,&#8221;
&#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;future,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; or
the negative of these terms and similar expressions as they relate to the Company or the Company&#8217;s management identify forward-looking
statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties,
assumptions, and other factors, including the risks relating to the Company&#8217;s business, industry, and the Company&#8217;s operations
and results of operations. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove
incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Although the Company believes that the expectations
reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance,
or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend
to update any of the forward-looking statements to conform these statements to actual results.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Our financial statements are prepared in accordance
with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;). These accounting principles require us to make
certain estimates, judgments and assumptions. We believe that the estimates, judgments and assumptions upon which we rely are reasonable
based upon information available to us at the time that these estimates, judgments and assumptions are made. These estimates, judgments
and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported
amounts of revenues and expenses during the periods presented. Our financial statements would be affected to the extent there are material
differences between these estimates and actual results. In many cases, the accounting treatment of a particular transaction is specifically
dictated by GAAP and does not require management&#8217;s judgment in its application. There are also areas in which management&#8217;s
judgment in selecting any available alternative would not produce a materially different result. The following discussion should be read
in conjunction with our financial statements and notes thereto appearing elsewhere in this Registration Statement on Form S-1.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Aptos; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company, operating under its brand name </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #548DD4"><B>duos</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">tech</FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
develops and deploys technology systems with focus on inspecting and evaluating moving vehicles. Its technology focus is within the Vision
Technology market sector and, more specifically, the Machine Vision subsector. Machine Vision companies provide imaging-based automatic
inspection and analysis for process control for industry with potential expansion into other markets. Duos has developed key technologies
over the past several years in software, industry specific hardware and artificial intelligence and has demonstrated industrial strength
usability of its systems supporting rail, logistics and intermodal businesses that streamline operations, improve safety and reduce costs.
Our team includes engineering subject matter expertise in hardware, software, and information technology as well as industry specific
applications of artificial intelligence also referred to as Expert Artificial Intelligence. We also have specific industry experts in
the rail industry on staff and as consultants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Duos is currently developing industry solutions for
its target markets which will address rail, trucking, aviation and other vehicle-based processes. Duos&#8217; initial offering, the Railcar
Inspection Portal (RIP), provides both freight and transit railroad customers and select government agencies the ability to conduct fully
remote railcar inspections of trains while they are moving at full speed. The RIP utilizes a variety of sophisticated optical, laser and
speed sensors to scan each passing railcar to create a high-resolution image-set of the top, sides and undercarriage. These images are
then processed with our edge data center using artificial intelligence (AI) algorithms to identify safety and security defects on each
railcar. The algorithms are developed in conjunction with industrial application experts, in this case resident Railcar Mechanical Engineers,
to provide specific guidance in the analysis (&#8220;human in the loop&#8221;). Within seconds of the railcar passing through the RIP,
a detailed report is sent to the customer where they are able to take action on identified issues. This solution has the potential to
transform the railroad industry immediately increasing safety, improving efficiency and reducing costs. The Company has already deployed
this system with several Class 1 railroads and anticipates an increased demand from transit and other railroad customers along with selected
government agencies that operate and/or manage rail traffic. The Company has deployed RIPs in Canada, Mexico and the United States and
anticipates expanding this solution into Europe, Asia and the Middle East in coming years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has also developed the Automated Logistics
Information System (ALIS) which automates gatehouse operations where transport trucks enter and exit large logistics and intermodal facilities.
This solution incorporates a similar set of sensors, data processing and artificial intelligence to streamline the customer&#8217;s logistics
transactions and tracking and can also automate the security and safety inspection if called for. The Company has already deployed this
system with one large North American retailer and anticipates increased demand from other large retailers, railroad intermodal operators
and select government agencies that manage logistics and border crossing points. The Company is evaluating other solutions for moving
vehicles including aircraft, which could provide similar benefits in terms of safety and efficiency for required inspections as part of
an operations process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have developed two proprietary solutions that operate
our software and artificial intelligence. <FONT STYLE="background-color: white"><B>cen</B></FONT><B><FONT STYLE="color: #548DD4">t</FONT><FONT STYLE="background-color: white">raco</FONT><SUP>&#174;
</SUP></B>is an Enterprise Information Management Software platform that consolidates data and events from multiple sources into a unified
and distributive user interface. Customized to the end user&#8217;s Concept of Operations (CONOPS), it provides improved situational awareness
and data visualization for operational objectives compared to traditional manual inspections. <FONT STYLE="color: #548DD4"><B>true</B></FONT><B><FONT STYLE="background-color: white">vue</FONT>360<SUP>&#8482;
</SUP></B>is our fully integrated platform that we utilize to develop and deploy Artificial Intelligence (AI) algorithms, including Machine
Learning, Computer Vision, Object Detection and Deep Neural Network-based processing for real-time applications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These same Artificial Intelligence applications have
begun to open up other opportunities for the Company to provide revenue producing solutions with potentially high market adoption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2021, the Company ended support of its IT Asset
Management (ITAM) solution which cataloged results for data center asset inventory and audit services. We are currently evaluating using
our current operations experience within &#8220;edge data centers&#8221; (as deployed for our Railcar Inspection Portal) to drive additional
revenues within other markets requiring this type of solution although no specific offering has been developed at this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the last quarter of 2022, the Company elected not
to renew a support contract for its Integrated Correctional Automation System (iCAS) for one customer. The Company subsequently sold its
iCAS assets to a buyer during the second quarter of 2023 for $165,000 via a convertible note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The year 2022 ushered in a new phase in the Company&#8217;s
development. Although we continue to see an extension of challenges faced in 2022, we also see positive changes and opportunities for
our business that will be discussed in greater detail herein. They include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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    <TD STYLE="width: 24px">&#160;</TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Introducing a new &#8220;subscription&#8221; based offering for access to data and images by a much broader target market including Class 1 railroads, railcar owners and lessors, and short-line railroads.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 24px">&#160;</TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owning and operating a network of RIPs with multiple subscribers outside of the Company&#8217;s traditional customer base.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Prospects and Outlook</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company&#8217;s focus
is to improve operational and technical execution which, we believe, will in turn enable the commercial side of the business to expand
RIP and ALIS delivery into existing customers and to expand and diversify our current customer base. The Company&#8217;s primary customers
have indicated readiness to order more equipment and services should the Company execute as expected on key deliverables. With the Company
working toward a subscription platform approach and its expansion of its artificial intelligence offering, this will also open up additional
commercial avenues to the Company. Historically, the Company has been focused on large, one-time sales with the subscription opportunities
representing an expanded addressable market with emphasis on recurring revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Additionally, the Company
is making engineering and software upgrades to the RIP to meet anticipated Federal Railroad Association (FRA) and Association of American
Railroad (AAR) standards. These upgrades will continue to be released throughout 2024 and are expected to drive revenue growth this year
and beyond.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 11pt Aptos; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is expanding its focus in the rail industry to encompass passenger transportation and was awarded a large, multi-year contract
with a national rail carrier. The Company anticipates that it will install a two-RIP solution for the carrier in 2024, with a long-term
services agreement commencing upon delivery of the system.</FONT><FONT STYLE="font-size: 8pt">&#160;</FONT></P>

<P STYLE="font: 8pt Aptos; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although the Company&#8217;s prospects for future
revenue growth are anticipated to be favorable, investing in our securities involves risk and careful consideration should be made before
deciding to purchase our securities. There are many risks that affect our business and results of operations, some of which are beyond
our control and unexpected macro events can have a severe impact on the business. Please see the risk factors identified in &#8220;Risk
Factors&#8221; elsewhere in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following discussion should be read in conjunction
with the consolidated financial statements included in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>For the year ended</B>&#160;<B>December 31, 2023</B>&#160;<B>compared
to December 31, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth a summary of our
Consolidated Statements of Operations that is used in the following discussions of our results of operations:</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(6,864,783</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Revenues</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Aptos; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="10" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center">For the Years Ended</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">December 31,</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Revenues:</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD></TR>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the full year 2023, there was a 50% decrease in
overall revenues compared to 2022. This decrease was primarily driven by the substantial completion of two freight RIP projects, alongside
ongoing procurement and manufacturing for our transit-focused RIPs in 2022. However, in 2023, despite progress into the advanced stages
of procurement and manufacturing for the transit-focused RIPs, customer-driven delays beyond the Company&#8217;s control arose during
the ongoing production of the two high-speed transit-focused RIPs and thus resulted in timing delays of the overall project delivery timeline
shifting anticipated revenues into 2024. For the full year 2023, there was a small increase in services and consulting revenues as there
were one-time services performed in 2022, related to major site maintenance and repairs for a single customer which did not occur in 2023.
Underlying recurring revenues climbed by approximately 23% on a year-over-year basis. This growth is fueled by the expansion of service
contracts following the completion of new portals in early 2023, coupled with the deployment of AI services deployed with several customers.
The Company is focusing on increasing its business from services and the increase is the result of new contracts for existing and new
systems which the Company anticipates will continue growing throughout 2024 and beyond. The Company continues to navigate delays outside
of the Company's control related to the ongoing production and installation of our two high-speed transit-focused Railcar Inspection Portals.
Management cautions that because of the delays in anticipated start dates, certain installations may produce revenues towards the end
of 2024. These deferrals resulted in a slightly lower revenue growth performance than originally anticipated. However, the bulk of these
deferred revenues are expected to be reported in 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While customer-driven delays in the installation of
our high-speed transit-focused Railcar Inspection Portals have impacted revenue growth timing year-over-year, the Company's capital structure
remains resilient, allowing us to pursue large projects despite unexpected delays. It should be noted that the Company recently increased
its working capital to account for an increase in pre-contract procurement activities to avoid a slowdown in revenues caused by delays
in receiving certain components as had been the case in previous years. The Company undertook a major review of operations during 2021
and made significant changes in staffing including additional engineering staff and revamping its software development and Artificial
Intelligence staffing. These efforts have yielded benefits throughout 2022, 2023 and beyond.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Overall, in 2023, the Company achieved notable success
in advancing procurement and manufacturing for its transit-focused RIPs, expanding service contracts, and securing new AI contracts and
growing its AI portfolio, including the announcement of its inaugural subscription customer. Recurring revenue from services and consulting
continues to grow and is expected to contribute significantly to future revenue streams, bolstered by new long-term contracts with existing
customers expected to commence in the coming months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Cost of Revenues</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Aptos; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="10" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center">For the Years Ended</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">December 31,</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">2023</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">2022</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">% Change</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Cost of revenues:</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 55%; text-align: left">Technology systems</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">4,352,247</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">8,376,649</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">-48</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,810,070</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,887,614</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Total cost of revenues</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6,162,317</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">10,264,263</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">-40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cost of revenues largely comprises equipment, certain
fixed labor and overhead necessary to support the implementation of new systems and support and maintenance of existing systems. Cost
of revenues on technology systems decreased during the period compared to the equivalent period in 2022 in-line with the decline in project
revenues. The decline in costs generally follows the same trend as project revenues year-over-year as a result of an overall timing difference
of major project work related to the substantial completion of two freight Railcar Inspection Portals and subsequent progression of procurement
and manufacturing for the transit-focused RIPs compared to the equivalent period in 2023 where the Company continued to progress into
the advanced stages of procurement and manufacturing of the transit-focused RIPs, which it anticipates completing during 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These internal costs are being recognized against
project and support revenues with a similar reduction in costs previously recognized for research and development, engineering and internal
support. The project costs reflect subsequent allocations of fixed costs related to the staff and departmental costs associated with procurement,
manufacturing and installation of RIP installations. As such, in 2023, this fixed component contributed to a negative margin on the Technology
systems revenues. In concert with this, there is a continued focus on construction costs and savings through efficiency, but the Company
has elected to retain its key employees in anticipation of expected sales growth in technology systems and services in 2024 and beyond.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Cost of revenues decreased
on services and consulting year-over-year. The decrease in costs was a result of </FONT>o<FONT STYLE="font-size: 10pt">ne-time services
performed in 2022, related to major site maintenance and repairs for a single customer slightly offset by additional services costs related
to the completion of two new freight portals in early 2023. The Company continues to put into service additional artificial intelligence
algorithms and maintenance and support services which are high margin and represent only marginal increases in the requisite costs to
deliver these services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Gross Margin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Aptos; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="10" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center">For the Years Ended</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">December 31,</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD></TR>
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  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gross margin showed a decrease for the year ended
December 31, 2023 as compared to the same period in 2022. As noted above, the decline in margin was a direct result of an increased level
of business activity the Company recognized in 2022 related to the delivery of two freight portals and the progression of the transit-focused
RIPs compared to the activity in 2023 as well as project delays that were experienced in the latter half of 2023. The business activity
in 2023 consisted primarily of continued progression into the advanced stages of procurement and manufacturing for the transit-focused
RIPs. The Company began to recognize revenue and profit on those activities in accordance with its revenue recognition policy. The recognition
of the revenue and subsequent profit from these projects, as well as underlying services and maintenance revenues from existing and recently
completed projects, coupled with the previously mentioned fixed departmental costs resulted in a gross margin of approximately 18%. By
comparison for the full-year 2022, the Company had increased business activity from a handful of projects primarily related to the substantial
completion of two freight RIPs along with significant progress made on the procurement and manufacturing of our two transit-focused RIPs.
The recognition of the revenue and subsequent profit from these major projects, as well as underlying services and maintenance revenues
from existing projects, resulted in a 32% gross margin in 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Operating Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Aptos; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="10" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center">For the Years Ended</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">December 31,</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Operating expenses:</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">12</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,812,951</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,651,064</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,449,187</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Total operating expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Overall operating expenses were higher by 10% in 2023 as compared
to the full-year 2022. There was a 12% increase in sales and marketing related to increased investment into the capability of the commercial
team, including the addition of professionals with extensive experience and leadership in the rail industry. Research and development
costs saw a 10% uptick during the year, driven by the increased personnel costs related to the departments allocated to R&amp;D. Additionally,
a 10% increase in general and administration costs was influenced by several factors, including non-cash amortization charges associated
with roughly 400,000 share options that were issued during 2023 as well as an increase in incentive programs tied to certain 2022 performance
targets. These efforts reflect a focus on employee retention and to drive higher performance and attract and retain better quality resources
in a tight labor market. The Company still faces some pressure on existing staff compensation as a result of inflation in prior years
but remains focused to manage and stabilize administrative costs without interruption to customer service. Other factors driving the increase
in general and administration costs include an increase in depreciation charges linked to capitalized AI development cost for third party
support to expand Duos&#8217; AI catalog to over 40 algorithms by the end of 2023. Lastly the Company saw increased general and administration
costs related to a financing deal which was ultimately not consummated with a bank as well as additional legal and consulting fees related
to intellectual property and patents documentation and support. These changes in expenses reflect the Company's ongoing efforts to invest
in talent, expand capabilities, and drive growth in line with its operating plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Loss From Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The losses from operations for the years ended December
31, 2023 and 2022 were $11,446,566 and $6,865,149, respectively. The increase in losses from operations during the year was the result
of declining system revenues stemming from a decrease in business activity as well as project delays experienced in the latter half of
2023 that were beyond the Company&#8217;s control. The Company has continued to face inflation and supply chain pressures during 2023
and, as normal course of business, has worked to balance these impacts through management of customer contracts and cost control efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Interest Expense</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest expense for the years ended December 31,
2023 and 2022 was $7,159 and $9,191, respectively. The reduction in interest expense was primarily attributed to the extinguishment of
equipment financing payables in 2023 that were present during 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Other Income</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other income for the years ended December 31, 2023
and 2022 was $212,007 and $9,557, respectively. The increase is mainly attributable to the Company's sale of its iCAS assets to a purchaser
in the second quarter of 2023 for $165,000 through a convertible note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Net Loss</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The net loss for the years ended December 31, 2023
and 2022 was $11,241,718 and $6,864,783, respectively. The increase in net loss is primarily attributable to the decrease in project activity
in 2023 compared to 2022, offset slightly with an increase in the Company&#8217;s recurring services and consulting. Net loss per common
share was $1.56 and $1.11 for the years ended December 31, 2023 and 2022, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Liquidity and Capital Resources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2023, the Company has a cash balance
of $2,441,842 and an Accounts Receivable balance of $1,462,463.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B>&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Cash Flows</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth the major components
of our statements of cash flows data for the periods presented:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Aptos; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="6" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center">For the Years Ended</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">December 31,</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">2023</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">2022</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 66%; text-align: justify">Net cash used in operating activities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">(7,873,307</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Net cash used in investing activities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,093,909</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(644,888</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash used in operating activities for the years
ended December 31, 2023 and 2022 was $8,746,564 and $7,873,307, respectively. The increase in net cash used in operations for the year
ended December 31, 2023 was the result of expenditures related to current projects as previously discussed as well as expenditures related
to projects which the Company anticipates will be completed in 2024. In addition, there are several changes in assets and liabilities
that increased the use of cash in operations including decreases in accounts payable, accrued expenses and the operating lease obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash used in investing activities for the years
ended December 31, 2023 and 2022 was $1,093,909 and $644,888, respectively. The Company continued to invest in computing, lab equipment,
internal use software and artificial intelligence detections development as reflected in the year-over-year increase in 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash provided in financing activities for the
years ended December 31, 2023 and 2022 was $11,161,223 and $8,745,567, respectively. Cash flows provided by financing activities during
2023 were primarily attributable to gross proceeds from the issuance of preferred stock to shareholders in the amount of $11,500,000,
offset by $25,797 in issuance costs. 2023 marked an increase from 2022 financing activities of $8,745,567.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During 2023, we funded our operations through
the sale of our equity (or equity linked) securities, and through revenues generated and cash received from ongoing project execution,
services and associated maintenance revenues. As of March 27, 2024, we have cash on hand of approximately $3,329,753 after an equity capital
raise in March 2024 which provided net proceeds of $2,745,000. We have approximately $165,500 in monthly lease and other mandatory payments,
not including payroll and ordinary expenses which are due monthly.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a long-term basis, our liquidity is
dependent on the continuation and expansion of operations and receipt of revenues. Our current capital and access to further capital
and revenues are sufficient to fund such expansion and we are now less dependent on timely payments by our customers for projects
and work in process, however we expect such timely payments to continue. Material cash requirements will be satisfied within the
normal course of business including substantial upfront payments from our customers prior to starting projects. In some cases, the
Company may elect to purchase materials and supplies in advance of contract award but where there is a high probability of that
award. Most, if not all, high value items that are pre-purchased, can be re-purposed if necessary. The maximum amount of material
cash requirements not currently supported by up-front customer deposits is expected to be less than $1 million.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Demand for the products and services will be
dependent on, among other things, market acceptance of our products and services, the technology market in general, and general economic
conditions, which are cyclical in nature. In as much as a major portion of our activities is the receipt of revenues from the sales of
our products and services, our business operations may be adversely affected by our competitors and prolonged recession periods although
these are not considered to be a factor at present.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of expansion into owning and operating
its own Railcar Inspection Portals, the Company&#8217;s cash requirements and timing may shift. Specifically, the Company would endeavor
to buy all materials ahead of time and invest in the RIP with follow-on contracts for long-term services and licensing. While this would
shift the Company&#8217;s cash requirements, it anticipates a 12 &#8211; 18-month cash break-even point for each site and an opportunity
for improved cash flows over time with high-margin agreements with the investment bolstered by access to further funding via common stock
and private placement offerings.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Liquidity</B></P>

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<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under Accounting Codification ASC 205, Presentation
of Financial Statements&#8212;Going Concern (Subtopic 205-40) (&#8220;ASC 205-40&#8221;), the Company has the responsibility to evaluate
whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due
within one year after the date that the financial statements are issued. As required by ASC 205-40, this evaluation shall initially not
take into consideration the potential mitigating effects of plans that have not been fully implemented as of the date the financial statements
are issued. Management has assessed the Company&#8217;s ability to continue as a going concern in accordance with the requirement of ASC
205-40.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As reflected in the accompanying consolidated financial
statements, the Company had a net loss of $11,241,718 for the year ended December 31, 2023. During the same period, cash used in operating
activities was $8,746,564. The working capital surplus and accumulated deficit as of December 31, 2023, were $3,009,842 and $63,603,552,
respectively. In previous financial reports, the Company had raised substantial doubt about continuing as a going concern. This was principally
due to a lack of working capital prior to an underwritten offerings and private placements which were completed during the first, third
and fourth quarters of 2022, the first, third and fourth quarters of 2023, as well as the first quarter of 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As previously noted, the Company was successful during
2023 in raising gross proceeds of over $11,500,000 from the sale of Series E and F Preferred Stock. Additionally, late in the first quarter
of 2024, the Company raised gross proceeds of $2,745,000 from the issuance of a combination of Series D and E Preferred Stock (See Note
17). As part of its strategy, the Company will endeavor to utilize the Preferred Series E and the remainder of the Series D as additional
funding mechanisms. Additionally, during the second quarter of 2024, the Company will again have access to its S-3 &#8220;shelf registration&#8221;
statement allowing the Company to sell additional common shares. As of the date of this prospectus, the Company estimates that it has
available capacity on its shelf registration which it can utilize to bolster working capital and growth of the business in the event it
did not have an uptake in the preferred classes of shares previously noted. Although additional investment is not assured, the Company
is comfortable that it would be able to raise sufficient capital to support expanded operations based on an anticipated increase in business
activity. In the long run, the continuation of the Company as a going concern is dependent upon the ability of the Company to continue
executing its business plan, generate enough revenue, and attain consistently profitable operations. Although the lingering effects of
the global pandemic related to the coronavirus (Covid-19) previously affected our operations, particularly in our supply chain, we now
believe that the supply chain lags have largely been abated. We have analyzed our cash flow under &#8220;stress test&#8221; conditions
and have determined that we have sufficient liquid assets on hand or available via the capital markets to maintain operations for at least
twelve months from the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, management has taken and continues to
take actions including, but not limited to, elimination of certain costs that do not contribute to short term revenue, and re-aligning
both management and staffing with a focus on improving certain skill sets necessary to build growth and profitability and focusing product
strategy on opportunities that are likely to bear results in the relatively short term. The Company believes that, with the combination
of commercial sales success, Series E Preferred Stock offering coupled with an S-3 shelf registration availability starting in the second
quarter of 2024, it will have sufficient working capital to meet its obligations over the following twelve months. In the last twelve
months the Company has seen growth in its contracted backlog as well as significant, positive signs from new commercial projects that
indicate improvements in future revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management believes that, at this time, the conditions
in our market space with ongoing contract delays and the additional time needed to execute on new contracts previously reported have put
a strain on our cash reserves. However, recent private placements as well as the availability to raise capital via its shelf registration
indicate there is no substantial doubt for the Company to continue as a going concern for a period of twelve months. We continue executing
the plan to grow our business and achieve profitability. The Company may selectively look at opportunities for fund raising in the future.
Management has extensively evaluated our requirements for the next 12 months and has determined that the Company currently has sufficient
cash and access to capital to operate for at least that period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While no assurance can be provided, management believes
that these actions provide the opportunity for the Company to continue as a going concern and to grow its business and achieve profitability
with access to additional capital funding. Ultimately the continuation of the Company as a going concern is dependent upon the ability
of the Company to continue executing the plan described above which was put in place in late 2022 and will continue in 2024 and beyond.
As a result, we expect to generate sufficient revenue and to attain profitable operations with minimal cash use in the next 12-18 months.
These consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset
amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Critical Accounting Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Revenue Recognition </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes revenue over time using
a cost-based input methodology in which significant judgement is required to estimate costs to complete projects. These estimated costs
are then used to determine the progress towards contract completion and the corresponding amount of revenue to recognize. The Company
follows the principles in ASC 606 which include the following: a contract with a customer creates distinct contract assets and performance
obligations, satisfaction of a performance obligation creates revenue, and a performance obligation is satisfied upon transfer of control
to a good or service to a customer.</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue is recognized by evaluating the Company
revenue contracts with customers based on the five-step model under ASC 606:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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<P STYLE="font: 11pt Aptos; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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<P STYLE="font: 11pt Aptos; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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<P STYLE="font: 11pt Aptos; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company generates revenue from four sources:</P>

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<P STYLE="font: 11pt Aptos; margin: 0">&#160;</P>

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<P STYLE="font: 11pt Aptos; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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<P STYLE="font: 11pt Aptos; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt/106% Aptos; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Stock
Based Compensation</B></FONT><B><FONT STYLE="font-size: 8pt">&#160;</FONT></B><FONT STYLE="font-size: 8pt">&#160;</FONT></P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for employee and non-employee
stock-based compensation in accordance with ASC 718-10, &#8220;<I>Share-Based Payment</I>,&#8221; which requires the measurement and recognition
of compensation expense for all share-based payment awards made to employees and directors including stock options, restricted stock units,
and employee stock purchases based on estimated fair values. The stock-based compensation carries a graded vesting feature subject to
the condition of time of employment service with awarded stock-based compensation tranches vesting evenly upon the anniversary date of
the award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company estimates the fair value of stock options
granted using the Black-Scholes option-pricing formula. In accordance with ASC 718-10-35-8, the Company elected to recognize the fair
value of the stock award using the graded vesting method as time of employment service is the criteria for vesting. The Company amortizes
the fair value of the stock award over the requisite service periods of the awards, which is generally the vesting period. The Company&#8217;s
determination of fair value using an option-pricing model is affected by the stock price as well as assumptions regarding a number of
highly subjective variables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company estimates volatility based upon the historical
stock price of the Company and estimates the expected term for stock options using the simplified method for employees and directors and
the contractual term for non-employees. The risk-free rate is determined based upon the prevailing rate of United States Treasury securities
with similar maturities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B><FONT ID="a_0211"></FONT>BUSINESS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt"><B>Our Corporate History</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Information Systems Associates, Inc. (&#8220;ISA&#8221;)
was incorporated in Florida on May 31, 1994. Our original business operations consisted of consulting services for asset management of
large corporate data centers and the development and licensing of information technology (&#8220;IT&#8221;) asset management software.
In late 2014, ISA entered negotiations with Duos Technologies, Inc. (&#8220;duostech&#8482;&#8221;) for the purposes of executing a merger
between the two organizations (also known as a &#8220;reverse triangular merger&#8221;). Incorporated under the laws of Florida on November
30, 1990, duostech&#8482; operated in various industry segments, specializing in the design, development and deployment of proprietary
technology applications and turn-key engineered systems. This transaction was completed on April 1, 2015, whereby duostech&#8482; became
a wholly owned subsidiary of ISA. After the merger was completed, ISA changed its corporate name to Duos Technologies Group, Inc. The
Company, based in Jacksonville, Florida, oversees its wholly owned subsidiary, duostech&#8482; and employs approximately 71 people and
is a technology company which designs, develops, deploys and operates intelligent technology solutions with a focus on software applications
and artificial intelligence (&#8220;AI&#8221;). The Company has a strong portfolio of intellectual property. The Company&#8217;s headquarters
are located at 7660 Centurion Parkway, Suite 100, Jacksonville, Florida 32256 and main telephone number is (904) 296-2807.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Overview</B></P>

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<P STYLE="font: 11pt Aptos; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company, operating under its brand name </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #548DD4"><B>duos</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">tech</FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
develops and deploys technology systems with focus on inspecting and evaluating moving vehicles. Its technology focus is within the Vision
Technology market sector and, more specifically, the Machine Vision subsector. Machine Vision companies provide imaging-based automatic
inspection and analysis for process control for industry with potential expansion into other markets. Duos has developed key technologies
over the past several years in software, industry specific hardware and artificial intelligence and has demonstrated industrial strength
usability of its systems supporting rail, logistics and intermodal businesses that streamline operations, improve safety and reduce costs.
Our team includes engineering subject matter expertise in hardware, software, and information technology as well as industry specific
applications of artificial intelligence also referred to as Expert Artificial Intelligence. We also have specific industry experts in
the rail industry on staff and as consultants.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Duos is currently developing industry solutions for
its target markets which will address rail, trucking, aviation and other vehicle-based processes. Duos&#8217; initial offering, the Railcar
Inspection Portal (RIP), provides both freight and transit railroad customers and select government agencies the ability to conduct fully
remote railcar inspections of trains while they are moving at full speed. The RIP utilizes a variety of sophisticated optical, laser and
speed sensors to scan each passing railcar to create a high-resolution image-set of the top, sides and undercarriage. These images are
then processed with our edge data center using artificial intelligence (AI) algorithms to identify safety and security defects on each
railcar. The algorithms are developed in conjunction with industrial application experts, in this case resident Railcar Mechanical Engineers,
to provide specific guidance in the analysis (&#8220;human in the loop&#8221;). Within seconds of the railcar passing through the RIP,
a detailed report is sent to the customer where they are able to take action on identified issues. This solution has the potential to
transform the railroad industry immediately increasing safety, improving efficiency and reducing costs. The Company has already deployed
this system with several Class 1 railroads and anticipates an increased demand from transit and other railroad customers along with selected
government agencies that operate and/or manage rail traffic. The Company has deployed RIPs in Canada, Mexico and the United States and
anticipates expanding this solution into Europe, Asia and the Middle East in coming years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has also developed the Automated Logistics
Information System (ALIS) which automates gatehouse operations where transport trucks enter and exit large logistics and intermodal facilities.
This solution incorporates a similar set of sensors, data processing and artificial intelligence to streamline the customer&#8217;s logistics
transactions and tracking and can also automate the security and safety inspection if called for. The Company has already deployed this
system with one large North American retailer and anticipates increased demand from other large retailers, railroad intermodal operators
and select government agencies that manage logistics and border crossing points. The Company is evaluating other solutions for moving
vehicles including aircraft, which could provide similar benefits in terms of safety and efficiency for required inspections as part of
an operations process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have developed two proprietary solutions that operate
our software and artificial intelligence. <FONT STYLE="background-color: white"><B>cen</B></FONT><B><FONT STYLE="color: #548DD4">t</FONT><FONT STYLE="background-color: white">raco</FONT><SUP>&#174;
</SUP></B>is an Enterprise Information Management Software platform that consolidates data and events from multiple sources into a unified
and distributive user interface. Customized to the end user&#8217;s Concept of Operations (CONOPS), it provides improved situational awareness
and data visualization for operational objectives compared to traditional manual inspections. <FONT STYLE="color: #548DD4"><B>true</B></FONT><B><FONT STYLE="background-color: white">vue</FONT>360<SUP>&#8482;
</SUP></B>is our fully integrated platform that we utilize to develop and deploy Artificial Intelligence (AI) algorithms, including Machine
Learning, Computer Vision, Object Detection and Deep Neural Network-based processing for real-time applications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These same Artificial Intelligence applications have
begun to open up other opportunities for the Company to provide revenue producing solutions with potentially high market adoption.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2021, the Company ended support of its IT Asset
Management (ITAM) solution which cataloged results for data center asset inventory and audit services. We are currently evaluating using
our current operations experience within &#8220;edge data centers&#8221; (as deployed for our Railcar Inspection Portal) to drive additional
revenues within other markets requiring this type of solution although no specific offering has been developed at this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the last quarter of 2022, the Company elected not
to renew a support contract for its Integrated Correctional Automation System (iCAS) for one customer. The Company subsequently sold its
iCAS assets to a buyer during the second quarter of 2023 for $165,000 via a convertible note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The year 2022 ushered in a new phase in the Company&#8217;s
development. Although we continue to see an extension of challenges faced in 2022, we also see positive changes and opportunities for
our business that will be discussed in greater detail herein. They include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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    <TD STYLE="width: 24px">&#160;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Introducing a new &#8220;subscription&#8221; based offering for access to data and images by a much broader target market including Class 1 railroads, railcar owners and lessors, and short-line railroads.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&#160;</P>

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    <TD STYLE="width: 24px">&#160;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owning and operating a network of RIPs with multiple subscribers outside of the Company&#8217;s traditional customer base.</FONT></TD></TR>
  </TABLE>
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    <TD STYLE="width: 24px">&#160;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling customized RIPs to Class 1, short-line and other industrial companies where specialized applications or routes demand a bespoke solution.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #548DD4"><B>duos</B></FONT><B>tech&#8482;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</P>

<P STYLE="font: 11pt Aptos; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Railcar
Inspection Portal</I> (</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">r<FONT STYLE="color: #548DD4">i</FONT>p</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">&#174;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Federal regulations require each railcar/train to
be inspected for mechanical defects prior to leaving a rail yard. Founded in 1934, the Association of American Railroads (AAR) is responsible
for setting the standards for the safety and productivity of the U.S./North American freight rail industry, and by extension, has established
the inspection parameters for the rail industry&#8217;s rolling stock. Also known as the &#8220;Why Made&#8221; codes, the AAR established
approximately 110 inspection points under its guidelines for mechanical inspections.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under current practice, inspections are conducted
manually, a very labor intensive and inefficient process that only covers a select number of inspection points and can take several hours
per train. We believe our Railcar Inspection Portal has the potential to reduce this inspection to minutes while the train is moving at
speed, improving safety, reducing dwell time and optimizing maintenance.</P>

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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our system combines high-definition image and data
capture technologies with our AI-based analytics applications that are typically installed on active tracks located between two rail yards.
We inspect railcars traveling through our inspection portal at speeds of up to 70 mph and report mechanical anomalies detected by our
system to the inbound train yard, well ahead of the train entering the yard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Aptos; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
three Class 1 railroads and several transit and international railroads use our </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">r<FONT STYLE="color: #54A1D4">i</FONT>p</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">&#174;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">technology with one of those railroads broadly deploying
the technology across its network.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company continues to expand its detection capabilities
through the development and integration of additional sensor technologies to include laser, infrared, thermal, sound and x-ray to process
AI-based analytics of inspection points. Currently the Company has a high-reliability catalog of over 48 artificial intelligence algorithms
which can be integrated into the RIP to enhance mechanical anomalies detections. These detections support railroads in the active maintenance
and overall safety of their railcar fleet and networks.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Markets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe the opportunity for our Railcar Inspection
Portal business is substantial and continues to be our number one priority. We are currently engaged with the RIP solution with three
of seven Class 1 railroad operators with 13 systems already deployed across the North American rail network. Because of our early leadership
position, we have been able to accumulate experience and intellectual property that we believe would be time-consuming and expensive for
a new competitor to replicate. Furthermore, we believe we have the ability to upgrade and scale our solutions with additional technologies
in the future. We believe that the current market for our technologies is substantial. At the same time, we recognize that the technology
life cycle is fast and evolving. Potential competitors could move into this sector, and it is possible that some Class 1 railroads could
develop their own solutions that limit our total addressable market.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In late 2022, the Company announced it will pursue
a subscription platform for the RIPs. Under this new model, the Company will build, own and operate its RIP product and offer the data
access for each portal to potential customers. This expansion of the RIP offering would potentially open up the addressable market to
other railroads, railcar owners, and car lessors. This shift increases the pool of potential customers by lowering the entry point for
the RIP and would reshape the Company&#8217;s working capital needs to invest in the construction of a RIP ahead of customer revenue inflows.
The Company continues to explore this expansion on the long-term effects it may have on future cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Aptos; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Another
market we are pursuing as our second priority is using our Automated Logistics and Information Systems solution (</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a<FONT STYLE="color: #548DD4">l</FONT>is</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&#8482;</B>)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
Potential customers include commercial retail logistics and intermodal operators, Class 1 rail intermodal operators that are moving large
amounts of automobiles, and U.S. Government agencies such as the Department of Defense and the Department of Homeland Security. Today,
we currently have 20 production systems in use, but we believe the greenfield opportunity here to be substantial. We have identified over
900 lanes of traffic within nearly 300 facilities as potential business opportunities in the near-term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Currently, we are focused on the North American market,
but plan to expand globally in the future with interest from Europe, Asia and the Middle East.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Patents and Trademarks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company holds a number of patents and trademarks
for our technology solutions. We protect our intellectual property rights by relying on federal, state, and common law rights, as well
as contractual restrictions. We control access to our proprietary technology by entering into confidentiality and invention assignment
agreements with all of our employees and contractors, and confidentiality agreements with third parties. We also actively engage in monitoring
activities with respect to infringing uses of our intellectual property by third parties.</P>

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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Specific Areas of Competition</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">One of our primary commercial goals is to develop
innovative technology solutions and target potential &#8220;greenfield&#8221; market spaces in order to maximize our business footprint
and give us the ability to help define the market parameters for the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other companies that participate in the visual and
optical (laser) based railcar inspection systems market include Wabtec (Beena Vision), KLD Labs, WID, IEM, and Camlin Rail. Some Class
1 railroads have stated that they are developing &#8220;in-house&#8221; solutions. We believe that Duos has a significant competitive
advantage in that we have multiple years of deployment experience, have access to millions of images where our RIP has performed scans
with AI analysis and in-house industry expertise to train our systems and make identification of common problems more automated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Automated Logistics Information System (ALIS)
also represents an opportunity to expand into a mature market that we believe has a significant technology gap.&#160; While most facilities,
such as distribution centers, that process commercial trucks in and out have sophisticated software management applications for logistics
control, they have most often not implemented an advanced gatehouse automation solution. Historically, this category was referred to as
&#8220;Automated Gate Systems&#8221; or AGS.&#160; The purpose of AGS technology is to streamline entry in to and exit out of facilities.&#160;
The marketplace for this was mostly seaports and intermodal transfer facilities and was relatively expensive technology to deploy.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Our Growth Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Vision</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company designs, develops, deploys and operates
intelligent technology solutions for inspecting and evaluating moving objects. Its technology application focus is within the rail and
intermodal markets which offers imaging-based automatic inspection and analysis for process control for industry with potential expansion
into other markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Objectives</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 24px">&#160;</TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Improve our operational and technical execution, customer satisfaction and implementation speed.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer both CAPEX (one-time sale) and Subscription pricing models that seek to increase recurring revenue and improve profitability.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form strategic partnerships that improve market access and credibility.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Improve policy, processes, and toolsets to become a viable platform for internal growth and for mergers and acquisitions.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B>&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Organic Growth</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our organic growth strategy is to continue our focus
and prioritization in the rail, logistics and intermodal market space. In this regard, the Company has made significant changes in the
senior management team to include a new Chief Executive Officer, who joined the Company in September 2020 and has years of experience
successfully leading start-up and turn-around companies. In addition, a key account executive from one of Duos&#8217; competitors joined
the team during late 2022 to support the continued revenue growth of the business bringing significant sales experience focused around
the rail market. In the third quarter of 2023, the Company also brought on a new Chief Commercial Officer bringing significant experience
from the sales and operations aspects of the intermodal and power industries. In 2021, the Company also hired a new Chief Technology Officer
bringing 25 years of experience in designing and delivering value driven technologies. Our new CTO has already led the team through instrumental
changes to its approach to software and artificial intelligence development. The team also saw a change in CFO in late 2022 with the new
CFO bringing significant experience in growth for asset-intensive businesses which aligns with the subscription format the Company will
expand into.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The new leadership team&#8217;s
focus is to improve operational and technical execution which will in turn enable the commercial side of the business to expand RIP and
ALIS delivery into existing and new customers. Even though supply chain issues are expected to continue in 2024, the Company&#8217;s primary
customers have indicated readiness to order more equipment and services based upon the Company&#8217;s current performance and the new
subscription offerings expands the universe of potential customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Additionally, the CEO has
directed that the Company make continual engineering and software upgrades to the RIP to meet anticipated Federal Railroad Association
(FRA) and Association of American Railroad (AAR) standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Manufacturing and Assembly</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company designs and develops technology solutions
using a combination of in-house fabrication, commercial off-the-shelf technology, and outsourced manufacturing. On-site installations
are performed using a combination of in-house project managers and engineers and using third-party sub-contractors as needed. Throughout
the process of design, develop, deploy and operate, the Company maintains responsibility for all aspects. Our internal manufacturing operations
consist primarily of materials procurement, assembly, testing and quality control by our engineers. If not manufactured internally, we
use third-party manufacturing partners to produce our hardware related components and hardware products and we most often complete final
assembly, testing and quality control processes for these components and products. Our manufacturing processes are based on standardization
of components across product types, centralization of assembly and distribution centers, and a &#8220;build-to-order&#8221; methodology
in which products generally are built only after customers have placed firm orders. For most of our hardware products, we have existing
alternate sources of supply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For 2024 and possibly beyond, we expect to face significant
challenges with macro-economic impacts, specifically inflation and supply chain disruption. Although these started to be identified in
late 2021, we believe they continue to manifest themselves in ways that could challenge our business growth in the future. Specifically,
the ability to source key components and certain implementation services will dictate just how quickly the Company can meet desired installation
deadlines. In the industries in which we operate, the time from concept to contract can be substantial. Although we are now adapting to
these challenges, previous bids that have been submitted could be challenging to execute within the financial framework and execution
times originally envisaged. We continue to have dialogue with our customers regarding potential price increases and implementation delays,
but we may suffer some economic impacts as a result of this. Revenue recognition could be delayed as a result of these factors and profitability
could be impacted due to higher costs for materials and other services. The Company will continue to monitor the situation and update
shareholders as the situation unfolds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Research and Development </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s R&amp;D and software development
teams design and develop all systems and software applications with a combination of full-time in-house software engineers and outside
contractors. Internal development allows us to maintain technical control over the design and development of our products. Rapid technological
advances in hardware and software development, evolving standards in computer hardware and software technology, and changing customer
requirements characterize the markets in which we compete. We plan to continue to dedicate significant resources to research and development
efforts, including software development, to maintain and improve our current product and services offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Government Regulations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has worked with various agencies of the
federal government for more than 10 years including the Department of Homeland Security (&#8220;DHS&#8221;). When our solutions have been
deployed into these agencies, they meet specific requirements for certification, safety and security that are stipulated in requirements
and contract documents. The Company is currently competing for other government related work and strictly follows the rules and regulations
outlined in the Federal Acquisition Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s primary customers are all governed
by regulations related to the safe and effective transportation of goods and passengers, primarily by rail, but in future scenarios by
air, road and sea. While changes in the regulatory environment could impact the Company in future years, we believe any changes will be
overall positive for the Company. We continuously review potential changes in the regulatory environment and maintain contact with key
personnel at certain agencies including the Federal Railroad Administration (FRA), the Transportation Security Administration (TSA) as
well as the DHS previously mentioned. We expect to develop similar relationships with governmental agencies in target markets both in
the US and internationally. At this time, we believe our offerings are complementary to the current and evolving standards and that we
will adapt to any new regulations as they are promulgated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Employees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have a current staff of 71 employees, of which
66 are full-time, the majority of which work in the Jacksonville area, none of which are subject to a collective bargaining agreement.
We have not experienced any work stoppages and we consider our relationship with our employees to be good.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Properties.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 26, 2021, the Company entered a new operating lease agreement
of office and warehouse combination space of 40,000 square feet with the lease commencing on November 1, 2021 and ending May 31, 2032.
This additional space allows for resource growth and engineering efforts for operations before deploying to the field. The rent for the
first twelve months of the term were calculated as rentable base space on 30,000 square feet. The rent is subject to an annual escalation
of 2.5%, beginning December 1, 2022. The Company made a security deposit payment in the amount of $600,000 on July 26, 2021. The Company
has applied the FASB issued ASU No. 2016-02 Leases (Topic 842) (&#8220;ASU 2016-02&#8221;) in the fourth quarter of 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company now has a total of office and warehouse
space of 40,000 square feet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rental expense for the office lease during 2023 and
2022 was $781,638 and $782,591, respectively.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Legal Proceedings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From time to time, we may be involved in litigation
relating to claims arising out of our operations in the normal course of business. We are currently not involved in any litigation that
we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding,
inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to
the knowledge of the executive officers of our Company or any of our subsidiaries, threatened against or affecting our Company, our common
stock, any of our subsidiaries or any of our Company&#8217;s or our subsidiaries&#8217; officers or directors in their capacities as such,
in which an adverse decision could have a material adverse effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><FONT ID="a_0212"></FONT><B>Directors,
Executive Officers and Corporate Governance</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a list of our executive officers
and directors. All directors serve one-year terms or until their successors are duly qualified and elected or his earlier resignation,
removal or disqualification. The officers of the Company are elected by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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  <TR>
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    <TD STYLE="width: 1%; text-align: justify">&#160;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&#160;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 43%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Position</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charles P. Ferry</FONT></TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer, Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew W. Murphy</FONT></TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kenneth Ehrman<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank Lonegro <SUP>(2)</SUP></FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ned Mavrommatis <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James Craig Nixon <SUP>(4)</SUP></FONT></TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director </FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 99%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of our Board of Directors, member of the Compensation Committee, Chairman of the Corporate Governance and Nominating Committee, and resigned his membership of the Audit Committee effective April 1, 2024.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Audit Committee, member of the Compensation Committee and Corporate Governance and Nominating Committee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Compensation Committee, member of the Audit Committee and the Corporate Governance and Nominating Committee.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Charles P. Ferry, Chief Executive Officer, Director</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Ferry was appointed Chief Executive Officer, effective
September 1, 2020. Mr. Ferry was then elected as a member of our Board of Directors on November 19, 2020 by our shareholders. Mr. Ferry
combines over three years of experience in the energy industry and seven years in the defense contracting industry following 26 years
of active-duty service in the United States Army. From 2018 through 2020, Mr. Ferry was the Chief Executive Officer for APR Energy, a
global fast-track power company. Prior to this, Mr. Ferry was the President and Chief Operating Officer of APR Energy from 2016 to 2018.
From 2014 to 2016, Mr. Ferry was the General Manager for ARMA Global Corporation, a wholly owned subsidiary of General Dynamics, a defense
contracting company that delivered Information Technology engineering, services, and logistics. Mr. Ferry was the Vice President of ARMA
Global Corporation from 2010 to 2014 before being acquired by General Dynamics. From 2009 to 2010, Mr. Ferry was the Director, Business
Development and Operations at Lockheed-Martin. His leadership assignments in the U.S. Army include: Director, NORAD-NORTHCOM Current Operations,
Infantry Battalion Task Force Commander, Joint Special Operations Task Force Commander, Regimental and Battalion Operations Officer, and
Airborne Rifle Company Commander. His military leadership assignments include 48 months of combat in Somalia, Afghanistan and Iraq.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Ferry has an undergraduate degree from Brigham
Young University.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Board of Directors believes Mr. Ferry brings significant
commercial and operational experience to the Company and has shown demonstrable leadership skills as both a Military officer with a distinguished
service record and in leading companies to profitable growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Andrew W. Murphy, Chief Financial Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Murphy has over 16 years of progressive business
experience in accounting and finance including nearly five years of public company experience for a London Stock Exchange-based company.
He joined Duos Technologies, Inc. in 2020 where he served on the Commercial team to support new project bids while also building out the
Finance function. Prior to joining Duos, from 2011 to 2020 Mr. Murphy held progressive senior Finance roles within APR Energy, a global
fast-track power and asset management company formerly listed on the London Stock Exchange (LSE). In these roles Mr. Murphy oversaw the
pricing &amp; risk management efforts for more than $800 million in new business and asset transactions across the globe. Additionally,
he was also responsible for managing the FP&amp;A function as well as supporting M&amp;A activity and the investor relations function
during APR Energy&#8217;s time on the LSE. Prior to his time with APR, Mr. Murphy served in corporate accounting roles within a Fortune
500 company as well as time working in public accounting with a focus on tax and business services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Murphy graduated from Jacksonville University
&#8220;cum laude&#8221; with a business degree in Accounting and later received his Master&#8217;s degree in Business Administration with
a focus in Finance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Kenneth Ehrman, Chairman</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Ehrman joined the Board on January 31, 2019. He
was elected as Chairman of the Board in November 2020. As an innovator in intelligent machine to machine (MtoM wireless technology) and
industrial applications of the internet of things (IoT), Mr. Ehrman has coauthored more than 40 patents in wireless communications, mobile
data, asset tracking, power management cargo and impact sensing as well as rental car management.&#160; Mr. Ehrman is the founder of Halo
Collar, which invented a technology used for the tracking of canines to replace GPS-based wireless fences. Halo Collar has recorded more
than 20,000-unit sales since its inception in July 2020. He also currently serves as an independent consultant to several high-technology
companies in supply chain/logistics and transportation. Mr. Ehrman advises technology companies focused on solutions for these industries.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to joining our Board, Mr. Ehrman served as Chief
Executive Officer of I.D. Systems, Inc., a company he founded in 1993 as a Stanford University engineering student. During his tenure
at I.D. Systems, he pioneered the commercial use of radio frequency identification technology for industrial asset management and took
the company public on the Nasdaq in 1999. Under his leadership, I.D. Systems was named one of North America&#8217;s fastest growing technology
companies by Deloitte in 2005, 2006, and 2012. Mr. Ehrman received multiple awards during his time at I.D. Systems, including Deloitte
Entrepreneur of the Year and Ground Support Worldwide Engineer/Innovator Leader.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Ehrman is also the Chairman of the Corporate Governance
and Nominating Committee as well as a member of the Compensation Committee. The Board believes that Mr. Ehrman&#8217;s management experience,
engineering expertise and long history and familiarity with industries the Company currently operates in, make him ideally qualified to
help lead the Company towards continued growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Frank A. Lonegro, Director&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Lonegro was elected to the Board of Directors
on July 19, 2023. Since February 2024, Mr. Lonegro has been the Chief Executive Officer and a board member of Landstar Systems, Inc. (Nasdaq:
LSTR), a technology-focused integrated transportation solutions and services provider based in Jacksonville, Florida. From 2020 to early
2024, Mr.&#160;Lonegro was an Executive Vice President and the Chief Financial Officer of Beacon Roofing Supply, Inc., the largest publicly
traded distributor of roofing materials and complementary building products in North America. Prior to Beacon, he had a nearly 20-year
career with CSX Corporation, a Fortune 500 transportation company, where he most recently served as Executive Vice President and Chief
Financial Officer from 2015 to 2019. Mr.&#160;Lonegro&#8217;s career at CSX entailed a unique blend of cross-functional experience, combining
financial, operational and functional executive leadership roles. As Chief Financial Officer, he helped lead transformative operational
changes yielding substantial productivity savings and markedly improved operating margins which led to significant stockholder value creation.
Prior to his role as Chief Financial Officer, Mr.&#160;Lonegro delivered strong results in key leadership roles of increasing responsibility
across operations, service, information technology and internal audit. Prior to joining CSX, Mr.&#160;Lonegro practiced law for seven
years, focusing on complex commercial litigation, loan workouts and business transactions. Mr.&#160;Lonegro earned a bachelor&#8217;s
degree from Duke University, a law degree from the University of Florida and an MBA from the University of Florida.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B>&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 4pt">&#160;</FONT><FONT STYLE="font-size: 10pt"><B>Ned
Mavrommatis, Director </B></FONT></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Mavrommatis has served as the Chief Financial
Officer of Halo Collar since May 2022. The Halo Collar is the newest smart safety system for dogs. Co-founded by Cesar Millan, this patented
system utilizes proprietary technology &amp; dog psychology to provide a wireless smart fence, smart training, GPS tracker and activity
tracker combined into one easy-to-use smart collar. Prior to Halo Collar Mr. Mavrommatis served as the Chief Financial Officer of PowerFleet,
Inc. (NASDAQ: PWFL) from October 2019 to May 2022 and I.D Systems, Inc. (NASDAQ: IDSY) from August 1999 to October 2019. Mr. Mavrommatis
started his career in public accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Mavrommatis received a Master of Business Administration
in finance from New York University&#8217;s Leonard Stern School of Business and a Bachelor of Business Administration in accounting from
Bernard M. Baruch College, The City University of New York. Mr. Mavrommatis is also a Certified Public Accountant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>James Craig Nixon, Director</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Nixon joined our Board of Directors on July 15,
2021 and serves as Chairman of the Compensation Committee and a member of the Audit and Corporate Governance and Nominating Committees.
Brigadier General Craig Nixon (Ret.) is a combat decorated, special operations soldier. Over a 29-year Army career, Brigadier General
Nixon served in a wide range of assignments including seven tours in special operations units including assignments as the Commander,
75th Ranger Regiment and Director of Operations for Joint Special Operations Command (JSOC) and US Special Operations Command. He is a
combat decorated soldier whose awards include the Distinguished Service Medal, Silver Star, three Bronze Stars, and the Purple Heart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After retiring from the Army in 2011, he was an original
Partner at McChrystal Group, helped create a highly successful leadership consulting company and led their engagements with a number of
technology focused Fortune 500 companies. In 2013 he became the Chief Executive Officer of ACADEMI and over three years through a combination
of organic growth and acquisitions built Constellis Group, a global leader in security and training with over 10,000 employees in 30 countries.
During his tenure Constellis tripled in revenue to over $1 billion annually and saw a fivefold increase in EBITDA. Mr. Nixon is founder
and Chief Executive Officer of Nixon Six Solutions from January 2016 until present, a consulting firm focusing on growth and market entry
strategy, leadership, and mergers &amp; acquisitions. He is on a number of government and technology boards and is also a frequent speaker
on geopolitics, leadership, and veterans&#8217; challenges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Brigadier General Nixon is a graduate of Auburn University
and has earned master&#8217;s degrees from the Command and Staff College and the Air War College. He is a decorated retired General Officer,
successful entrepreneur, and passionate supporter of veteran non-profit organizations. He was selected for the Ranger Hall of Fame and
Auburn University at Montgomery Top Fifty Alumni in 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Board of Directors believes that Mr. Nixon&#8217;s
extensive military and management experience and familiarity with technology industries make him ideally suited to help lead the Company
towards excellence in operations and strategic planning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Key Employees</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Jeff Necciai, Chief Technology Officer, Operating Subsidiary Duos Technologies,
Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Necciai brings over 25 years of experience in
designing, developing, and delivering value-driven technology solutions across a wide range of industries to Duos. Prior to joining Duos
in January 2021, Jeff served as the Chief Technology Officer of NASCENT Technology, where he cultivated and led high-performing cross-functional
product teams to develop and deliver comprehensive gate automation solutions to rail and maritime terminal customers. Jeff was responsible
for the solution design and software architecture for many of the company's innovations, including an advanced OCR and imaging solution,
proprietary point-to-point VoIP technology, an automated work queue management system, a line of integrated &#8220;smart&#8221; outdoor
IP-based callboxes, and a comprehensive human-assisted security and surveillance platform. In 2001, Jeff co-founded and served as Lead
Systems Architect for Solution Dynamics, which developed remote digital video surveillance products for institutional customers. Jeff
is listed on several technology-based patents and has contributed articles for publications such as American Shipper, World Cargo News,
and the Journal of Commerce. Jeff holds a Bachelor of Science Degree in Business Administration from Clarion University of Pennsylvania.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Chris King, Chief Commercial Officer, Operating Subsidiary Duos Technologies,
Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. King joins Duos with over 20 years of operational
and commercial leadership experience within the energy and supply chain sectors. Prior to joining Duos, he served in a series of progressive
management roles within APR Energy (&#8220;APR&#8221;), a global fast track power company. During Mr. King&#8217;s time at APR, his responsibilities
included: leading all power plant operations, which consisted of 16 sites around the world and over 500 employees; managing acquisition
integrations of over $300 million in new projects; maintaining full P&amp;L accountability for all operations; and building and heading
up a team that closed over $1 billion in new revenue, asset sales, and contract extensions. Prior to his time at APR, Mr. King held several
operational leadership roles at CEVA Logistics, including a role as Lean Six Sigma Leader in charge of designing and executing continuous
improvement projects for CEVA operations across the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Family Relationships</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no family relationships among any of our
directors or executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Section 16(a) Beneficial Ownership Reporting Compliance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Section 16(a) of the Exchange Act requires the Company&#8217;s
executive officers and directors, and persons who own more than 10% of the Company&#8217;s common stock, to file reports of ownership
and changes in ownership on Forms 3, 4 and 5 with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based solely on our review of certain reports filed with the SEC pursuant
to Section 16(a) of the Exchange Act, the reports required to be filed with respect to transactions in our Common Stock during the fiscal
year ended December 31, 2023, were filed timely, except for one Form 4 for each of Mr. Ferry and Mr. Murphy in connection with grants
of options were not filed timely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Code of Ethics</B></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company has adopted
a Code of Ethics for adherence by its Chief Executive Officer and Chief Financial Officer, to ensure honest and ethical conduct, full,
fair and proper disclosure of financial information in the Company&#8217;s periodic reports filed pursuant to the Securities Exchange
Act of 1934, and compliance with applicable laws, rules, and regulations. Any person may obtain a copy of our Code of Ethics by mailing
a request to the Company at 7660 Centurion Parkway, Suite 100, Jacksonville, Florida 33256.</P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Board Composition and Director Independence</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Board of Directors currently consists of five
members: Mr. Kenneth Ehrman, Mr. Charles P. Ferry, Mr. Ned Mavrommatis, Mr. James Craig Nixon, and Mr. Frank Lonegro. The directors will
serve until our next annual meeting and until their successors are duly elected and qualified. The Company defines &#8220;independent&#8221;
as that term is defined in Nasdaq Listing Rule 5605(a)(2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In making the determination of whether a member of
the board is independent, our board considers, among other things, transactions and relationships between each director and his immediate
family and the Company, including those reported under the caption &#8220;Certain Relationships and Related Party Transactions&#8221;.
The purpose of this review is to determine whether any such relationships or transactions are material and, therefore, inconsistent with
a determination that the directors are independent. Based on such review and its understanding of such relationships and transactions,
our board affirmatively determined that Mr. Ehrman, Mr. Mavrommatis, Mr. Nixon, and Mr. Lonegro are all qualified as independent and none
of them have any material relationship with us that might interfere with his exercise of independent judgment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Board Committees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Our Board of Directors has established an audit
committee, a compensation committee and a corporate governance and nominating committee. Each committee has its own charter, which is
available on our website at&#160;www.duostech.com.&#160;Each of the board committees has the composition and responsibilities described
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Members will serve on these committees until
their resignation or until otherwise determined by our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Mr. Mavrommatis, Mr. Nixon and Mr. Ehrman,
all of whom are independent directors within the meaning of the Nasdaq&#8217;s listing rules, are the Chairman of the Audit Committee,
the Compensation Committee and the Corporate Governance and Nominating Committee, respectively. Each of the independent members of our
Board of Directors also serves on one or more committees as previously disclosed.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Audit Committee</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee oversees our accounting and
financial reporting processes and oversees the audit of our financial statements and the effectiveness of our internal control over financial
reporting. The specific functions of this Committee include, but are not limited to:</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our board has determined that Mr. Mavrommatis
is currently qualified as an &#8220;audit committee financial expert&#8221;, as such term is defined in Item 407(d)(5) of Regulation S-K.
Mr. Mavrommatis serves as the Chairman of the Audit Committee.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 4pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 4pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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<P STYLE="font: 4pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 4pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Compensation Committee</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Committee&#8217;s compensation-related responsibilities
include, but are not limited to:</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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  <TR>
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  <TR>
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  <TR>
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  <TR>
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<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Nixon serves as the Chairman of the Compensation
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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Corporate Governance and Nominating Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The responsibilities of the Corporate Governance and
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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  <TR>
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  <TR>
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  <TR>
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  <TR>
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  <TR>
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  <TR>
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  <TR>
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  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Ehrman serves as the Chairman of the Corporate
Governance and Nominating Committee.</P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Involvement in Certain
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">To the best of our knowledge,
none of our directors or executive officers has, during the past ten years:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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  <TR>
    <TD>&#160;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
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  <TR>
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  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except as set forth in our discussion below in &#8220;Certain
Relationships and Related Transactions,&#8221; none of our directors or executive officers has been involved in any transactions with
us or any of our directors, executive officers, affiliates or associates which are required to be disclosed pursuant to the rules and
regulations of the Commission.&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><FONT ID="a_0213"></FONT>EXECUTIVE COMPENSATION</B>&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth the total compensation
received for services rendered in all capacities to our Company for the last two fiscal years, which was awarded to, earned by, or paid
to our Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer (the &#8220;Named Executive Officers&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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  <TR>
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    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Year</B></FONT></TD>
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    <TD STYLE="width: 1%">&#160;</TD>
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    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%">&#160;</TD>
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    <TD STYLE="width: 1%">&#160;</TD>
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    <TD STYLE="width: 1%">&#160;</TD>
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    <TD STYLE="width: 1%">&#160;</TD>
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    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 11%; text-align: right">&#160;</TD>
    <TD STYLE="width: 1%">&#160;</TD>
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    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 11%; text-align: right">&#160;</TD>
    <TD STYLE="width: 1%">&#160;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
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  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(11)</SUP></FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(13)</SUP></FONT></TD>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(14)</SUP></FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
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    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</FONT></TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD>&#160;</TD></TR>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">&#160;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(16)</SUP></FONT></TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(17)</SUP></FONT></TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">281,088</FONT></TD>
    <TD>&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents $125,000 objectives bonus.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
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  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
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  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
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  <TR STYLE="vertical-align: top">
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  <TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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options <BR>
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unearned <BR>
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shares, units <BR>
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rights that <BR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Employment Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Charles P. Ferry</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 1, 2020, the Company entered into an
employment agreement (the &#8220;Ferry Employment Agreement&#8221;) with Charles P. Ferry pursuant to which Mr. Ferry serves as Chief
Executive Officer of the Company. The Ferry Employment Agreement is for a term of one year (the &#8220;Initial Term&#8221;) and shall
be automatically extended for additional terms of successive one-year periods (the &#8220;Additional Term&#8221;) unless the Company or
Mr. Ferry gives at least 60 days written notice of non-renewal prior to the expiration of the Initial Term or an Additional Term. During
2022 Mr. Ferry received a base salary at an annual rate of $250,000 and also received a bonus in the amount of $150,000 during 2022 for
achievement of certain objectives in 2022 in accordance with criteria determined by our Board of Directors and based on the review and
recommendation of the Compensation Committee. In 2023, Mr. Ferry&#8217;s annual salary was increased to $265,000 and he was paid a bonus
of $125,000 based on criteria determined by our Board of Directors and based on the review and recommendation of the Compensation Committee.
Mr. Ferry continues to be eligible for an annual bonus in an amount up to $150,000 in accordance with criteria, including but not limited
to, revenue targets, profitability and other key performance indicators. Additionally, Mr. Ferry initially received 100,000 non-qualified
stock options that are exercisable into 100,000 shares of our common stock at an exercise price of $4.18, of which 100% were vested as
of September 1, 2022. He received a further grant in January 2022 in the amount of 100,000 non-qualified options with a term of five years
and a exercise price of $6.41. The options have a three-year vesting period. Additionally, he received a further grant in April 2023 in
the amount of 37,889 non-qualified options with a term of five years and a exercise price of $4.22. The options have a three-year vesting
period. The Ferry Employment Agreement can be terminated with or without cause at any time during the Initial Term or during an Additional
Term. As a full-time employee of the Company, Mr. Ferry is eligible to participate in all of the Company&#8217;s benefit programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Potential Payments upon Change of Control or Termination
following a Change of Control and Severance</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Ferry Employment Agreement contains certain provisions
for early termination, which may result in a severance payment equal to up to six months of base salary then in effect. Generally, we
do not provide any severance specifically upon a change in control, nor do we provide for accelerated vesting upon a change in control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Andrew W. Murphy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 1, 2023, the Company entered into an employment
agreement (the &#8220;Murphy Employment Agreement&#8221;) with Andrew W. Murphy, pursuant to which Mr. Murphy serves as Chief Financial
Officer of the Company. The Murphy Employment Agreement is for a term through March 31, 2025 (the &#8220;Initial Term&#8221;) and shall
be automatically extended for additional terms of successive one-year periods (the &#8220;Additional Term&#8221;) unless the Company or
Mr. Murphy gives at least 60 days written notice of non-renewal prior to the expiration of the Initial Term or each Additional Term. Mr.
Murphy is to receive a base salary at the annual rate of $224,720. Mr. Murphy is also eligible for an annual performance bonus in an amount
up to $70,000 in accordance with criteria, including but not limited to, revenue targets, profitability and other key performance indicators,
as recommended by the Chief Executive Officer and accepted by the Board of Directors. Additionally, Mr. Murphy initially received 20,000
non-qualified stock options at an exercise price of $4.35 with a term of five years and have a three-year vesting period. He received
a further grant in January 2022 in the amount of 80,000 non-qualified options with a term of five years and a strike price of $6.41. The
options have a three-year vesting period. Additionally, he received a further grant in April 2023 in the amount of 30,311 non-qualified
options with a term of five years and an exercise price of $4.22. The options have a three-year vesting period. The Murphy Employment
Agreement may be terminated with or without cause and by Mr. Murphy for good reason. As a full-time employee of the Company, Mr. Murphy
will be eligible to participate in all of the Company&#8217;s benefit programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Potential Payments upon Change of Control or Termination
following a Change of Control and Severance. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Murphy Employment Agreement contains certain provisions
for early termination, which may result in a severance payment equal to up to six months of base salary then in effect. Generally, we
do not provide any severance specifically upon a change in control, nor do we provide for accelerated vesting upon a change in control.<B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Adrian G. Goldfarb</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 1, 2018, the Company entered into an employment
agreement (the &#8220;Goldfarb Employment Agreement&#8221;) with Adrian G. Goldfarb, pursuant to which Mr. Goldfarb served as Chief Financial
Officer of the Company through November 15, 2022 and subsequently, assumed a new role as Strategic Advisor to the CEO. During 2022, Mr.
Goldfarb was paid an annual salary of $220,000 and he was paid a bonus of $50,000. In 2023, Mr. Goldfarb&#8217;s annual salary was increased
to $226,600 and he was paid a bonus of $31,000. The Goldfarb Employment Agreement had an initial term through March 31, 2019, subject
to renewal for successive one-year terms unless either party gives the other notice of that party&#8217;s election to not renew at least
60 days prior to the expiration of the then-current term. The Goldfarb Employment Agreement was to terminate March 31, 2024 but on March
29, 2024, the Company extended the existing Goldfarb Employment Agreement until April 30, 2024. The Goldfarb Employment Agreement was
approved by the Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Potential Payments upon Change of Control or Termination
following a Change of Control and Severance</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Goldfarb Employment Agreement contains certain
provisions for early termination, which may result in a severance payment equal to one year of base salary then in effect. Generally,
we do not provide any severance specifically upon a change in control, nor do we provide for accelerated vesting upon change in control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Connie L. Weeks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 1, 2018, the Company entered into an employment
agreement (the &#8220;Weeks Employment Agreement&#8221;) with Connie L. Weeks, pursuant to which Ms. Weeks served as Chief Accounting
Officer of the Company. During 2022, Ms. Weeks was paid an annual salary of $152,260 as well as a $20,000 performance bonus and $14,770
in compensations for unused paid time off. The Weeks Employment Agreement had an initial term that extended through March 31, 2019, subject
to renewal for successive one-year terms unless either party gave notice of that party&#8217;s election to not renew to the other party
at least 60 days prior to the expiration of the then-current term. Ms. Weeks gave notice to the Company that she would be retiring effective
December 31, 2022. As a consequence, the Weeks Employment Agreement terminated effective December 31, 2022. The Weeks Employment Agreement
was approved by the Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Potential Payments upon Change of Control or Termination
following a Change of Control and Severance</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Weeks Employment Agreement contained certain provisions
for early termination, which may have resulted in a severance payment equal to two years of base salary then in effect. This provision
is no longer in effect and Ms. Weeks will not receive any further compensation following her retirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Director Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Starting in 2021, the Compensation Committee determined
that directors will receive $40,000 for serving as a member of a committee and $10,000 for serving as Chairman of a committee. The $10,000
fee is also inclusive of any services rendered as a member of one or more committees. The board compensation will be paid 40% in cash
and 60% in shares of restricted common stock or options to purchase shares of our common stock, as elected by the board member. Each board
member may further elect to receive up to 100% of compensation in restricted stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes data concerning the
compensation of our non-employee directors for the year ended December&#160;31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD>
    <TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fees Earned</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>or Paid<BR>
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    <TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">
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    <TD STYLE="width: 1%">&#160;</TD>
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    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
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    <TD STYLE="width: 1%">&#160;</TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
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    <TD>&#160;</TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,000</FONT></TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,000</FONT></TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
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    <TD>&#160;</TD></TR>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,000</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,000</FONT></TD>
    <TD>&#160;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&#160;&#160;&#160;</FONT></TD>
    <TD STYLE="width: 99%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kenneth Ehrman
    was appointed to the board in January 2019. Through November 19, 2020, he served as Chairman of the Compensation Committee and as of
    that date he was named Chairman of our Board of Directors. He serves as a member of the Compensation Committee and is Chairman of
    the Corporate Governance and Nominating Committee. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank A. Lonegro was
    appointed to the board on July 19, 2023. Mr. Lonegro became a member of the Audit Committee on April 1, 2024. He has elected to
    receive all of his compensation in stock.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ned Mavrommatis was appointed to the board on August 13, 2019. Through November 19, 2020, he served as Co-Chairman of the Audit Committee and since then he has been the sole Chairman of the Audit Committee and he is a member of the Compensation and Corporate Governance and Nominating Committees.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James Craig Nixon was
    appointed to the board on July 15, 2021. Since his appointment, he has served as Chairman of the Compensation Committee and he is a
    member of the Audit and Corporate Governance and Nominating Committees. Mr. Nixon elected to receive all of his compensation in
    stock.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Reflects the aggregate grant date fair value of stock
    awards computed in accordance with FASB ASC Topic 718. In determining the grant date fair value of stock awards, the Company
    used the closing price of the Company&#8217;s common stock on the grant date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT ID="a_0214"></FONT><B>OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of April 3, 2024, our authorized capitalization was 500,000,000
shares of common stock $0.001 par value per share, 500,000 shares of Series A Redeemable Convertible Preferred Stock (&#8220;Preferred
A&#8221;), 15,000 shares of Series B Convertible Preferred Stock (&#8220;Preferred B&#8221;), 5,000 shares of Series C Convertible Preferred
Stock (&#8220;Preferred C&#8221;), 4,000 shares of Series D Convertible Preferred Stock (&#8220;Preferred D&#8221;), 30,000 shares of
Series E Convertible Preferred Stock (&#8220;Preferred E&#8221;), and 5,000 shares of Series F Convertible Preferred Stock (&#8220;Preferred
F&#8221;). As of the same date, there were 0 shares of Preferred A, 0 shares of Preferred B, 0 shares of Preferred C, 2,169 shares of
Preferred D, 13,625 shares of Preferred E, and 0 shares of Preferred F outstanding, respectively, and 7,315,338 shares of our common stock
issued. Additionally, our common stock entitles its holder to one vote on each matter submitted to the stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth, as of April 3, 2024,
the number of shares of our common stock beneficially owned by (i) each person who is known by us to own of record or beneficially five
percent or more of our outstanding shares, (ii) each of our directors, (iii) each of our executive officers and (iv) all of our directors
and executive officers as a group. Unless otherwise indicated, each of the persons listed below has sole voting and investment power with
respect to the shares of our common stock beneficially owned. The address of our directors and executive officers is c/o Duos Technologies
Group, Inc., at 7660 Centurion Parkway, Suite 100, Jacksonville, Florida 32256.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Name and Address of Beneficial Owner</B></FONT></TD>
    <TD>&#160;</TD>
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    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Stock</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Beneficially Owned</B></P></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD></TR>
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    <TD STYLE="width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bleichroeder LP<BR>
1345 Avenue of the Americas, 47<SUP>th</SUP> Floor<BR>
New York, NY 10105 <SUP>(1)</SUP></FONT></TD>
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    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,504,934</FONT></TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.99</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pessin Family Holdings<BR>
500 Fifth Avenue, Suite 2240<BR>
New York, NY 10110 <SUP>(2)</SUP></FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,459,945</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.96</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">135 South LaSalle Street, Suite 3700</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chicago, Illinois 60603<SUP>(3)</SUP></P></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">418,283</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.72</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">467 Central Park West</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New York, New York 10025<SUP>(4)</SUP></P></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">482,976</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Directors and Executive Officers</B></FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">186,372</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew W. Murphy<SUP>(6)</SUP></FONT></TD>
    <TD>&#160;</TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86,637</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kenneth Ehrman<SUP>(7)</SUP></FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76,259</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ned Mavrommatis<SUP>(8)</SUP></FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45,250</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James C. Nixon</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,644</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,143</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Officers and Directors as a Group (6 persons)</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">442,306</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.81</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%&#160;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*Denotes less than 1%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on Amendment No. 7 to Schedule 13G/A filed by Bleichroeder LP (&#8220;Bleichroeder&#8221;) with the SEC on February 14, 2024 (the &#8220;Bleichroeder 13G/A&#8221;).&#160;&#160;According to the Bleichroeder 13G/A, Bleichroeder is an investment advisor registered under Section 203 of the Investment Advisers Act of 1940 and as of February 14, 2024 was deemed to be the beneficial owner of 1,283,162 shares of our Common Stock (21 April Fund, Ltd. held 929,522 shares and 21 April Fund, LP held 353,640 shares) as a result of acting as investment advisor to various clients.&#160;&#160;&#160;Bleichroeder also owns warrants to purchase shares of our Common Stock held of record by 21 April Fund, Ltd. in the amount of 32,724 and warrants to purchase shares of our Common Stock held of record by 21 April Fund LP (together with 21 April Fund, Ltd., the &#8220;21 April Entities&#8221;) in the amount of 11,920, which are subject to a 9.99% beneficial ownership limitation included in such warrants.&#160;&#160;The 21 April Entities also purchased 999 shares of Series D Preferred Stock on September 30, 2022, which are convertible into 333,000 shares of Common Stock (21 April Fund, Ltd. holds 237,000 common equivalent shares and 21 April Fund, LP holds 96,000 common equivalent shares). The 21 April Entities also purchased 4,000 shares of Series E Preferred Stock on March 27, 2023, which are convertible into 1,333,334 shares of Common Stock (21 April Fund, Ltd. holds 933,334 common equivalent shares and 21 April Fund, LP holds 400,000 common equivalent shares). The 21 April Entities also purchased an additional 2,500 shares of Series E Preferred Stock on November 10, 2023, which are convertible into 833,333 shares of Common Stock (21 April Fund, Ltd. holds 508,333 common equivalent shares and 21 April Fund, LP holds 325,000 common equivalent shares). The 21 April Entities also purchased an additional 1,000 shares of Series E Preferred Stock on March 22, 2024, which are convertible into 333,334 shares of Common Stock (21 April Fund, Ltd. holds 281,334 common equivalent shares and 21 April Fund, LP holds 52,000 common equivalent shares). The 21 April Entities exchanged 5,000 shares of Series F Preferred Stock that were acquired in connection with the Purchase Agreement of Series F Convertible Preferred Stock, completed on August 2, 2023. The 5,000 shares of Series F Preferred Stock, originally convertible into 806,452 common shares, were exchanged for 5,000 shares of Series E Convertible Preferred Stock on November 10, 2023, which are convertible into 1,666,667 shares of Common Stock, representing an additional 860,215 common share equivalents (21 April Fund, Ltd. now holds 1,116,667 common equivalent shares and 21 April Fund, LP now holds 550,000 common equivalent shares).&#160;&#160;Conversion of the Series D Preferred Stock and the Series E Preferred Stock owned by the 21 April Entities is subject to a 19.99% beneficial ownership limitation. Due to the beneficial ownership limitations, included in the above number of shares of Common Stock beneficially owned are 1,283,162 shares of Common Stock and an aggregate of 221,776 shares of Common Stock issuable upon conversion of the Series D Preferred Stock and/or the Series E Preferred Stock. All other shares are excluded. If there were no beneficial ownership limitations, Bleichroeder would be deemed to beneficially own 5,827,474 shares of Common Stock, representing 49.17% of the outstanding shares of Common Stock.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2) </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;Based on Amendment No. 5 to Schedule 13D/A filed by Norman H. Pessin, Sandra F. Pessin and Brian L. Pessin with the SEC on October 7, 2022 disclosing that Norman H. Pessin owns 57,972 shares of our Common Stock, Sandra F. Pessin owns 1,221,062 shares of our Common Stock and Brian L. Pessin owns 180,911 shares of our Common Stock.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on Schedule 13G/A filed by Bard Associates, Inc. (&#8220;Bard&#8221;) with the SEC on January 4, 2024, disclosing that Bard has sole voting and dispositive power as to 10,000 shares of Common Stock and shared dispositive power as to 408,283 shares of Common Stock.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4) </FONT></TD>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5) </FONT></TD>
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  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(6)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P></TD>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes (i) options to purchase 8,572 shares of our Common Stock at $4.74 per share, all of which are fully vested and currently exercisable, and (ii) options to purchase 8,572 shares of our Common Stock at $6.00 per share, all of which are fully vested and currently exercisable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes (i) options to purchase 8,572 shares of our Common Stock at $4.74 per share, all of which are fully vested and currently exercisable, and (ii) options to purchase 8,572 shares of our Common Stock at $6.00 per share, all of which are fully vested and currently exercisable.</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 4%">&#160;</TD>
    <TD STYLE="width: 96%">&#160;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="a_0215"></FONT>CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no related party transactions for the periods
reflected in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Policy on Future Related Party Transactions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company requires that any related party transactions
must be approved by a majority of the Company&#8217;s independent directors and also be approved by the Company&#8217;s Corporate Governance
and Nominating Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><FONT ID="a_0216"></FONT>DESCRIPTION OF CAPITAL STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the discussion that follows, we have summarized
selected provisions of our certificate of incorporation, bylaws and the Florida Business Corporation Act relating to our capital stock.
This summary is not complete. This discussion is subject to the relevant provisions of Florida law and is qualified by reference to our
certificate of incorporation and our bylaws. You should read the provisions of our certificate of incorporation and our bylaws as currently
in effect for provisions that may be important to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Market Information</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our common stock is quoted on the Nasdaq Capital Markets
(&#8220;Nasdaq&#8221;) under the trading symbol &#8220;DUOT&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Authorized Capital</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is authorized to issue an aggregate number
of 510,000,000 shares of capital stock, of which 10,000,000 shares are blank check preferred stock, $0.001 par value per share, and 500,000,000
shares are common stock, $0.001 par value per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has 10,000,000 authorized shares of
preferred stock par value $0.001 per share. Six series of preferred stock have been authorized to date. As of April 3, 2024, the
Series A Preferred Stock has 0 shares issued and outstanding, the Series B Preferred Stock has 0 shares issued and outstanding, the
Series C Preferred Stock has 0 shares issued and outstanding, the Series D Preferred Stock has 2,169 shares issued and outstanding,
the Series E Preferred Stock has 13,625 shares issued and outstanding. and the Series F Preferred Stock has 0 shares issued and
outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Board has the authority, within the limitations
and restrictions in our certificate of incorporation, to issue shares of preferred stock in one or more series and to fix the rights,
preferences, privileges and restrictions thereof, including dividend rights, dividend rates, conversion rights, voting rights, terms of
redemption, redemption prices, liquidation preferences and the number of shares constituting any series or the designation of any series,
without further vote or action by the stockholders. The issuance of shares of preferred stock may have the effect of delaying, deferring
or preventing a change in our control without further action by the stockholders. The issuance of shares of preferred stock with voting
and conversion rights may adversely affect the voting power of the holders of our common stock. In some circumstances, this issuance could
have the effect of decreasing the market price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Undesignated preferred stock may enable our Board
to render more difficult or to discourage an attempt to obtain control of the Company by means of a tender offer, proxy contest, merger
or otherwise, and thereby to protect the continuity of our management. The issuance of shares of preferred stock may adversely affect
the rights of our common stockholders. For example, any shares of preferred stock issued may rank senior to the common stock as to dividend
rights, liquidation preference or both, may have full or limited voting rights and may be convertible into shares of common stock. As
a result, the issuance of shares of preferred stock, or the issuance of rights to purchase shares of preferred stock, may discourage an
unsolicited acquisition proposal or bids for our common stock or may otherwise adversely affect the market price of our common stock or
any existing preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Series A Convertible Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our board of directors has designated 500,000 of the
10,000,000 authorized shares of preferred stock as Series A Convertible Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are 0 shares of Series A Convertible Preferred
Stock outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Series B Convertible Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our board of directors has designated 15,000 of the
10,000,000 authorized shares of preferred stock as Series B Convertible Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each share of the Series B Preferred Stock was convertible
into 143 shares of common stock. Holders of Series B Preferred Stock voted together with the holders of common stock on an as-converted
basis (subject to the applicable beneficial ownership limitation) on all matters on which holders of the common stock are entitled to
vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are 0 shares of Series B Preferred Stock outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Series C Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our board of directors has designated 5,000 of the
10,000,000 authorized shares of preferred stock as Series C Convertible Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each share of the Series C Preferred Stock was convertible
into 182 shares of common stock. Holders of Series C Preferred Stock had 172 votes (subject to the applicable beneficial ownership limitation)
for each share of Series C Preferred Stock and voted together with the holders of common stock on all matters on which holders of the
common stock are entitled to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are 0 shares of Series C Preferred Stock outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Series D Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each share of Series D Convertible Preferred Stock
is convertible at any time at the holder&#8217;s option into a number of shares of common stock equal to $1,000 divided by the conversion
price of $3.00 per share. Notwithstanding the foregoing, we shall not effect any conversion of Series D Convertible Preferred Stock, with
certain exceptions, to the extent that, after giving effect to an attempted conversion, the holder of shares of Series D Convertible Preferred
Stock (together with such holder&#8217;s affiliates, and any persons acting as a group together with such holder or any of such holder&#8217;s
affiliates) would beneficially own a number of shares of our common stock in excess of 4.99% (or, at the election of the purchaser, 19.99%)
of the shares of our common stock then outstanding after giving effect to such exercise. Holders of Series D Convertible Preferred will
vote on all matters on which the holders of common stock are entitled to vote and will have 333 votes per share, subject to beneficial
ownership limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of April 3, 2024, there are 2,169 shares of Series
D Convertible Preferred Stock issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Series E Convertible Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our board of directors has designated 30,000 of the
10,000,000 authorized shares of preferred stock as Series E Convertible Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each share of Series E Convertible Preferred Stock
is convertible at any time at the holder&#8217;s option into a number of shares of common stock equal to $1,000 divided by the conversion
price of $3.00 per share. Notwithstanding the foregoing, we shall not effect any conversion of Series E Convertible Preferred Stock, with
certain exceptions, to the extent that, after giving effect to an attempted conversion, the holder of shares of Series E Convertible Preferred
Stock (together with such holder&#8217;s affiliates, and any persons acting as a group together with such holder or any of such holder&#8217;s
affiliates) would beneficially own a number of shares of our common stock in excess of 4.99% (or, at the election of the purchaser, 19.99%)
of the shares of our common stock then outstanding after giving effect to such exercise. Holders of Series E Convertible Preferred will
vote on all matters on which the holders of common stock are entitled to vote and will have 333 votes per share, subject to beneficial
ownership limitations. The Company also agreed that it will not, with certain exceptions, sell or issue common stock or Common Stock Equivalents
(as defined in the Purchase Agreement relating to the Series E Preferred Stock) on or prior to June 30, 2024 that entitles any person
to acquire shares of common stock at an effective price per share less than the then conversion price of the Series E Preferred Stock
without the consent of the purchasers in a Series E offering from November 2023. Without shareholder approval, the Company may not issue
upon the conversion of any shares of Series E Preferred Stock a number of shares of common stock which, when aggregated with any shares
of common stock issued upon conversion of any other shares of Series E Preferred Stock, would exceed 1,430,484 (subject to adjustment).
Such number represents 19.99% of the number of shares of common stock issued and outstanding as of the Series E Preferred Stock Certificate
of Designation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 22, 2024, the Company entered into a Securities
Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with existing and new, accredited investors in the Company (the &#8220;Purchasers&#8221;).
Pursuant to the Purchase Agreement, the Purchasers purchased 2,125 shares of authorized Series E Convertible Preferred Stock, at a price
of $1,000 per share, and the Company received proceeds of $2,125,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The March Purchase Agreement also provides that the
Company will not, with certain exceptions, sell or issue common stock or Common Stock Equivalents (as defined in the March Purchase Agreement)
on or prior to December 31, 2024 that entitles any person to acquire shares of common stock at an effective price per share less than
the then conversion price of the Series E Preferred Stock without the consent of the Purchasers. The conversion price of the Series E
Preferred Stock currently is $3.00 per share (subject to adjustment).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of April 3, 2024, there were 13,625 shares of
Series E Convertible Preferred Stock issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Series F Convertible Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 1, 2023, the Company issued 5,000 shares
of Series F Convertible Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; background-color: white; color: #222222">The
Company's Board of Directors designated 5,000 shares as the Series F Preferred Stock. Each share of Series F Preferred Stock was convertible,
at any time and from time to time, at the option of the holder, into that number of shares of common stock (subject to the beneficial
ownership limitation described below) determined by dividing the stated value of such share ($1,000) by the conversion price, which was
$6.20 (subject to standard anti-dilution provisions). The Company, however, shall not effect any conversion of the Series F Preferred
Stock, and the holder shall not have the right to convert any portion of the Series F Preferred Stock, to the extent that after giving
effect to the conversion sought by the holder such holder (together with such holder&#8217;s Attribution Parties (as defined in the Certificate
of Designation)) would beneficially own more than 4.99% (or upon election by a holder, 19.99%) of the number of shares of common stock
outstanding immediately after giving effect to the issuance of shares of common stock issuable upon such conversion. The purchasers of
the Series F Preferred Stock elected that their ownership limitation will be 19.99%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; background-color: white; color: #222222">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; background-color: white; color: #222222"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; background-color: white; color: #222222">The
holders of the Series F Preferred Stock, the holders of the common stock and the holders of any other class or series of shares entitled
to vote with the common stock shall vote together as one class on all matters submitted to a vote of shareholders of the Company. Each
share of Series F Preferred Stock had 161 votes (subject to adjustment); provided that in no event may a holder of Series F Preferred
Stock be entitled to vote a number of shares in excess of such holder&#8217;s ownership limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; background-color: white; color: #222222">The
Company also agreed that it would not, with certain exceptions, sell or issue common stock or Common Stock Equivalents (as defined in
the Purchase Agreement relating to the Series F Preferred Stock) on or prior to December 31, 2023 that entitled any person to acquire
shares of common stock at an effective price per share less than the then conversion price of the Series F Preferred Stock without the
consent of the holders. As a result of that agreement, upon the issuance of 2,500 shares of Series E Preferred Stock (which have a conversion
price of $3.00 per share) on November 10, 2023, the holders exchanged their 5,000 shares of Series F Preferred Stock for 5,000 shares
of Series E Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: #222222">All of the shares of
Series F Preferred Stock thereupon were cancelled with 0 shares now outstanding.</FONT>&#160;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Options and Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of April 9, 2024, there are 1,387,775
outstanding options to purchase shares of our common stock. The weighted average exercise price of these options is $5.21, the
average term when issued was five years and the average term remaining is three years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of April 9, 2024, there are warrants
outstanding to purchase 44,644 shares of our common stock of which none are subject to full ratchet price protection on the exercise
price. The warrants are exercisable for a term of five years with a weighted average remaining term of one year and a weighted
average exercise price of $7.70.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To date, we have not paid any dividends on our common
stock and do not anticipate paying any such dividends in the foreseeable future. The declaration and payment of dividends on the common
stock is at the discretion of our board of directors and will depend on, among other things, our operating results, financial condition,
capital requirements, contractual restrictions or such other factors as our board of directors may deem relevant. We currently expect
to use all available funds to finance the future development and expansion of our business and do not anticipate paying dividends on our
common stock in the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Transfer Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The transfer agent and registrar for our Common Stock
is Continental Stock Transfer &amp; Trust, 1 State Street, 30th Floor, New York, NY 10004-1561.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Florida Anti-Takeover Law and Certain Charter and
Bylaw Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain provisions of Florida law and our Charter
and bylaws could make it more difficult to acquire us by means of a tender offer, a proxy contest or otherwise, or to remove incumbent
officers and directors. These provisions, summarized below, may discourage certain types of takeover practices and takeover bids, and
encourage persons seeking to acquire control of our Company to first negotiate with us. We believe that the potential ability to negotiate
with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging such
proposals because, among other things, negotiation of such proposals could result in an improvement of their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Florida Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a Florida corporation, we are subject to certain
anti-takeover provisions that apply to public corporations under Florida law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to Section 607.0901 of the Florida Business
Corporation Act, or the FBCA, a publicly held Florida corporation, under certain circumstances, may not engage in a broad range of business
combinations or other extraordinary corporate transactions with an interested shareholder without the approval of the holders of two-thirds
of the voting shares of the corporation (excluding shares held by the interested shareholder).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An interested shareholder is defined as a person who,
together with affiliates and associates, beneficially owns more than 15% of a corporation&#8217;s outstanding voting shares. We have not
made an election in our amended Articles of Incorporation to opt out of Section 607.0901.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, we are subject to Section 607.0902 of
the FBCA which prohibits the voting of shares in a publicly held Florida corporation that are acquired in a control share acquisition
unless (i) our Board of Directors approved such acquisition prior to its consummation or (ii) after such acquisition, in lieu of prior
approval by our Board of Directors, the holders of a majority of the corporation&#8217;s voting shares, exclusive of shares owned by officers
of the corporation, employee directors or the acquiring party, approve the granting of voting rights as to the shares &#160;acquired in
the control share acquisition. A control share acquisition is defined as an acquisition that immediately thereafter entitles the acquiring
party to 20% or more of the total voting power in an election of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>


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<P STYLE="font: 4pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT ID="a_0217"></FONT><B>INTERESTS OF NAMED EXPERTS AND COUNSEL </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No expert or counsel named in this prospectus as having
prepared or certified any part of this prospectus or having given an opinion upon the validity of the securities being registered or upon
other legal matters in connection with the registration or offering of the Common Stock was employed on a contingency basis, or had, or
is to receive, in connection with the offering, a substantial interest, direct or indirect, in the registrant or any of its parents or
subsidiaries. Nor was any such person connected with the registrant or any of its parents or subsidiaries as a promoter, managing or principal
underwriter, voting trustee, director, officer, or employee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our consolidated balance sheets as of December 31,
2023 and 2022, and the related consolidated statements of operations, changes in stockholders&#8217; equity, and cash flows for each of
the two years in the period ended December 31, 2023 have been audited by Salberg &amp; Company, P.A., an independent registered public
accounting firm, as set forth in its report appearing herein and are included in reliance upon such report given on the authority of such
firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The validity of the Common Stock offered by this prospectus
will be passed upon for us by Shutts &amp; Bowen LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="a_0218"></FONT>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are a reporting company and file annual, quarterly
and special reports, and other information with the Securities and Exchange Commission. The SEC maintains a web site at <I>http://</I>www.sec.gov
that contains reports, proxy and information statements and other information regarding registrants that file electronically with the
SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This prospectus is part of a registration statement
on Form S-1 that we filed with the SEC. Certain information in the registration statement has been omitted from this prospectus in accordance
with the rules and regulations of the SEC. We have also filed exhibits and schedules with the registration statement that are excluded
from this prospectus. For further information you may:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">read a copy of the registration statement, including the exhibits and schedules, without charge at the SEC&#8217;s Public Reference Room; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="a_0219"></FONT>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The following documents filed by the Company
with the SEC are incorporated by reference into this prospectus. You should carefully read and consider all of these documents before
making an investment decision:</P>

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<TR STYLE="vertical-align: top">
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</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;&#160;</P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Aptos; width: 100%; border-collapse: collapse">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">All documents that we file with the SEC under
Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of the initial registration statement and prior to the effectiveness
of the registration statement as well as on or after the date of this prospectus and prior to the termination of this offering are also
incorporated herein by reference and will automatically update and supersede information contained or incorporated by reference in this
prospectus and previously filed documents that are incorporated by reference in this prospectus. However, anything herein to the contrary
notwithstanding, no document, exhibit or information or portion thereof that we have &#8220;furnished&#8221; or may in the future &#8220;furnish&#8221;
to (rather than &#8220;file&#8221; with) the SEC, including, without limitation, any document, exhibit or information filed pursuant to
Item 2.02, Item 7.01 and certain exhibits furnished pursuant to Item 9.01 of our Current Reports on Form 8-K, shall be incorporated by
reference into this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We will provide to each person, including any
beneficial owner, to whom a prospectus is delivered, a copy of any or all of the reports or documents that have been incorporated by reference
into this prospectus but not delivered with this prospectus. We will provide these reports upon written or oral request at no cost to
the requester. Please direct your request, either in writing or by telephone, to the Secretary, Duos Technologies Group, Inc., 7660 Centurion
Parkway, Suite 100, Jacksonville, Florida 32256, telephone number (904) 652-6616. We maintain a website at http://www.duostechnologies.com.
You may access our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports
filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act with the SEC free of charge at our website as soon as reasonably
practicable after such material is electronically filed with, or furnished to, the SEC. The information contained in, or
that can be accessed through, our website is not incorporated by reference in, and is not part of, this prospectus.</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT ID="a_0220"></FONT><B>INDEX TO FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37.5pt; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 1%; text-align: justify">&#160;</TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: right">F-4 </TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0"><B><IMG SRC="image_002.jpg" ALT="">&#160;</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="a_050"></FONT>Report of Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the Stockholders and the Board of Directors of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Duos Technologies Group, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-decoration: underline">Opinion on the Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have audited the accompanying consolidated balance
sheets of Duos Technologies Group, Inc. and Subsidiaries (the &#8220;Company&#8221;) as of December 31, 2023 and 2022, the related consolidated
statements of operations, changes in stockholders&#8217; equity and cash flows for each of the two years in the period ended December
31, 2023 and the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;). In our opinion, the
consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December
31, 2023 and 2022, and the consolidated results of its operations and its cash flows for each of the two years in the period ended December
31, 2023, in conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-decoration: underline">Basis for Opinion</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These consolidated financial statements are the responsibility
of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s consolidated financial statements
based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We conducted our audits in accordance with the standards
of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were
we engaged to perform, an audit of internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s
internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-decoration: underline">Critical Audit Matters</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The critical audit matters communicated below are
matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated
to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and
(2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter
in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit
matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Garamond, Times, Serif; margin: 0 0 0 0.5in; text-align: center; color: #333399">2295 NW Corporate Blvd., Suite 240
&#8226; Boca Raton, FL 33431</P>

<P STYLE="font: 10pt Garamond, Times, Serif; margin: 0 0 0 0.5in; text-align: center; color: #333399">Phone: (561) 995-8270 &#8226; Toll
Free: (866) CPA-8500 &#8226; Fax: (561) 995-1920</P>

<P STYLE="font: 10pt Garamond, Times, Serif; margin: 0 0 0 0.5in; text-align: center; color: #333399">www.salbergco.com &#8226; info@salbergco.com</P>

<P STYLE="font: 9pt Garamond, Times, Serif; margin: 0 0 0 0.5in; text-align: center; color: #333399"><I>Member National Association of
Certified Valuation Analysts &#8226; Registered with the PCAOB</I></P>

<P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: center; color: #333399"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 9pt; letter-spacing: 0.5pt"><I>Member
CP</I></FONT><I><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 9pt; letter-spacing: 0.2pt">AC</FONT></I><I><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 9pt; letter-spacing: 0.5pt">onnect
with Affiliated Offices Worldwide </FONT></I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt; letter-spacing: 0.5pt">&#8226;</FONT>
<FONT STYLE="font-family: Garamond, Times, Serif; font-size: 9pt; letter-spacing: 0.5pt"><I>Member Center for Public Company Audit Firms</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Percentage of Completion Revenue Recognition &amp;
Related Contract Assets and Contract Liabilities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As described in footnote 1, &#8220;Revenue Recognition
&#8211; Technology Systems&#8221; and footnote 8, &#8220;Revenues and Contract Accounting&#8221; to the consolidated financial statements,
the Company recognizes revenue over time using a cost-based input methodology in which significant judgement is required to determine
estimated costs to complete projects. These estimated costs are then used to determine the progress towards contract completion and the
corresponding amount of revenue to recognize. In addition, contract assets on uncompleted contracts represent cumulative revenues in excess
of billings on uncompleted contracts accounted for under the percentage of completion contract method. Contract liabilities on uncompleted
contracts represent billings that exceed cumulative revenues recognized on uncompleted contracts accounted for under the percentage of
completion contract method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We identified this percentage of completion revenue
recognition as a critical audit matter. Auditing management&#8217;s estimates and judgments regarding forecasts of total estimated costs
to complete projects is especially challenging and complex.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The primary procedures we performed to address this
critical audit matter included (a) evaluated the reasonableness of management&#8217;s cost estimates to complete projects by gaining an
understanding of the management&#8217;s process to develop the estimates, comparing them to historical information, year-to-date current
information, information available on projects subsequent to year end, and other supporting information, (b) performed ratio analysis
and gross margin comparisons when applicable on a sample of technology systems revenues (c) agreed cost details to supporting documents,
(d) confirmed billings with customers and/or traced cash receipts to bank statements, (e) recomputed the revenue earned and recognized,
and (f) recomputed the contract asset or liability</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We agree with management&#8217;s conclusions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Analysis of Liquidity and Going Concern</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As summarized in Footnote 2 &#8220;Liquidity&#8221;
to the consolidated financial statements, the Company has a history of net losses and net cash used in operating activities and believes
such conditions will continue for a period of time into the future. These are considered adverse conditions or events that lead management
to consider whether there is substantial doubt about the ability of the Company to continue as a going concern for a reasonable period
of time or whether such concerns are alleviated with management&#8217;s plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We identified the going concern risk analysis as a
critical audit matter. Auditing management&#8217;s going concern analysis including their process to develop the analysis and the projections
of future cash flows, operating trends, and assessments of internal and external matters that may affect the Company&#8217;s future operations
and cash flows involved a high degree of subjectivity. Additionally, auditing management&#8217;s plans to address the going concern risk
involved highly subjective auditor judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The primary procedures we performed to address this
critical audit matter included (a) assessed the reasonableness of management&#8217;s process for developing their assessment of whether
a going concern risk exists, (b) assessed the reasonableness of assumptions management used in their future cash flow projections, consideration
of positive and negative evidence impacting management&#8217;s forecasts, and consideration of the Company&#8217;s financing arrangements
in place as of the report date, (c) developed our own independent calculation of expected source and use of funds and needs of the Company
over the one year period from the date of issuance of the consolidated financial statements, (d) tested management&#8217;s bank reconciliations
and confirmed cash balances as of December 31, 2023 with the banks and inspected the bank balances after the March 2024 capital raise
(e) identified management&#8217;s plans for dealing with the adverse conditions and events discussed above and assessed the reasonableness
of the assumptions of such plans, (f) assessed whether it is probable that management&#8217;s plans, when implemented, will mitigate the
adverse effects of the conditions and events discussed above, (g) concluded whether substantial doubt exists as to whether the Company
can continue as a going concern for a period of one year after the consolidated financial statements are issued and (h) considered the
effect of such conclusion on the consolidated financial statement disclosures and our report of an independent registered public accounting
firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We agree with management&#8217;s conclusions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/s/ Salberg &amp; Company, P.A.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SALBERG &amp; COMPANY, P.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have served as the Company&#8217;s auditor since
2013</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Boca Raton, Florida</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">April 1,
2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="a_051"></FONT>CONSOLIDATED BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">See accompanying notes to the consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSOLIDATED BALANCE SHEETS (CONTINUED)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_409_eus-gaap--LiabilitiesCurrentAbstract_i01B" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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  <TR ID="xdx_408_eus-gaap--AccruedLiabilitiesCurrent_i02I_pp0p0_maLCzzG9_zsOVQI55z4v" STYLE="vertical-align: bottom; background-color: White">
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  <TR ID="xdx_400_eus-gaap--FinanceLeaseLiabilityCurrent_i02I_pp0p0_maLCzzG9_zB6dNzl8m4va" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">See accompanying notes to the consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT ID="a_052"></FONT><B>CONSOLIDATED STATEMENTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ID="xdx_308_113_zrBITDPSRSL9" SUMMARY="xdx: Statement - CONSOLIDATED STATEMENTS OF OPERATIONS" STYLE="font: 11pt Aptos; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" ID="xdx_496_20230101__20231231_zRlgEhjTpEB4" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" ID="xdx_49F_20220101__20221231_zv3NmUjI3592" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR ID="xdx_40E_eus-gaap--Revenues_maGPz9FX_z97y1hkpOx9b" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR ID="xdx_40A_eus-gaap--CostOfGoodsAndServicesSoldAbstract_iB" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR ID="xdx_408_eus-gaap--CostOfRevenue_msGPz9FX_zSv4pQmDTrca" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_40A_eus-gaap--OperatingExpensesAbstract_iB" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR ID="xdx_40C_eus-gaap--SellingAndMarketingExpense_i01_pp0p0_maOCAEzmyR_zjee0j0HNPSl" STYLE="vertical-align: bottom; background-color: White">
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  <TR ID="xdx_40D_eus-gaap--ResearchAndDevelopmentExpense_i01_pp0p0_maOCAEzmyR_zrkAhrNKNm37" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR ID="xdx_400_eus-gaap--GeneralAndAdministrativeExpense_i01_pp0p0_maOCAEzmyR_zaXSmISiNP26" STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_40F_eus-gaap--OperatingCostsAndExpenses_i01T_pp0p0_mtOCAEzmyR_msOILzVxV_zwQoFv8avc9e" STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">See accompanying notes to the consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="a_053"></FONT>CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS'
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DECEMBER 31, 2023 AND 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD ID="xdx_98A_ecustom--SeriesCPreferredStockConvertedToCommonStockShares_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__custom--PreferredStockCMember_zTB1HzxEGufa" TITLE="Series C preferred stock converted to common stock, shares" STYLE="text-align: right">(2,500</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(453</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left"></TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_40C_ecustom--SeriesBPreferredStockConvertedToCommonStock_zbGWgOQYv9zk" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(1</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD ID="xdx_980_ecustom--SeriesBPreferredStockConvertedToCommonStockShares_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zihwXHyBJWsg" TITLE="Series B preferred stock converted to common stock, shares" STYLE="text-align: right">121,572</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">122</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(121</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left"></TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD ID="xdx_981_ecustom--SeriesDPreferredStockConvertedToCommonStockShares_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__custom--PreferredStockDMember_z002cLe37RI2" TITLE="Series D preferred stock converted to common stock, shares" STYLE="text-align: right">1,299</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1,298,999</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left"></TD><TD STYLE="text-align: right">1,299,000</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&#160;</TD><TD>&#160;</TD>
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    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left"></TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_404_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_zCfmbsIghnUg" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">573,441</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(25,797</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(25,797</TD><TD STYLE="text-align: left">)</TD></TR>
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    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">See accompanying notes to the consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="a_054"></FONT>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ID="xdx_306_112_zeI1yBA3HGJd" SUMMARY="xdx: Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS" STYLE="font: 11pt Aptos; border-collapse: collapse; width: 100%">
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<TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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  <TR ID="xdx_40E_eus-gaap--ShareBasedCompensation_i01_maNCPBUz112_zneSe3GFATi1" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">235,834</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_406_eus-gaap--IncreaseDecreaseInReceivables_i02N_di_msNCPBUz112_zhNb32n0aKea" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,679,720</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR ID="xdx_409_ecustom--IncreaseDecreaseInNotesReceivable_i02N_pp0p0_di_msNCPBUz112_zY8LOiia4mK8" STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(216,225</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(422,273</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR ID="xdx_400_eus-gaap--IncreaseDecreaseInInventories_i02N_di_msNCPBUz112_zLJVIazQFTwd" STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(97,804</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,130,022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,694,756</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,245,890</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(289,209</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(165,069</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(232,007</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">184,728</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR ID="xdx_406_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_i02_maNCPBUz112_zeFNK1KttxNl" STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR ID="xdx_40C_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i02T_mtNCPBUz112_maCCERCzJja_zI8dYhaicf67" STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_403_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zLjtz3vuCKA7" STYLE="vertical-align: bottom; background-color: White">
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  <TR ID="xdx_404_eus-gaap--PaymentsToAcquireIntangibleAssets_i01N_di_msNCPBUzq40_zyi0v3oNN1Wf" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR ID="xdx_403_eus-gaap--PaymentsToDevelopSoftware_i01N_di_msNCPBUzq40_zlmhdESG8ewe" STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(281,783</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR ID="xdx_402_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msNCPBUzq40_z9rW0sejS8B3" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_406_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_mtNCPBUzq40_maCCERCzJja_z2OHJQlapJx4" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(644,888</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_407_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zyhtWEM273td" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR ID="xdx_408_ecustom--RepaymentsOfInsuranceAndEquipmentFinancing_i01N_di_msNCPBUzBwV_zeaiqjnFpdik" STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(331,175</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR ID="xdx_401_ecustom--RepaymentsOfLongTermCapitalLeaseObligation_i01N_di_msNCPBUzBwV_zWDS93b5pYCg" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(22,851</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(80,335</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR ID="xdx_406_ecustom--ProceedsFromIssuanceOfCommonStocks_i01N_di_msNCPBUzBwV_z3erBkPuQDBg" STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;&#160;&#160;Proceeds from common stock issued</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,801,003</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR ID="xdx_403_ecustom--IssuanceCosts_i01N_di_msNCPBUzBwV_zQMQeqO6GJLa" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;&#160;&#160;Issuance cost</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(942,926</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR ID="xdx_40D_eus-gaap--ProceedsFromRepaymentOfLoansByEmployeeStockOwnershipPlans_i01_pp0p0_maNCPBUzBwV_zEMF2lMpG7Ci" STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR ID="xdx_401_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_i01_maNCPBUzBwV_zDDqK5naktua" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,299,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_40D_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_mtNCPBUzBwV_maCCERCzJja_zNTZOiuta0K9" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net cash provided by financing activities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11,161,223</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,745,567</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_401_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_iT_mtCCERCzJja_ze4mItgL1oH7" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR ID="xdx_403_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iS_pp0p0" STYLE="vertical-align: bottom; background-color: White">
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  <TR ID="xdx_40D_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iE_pp0p0" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,121,092</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_405_eus-gaap--SupplementalCashFlowInformationAbstract_iB_z6W0fWaafOF2" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_401_eus-gaap--InterestPaidNet_i01_z57AAGQI4m7j" STYLE="vertical-align: bottom; background-color: White">
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  <TR ID="xdx_405_eus-gaap--IncomeTaxesPaidNet_i01_znG5tksyr5rh" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,264</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_40C_eus-gaap--NotesIssued1_i01_zzMOq6Kp0lik" STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Notes issued for financing of insurance premiums</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">See accompanying notes to the consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;&#160;</B></P>


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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="a_055"></FONT>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DECEMBER 31, 2023 AND 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_800_eus-gaap--OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_zAyIFeIS9r97" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 1 &#8211; <FONT ID="xdx_82F_zGGlc4jnUlxj">NATURE OF OPERATIONS AND SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES</FONT></B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_84E_ecustom--NatureOfOperationsPolicyTextBlock_ztojN109ImIk" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_864_zAt9lbVBSfg5">Nature of Operations</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Duos Technologies Group, Inc. (the &#8220;Company&#8221;),
through its operating subsidiaries, Duos Technologies, Inc. (&#8220;Duos&#8221;) and TrueVue360, Inc. (&#8220;TrueVue360&#8221;) (collectively
the &#8220;Company&#8221;), is a company that specializes in machine vision and artificial intelligence to analyze fast moving objects
such as trains, trucks, automobiles, and aircraft. This technology can help improve safety, maintenance, and operating metrics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is the inventor of the Railcar Inspection
Portal (RIP) and is currently the rail industry leader for machine vision/camera wayside detection systems that include the use of Artificial
Intelligence at speeds up to 125 mph. The RIP inspects a train at full speed from the top, sides, and bottom looking at FRA/AAR mandated
safety inspection points. The system also detects illegal riders that assists law enforcement agencies. Each rail car is scanned with
machine vision cameras and other sensors from the top, sides, and bottom and images are produced within seconds of passing that can be
used by the customer to help prevent derailments, improve maintenance operations, and assist with security. The Company self-performs
all aspects of hardware, software, IT, and Artificial Intelligence development and engineering and holds several patents and maintains
significant intellectual property. The Company also has a proprietary portfolio of over 48 Artificial Intelligence &#8220;Use Cases&#8221;
that automatically flag defects. The Company has deployed this system with several Class 1 and passenger customers and anticipates an
increased demand in the future from rail operators, car owners, shippers, and law enforcement agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has also developed the Automated Logistics
Information System (ALIS) which automates gatehouse operations where trucks enter and exit large logistics and intermodal facilities.
This solution also incorporates sensors and data points as necessary for each operation and directly interconnects with backend logistics
databases and processes to streamline operations and significantly improve operations and security and, importantly, dramatically improves
throughput on each lane on which the technology is deployed. The Company expects to deploy an upgraded Truck Inspection Portal (TIP) which
uses the same technology and lessons learned from the ALIS and RIP systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s strategy is to expand our existing
customer base in the Class 1, short line, and passenger space in North America; expand our subscription offering to car owners and shippers;
and expand operations to meet the demand from international customers. The Company has prepared to respond and scale if necessary to react
to increased demand from potential regulations that may be imposed around wayside detection technology. In the future the Company may
put more emphasis on the trucking and intermodal sector with an updated Truck Inspection Portal solution. The Company continues to focus
on operational and technical excellence, customer satisfaction, and maintaining a highly skilled and performance-based work force.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P ID="xdx_23D_zuwyntQP0Jw5" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_23A_zv27ZodDrQbe" STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_84B_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zUfUtWLWS0Zc" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_868_zMtCYRXsyPH9">Principles of Consolidation</FONT></FONT></B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements include the
accounts of the Company and its wholly owned subsidiaries, Duos Technologies, Inc. and TrueVue360, Inc. All inter-company transactions
and balances are eliminated in consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_84D_eus-gaap--UseOfEstimates_zjWxKP3Ab3zk" STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_86E_z4DtWb0Q80i3">Use of Estimates</FONT></FONT></B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these
estimates. The most significant estimates in the accompanying consolidated financial statements include the allowance on accounts receivable
and notes receivable, valuation of common stock warrants received in exchange for an asset sale, valuation of deferred tax assets, valuation
of intangible and other long-lived assets, estimates of net contract revenues and the total estimated costs to determine progress towards
contract completion, valuation of inventory, estimates of the valuation of right of use assets and corresponding lease liabilities, valuation
of warrants issued with debt and valuation of stock-based awards. We base our estimates on historical experience and on various other
assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the
carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_zZc51sYaEjp8" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_863_z08RsoUelm7b">Concentrations</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Cash Concentrations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash is maintained at financial institutions and at
times, balances may exceed federally insured limits. We have not experienced any losses related to these balances. As of December 31,
2023, the Company had balances in a financial institution which combined exceeded federally insured limits by approximately $<FONT ID="xdx_909_eus-gaap--CashUninsuredAmount_iI_pp0p0_c20231231_zF3MQdap36a9" TITLE="Federally insured limits">1,948,794</FONT>.
Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company&#8217;s consolidated financial
condition, results of operation and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


<P ID="xdx_235_zegh3WAet42f" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P ID="xdx_23D_zM2ynW5Fe1Tc" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_23A_zXkEffCbnnL9" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_238_z27Fi8c8VlXl" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P ID="xdx_230_zRzxZRWusGfb" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Significant Customers and Concentration of Credit
Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company had certain customers
whose revenue individually represented 10% or more of the Company&#8217;s total revenue, or whose accounts receivable balances individually
represented 10% or more of the Company&#8217;s total accounts receivable, as follows:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended December 31, 2023, three customers
accounted for <FONT ID="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20231231__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zGHcHaR8IsZe" TITLE="Concentration risk, percentage">48</FONT>%,
<FONT ID="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20231231__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z7xuwhpXOB42" TITLE="Concentration risk, percentage">30</FONT>%,
and <FONT ID="xdx_901_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20231231__srt--MajorCustomersAxis__custom--Customer3Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zEAx2hbkbKJ9" TITLE="Concentration risk, percentage">11</FONT>%
of revenues. For the year ended December 31, 2022, four customers accounted for <FONT ID="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zovlM5YeRNDl" TITLE="Concentration risk, percentage">42</FONT>%,
<FONT ID="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zcVX9pOn7sdd" TITLE="Concentration risk, percentage">18</FONT>%,
<FONT ID="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__srt--MajorCustomersAxis__custom--Customer3Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zS2jjiU3CUJ7" TITLE="Concentration risk, percentage">14</FONT>%
and <FONT ID="xdx_908_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__srt--MajorCustomersAxis__custom--Customer4Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zRbVhThOIvWi" TITLE="Concentration risk, percentage">14</FONT>%
of revenues. In all cases, there are no minimum contract values stated. Each contract covers an agreement to deliver a rail inspection
portal which, once accepted, must be paid in full, with <FONT ID="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20231231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zgLnTfA5JhR9">30</FONT>%
or more being due and payable prior to delivery. The balances of the contracts are for service and maintenance which is paid annually
in advance with revenues recorded ratably over the contract period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2023, two customers accounted for
<FONT ID="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20231231__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zBfDb7yYA6tb" TITLE="Concentration risk, percentage">83</FONT>%,
and <FONT ID="xdx_900_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20231231__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zsXCWzCysqn1" TITLE="Concentration risk, percentage">11</FONT>%,
of accounts receivable. At December 31, 2022, four customers accounted for <FONT ID="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z5ccrrlmlLP1" TITLE="Concentration risk, percentage">34</FONT>%,
<FONT ID="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zTDB5At17REf" TITLE="Concentration risk, percentage">31</FONT>%,
<FONT ID="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__srt--MajorCustomersAxis__custom--Customer3Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zWWUbQ7R73yd" TITLE="Concentration risk, percentage">19</FONT>%
and <FONT ID="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__srt--MajorCustomersAxis__custom--Customer4Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zPZrKe5gGQBk" TITLE="Concentration risk, percentage">10</FONT>%
of accounts receivable. Much of the credit risk is mitigated since all of the customers listed here are Class 1 railroads with a history
of timely payments to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Geographic Concentration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Approximately <FONT ID="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20231231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--StatementGeographicalAxis__country--US_zrDc6wIfUq1l" TITLE="Concentration risk, percentage">44</FONT>% and <FONT ID="xdx_905_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--StatementGeographicalAxis__country--US_z869YDkK91J1" TITLE="Concentration risk, percentage">41</FONT>% of revenue in 2023 and 2022,
respectively, is generated from customers outside of the United States.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Significant Vendors and Concentration of
Credit Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In some instances, the Company relies on a limited
pool of vendors for key components related to the manufacturing of its subsystems. These vendors are primarily focused on camera, server
and lighting technologies integral to the Company&#8217;s solution. Where possible, the Company seeks multiple vendors for key components
to mitigate vendor concentration risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P ID="xdx_23B_zWJCvtbHIcTa" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_231_zTiMjLhPmizh" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P ID="xdx_233_z6BSQkW8dwtl" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_23D_zjf5j7S9j6de" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_23C_zmCbk8EYYoL5" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P ID="xdx_23D_zMpBWzrG6FZk" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_847_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_z9lCOHVBVl21" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_863_zI7m7WXhXIkg">Fair Value of Financial Instruments and Fair
Value Measurements</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company follows Accounting Standards Codification
(&#8220;ASC&#8221;) 820, &#8220;Fair Value Measurements and Disclosures&#8221; (&#8220;ASC 820&#8221;), for assets and liabilities measured
at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted
accounting principles that requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure
about such fair value measurements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ASC&#160;820 defines fair value as the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. Additionally, ASC&#160;820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the
use of unobservable inputs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These inputs are prioritized below:&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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or no market data, which require the use of the reporting entity&#8217;s own assumptions that the market participants would use in the
valuation of the asset or liability based on the best available information.</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company analyzes all financial instruments with
features of both liabilities and equity under the Financial Accounting Standard Board&#8217;s (&#8220;FASB&#8221;) accounting standard
for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level
of input that is significant to the fair value measurement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The estimated fair value of certain financial instruments,
including accounts receivable, prepaid expenses, accounts payable, accrued expenses and notes payable are carried at historical cost basis,
which approximates their fair values because of the short-term nature of these instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_849_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zPQH94fN8cs1" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_861_zseM016u5fra">Accounts Receivable</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 1, 2023, the Company adopted ASC 326, &#34;Financial
Instruments - Credit Losses&#34;. In accordance with ASC 326, an allowance is maintained for estimated forward-looking losses resulting
from the possible inability of customers to make required payments (current expected losses). The amount of the allowance is determined
principally on the basis of past collection experience and known financial factors regarding specific customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accounts receivable are stated at estimated net realizable
value. Accounts receivable are comprised of balances due from customers net of estimated allowances for uncollectible accounts. In determining
the collections on the account, historical trends are evaluated, and specific customer issues are reviewed to arrive at appropriate allowances.
The Company reviews its accounts to estimate losses resulting from the inability of its customers to make required payments. Any required
allowance is based on specific analysis of past due accounts and also considers historical trends of write-offs. Past due status is based
on how recently payments have been received from customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_844_eus-gaap--InventoryPolicyTextBlock_zrSvM8WGjsJ8" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_861_zW8SQpCTxEAg">Inventory</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventory consists primarily of spare parts and consumables
and long-lead time components to be used in the production of our technology systems or in connection with maintenance agreements with
customers. Any inventory deemed to be obsolete is written off. Inventory is stated at the lower of cost or net realizable value. Inventory
cost is primarily determined using the weighted average cost method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_238_zwRgycehMqRk" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P ID="xdx_237_z5GHNHOsFf5a" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_23F_zwIdBwWCctm" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_842_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zj0Nwe7QIUcl" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_863_zlunIuRRXpni">Property and Equipment</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment are stated at cost, less accumulated
depreciation. Depreciation is provided by the straight-line method over the estimated economic life of the property and equipment (three
<FONT ID="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MinimumMember_zDD1NxkwAnKg" TITLE="Estimated economic life of the property and equipment" STYLE="display: none">3</FONT> to five <FONT ID="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MaximumMember_zaT3mbVqX9ed" TITLE="Estimated economic life of the property and equipment" STYLE="display: none">5
</FONT>years). When assets are sold or retired, their costs and accumulated depreciation are eliminated from the accounts and any gain
or loss resulting from their disposal is included in the statement of operations. Leasehold improvements are expensed over the shorter
of the term of our lease or their useful lives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_843_eus-gaap--ResearchDevelopmentAndComputerSoftwarePolicyTextBlock_zIfAonS06TA8" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_862_z3wzTvenYp4f">Software Development Costs</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Software development costs incurred prior to
establishing technological feasibility are charged to operations and included in research and development costs. The technological feasibility
of a software product is established when the Company has completed all planning, designing, coding, and testing activities that are necessary
to establish that the product meets its design specifications, including functionality, features, and technical performance requirements.
Software development costs incurred after establishing technological&#160;feasibility for software sold as a perpetual license, as defined
within ASC 985-20 (Software &#8211; Costs of Software to be Sold, Leased, or Marketed) are capitalized and amortized on a product-by-product
basis when the product is available for general release to customers. Software development costs are evaluated for impairment annually by comparing the net realizable value to the unamortized
capitalization costs and writing these costs down to net realizable value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_843_ecustom--PatentsAndTrademarksPolicyTextBlock_zBTymnLxHLGb" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_867_ztrU0S0u2Xtk">Patents and Trademarks</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patents and trademarks which are stated at amortized
cost, relate to the development of video surveillance security system technology and are being amortized over <FONT ID="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentsAndTrademarksMember_zMJChkBjc8hj" TITLE="Estimated economic life of the property and equipment">17</FONT> years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_841_ecustom--LonglivedAssetsTextBlock_zpV9nFUpB0ka" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_86F_zvjjsMs4HA7c">Long-Lived Assets</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company evaluates the recoverability of its property,
equipment, and other long-lived assets in accordance with FASB ASC 360-10-35-15 &#8220;Impairment or Disposal of Long-Lived Assets&#8221;,
which requires recognition of impairment of long-lived assets in the event the net book values of such assets exceed the estimated future
undiscounted cash flows attributable to such assets or the business to which such intangible assets relate. This guidance requires that
long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison
of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered
to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair
value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_84F_eus-gaap--GuaranteesIndemnificationsAndWarrantiesPolicies_zfeofnSsdzS2" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_861_z7W5NeSi5Uqa">Product Warranties</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a <FONT ID="xdx_90B_ecustom--ProductWarrantyPeriod_dtD_c20230101__20231231_zlX5Ef7RNo75" TITLE="Product warranty Period">90</FONT>-day warranty period for materials
and labor after final acceptance of a project. If any parts are defective they are replaced under our vendor warranty which is usually
<FONT ID="xdx_90E_ecustom--ProductWarrantyPeriod_dtM_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_zuENoH5e9ZM" TITLE="Product warranty Period">12</FONT> to <FONT ID="xdx_907_ecustom--ProductWarrantyPeriod_dtM_c20230101__20231231__srt--RangeAxis__srt--MaximumMember_zub7jm7QgrDl" TITLE="Product warranty Period">36</FONT> months. Final acceptance terms vary by customer. Some customers have a cure period for any material deviation and if the Company
fails or is unable to correct any deviations, a full refund of all payments made by the customer will be arranged by the Company. As of
December 31, 2023 and 2022, the warranty costs have been de-minimis, therefore no accrual of warranty liability has been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_848_eus-gaap--LoanCommitmentsPolicy_zJdPJN2rFaTk" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_86C_zV5Osec0t4Ae">Loan Costs</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Loan costs paid to lenders, or third parties are recorded
as debt discounts to the related loans and amortized to interest expense over the loan term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_84C_ecustom--SalesReturnPolicyTextBlock_zQf8JwZExief" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_861_zp4sRIgABlwi">Sales Returns</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our systems are sold as integrated systems and there
are no sales returns allowed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_84D_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zPOCJzKA4q6k" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_86E_zgCQFOQ7o79f">Revenue Recognition</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company follows Accounting Standards Codification
606, Revenue from Contracts with Customers (&#8220;ASC 606&#8221;), that affects the timing of when certain types of revenues will be
recognized. The basic principles in ASC 606 include the following: a contract with a customer creates distinct contract assets and performance
obligations, satisfaction of a performance obligation creates revenue, and a performance obligation is satisfied upon transfer of control
to a good or service to a customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_231_zHPoVwRX5Xy1" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P ID="xdx_233_ztuVaxdOntq2" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_231_zNmguHAIkAb1" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue is recognized by evaluating our revenue contracts
with customers based on the five-step model under ASC 606:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company generates revenue from four sources: (1)
Technology Systems; (2) AI Technologies; (3) Technical Support and (4) Consulting services.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Technology Systems</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For revenues related to technology systems, the Company
recognizes revenue over time using a cost-based input methodology in which significant judgment is required to estimate costs to complete
projects. These estimated costs are then used to determine the progress towards contract completion and the corresponding amount of revenue
to recognize.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accordingly, the Company now bases its revenue recognition
on ASC 606-10-25-27, where control of a good or service transfers over time if the entity&#8217;s performance does not create an asset
with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date including a
profit margin or reasonable return on capital. Control is deemed to pass to the customer instantaneously as the goods are manufactured
and revenue is recognized accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the Company has adopted ASC 606-10-55-21
such that if the cost incurred is not proportionate to the progress in satisfying the performance obligation, we adjust the input method
to recognize revenue only to the extent of the cost incurred. Therefore, the Company will recognize revenue at an equal amount to the
cost of the goods to satisfy the performance obligation. To accurately reflect revenue recognition based on the input method, the Company
has adopted the implementation guidance as set out in ASC-606-10-55-187 through 192.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under this method, contract revenues are recognized
over the performance period of the contract in direct proportion to the costs incurred. Costs include direct material, direct labor, subcontract
labor and other allocable indirect costs. All un-allocable indirect costs and corporate general and administrative costs are also charged
to the periods as incurred. Any recognized revenues that have not been billed to a customer are recorded as an asset in &#8220;contract
assets&#8221;. Any billings of customers more than recognized revenues are recorded as a liability in &#8220;contract liabilities&#8221;.
However, in the event a loss on a contract is foreseen, the Company will recognize the loss when such loss is determined to be both probable and reasonably estimable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AI Technologies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has revenue from applications that incorporate
artificial intelligence (AI) in the form of predetermined algorithms which provide important operating information to the users of our
systems. The revenue generated from these applications of AI consists of a fixed fee related to the design, development, testing and incorporation
of new algorithms into the system, which is recognized as revenue at a point in time upon acceptance, as well as an annual application
maintenance fee, which is recognized as revenue ratably over the contracted maintenance term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Technical Support</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Technical support services are provided on both an
as-needed and extended-term basis and may include providing both parts and labor. Maintenance and technical support provided outside of
a maintenance contract are on an &#8220;as-requested&#8221; basis, and revenue is recognized over time as the services are provided. Revenue
for maintenance and technical support provided on an extended-term basis is recognized over time ratably over the term of the contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_23A_zEzLkhzLiAYd" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P ID="xdx_23C_z4T37Csg7Vhd" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Consulting Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s consulting services business generates
revenues under contracts with customers from four sources: (1) Professional Services (consulting and auditing); (2) Software licensing
with optional hardware sales; (3) Customer service training and (4) Maintenance support.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(1) Revenues for professional services,
which are of short-term duration, are recognized when services are completed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(2) For all periods reflected in this report,
software license sales have been one-time sales of a perpetual license to use our software product and the customer also has the option
to purchase third-party manufactured handheld devices from us if they purchase our software license. Accordingly, the revenue is recognized
upon delivery of the software and delivery of the hardware, as applicable, to the customer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(3) Training sales are one-time upfront
short-term training sessions and are recognized after the service has been performed; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(4) Maintenance/support is an optional product
sold to our software license customers under one-year contracts. Accordingly, maintenance payments received upfront are deferred and recognized
over the contract term.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_84D_ecustom--MultiplePerformanceObligationsAndAllocationOfTransactionPricePolicyTextBlock_z6XG7r7RNWw4" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT ID="xdx_862_zVnP06OFRFW8">Multiple Performance Obligations and Allocation
of Transaction Price</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Arrangements with customers may involve multiple performance
obligations including project revenue and maintenance services in our Technology Systems business. Maintenance will occur after the project
is completed and may be provided on an extended-term basis or on an as-needed basis. In our consulting services business, multiple performance
obligations may include any of the above four sources. Training and maintenance on software products may occur after the software product
sale while other services may occur before or after the software product sale and may not relate to the software product. Revenue recognition
for a multiple performance obligations arrangement is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each performance obligation is accounted for separately
when each has value to the customer on a standalone basis and there is Company specific objective evidence of the selling price of each
deliverable. For revenue arrangements with multiple deliverables, the Company allocates the total customer arrangement to the separate
units of accounting based on their relative selling prices as determined by the price of the items when sold separately. Once the selling
price is allocated, the revenue for each performance obligation is recognized using the applicable criteria under GAAP as discussed above
for performance obligations sold in single performance obligation arrangements. A delivered item or items that do not qualify as a separate
unit of accounting within the arrangement are combined with the other applicable undelivered items within the arrangement. The allocation
of arrangement consideration and the recognition of revenue is then determined for those combined deliverables as a single unit of accounting.
The Company sells its various services and software and hardware products at established prices on a standalone basis which provides Company
specific objective evidence of selling price for purposes of performance obligations relative selling price allocation. The Company only
sells maintenance services or spare parts based on its established rates after it has completed a system integration project for a customer.
The customer is not required to purchase maintenance services. All elements in multiple performance obligations arrangements with Company
customers qualify as separate units of account for revenue recognition purposes.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_84C_eus-gaap--AdvertisingCostsPolicyTextBlock_zoIXVg8nXDrb" STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_862_zRdxLxwmpvog">Advertising</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company expenses the cost of advertising.
During the years ended December 31, 2023 and 2022, there were <FONT ID="xdx_903_eus-gaap--AdvertisingExpense_pp0p0_do_c20230101__20231231_zAS1TJJEfKg7" TITLE="Advertising costs"><FONT ID="xdx_904_eus-gaap--AdvertisingExpense_pp0p0_do_c20220101__20221231_zcyTeVx4V0T1" TITLE="Advertising costs">no</FONT></FONT> advertising costs.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_239_zhBJhU39XCbg" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P ID="xdx_233_zv0pSZOKeffe" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_235_zMilICPmxzT" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_849_eus-gaap--ShareholdersEquityAndShareBasedPaymentsTextBlock_zUZ26uXEVFmg" STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_86F_zZ2LrI0Vm7zj">Stock Based Compensation</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for employee and non-employee
stock-based compensation in accordance with ASC 718-10, &#8220;<I>Share-Based Payment</I>,&#8221; which requires the measurement and recognition
of compensation expense for all share-based payment awards made to employee and directors including stock options, restricted stock units,
and employee stock purchases based on estimated fair values. The stock-based compensation carries a graded vesting feature subject to the condition of time of employment service
with awarded stock-based compensation tranches vesting evenly upon the anniversary date of the award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company estimates the fair value of stock options
granted using the Black-Scholes option-pricing formula. In accordance with ASC 718-10-35-8, the Company elected to recognize the fair
value of the stock award using the graded vesting method as time of employment service is the criteria for vesting.  The Company&#8217;s
determination of fair value using an option-pricing model is affected by the stock price as well as assumptions regarding a number of
highly subjective variables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company estimates volatility based upon the
historical stock price of the Company and estimates the expected term for stock options using the simplified method for employees
and directors and the contractual term for non-employees. The risk-free rate is determined based upon the prevailing rate of United States
Treasury securities with similar maturities.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_849_eus-gaap--IncomeTaxPolicyTextBlock_zKFT4vOmoK1j" STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_862_zGi6iWpQ5yx">Income Taxes</FONT></FONT></B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for income taxes in accordance
with the Financial Accounting Standards Board FASB Accounting Standards Codification (&#8220;ASC&#8221;) 740, Income Taxes, which requires
the recognition of deferred income taxes for differences between the basis of assets and liabilities for financial statement and income
tax purposes. The deferred tax assets and liabilities represent the future tax return consequences of those differences, which will either
be taxable or deductible when the assets and liabilities are recovered or settled. Valuation allowances are established when necessary
to reduce deferred tax assets to the amount expected to be realized.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company evaluates all significant tax positions
as required by ASC 740. As of December 31, 2023, the Company does not believe that it has taken any positions that would require the recording
of any additional tax liability, nor does it believe that there are any unrealized tax benefits that would either increase or decrease
within the next year.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any penalties and interest assessed by income
taxing authorities are included in operating expenses.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The federal and state income tax returns of the
Company are subject to examination by the IRS and state taxing authorities, generally for three years after they were filed. Tax years
2020, 2021 and 2022 remain open for potential audit.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_844_eus-gaap--EarningsPerSharePolicyTextBlock_zzof3cmLpjul" STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_861_zpIRIonjKT7">Earnings (Loss) Per Share</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic earnings per share (EPS) are computed by dividing
the net loss applicable to common stock by the weighted average number of common shares outstanding. Diluted net loss per common share
is computed by dividing the net loss applicable to common stock by the weighted average number of common shares outstanding for the period
and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares
issuable upon the exercise or conversion of stock options, stock warrants, convertible debt instruments, convertible preferred stock or
other common stock equivalents. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2023, there were (i) an aggregate
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issuable upon conversion of Series E Convertible Preferred Stock, and (v) <FONT ID="xdx_90E_ecustom--ConversionOfStockSharesConverted_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesFConvertiblePreferredStockMember_zi9kjnrsrFNf" TITLE="Common shares issuable conversion">0</FONT> common shares issuable upon conversion of Series F Convertible
Preferred Stock, all of which were excluded from the computation of diluted net earnings per share because their inclusion would have
been anti-dilutive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2022, there was an aggregate of <FONT ID="xdx_902_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20221231_zpfA2R77oYId" TITLE="Outstanding warrants">147,591</FONT>
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common shares were issuable upon conversion of Series D Convertible Preferred Stock, all of which were excluded from the computation
of diluted net  earnings per share because their inclusion would have been anti-dilutive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_233_zvCaMFjRL5y2" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P ID="xdx_233_zU5033m4dOak" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_238_zGrMlnzf1vxf" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_849_eus-gaap--LesseeLeasesPolicyTextBlock_zDdVkFIJg1g9" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_868_zcAobCWG10M9">Leases</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company follows ASC 842 &#8220;Leases&#8221;.
This guidance requires lessees to recognize right-of-use (&#8220;ROU&#8221;) assets and lease liabilities for most operating leases. In
addition, this guidance requires that lessors separate lease and non-lease components in a contract in accordance with the revenue guidance
in ASC 606.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company made an accounting policy election
to not recognize short-term leases with terms of twelve months or less on the balance sheet and instead recognize the lease payments in
expense as incurred. The Company has also elected to account for real estate leases that contain both lease and non-lease components as
a single lease component.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the inception of a contract the Company assesses
whether the contract is, or contains, a lease. The Company&#8217;s assessment is based on: (1) whether the contract involves the use of
a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout
the period, and (3) whether we have the right to direct the use of the asset.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Operating ROU assets represent the right to use
the leased asset for the lease term and operating lease liabilities are recognized based on the present value of minimum lease payments
over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate
based on the information available at the lease commencement date to determine the present value of future payments. The lease term includes
all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not
to exercise the termination options. Operating lease expense is recognized on a straight-line basis over the lease term and is included
in general and administration expenses in the consolidated statements of operations.&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_841_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zvJ2DrZ7RHa1" STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline"><FONT ID="xdx_862_zQEEbeDc8gPd">Recent Accounting Pronouncements</FONT></FONT></B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From time to time, the FASB or other standards setting
bodies will issue new accounting pronouncements. Updates to the FASB ASC are communicated through issuance of an Accounting Standards
Update (&#8220;ASU&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2020, the FASB issued an accounting pronouncement
(ASU 2020-06) related to the measurement and disclosure requirements for convertible instruments and contracts in an entity's own equity.
The pronouncement simplifies and adds disclosure requirements for the accounting and measurement of convertible instruments and the settlement
assessment for contracts in an entity's own equity. This pronouncement is effective for fiscal years, and for interim periods within those
fiscal years, beginning after December 15, 2023. The Company early adopted this pronouncement for our fiscal year beginning January 1,
2022, and it did not have a material effect on our audited consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2021, the FASB issued an accounting pronouncement
(ASU 2021-04) related to modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain
equity classified after modification or exchange. The pronouncement states that an entity should treat the modification as an exchange
of the original instrument for a new instrument, and the effect of the modification should be calculated as the difference between the
fair value of the modified instrument and the fair value of that instrument immediately before modification. An entity should then recognize
the effect of the modification on the basis of the substance of the transaction, in the same manner as if cash had been paid as consideration.
This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021.
The pronouncement is applied prospectively to all modifications that occur after the initial date of adoption. We adopted this pronouncement
for our fiscal year beginning January 1, 2022, and it did not have a material effect on our audited consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT>In March 2022,
the FASB issued ASU No. 2022-02,&#160;<I>Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures</I>.
The guidance was issued as improvements to ASU No. 2016-13. The vintage disclosure changes require an entity to disclose
current-period gross write-offs by year of origination for financing receivables. The guidance is effective for financial statements issued
for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The amendments should be applied prospectively.
Early adoption of the amendments is permitted, including adoption in an interim period. The amendments will impact our disclosures but
will not otherwise impact the consolidated financial statements. During 2023, the Company adopted a policy related to Topic 326 whereby
it periodically reviews the collectability and historical write-offs, if any, to evaluate the need for any credit losses or an allowance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">In November 2023, the FASB issued ASU 2023-07
Segment Reporting (Topic 280): <I>Improvements to Reportable Segment Disclosures</I>. ASU 2023-07 requires companies to disclose significant
segment expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 is effective for annual periods beginning
on January 1, 2024 and interim periods beginning on January 1, 2025. ASU 2023-07 must be applied retrospectively to all prior periods
presented in the financial statements. The Company is evaluating the disclosure impact of ASU 2023-07; however, the standard will not
have an impact on the Company&#8217;s consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">In December 2023, the FASB issued ASU
No. 2023-09 Income Taxes (Topic 740): <I>Improvements to Income Tax Disclosures</I>. ASU 2023-09 requires companies to disclose, on an
annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that
meet a quantitative threshold. Further, ASU 2023-09 requires companies to disclose additional information about income taxes paid. ASU
2023-09 is effective for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply
the standard retrospectively. The Company is evaluating the disclosure impact of ASU 2023-09; however, the standard will not have an
impact on the Company&#8217;s consolidated financial statements.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">Management does not believe that any other recently issued, but not
yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_232_z6ekTXdaWiH9" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P ID="xdx_230_zHkNKD1FqPk9" STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P ID="xdx_233_zn38rdwRSRqe" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_238_zhfZStju4h8g" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

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<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under Accounting Codification ASC 205, Presentation
of Financial Statements&#8212;Going Concern (Subtopic 205-40) (&#8220;ASC 205-40&#8221;), the Company has the responsibility to evaluate
whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due
within one year after the date that the financial statements are issued. As required by ASC 205-40, this evaluation shall initially not
take into consideration the potential mitigating effects of plans that have not been fully implemented as of the date the financial statements
are issued. Management has assessed the Company&#8217;s ability to continue as a going concern in accordance with the requirement of ASC
205-40.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As reflected in the accompanying consolidated financial
statements, the Company had a net loss of $<FONT ID="xdx_90F_eus-gaap--ProfitLoss_c20230101__20231231_zJPcc6Lgmq71" TITLE="Net loss">11,241,718</FONT> for the year ended December 31, 2023. During the same period, cash used in operating
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respectively. In previous financial reports, the Company had raised substantial doubt about continuing as a going concern. This was principally
due to a lack of working capital prior to an underwritten offerings and a private placement which were completed during the first, third
and fourth quarters of 2022, the first, third and fourth quarters of 2023, as well as the first quarter of 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As previously noted, the Company was successful during
2023 in raising gross proceeds of over $11,500,000 from the sale of Series E and F Preferred Stock. Additionally, late in the first quarter
of 2024, the Company raised gross proceeds of $2,745,000 from the issuance of a combination of Series D and E Preferred Stock (See Note
17). As part of its strategy, the Company will endeavor to utilize the Preferred Series E and the remainder of the Series D as additional
funding mechanisms. Additionally, during the second quarter of 2024, the Company will again have access to its S-3 &#8220;shelf registration&#8221;
statement allowing the Company to sell additional common shares. At the time of this document, the Company estimates that it has available
capacity on its shelf registration which it can utilize to bolster working capital and growth of the business in the event it did not
have an uptake in the preferred classes of shares previously noted. Although additional investment is not assured, the Company is comfortable
that it would be able to raise sufficient capital to support expanded operations based on an anticipated increase in business activity.
In the long run, the continuation of the Company as a going concern is dependent upon the ability of the Company to continue executing
its business plan, generate enough revenue, and attain consistently profitable operations. Although the lingering effects of the global
pandemic related to the coronavirus (Covid-19) previously effected our operations, particularly in our supply chain, we now believe that
 the supply chain lags  have largely been abated. We have analyzed our cash flow under &#8220;stress test&#8221; conditions
and have determined that we have sufficient liquid assets on hand or available via the capital markets to maintain operations for at least
twelve months from the issuance date of this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, management has taken and continues to
take actions including, but not limited to, elimination of certain costs that do not contribute to short term revenue, and re-aligning
both management and staffing with a focus on improving certain skill sets necessary to build growth and profitability and focusing product
strategy on opportunities that are likely to bear results in the relatively short term. The Company believes that, with the combination
of commercial sales success, Series E Preferred Stock offering coupled with an S-3 shelf registration availability starting in the second
quarter of 2024, it will have sufficient working capital to meet its obligations over the following twelve months. In the last twelve
months the Company has seen growth in its contracted backlog as well as significant, positive signs from new commercial projects that
indicate improvements in future revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management believes that, at this time, the conditions
in our market space with ongoing contract delays and the additional time needed to execute on new contracts previously reported have put
a strain on our cash reserves. However, recent private placements as well as the availability to raise capital via its shelf registration
indicate there is no substantial doubt for the Company to continue as a going concern for a period of twelve months. We continue executing
the plan to grow our business and achieve profitability. The Company may selectively look at opportunities for fund raising in the future.
Management has extensively evaluated our requirements for the next 12 months and has determined that the Company currently has sufficient
cash and access to capital to operate for at least that period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While no assurance can be provided, management believes
that these actions provide the opportunity for the Company to continue as a going concern and to grow its business and achieve profitability
with access to additional capital funding. Ultimately the continuation of the Company as a going concern is dependent upon the ability
of the Company to continue executing the plan described above which was put in place in late 2022 and will continue in 2024 and beyond.
As a result, we expect to generate sufficient revenue and to attain profitable operations with minimal cash use in the next 12-18 months.
These consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset
amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_232_zIF0SlFiqBvb" STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P ID="xdx_239_zwqzl10dfQui" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_23D_zI20snYNvTal" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_80D_eus-gaap--LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_zj4LXbzTMLx" STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 3 &#8211; <FONT ID="xdx_82F_z1iNrkwmQHN7">ACCOUNTS RECEIVABLE</FONT> </B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accounts receivable were as follows at December
31, 2023 and 2022:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ID="xdx_88E_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zdqyjlGCJyLh" SUMMARY="xdx: Disclosure - ACCOUNTS RECEIVABLE (Details- Accounts receivable)" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT ID="xdx_8B6_ztNI79kOhA9d" STYLE="display: none">Schedule of accounts receivable</FONT></TD><TD>&#160;</TD>
    <TD COLSPAN="2" ID="xdx_492_20231231_zdic5sssGdH9" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" ID="xdx_498_20221231_zsCfFJTWt6R3" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">December 31,</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom">
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  <TR ID="xdx_402_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pp0p0_msARNzo6Q_zFZuDqiFF5Ma" STYLE="vertical-align: bottom; background-color: White">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There was no bad debt expense during the year ended
December 31, 2023 and 2022.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_800_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zyfbYjo1kym9" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 4 &#8211; <FONT ID="xdx_822_zCcl3EVetx7e">PROPERTY AND EQUIPMENT</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The major classes of property and equipment are as
follows at December 31, 2023 and 2022:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR ID="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_zzA8q4sHRage" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR ID="xdx_40B_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_zwF5bTlvIKm9" STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,376,629</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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  <TR ID="xdx_408_eus-gaap--PropertyPlantAndEquipmentNet_iI_pp0p0_zgmn9NhVZGoc" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 10pt; text-align: left; padding-bottom: 2.5pt">Property, Equipment and Software, net</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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<TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Internal Use Software, net</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$&#160;</TD><TD ID="xdx_98E_eus-gaap--PropertyPlantAndEquipmentNet_iI_pp0p0_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zW2Kt6c44Qoj" TITLE="Property, Equipment and Software, net" STYLE="border-bottom: Black 2.5pt double; text-align: right">248,292</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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</TABLE>

<P STYLE="margin: 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%">&#160;</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="text-align: left; width: 1%">&#160;</TD><TD STYLE="text-align: right; width: 14%">&#160;</TD><TD STYLE="text-align: left; width: 1%">&#160;</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="text-align: left; width: 1%">&#160;</TD><TD STYLE="text-align: right; width: 14%">&#160;</TD><TD STYLE="text-align: left; width: 1%">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">December 31,</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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<TR STYLE="vertical-align: bottom">
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    <TD STYLE="font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-weight: bold; text-align: right"></TD><TD STYLE="font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-weight: bold; text-align: right"></TD><TD STYLE="font-weight: bold; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD ID="xdx_98D_eus-gaap--DepreciationDepletionAndAmortization_pp0p0_c20230101__20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_z8WBzqpgLCa7" TITLE="Depreciation Expense" STYLE="text-align: right">84,328</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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</TABLE>

<P ID="xdx_8A1_zvC5ebZqEfYj" STYLE="margin: 0">&#160;</P>

<P STYLE="margin: 0">The following is a schedule of estimated future depreciation expense of software at December 31, 2023:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ID="xdx_893_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--PropertyPlantAndEquipmentOtherTypesMember_z2pV4Ah2fEp1" SUMMARY="xdx: Disclosure - PROPERTY AND EQUIPMENT (Details - Estimated future depreciation expense of software)" STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 50%; margin-right: auto">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: bottom; text-align: left">&#160;</TD><TD ID="xdx_8B0_z40gVXtuwdx7" STYLE="display: none; vertical-align: bottom; text-align: left">Schedule of estimated future depreciation expense of software</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: left">&#160;</TD><TD STYLE="vertical-align: bottom; width: 48%; text-align: left">2024</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD ID="xdx_98E_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--PropertyPlantAndEquipmentOtherTypesMember_zedjRnf0dtq6" TITLE="2024" STYLE="width: 47%; text-align: right">100,952</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left">&#160;</TD><TD STYLE="vertical-align: bottom; text-align: left">2025</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt; vertical-align: bottom; text-align: left">2026</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD ID="xdx_980_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--PropertyPlantAndEquipmentOtherTypesMember_zgKAqTaIRNcc" TITLE="2026" STYLE="border-bottom: Black 1pt solid; text-align: right">43,624</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: bottom; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt; vertical-align: bottom; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$&#160;</TD><TD TITLE="Finite lived intangible assets" ID="xdx_985_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--PropertyPlantAndEquipmentOtherTypesMember_zH4clpDAjkc4" STYLE="border-bottom: Black 2.5pt double; text-align: right">248,292</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>


<P ID="xdx_8A1_zDLDf6kwU4tc" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation <FONT STYLE="letter-spacing: -0.15pt">expense
</FONT>in 2023 and 2022 was $<FONT ID="xdx_900_eus-gaap--DepreciationDepletionAndAmortization_pp0p0_c20230101__20231231_z9G4OrPJU9wi" TITLE="Depreciation expense">315,686</FONT> and $<FONT ID="xdx_907_eus-gaap--DepreciationDepletionAndAmortization_pp0p0_c20220101__20221231_zYdmoGKydlU7" TITLE="Depreciation expense">267,959</FONT>, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_80F_eus-gaap--IntangibleAssetsDisclosureTextBlock_z4cGFeU3qnf7" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 5 &#8211; <FONT ID="xdx_82F_zbpA53lVUyFe">PATENTS AND TRADEMARKS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ID="xdx_888_eus-gaap--ScheduleOfIndefiniteLivedIntangibleAssetsTableTextBlock_zn7ezxQUCCf5" SUMMARY="xdx: Disclosure - PATENTS AND TRADEMARKS (Details - Patents and trademarks)" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD ID="xdx_8B3_z2gEk0MrYd8d" STYLE="display: none">Schedule of patents and trademarks</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD ID="xdx_491_20221231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--PatentsMember_zMINAN9bOct1" STYLE="text-align: center">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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<TR STYLE="vertical-align: bottom">
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  <TR ID="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pp0p0_maIANEGzIFT_zXINrs0VlYp5" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amortization expense in 2023 and 2022 was $<FONT ID="xdx_90F_eus-gaap--AmortizationOfIntangibleAssets_pp0p0_c20230101__20231231_zlEI2uaiKPH2" TITLE="Amortization expense">9,920</FONT> and
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_23D_z9H00atzSdk3" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_23D_zRT0o5HZ13c1" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P ID="xdx_23B_zJGivC37GDDf" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_231_zxIv4dciF2Kh" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>


<P ID="xdx_808_eus-gaap--ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock_z3zauYgRdpVg" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 6 &#8211; <FONT><FONT ID="xdx_82D_zRWehbDWi8db">SOFTWARE
DEVELOPMENT COSTS</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ID="xdx_88F_ecustom--ScheduleOfSoftwareAndSoftwareDevelopmentCostsTableTextBlock_zxmBHLzyMap2" SUMMARY="xdx: Disclosure - SOFTWARE AND SOFTWARE DEVELOPMENT COSTS (Details - Software development costs)" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD ID="xdx_8BF_zZGRGI5djF2e" STYLE="display: none">Schedule of software development costs</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD ID="xdx_493_20231231_zrWelByldRL9" STYLE="text-align: center">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom">
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  <TR ID="xdx_407_eus-gaap--CapitalizedComputerSoftwareGross_iI_pp0p0_zw0OuzHYmLf8" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; text-align: left">Software Development</TD><TD STYLE="width: 1%">&#160;</TD>
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  <TR ID="xdx_405_ecustom--ConstructionInProgress_iI_pp0p0_zxjsE0MQLbUg" STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left; padding-bottom: 1pt">Accumulated amortization</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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  <TR ID="xdx_402_ecustom--SoftwareDevelopmentCostsNet_iI_pp0p0_zmqisyvJ6fC4" STYLE="vertical-align: bottom; background-color: White">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B>&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amortization of software development costs in 2023
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a schedule of estimated future amortization expense of software at December 31, 2023:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ID="xdx_89F_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_z2qOiPb7xvaj" SUMMARY="xdx: Disclosure - SOFTWARE AND SOFTWARE DEVELOPMENT COSTS (Details - Estimated future amortization)" STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 50%; margin-right: auto">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: bottom; text-align: left">&#160;</TD><TD ID="xdx_8BF_z49rJ9V6EP9c" STYLE="display: none; vertical-align: bottom; text-align: left">Schedule of estimated future amortization expense of software</TD><TD STYLE="vertical-align: bottom; text-align: left">&#160;</TD><TD STYLE="text-align: left; vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&#160;</TD><TD STYLE="vertical-align: bottom; text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left">&#160;</TD><TD STYLE="vertical-align: bottom; text-align: left">2025</TD><TD STYLE="vertical-align: bottom; text-align: left">&#160;</TD><TD STYLE="text-align: left; vertical-align: bottom">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt; vertical-align: bottom; text-align: left">2026</TD><TD STYLE="padding-bottom: 1pt; vertical-align: bottom; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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<P ID="xdx_8A8_zSfjv1qjr65d" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation of software cost in 2023 and 2022 was
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_808_eus-gaap--DebtDisclosureTextBlock_zl2emwf6mkIl" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 0; text-align: justify"><B>NOTE 7 &#8211; <FONT ID="xdx_821_zwRhvO2YiWWe">DEBT</FONT></B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Notes Payable &#8211; Insurance Premium
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s notes payable relating to
financing agreements classified as current liabilities consist of the following as of:</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ID="xdx_887_eus-gaap--ScheduleOfDebtTableTextBlock_zK75x1pxQGld" SUMMARY="xdx: Disclosure - DEBT (Details - Notes payable - financing agreements)" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
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    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">December 31, 2022</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Principal</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Third Party - Insurance Note 1</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD ID="xdx_98E_eus-gaap--OtherNotesPayableCurrent_iI_pp0p0_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteOneMember_zNffnZZEcDdl" TITLE="Notes payable, Principal" STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&#160;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&#160;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
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<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company entered into an agreement on
December 23, 2022 with its insurance provider by issuing a $<FONT ID="xdx_90A_eus-gaap--NotesPayable_iI_pp0p0_c20221223__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteOneMember_zSPmHBoHXGJi" TITLE="Notes payable outstanding balance">26,484 </FONT>note
payable (Insurance Note 1) for the purchase of an insurance policy, secured by that policy with an annual interest rate of <FONT ID="xdx_905_eus-gaap--DerivativeFixedInterestRate_iI_dp_c20221223__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteOneMember_z4ekvw0yuFRc" TITLE="Interest rate">8.73</FONT>%
payable in 10 monthly installments of principal and interest totaling $<FONT ID="xdx_90B_eus-gaap--DebtInstrumentPeriodicPayment_pp0p0_c20221222__20221223__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteOneMember_zNSCL3lJkq86" TITLE="Monthly instalments of principal and interest">2,755 </FONT>through
October 23, 2023. The balance of Insurance Note 1 as of December 31, 2023 and December 31, 2022 was zero <FONT ID="xdx_908_eus-gaap--NotesPayable_iI_pp0p0_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteOneMember_zmBXxHdkC8Rd" TITLE="Notes payable outstanding balance"><B STYLE="display: none">0 </B></FONT>and
zero <FONT ID="xdx_900_eus-gaap--NotesPayable_iI_pp0p0_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteOneMember_z8UbwBnW1qb9" TITLE="Notes payable outstanding balance"><B STYLE="display: none">0 </B></FONT>,
respectively.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company entered into an agreement on April 15,
2022 with its insurance provider by issuing a note payable (Insurance Note 2) for the purchase of an insurance policy in the amount of
$<FONT ID="xdx_90F_eus-gaap--NotesPayable_iI_pp0p0_c20220415__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteTwoMember_zPQl3AKHs3C1" TITLE="Notes payable outstanding balance">63,766</FONT>, secured by that policy with an annual interest rate of <FONT ID="xdx_908_eus-gaap--DerivativeFixedInterestRate_iI_dp_c20220415__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteTwoMember_z9iFVuy9IgH1" TITLE="Interest rate">6.24</FONT>% and payable in 11 monthly installments of principal and interest
totaling $<FONT ID="xdx_906_eus-gaap--DebtInstrumentPeriodicPayment_pp0p0_c20220414__20220415__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteTwoMember_zKxlI7mJe1Ye" TITLE="Monthly instalments of principal and interest">5,979</FONT>. The Company entered into an agreement on April 15, 2023 with its insurance provider by issuing a note payable (Insurance
Note 2) for the purchase of an insurance policy in the amount of $<FONT ID="xdx_906_eus-gaap--NotesPayable_iI_pp0p0_c20230415__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteTwoMember_zqCEXvx9k5yi" TITLE="Notes payable outstanding balance">142,734</FONT>, secured by that policy with an annual interest rate of <FONT ID="xdx_904_eus-gaap--DerivativeFixedInterestRate_iI_dp_c20230415__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteTwoMember_zm4wCbgxc516" TITLE="Interest rate">8.00</FONT>%
and payable in 11 monthly installments of principal and interest totaling $<FONT ID="xdx_90B_eus-gaap--DebtInstrumentPeriodicPayment_pp0p0_c20230414__20230415__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteTwoMember_zUBGwv1mAztf" TITLE="Monthly instalments of principal and interest">13,501</FONT>. At December 31, 2023 and December 31, 2022, the balance
of Insurance Note 2 was $<FONT ID="xdx_90D_eus-gaap--NotesPayable_pp0p0_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteTwoMember_zincHPjwI02h" TITLE="Notes payable outstanding balance">39,968</FONT> and $<FONT ID="xdx_905_eus-gaap--NotesPayable_iI_pp0p0_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteTwoMember_zH361U3NrJ0b" TITLE="Notes payable outstanding balance">17,753</FONT>, respectively.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company entered into an agreement on September
15, 2022 with its insurance provider by issuing a note payable (Insurance Note 3) for the purchase of an insurance policy in the amount
of $<FONT ID="xdx_90A_eus-gaap--NotesPayable_iI_pp0p0_c20220915__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteThreeMember_zWNk35m0z3X1">24,140</FONT>.
The policy was renewed on February 3, 2023 and is payable in 12 monthly installments of $<FONT ID="xdx_903_eus-gaap--DebtInstrumentPeriodicPayment_c20230202__20230203__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteThreeMember_z5MxipAvQ3Q8">2,012</FONT>.
At December 31, 2023 and December 31, 2022, the balance of Insurance Note 3 was $<FONT ID="xdx_902_eus-gaap--NotesPayable_pp0p0_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteThreeMember_z6tWnCAAXVf2">2,008
</FONT>and $<FONT ID="xdx_901_eus-gaap--NotesPayable_iI_pp0p0_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteThreeMember_zZeYh38Mzb7d">16,094</FONT>,
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company entered into an agreement on February
3, 2022 with its insurance provider by issuing a note payable for the purchase of an insurance policy in the amount of $<FONT ID="xdx_90A_ecustom--PurchaseOfInsurancePolicy_c20220201__20220203_zStAI56Bkg91" TITLE="Purchase of an insurance policy">242,591
</FONT>with a down payment paid in the amount of $<FONT ID="xdx_90C_ecustom--DownPaymentPaid_c20220101__20220331_zZdWjbGYjR65" TITLE="Down payment paid">41,854
</FONT>in the first quarter of 2022 and ten monthly installments of $<FONT ID="xdx_903_ecustom--InsuranceMonthlyInstallments_c20220101__20220331_zgrrygyzR9Oh" TITLE="Insurance monthly installments">20,073</FONT>.
The Company received a refund on September 30, 2022 as a result of the annual audit of the policy resulting in the refund being applied
to the outstanding amount of $<FONT ID="xdx_90B_eus-gaap--ProceedsFromDepositsWithOtherInstitutions_c20220927__20220930_zbkvSURIqdG6" TITLE="Received refund">53,175</FONT>.
The policy renewed on February 3, 2023 and, in connection therewith, the Company issued a new note payable (Insurance Note 4) to the
insurer in the amount of $<FONT ID="xdx_900_eus-gaap--NotesPayable_iI_pp0p0_c20230203__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteFourMember_zzK8zCG1YjMh" TITLE="Notes payable outstanding balance">293,520</FONT>; with a down payment paid in the amount
of $<FONT ID="xdx_907_ecustom--DownPaymentPaid_c20230202__20230203__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteFourMember_zrbBIgslV136" TITLE="Down payment paid">125,690
</FONT>and payable in ten monthly installments of $<FONT ID="xdx_906_eus-gaap--DebtInstrumentPeriodicPayment_pp0p0_c20230202__20230203__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteFourMember_zBgSiJIQfoJ4" TITLE="Monthly installments of principal and interest">23,976</FONT>.
At December 31, 2023 and December 31, 2022, the balance of Insurance Note 4 was zero <B STYLE="display: none"><FONT ID="xdx_90E_eus-gaap--NotesPayable_pp0p0_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteFourMember_zYIPIFOWBARi" TITLE="Notes payable outstanding balance">0</FONT></B> and $<FONT ID="xdx_907_eus-gaap--NotesPayable_iI_pp0p0_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--ThirdPartyInsuranceNoteFourMember_zkrZ11qEcng2" TITLE="Notes payable outstanding balance">40,728</FONT>, respectively.<B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Equipment Financing</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company entered into an agreement on May 22,
2020 with an equipment financing company by issuing a $<FONT ID="xdx_905_eus-gaap--NotesPayable_iI_c20200522__us-gaap--ShortTermDebtTypeAxis__custom--EquipmentFinancingMember_zP4HEbiRiCHb" TITLE="Notes payable outstanding balance">121,637</FONT>
secured note, with an annual interest rate of <FONT ID="xdx_907_eus-gaap--DerivativeFixedInterestRate_iI_dp_c20200522__us-gaap--ShortTermDebtTypeAxis__custom--EquipmentFinancingMember_zL7SfLMym4Rg" TITLE="Interest rate">9.90</FONT>%
and payable in monthly installments of principal and interest totaling $<FONT ID="xdx_906_eus-gaap--DebtInstrumentPeriodicPayment_c20200521__20230601__us-gaap--ShortTermDebtTypeAxis__custom--EquipmentFinancingMember_zRQSWMcOxuNe" TITLE="Monthly installments of principal and interest">3,919</FONT>
through June 1, 2023. At December 31, 2023 and December 31, 2022, the aggregate balance of these notes was zero <FONT ID="xdx_904_eus-gaap--NotesPayable_iI_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--EquipmentFinancingMember_zCemnkCwhXQ2" TITLE="Notes payable outstanding balance" STYLE="display: none">0</FONT> and $<FONT ID="xdx_900_eus-gaap--NotesPayable_iI_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--EquipmentFinancingMember_zoctXj9eWFTb" TITLE="Notes payable outstanding balance">22,851</FONT>
respectively.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P ID="xdx_23E_zB38qQCjdkz5" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_23D_zmXP66SOdpIl" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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    <!-- Field: /Page -->


<P ID="xdx_234_zma5yyud8Qwl" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_231_ziaTBNZRjSm1" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>



<P ID="xdx_237_zI9Sn8QVn4ch" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 0; text-align: justify"><B></B></P>

<P ID="xdx_803_eus-gaap--RevenueFromContractWithCustomerTextBlock_zY4fGSuavpr9" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 8 &#8211; <FONT ID="xdx_823_z55FzistFZpd">REVENUES AND CONTRACT ACCOUNTING</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company generates revenue from four sources: (1)
Technology Systems; (2) AI Technology which is included in the consolidated statements of operations line-item Technology Systems; (3)
Technical Support; and (4) Consulting Services which is included in the consolidated statements of operations line-item Services and Consulting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contract assets and contract liabilities on uncompleted
contracts for revenues recognized over time are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Contract Assets</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contract assets on uncompleted contracts represent
cumulative revenues recognized in excess of billings and/or cash received on uncompleted contracts accounted for under the cost-to-cost
input method which recognizes revenue based on the ratio of costs incurred to total estimated costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2023 and 2022, contract assets on
uncompleted contracts consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ID="xdx_882_ecustom--CostsAndEstimatedEarningsInExcessOfBillingsOnUncompletedContractsTableTextBlock_zz1cZBusDO09" SUMMARY="xdx: Disclosure - REVENUES AND CONTRACT ACCOUNTING (Details - Contract assets)" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT ID="xdx_8B9_zxA0iUEH8wyj" STYLE="display: none">Schedule of contract assets on
uncompleted contracts</FONT></TD><TD>&#160;</TD>
    <TD COLSPAN="2" ID="xdx_49A_20231231_zFJoYhD2rJAi" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" ID="xdx_497_20221231_zppB3Dy1UIbi" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&#160;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Contract Liabilities</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contract liabilities on uncompleted contracts represent
billings and/or cash received that exceed cumulative revenues recognized on uncompleted contracts accounted for under the cost-to-cost
input method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contract liabilities on services and consulting revenues
represent billings and/or cash received in excess of revenue recognized on service agreements that are not accounted for under the cost-to-cost
input method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company expects to recognize all contract liabilities within 12
months from the date of the consolidated balance sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_236_z0hqcUwI6yKj" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>


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<P ID="xdx_23D_zycbdN0JgiDa" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_23B_zVkRSkCl0iEa" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2023 and 2022, contract liabilities
on uncompleted contracts consisted of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ID="xdx_88D_ecustom--ScheduleOfBillingsInExcessOfCostsAndEstimatedEarningsOnUncompletedContractsTableTextBlock_zqcrDDak3ry3" SUMMARY="xdx: Disclosure - REVENUES AND CONTRACT ACCOUNTING (Details - Contract liabilities)" STYLE="font: 11pt Aptos; border-collapse: collapse; width: 100%">
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on uncompleted contracts</FONT></TD><TD>&#160;</TD>
    <TD COLSPAN="2" ID="xdx_496_20231231_zOrdde0up58j" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" ID="xdx_492_20221231_zUuQvqCBZlA9" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">2023</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR ID="xdx_401_ecustom--CostAndEstimatedEarningsRecognized_iNI_pp0p0_di_msCLTSzBbu_zcRa5dLhtGy3" STYLE="vertical-align: bottom; background-color: White">
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  <TR ID="xdx_400_ecustom--ContractLiabilitiesTechnologiesSystems_iTI_pp0p0_mtCLTSzBbu_maCWCLzYC9_zdsKXFPPFRb9" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR ID="xdx_403_eus-gaap--ContractWithCustomerLiability_iTI_pp0p0_mtCWCLzYC9_zBFzK79eYxpi" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contract liabilities at December 31, 2022 were $<FONT ID="xdx_903_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pp0p0_c20221231_zGLIpcVH0v67" TITLE="Contract liabilities">957,997</FONT>;
of which $<FONT ID="xdx_907_ecustom--ContractLiabilitiesTechnologiesSystems_iI_pp0p0_c20221231_zixqmCFUAwX8" TITLE="Contract liabilities, technology systems">211,452</FONT> for technology systems and $<FONT ID="xdx_90A_ecustom--ServicesAndConsultingRecognized_iI_pp0p0_c20221231_z2qBVF8YZ3o1" TITLE="Services and consulting recognized">721,810</FONT> in services and consulting have been recognized as of December 31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Disaggregation of Revenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is following
the guidance of ASC 606-10-55-296 and 297 for disaggregation of revenue. Accordingly, revenue has been disaggregated according to the
nature, amount, timing and uncertainty of revenue and cash flows. We are providing qualitative and quantitative disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Qualitative:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1. We have four distinct revenue sources:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">a. Technology Systems (Turnkey, engineered projects);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">b. AI Technology (Associated maintenance and support services);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">c. Technical Support (Licensing and professional services related
to auditing of data center assets); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">d. Consulting Services (Predetermined algorithms to provide important
operating information to the users of our systems).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2. We currently operate in North America including the USA, Mexico and
Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">3. Our customers include rail transportation, commercial, government, banking
and IT suppliers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4. Our technology systems and equipment projects fall into two types:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">a. Transfer of goods and services are over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">b. Goods delivered at point in time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5. Our services &amp; maintenance contracts are fixed price and fall into
two duration types:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">a. Turnkey engineered projects and professional service contracts
that are less than one year in duration and are typically one to two quarters in length; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">b. Maintenance and support contracts ranging from one to five
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Quantitative: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT STYLE="text-decoration: underline">For the Year Ended December 31, 2023</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" SUMMARY="xdx: Disclosure - REVENUES AND CONTRACT ACCOUNTING (Details -Disaggregated revenue)" ID="xdx_89A_eus-gaap--DisaggregationOfRevenueTableTextBlock_ziFFTofefqv7" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center">&#160;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&#160;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center">&#160;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&#160;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center">&#160;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center">&#160;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_23C_zNIi3fxhPdE9" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>


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<P ID="xdx_8A5_z4N3ehK84e6a" STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Segment Information</FONT></B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company operates in one reportable segment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_807_eus-gaap--CompensationRelatedCostsGeneralTextBlock_ziviFFFR4wu8" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 9 &#8211; <FONT ID="xdx_82E_zWXoUzTpDfOc">DEFERRED COMPENSATION</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2023, and 2022, the Company has
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sales staff, which are included in the accompanying consolidated balance sheet in accrued expenses. (See Note 10)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_805_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zwCak1eyphKg" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 10 &#8211; <FONT ID="xdx_82C_zeBNy4JtEPJ1">COMMITMENTS AND CONTINGENCIES</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Operating Lease Obligations</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 26, 2021, the Company entered a new
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feet, with the lease commencing on November 1, 2021, and ending April 30, 2032. This new space combines the Company&#8217;s two
separate work locations into one facility, which allows for greater collaboration and also accommodates a larger anticipated
workforce and manufacturing facility. On November 24, 2021, the lease was amended to commence on December 1, 2021, and end on May
31, 2032. The Company recognized a ROU asset and operating lease liability in the amount of $<FONT ID="xdx_908_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pp0p0_c20210726_zOvZnb7fMSx1" TITLE="Operating lease right of use asset">4,980,104 </FONT>at
lease commencement. Rent for the first eleven months of the term was calculated based on <FONT ID="xdx_909_ecustom--RentableSpace_usqft_c20210725__20210726_zHnLm8WSIvf9" TITLE="Rentable space">30,000 </FONT>rentable
square feet. The rent is subject to an annual escalation of 2.5%, beginning November 1, 2023. The Company made a security deposit
payment in the amount of $<FONT ID="xdx_90E_eus-gaap--SecurityDepositLiability_iI_pp0p0_c20210726_zGLDs7Sfg2hd" TITLE="Security deposit payment">600,000</FONT> on
July 26, 2021. Per the contract, in the 18<SUP>th</SUP> month the security deposit was reduced by $<FONT ID="xdx_901_eus-gaap--SecurityDeposit_iI_c20210726_zoClDkeutFif" TITLE="Security deposit value">50,000</FONT>. The right of use asset
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_239_ze2PPPv4rrCe" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P ID="xdx_230_z9hn0LZQEtdc" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_234_zkWYwV9k1Owd" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2023, the office and warehouse
lease is the Company&#8217;s only lease with a term greater than twelve months. The office and warehouse lease has a remaining term of
approximately 8.5 years and includes an option to extend for two renewal terms of five years each. The renewal options are not reasonably
certain to be exercised, and therefore, they are not included when determining the lease term used to establish the right-of use asset
and lease liability. The Company also has several short-term leases, primarily related to equipment. The Company made an accounting policy
election to not recognize short-term leases with terms of twelve months or less on the consolidated balance sheet and instead recognize
the lease payments in expense as incurred. The Company has also elected to account for real estate leases that contain both lease and
non-lease components (such as common area maintenance) as a single lease component.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table shows supplemental information
related to leases:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ID="xdx_881_ecustom--ScheduleOfSupplementalInformationRelatedLeasesTableTextBlock_zIqUE0Yi27E5" SUMMARY="xdx: Disclosure - COMMITMENTS AND CONTINGENCIES (Details - Supplemental information related to leases)" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT ID="xdx_8BF_zZM8IBzvMOXi" STYLE="display: none">Schedule of supplemental information
related to leases</FONT></TD><TD>&#160;</TD>
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    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">$&#160;</TD><TD ID="xdx_98B_eus-gaap--ShortTermLeaseCost_pp0p0_c20230101__20231231_zIGK8NYbqlQ2" TITLE="Short term lease Cost" STYLE="text-align: right">63,770</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Other information:</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Operating cash outflow used for operating leases</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$&#160;</TD><TD ID="xdx_98F_eus-gaap--PaymentsForRent_pp0p0_c20230101__20231231_z3e6q6ia2MKl" TITLE="Operating cash outflow used for operating leases" STYLE="text-align: right">696,869</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Weighted average remaining lease term</TD><TD>&#160;</TD>
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  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2023, future minimum lease payments
due under the operating lease are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ID="xdx_88C_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_z26yXkVAW5fe" SUMMARY="xdx: Disclosure - COMMITMENTS AND CONTINGENCIES (Details - Future minimum lease payments)" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT ID="xdx_8B4_zrrSb1KCUQ19" STYLE="display: none">Schedule of future minimum lease payments
due under the operating lease</FONT></TD><TD>&#160;</TD>
    <TD COLSPAN="2" ID="xdx_49A_20231231_zx2tVVMOlc1d" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amount</B></P></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><B>Calendar year:</B></TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0_maCz6be_zMZ32FZKRPlk" STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 10pt; width: 83%; text-align: justify">2024</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">779,087</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR ID="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pp0p0_maCz6be_z33tvQ0mDoCe" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 10pt; text-align: justify">2025</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">798,556</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pp0p0_maCz6be_zynaiJekHxF8" STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 10pt; text-align: justify">2026</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">818,518</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_40D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pp0p0_maCz6be_zFe7Ld6cMU78" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 10pt; text-align: justify">2027</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">838,984</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pp0p0_maCz6be_zc4EcXY4mLB" STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 10pt; text-align: justify">2028</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">859,856</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_pp0p0_maCz6be_zp2e0xf102Wi" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;Thereafter</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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  <TR ID="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtCz6be_zpQYnYD8AcOd" STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&#160;&#160;&#160;&#160;&#160;&#160;Total undiscounted future minimum lease payments</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">7,278,572</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_zyImIvrKEkV8" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Less: Impact of discounting</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,270,767</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR ID="xdx_405_eus-gaap--OperatingLeaseLiability_iI_zRWrXiCH7ZQh" STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Total present value of operating lease obligation </TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">5,007,805</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR ID="xdx_409_eus-gaap--OperatingLeaseLiabilityCurrent_iNI_di_zUJ59PyPwQge" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;&#160;&#160;&#160;Current portion</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(779,087</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR ID="xdx_40C_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_z2pGR4mT1wfd" STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">Operating lease obligation, less current portion</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,228,718</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Executive Severance Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">Pursuant to a separation agreement with Gianni Arcaini, our
former Chief Executive Officer and Chairman of the Board (the &#8220;Separation Agreement&#8221;), Mr. Arcaini&#8217;s employment with
the Company ended on September 1, 2020 (&#8220;Separation Date&#8221;). The Separation Agreement provided that he would receive separation
payments over a 36- month period equal to his base salary plus $75,000 as well as certain limited health and life insurance benefits.
The Separation Agreement also contained confidentiality, non-disparagement and non-solicitation covenants and a release of claims by
Mr. Arcaini. In accordance with the Separation Agreement, the Company paid to Mr. Arcaini the total sum of $747,788. On March 1, 2021,
the Company paid to Mr. Arcaini a lump-sum amount equal to the first six months of payments, or $124,631, owed to Mr. Arcaini and the
Company continued to pay him in semi-monthly installments for 30 months thereafter, as contemplated in Mr. Arcaini&#8217;s Separation
Agreement. The remaining balance included in accrued expenses in the accompanying unaudited consolidated balance sheet is zero as of December
31, 2023.</P>

<P ID="xdx_237_zCdO8nyKDxb5" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_23B_zyxEIyJujmyl" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


<!-- Field: Page; Sequence: 77 -->
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<P ID="xdx_231_zT3ky6BDRU1l" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_23F_z5cBwz24oQSf" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P ID="xdx_235_zUXXUhcELLV5" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_80F_eus-gaap--IncomeTaxDisclosureTextBlock_zJSXyHpQIx68" STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 11 &#8211; <FONT ID="xdx_82B_zh7EQadD5JL9">INCOME TAXES</FONT></B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company maintains deferred tax assets and liabilities
that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax purposes. The deferred tax assets (liabilities) at December 31, 2023 and 2022 consist of
net operating loss carryforwards and differences in the book basis and tax basis of intangible assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The items accounting for the difference between income
taxes at the effective statutory rate and the provision for income taxes for the years ended December 31, 2023 and 2022 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ID="xdx_88F_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zZwHnnqY4xU8" SUMMARY="xdx: Disclosure - INCOME TAXES (Details - Provision for income taxes)" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
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taxes at  effective statutory rate and  provision for income taxes</FONT></TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">Total provision for income tax</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s approximate net deferred tax assets
as of December 31, 2023 and 2022 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ID="xdx_888_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zd6TonhaaVKb" SUMMARY="xdx: Disclosure - INCOME TAXES (Details - Deferred tax assets)" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
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    <TD COLSPAN="2" STYLE="text-align: justify">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: underline; text-align: justify">Deferred Tax Asset (Liability):</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD ID="xdx_983_eus-gaap--DeferredTaxAssetsGoodwillAndIntangibleAssets_pp0p0_c20231231_zvm9kSBVsZ28" TITLE="Intangible assets" STYLE="border-bottom: Black 1pt solid; text-align: right">(84,823</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Valuation allowance</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD ID="xdx_980_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pp0p0_di_c20231231_zD7ZDMW251e" TITLE="Valuation allowance" STYLE="border-bottom: Black 1pt solid; text-align: right">(12,234,013</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD ID="xdx_987_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pp0p0_di_c20221231_z65yKg7UBjr6" TITLE="Valuation allowance" STYLE="border-bottom: Black 1pt solid; text-align: right">(9,740,198</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">Net deferred tax assets</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD ID="xdx_989_eus-gaap--DeferredTaxAssetsNet_pdp0_c20231231_ztAYVSxaGSBg" TITLE="Net deferred tax assets" STYLE="border-bottom: Black 2.5pt double; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The gross operating loss carryforward was approximately
$<FONT ID="xdx_905_eus-gaap--OperatingLossCarryforwards_pp0p0_c20231231_zIEt1GVn1yoc" TITLE="Gross operating loss carry forward">50,076,569</FONT> and $<FONT ID="xdx_90C_eus-gaap--OperatingLossCarryforwards_pp0p0_c20221231_zf79b8oROKi1" TITLE="Gross operating loss carry forward">39,727,050</FONT> at December 31, 2023 and 2022, respectively. The Company provided a valuation allowance equal to the net deferred
income tax assets for the years ended December 31, 2023, and 2022 because it was not known whether future taxable income will be sufficient
to utilize the loss carryforward and other deferred tax assets. The increase in the valuation allowance was $<FONT ID="xdx_90C_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_pp0p0_c20230101__20231231_zdnAYk99a0Mi" TITLE="Increase in valuation allowance">2,493,815</FONT> in 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The potential tax benefit arising from the net operating
loss carryforward of $<FONT ID="xdx_90C_eus-gaap--TaxCreditCarryforwardAmount_pp0p0_c20231231_zV9V9xuTNsG9" TITLE="Net operating loss carryforward">4,357,876</FONT> from the period prior to January 1, 2018, will expire in 2037. The potential tax benefit arising from
the net operating loss carryforward of $<FONT ID="xdx_90B_ecustom--PotentialTaxBenefitArisingFromNetOperatingLossCarryforwardWithinAnnualUsageLimitations_iI_pp0p0_c20231231_zFMmvaw3lEq4" TITLE="Potential tax benefit arising from net operating loss carryforward">7,876,137</FONT> generated after January 1, 2018 can be carried forward indefinitely within the annual
usage limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_23F_zPBK9IoTzzl9" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&#160;</P>


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<P ID="xdx_23A_zCXwiMrqw1Bg" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_231_z95qG6jsP6df" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Additionally, the future utilization of the net operating
loss carryforward to offset future taxable income is subject to an annual limitation as a result of ownership or business changes that
may occur in the future. The Company has not conducted a study to determine the limitations on the utilization of these net operating
loss carryforwards. If necessary, the deferred tax assets will be reduced by any carryforward that may not be utilized or expires prior
to utilization as a result of such limitations, with a corresponding reduction of the valuation allowance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not have any uncertain tax positions
or events leading to uncertainty in a tax position. The Company&#8217;s 2022, 2021 and 2020 Corporate Income Tax Returns are subject to
Internal Revenue Service examination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_80A_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zKSQIlE7Sitc" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 12 &#8211; <FONT ID="xdx_826_zfGWEsyARzg7">STOCKHOLDERS&#8217; EQUITY</FONT> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0"><B>2016 Equity Plan</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We maintained the 2016 Equity Incentive Plan (the
&#8220;2016 Plan&#8221;) for employees, officers, directors and other entities and individuals whose efforts contribute to our success.
The 2016 Plan terminated pursuant to its terms on December 31, 2020, although all outstanding awards on such date continue in full force
and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2021 Equity Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 12, 2021, the Board adopted, with shareholder
approval as of July 15, 2021, the 2021 Equity Incentive Plan (the &#8220;2021 Plan&#8221;) providing for the issuance of up to <FONT ID="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20210511__20210512__us-gaap--PlanNameAxis__custom--TwoThousandTwentyOneEquityIncentivePlanMember_zIgXWB2RLyj" TITLE="Issuance of Common stock under Awards">1,000,000</FONT>
shares of our Common Stock. The purpose of the 2021 Plan is to assist the Company in attracting and retaining key employees, directors
and consultants and to provide incentives to such individuals to align their interests with those of our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>General Description of the 2021 Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a summary of the material provisions
of the 2021 Plan and is qualified in its entirety by reference to the complete text of the 2021 Plan, which you are encouraged to read
in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Administration</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2021 Plan is administered by the Compensation
Committee of the Board, which consists of three members of the Board, each of whom is a &#8220;non-employee director&#8221; within the
meaning of Rule 16b-3 promulgated under the Exchange Act and an &#8220;outside director&#8221; within the meaning of Code Section 162(m).
Among other things, the Compensation Committee has complete discretion, subject to the express limits of the 2021 Plan, to determine the
directors, employees and nonemployee consultants to be granted an award, the type of award to be granted, the terms and conditions of
the award, the form of payment to be made and/or the number of shares of Common Stock subject to each award, the exercise price of each
option and base price of each stock appreciation right (&#8220;SAR&#8221;), the term of each award, the vesting schedule for an award,
whether to accelerate vesting, the value of the Common Stock underlying the award, and the required withholding, if any. The Compensation
Committee may amend, modify or terminate any outstanding award, provided that the participant&#8217;s consent to such action is required
if the action would impair the participant&#8217;s rights or entitlements with respect to that award. The Compensation Committee is also
authorized to construe the award agreements and may prescribe rules relating to the 2021 Plan. Notwithstanding the foregoing, the Compensation
Committee does not have any authority to grant or modify an award under the 2021 Plan with terms or conditions that would cause the grant,
vesting or exercise thereof to be considered nonqualified &#8220;deferred compensation&#8221; subject to Code Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt"><I>&#160;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Grant of Awards; Shares Available for Awards</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2021 Plan provides for the grant of stock options,
SARs, performance share awards, performance unit awards, distribution equivalent right awards, restricted stock awards, restricted stock
unit awards and unrestricted stock awards to non-employee directors, officers, employees and nonemployee consultants of the Company or
its affiliates. We have reserved a total of <FONT ID="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20231231_zicLp5QV7Mr2" TITLE="Shares available for grant">1,000,000</FONT> shares of Common Stock for issuance as or under awards to be made under the 2021
Plan. If any award expires, is cancelled, or terminates unexercised or is forfeited, the number of shares subject thereto is again available
for grant under the 2021 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&#160;</P>

<P ID="xdx_23F_z69Oq61ms4F1" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P ID="xdx_237_zlQ90z7z3bh2" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_237_zxV7SxUPObWi" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Stock Options</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2021 Plan provides for either
&#8220;incentive stock options&#8221; (&#8220;ISOs&#8221;), which are intended to meet the requirements for special federal income
tax treatment under the Code, or &#8220;nonqualified stock options&#8221; (&#8220;NQSOs&#8221;). On May 12, 2021, the 2021 Plan was
approved by the board of directors and by the shareholders on July 15, 2021. Stock options may be granted on such terms and
conditions as the Compensation Committee may determine; provided, however, that the per share exercise price under a stock option
may not be less than the fair market value of a share of the Company&#8217;s Common Stock on the date of grant and the term of the
stock option may <FONT ID="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward_c20230101__20231231__us-gaap--OptionIndexedToIssuersEquityTypeAxis__us-gaap--EmployeeStockOptionMember_zlOyYhXJ5qIk" TITLE="Common stock on the date of grant, term of the stock option">not
exceed 10 years</FONT> (110% of such value and five years in the case of an ISO granted to an employee who owns (or is deemed to
own) <FONT ID="xdx_909_eus-gaap--CommonStockVotingRights_c20230101__20231231__us-gaap--OptionIndexedToIssuersEquityTypeAxis__us-gaap--EmployeeStockOptionMember_zHS3gO4XtLqa" TITLE="Voting rights">more
than 10% of the total combined voting power of all classes of capital stock</FONT> of the Company or a parent or subsidiary of the
Company). ISOs may only be granted to employees. In addition, the aggregate fair market value of our Common Stock covered by one or
more ISOs (determined at the time of grant) which are exercisable for the first time by an employee during any calendar year may not
exceed $<FONT ID="xdx_90C_ecustom--AggregateFairMarketValueOfOurCommonStockNotExceed_pp0p0_c20230101__20231231__us-gaap--OptionIndexedToIssuersEquityTypeAxis__us-gaap--EmployeeStockOptionMember_zT3zQgLHHxpj" TITLE="Aggregate fair market value of common stock">100,000</FONT>.
Any excess is treated as a NQSO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Stock Appreciation Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An SAR entitles the participant, upon exercise, to
receive an amount, in cash or stock or a combination thereof, equal to the increase in the fair market value of the underlying Common
Stock between the date of grant and the date of exercise. SARs may be granted in tandem with, or independently of, stock options granted
under the 2021 Plan. An SAR granted in tandem with a stock option (i) is exercisable only at such times, and to the extent, that the related
stock option is exercisable in accordance with the procedure for exercise of the related stock option; (ii) terminates upon termination
or exercise of the related stock option (likewise, the Common Stock option granted in tandem with a SAR terminates upon exercise of the
SAR); (iii) is transferable only with the related stock option; and (iv) if the related stock option is an ISO, may be exercised only
when the value of the stock subject to the stock option exceeds the exercise price of the stock option. An SAR that is not granted in
tandem with a stock option is exercisable at such times as the Compensation Committee may specify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt"><I>&#160;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Performance Share and Performance Unit Awards</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Performance share and performance unit awards entitle
the participant to receive cash or shares of our Common Stock upon the attainment of specified performance goals. In the case of performance
units, the right to acquire the units is denominated in cash values.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt"><I>&#160;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Restricted Stock Awards and Restricted Stock
Unit Awards</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A restricted stock award is a grant or sale of Common
Stock to the participant, subject to our right to repurchase all or part of the shares at their purchase price (or to require forfeiture
of such shares if issued to the participant at no cost) in the event that conditions specified by the Compensation Committee in the award
are not satisfied prior to the end of the time period during which the shares subject to the award may be repurchased by or forfeited
to us. Our restricted stock unit entitles the participant to receive a cash payment equal to the fair market value of a share of Common
Stock for each restricted stock unit subject to such restricted stock unit award, if the participant satisfies the applicable vesting
requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt"><I>&#160;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Unrestricted Stock Awards</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An unrestricted stock award is a grant or sale of
shares of our Common Stock to the participant that is not subject to transfer, forfeiture or other restrictions, in consideration for
past services rendered to the Company or an affiliate or for other valid consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt"><I>&#160;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Amendment and Termination</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Compensation Committee may adopt, amend and rescind
rules relating to the administration of the 2021 Plan, and amend, suspend or terminate the 2021 Plan, but no such amendment, rescission,
suspension or termination will be made that materially and adversely impairs the rights of any participant with respect to any award received
thereby under the 2021 Plan without the participant&#8217;s consent, other than amendments that are necessary to permit the granting of
awards in compliance with applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_230_zlH6btg0Lzmh" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>


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    <!-- Field: /Page -->


<P ID="xdx_233_zeeVGHRcVHV3" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_233_zG8MbfFVt2jf" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Series B Convertible Preferred Stock</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following summary of certain terms and provisions
of our Series B Convertible Preferred Stock (the &#8220;Series B Convertible Preferred Stock&#8221;) is subject to, and qualified in its
entirety by reference to, the terms and provisions set forth in our certificate of designation of preferences, rights and limitations
of Series B Convertible Preferred Stock (the &#8220;Series B Convertible Preferred Certificate of Designation&#8221;) as previously filed.
Subject to the limitations prescribed by our articles of incorporation, our board of directors is authorized to establish the number of
shares constituting each series of preferred stock and to fix the designations, powers, preferences, and rights of the shares of each
of those series and the qualifications, limitations and restrictions of each of those series, all without any further vote or action by
our stockholders. Our board of directors designated <FONT ID="xdx_900_ecustom--PreferredStockSharesAvailableToBeDesignated_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesBPreferredStockMember_za4xzQpFO106" TITLE="Preferred stock, shares designated">15,000</FONT> of the <FONT ID="xdx_904_eus-gaap--PreferredStockSharesAuthorized_iI_c20231231_zC2DpseXadn6" TITLE="Preferred stock, shares authorized">10,000,000</FONT> authorized shares of preferred stock as Series B Convertible
Preferred Stock with a stated value of $<FONT ID="xdx_90E_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesBPreferredStockMember_zhN0MW7RxQzi" TITLE="Preferred stock, par value">1,000</FONT> per share. The shares of Series B Convertible Preferred Stock were validly issued, fully
paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each share of Series B Convertible Preferred
Stock was convertible at any time at the holder&#8217;s option into a number of shares of common stock equal to $<FONT ID="xdx_904_eus-gaap--ConversionOfStockAmountConverted1_pp0p0_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertiblePreferredStockMember_zvD66E4ZdcLc" TITLE="Conversion of stock, value">1,000
</FONT>divided by the conversion price of $<FONT ID="xdx_90C_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertiblePreferredStockMember_z2lqbAovtdb4" TITLE="Conversion price">7.00
</FONT>per share. Notwithstanding the foregoing, we could not effect any conversion of Series B Convertible Preferred Stock, with certain
exceptions, to the extent that, after giving effect to an attempted conversion, the holder of shares of Series B Convertible Preferred
Stock (together with such holder&#8217;s affiliates, and any persons acting as a group together with such holder or any of such holder&#8217;s
affiliates) would beneficially own a number of shares of our common stock in excess of 4.99% (or, at the election of the purchaser, 9.99%)
of the shares of our common stock then outstanding after giving effect to such conversion. The Series B Convertible Preferred Certificate
of Designation does not prohibit the Company from waiving this limitation. Upon any liquidation, dissolution or winding-up of Company,
whether voluntary or involuntary (a &#8220;Liquidation&#8221;), the holders shall be entitled to participate on an as-converted-to-common
stock basis (without giving effect to the Beneficial Ownership Limitation) with holders of the common stock in any distribution of assets
of the Company to the holders of the common stock. As of December 31, 2023 and December 31, 2022, respectively, there are zero <B STYLE="display: none"><FONT ID="xdx_90A_eus-gaap--PreferredStockSharesIssued_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesBPreferredStockMember_z9BCa8J7DBi7" TITLE="Preferred stock, shares issued"><FONT ID="xdx_909_eus-gaap--PreferredStockSharesOutstanding_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesBPreferredStockMember_zHicwgjgwG3c" TITLE="Preferred stock, shares outstanding">0</FONT></FONT></B>
and zero <B STYLE="display: none"><FONT ID="xdx_904_eus-gaap--PreferredStockSharesIssued_iI_c20221231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesBPreferredStockMember_zT6axTu5KOYh" TITLE="Preferred stock, shares issued"><FONT ID="xdx_90A_eus-gaap--PreferredStockSharesOutstanding_iI_c20221231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesBPreferredStockMember_zwf1MVZFE0X" TITLE="Preferred stock, shares outstanding">0</FONT></FONT></B> shares of Series B Convertible Preferred Stock issued and outstanding.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><FONT STYLE="text-decoration: underline">Series C Convertible Preferred Stock</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s Board of Directors designated
<FONT ID="xdx_907_ecustom--PreferredStockSharesAvailableToBeDesignated_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesCPreferredStockMember_zqSVwomvnf5h" TITLE="Preferred stock, shares designated">5,000
</FONT>shares as the Series C Convertible Preferred Stock (the &#8220;Series C Convertible Preferred Stock&#8221;). Each share of the
Series C Convertible Preferred Stock has a stated value of $<FONT ID="xdx_90D_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesCPreferredStockMember_zDkM3cLnoFIh">1,000</FONT>.
The holders of the Series C Convertible Preferred Stock, the holders of the common stock and the holders of any other class or series
of shares entitled to vote with the common stock shall vote together as one class on all matters submitted to a vote of shareholders
of the Company. <FONT ID="xdx_90F_eus-gaap--PreferredStockVotingRights_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesCPreferredStockMember_zMDuKG7LVKTk">Each
share of Series C Convertible Preferred Stock had 172 votes (subject to adjustment); provided that in no event may a holder of Series
C Convertible Preferred Stock be entitled to vote a number of shares in excess of such holder&#8217;s Beneficial Ownership Limitation
(as defined in the Certificate of Designation and as described below). Each share of Series C Convertible Preferred Stock was convertible,
at any time and from time to time, at the option of the holder, into that number of shares of common stock (subject to the Beneficial
Ownership Limitation) determined by dividing the stated value of such share ($1,000) by the conversion price, which is $5.50 (subject
to adjustment). The Company shall not effect any conversion of the Series C Convertible Preferred Stock, and a holder shall not have
the right to convert any portion of the Series C Convertible Preferred Stock, to the extent that after giving effect to the conversion
sought by the holder such holder (together with such holder&#8217;s Attribution Parties (as defined in the Certificate of Designation))
would beneficially own more than 4.99% (or upon election by a holder, 19.99%) of the number of shares of common stock outstanding immediately
after giving effect to the issuance of shares of common stock issuable upon such conversion (the &#8220;Beneficial Ownership Limitation&#8221;).
All holders of the Series C Preferred Stock elected the 19.99% Beneficial Ownership Limitation.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 26, 2021, the Company entered into a
Securities Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with certain existing investors in the Company (the &#8220;Purchasers&#8221;).
Pursuant to the Purchase Agreement, the Purchasers purchased 4,500 shares of a newly authorized Series C Convertible Preferred Stock,
and the Company received proceeds of $<FONT ID="xdx_90D_eus-gaap--ProceedsFromIssuanceOfConvertiblePreferredStock_pp0p0_c20210225__20210226__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_zF87pI0cIp28">4,500,000</FONT>.
The Purchase Agreement contains customary representations, warranties, agreements and indemnification rights and obligations of the parties.
In January 2022, the 2,500 outstanding shares of Series C Convertible Preferred Stock were converted into <FONT ID="xdx_904_ecustom--SeriesCPreferredConvertedToCommonStockShares_c20220101__20220131__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesCPreferredStockMember_z7NcZ6nbw1k7" TITLE="Series C preferred converted to common stock shares">454,546
</FONT>shares of common stock. As of December 31, 2023 and December 31, 2022, respectively, there were zero <B STYLE="display: none"><FONT ID="xdx_906_eus-gaap--PreferredStockSharesIssued_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesCPreferredStockMember_zg55JBqFAYEk" TITLE="Preferred stock, shares issued"><FONT ID="xdx_90B_eus-gaap--PreferredStockSharesOutstanding_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesCPreferredStockMember_zMKbRORVBl7d" TITLE="Preferred stock, shares outstanding">0</FONT></FONT></B> and zero <B STYLE="display: none"><FONT ID="xdx_90C_eus-gaap--PreferredStockSharesIssued_iI_c20221231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesCPreferredStockMember_zgNuGljw0fl2" TITLE="Preferred stock, shares issued"><FONT ID="xdx_903_eus-gaap--PreferredStockSharesOutstanding_iI_c20221231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesCPreferredStockMember_z2JJTHYKiHMd" TITLE="Preferred stock, shares outstanding">0</FONT></FONT></B>
shares of Series C Convertible Preferred Stock issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the Purchase Agreement, the Company
also entered into a Registration Rights Agreement with the Purchasers. Pursuant to the Registration Rights Agreement, the Company filed
with the SEC a registration statement covering the resale by the Purchasers of the shares of common stock into which the shares of Series
C Convertible Preferred Stock were convertible. The Registration Rights Agreement contains customary representations, warranties, agreements
and indemnification rights and obligations of the parties.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_23F_z5nJMd4YjOJ7" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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    <!-- Field: /Page -->


<P ID="xdx_23E_z5iDgfmCiZ2h" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_238_zplh95pD6Nda" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><FONT STYLE="text-decoration: underline">Series D Convertible Preferred Stock</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 28, 2022, the Company amended its
articles of incorporation to designate <FONT ID="xdx_909_eus-gaap--PreferredStockSharesAuthorized_iI_c20220928__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesDPreferredStockMember_zvmZ7fTPrMo4" TITLE="Preferred stock, shares authorized">4,000</FONT>
shares as the Series D Convertible Preferred Stock (the &#8220;Series D Convertible Preferred Stock&#8221;). Each share of the
Series D Convertible Preferred Stock has a stated value of $<FONT ID="xdx_90E_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20220928__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesDPreferredStockMember_zCFhvaL67jLd" TITLE="Preferred stock, par value">1,000</FONT>.
The holders of the Series D Convertible Preferred Stock, the holders of the common stock and the holders of any other class or
series of shares entitled to vote with the common stock shall vote together as one class on all matters submitted to a vote of
shareholders of the Company. <FONT ID="xdx_903_eus-gaap--PreferredStockVotingRights_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesDPreferredStockMember_zFj1Sibu234f" TITLE="Preferred stock voting rights">Each
share of Series D Convertible Preferred Stock has 333 votes</FONT> (subject to standard anti-dilution adjustment); provided that in
no event may a holder of Series D Convertible Preferred Stock be entitled to vote a number of shares in excess of such
holder&#8217;s Beneficial Ownership Limitation (as defined in the Certificate of Designation and as described below). Each share of
Series D Convertible Preferred Stock is convertible, at any time and from time to time, at the option of the holder, into that
number of shares of common stock (subject to the Beneficial Ownership Limitation) determined by dividing the stated value of such
share ($1,000) by the conversion price, which is $<FONT ID="xdx_900_eus-gaap--PreferredStockConvertibleConversionPrice_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesDPreferredStockMember_zZFJp7gmpUt8" TITLE="Conversion price">3.00</FONT>
(subject to adjustment). The Company shall not effect any conversion of the Series D Convertible Preferred Stock, and a holder shall
not have the right to convert any portion of the Series D Convertible Preferred Stock, to the extent that after giving effect to the
conversion sought by the holder such holder (together with such holder&#8217;s Attribution Parties (as defined in the Certificate of
Designation)) would beneficially own more than 4.99% (or upon election by a holder, 19.99%) of the number of shares of common stock
outstanding immediately after giving effect to the issuance of shares of common stock issuable upon such conversion (the
&#8220;Beneficial Ownership Limitation&#8221;). All holders of the Series D Preferred Stock elected the 19.99% Beneficial Ownership
Limitation. The Company reserves and keeps available out of its authorized and unissued Common Stock, solely for the issuance
upon the conversion of the Series D Convertible Preferred Stock, such a number of shares of Common Stock as shall from time to time
be issuable upon the conversion of all of the shares of the Series D Convertible Preferred Stock then outstanding. Additionally, the
Series D Convertible Preferred Stock does not have the right to dividends and in the event of an involuntary liquidation, the Series
D shares shall be treated as a pro rata equivalent of common stock outstanding at the date of the liquidation event and have no
liquidation preference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 30, 2022, the Company entered into a
Securities Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with certain existing investors in the Company (the &#8220;Purchasers&#8221;).
Pursuant to the Purchase Agreement, the Purchasers purchased <FONT ID="xdx_90D_eus-gaap--PreferredStockSharesIssued_iI_c20220930__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__custom--SeriesDConvertiblePreferredStockMember_zj5HvVP2bIjk" TITLE="Preferred stock, shares issued">999</FONT> shares of the newly authorized Series D Convertible Preferred Stock,
and the Company received proceeds of $<FONT ID="xdx_902_eus-gaap--ProceedsFromIssuanceOfConvertiblePreferredStock_c20220701__20220930__us-gaap--StatementClassOfStockAxis__custom--SeriesDConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_zfGGnx7f7XC3" TITLE="Proceeds from convertible preferred stock">999,000</FONT>. The Purchase Agreement contains customary representations, warranties, agreements and indemnification
rights and obligations of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 29, 2022, the Company entered into a Securities
Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with a certain existing investor in the Company (the &#8220;Purchaser&#8221;).
Pursuant to the Purchase Agreement, the Purchaser purchased <FONT ID="xdx_901_eus-gaap--PreferredStockSharesIssued_iI_c20221029__us-gaap--StatementClassOfStockAxis__custom--SeriesDConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__us-gaap--PrivatePlacementMember_z8Rg1iAbWQJi" TITLE="Preferred stock, shares issued">300</FONT> shares of the newly authorized Series D Convertible Preferred Stock, and
the Company received proceeds of $<FONT ID="xdx_90F_eus-gaap--ProceedsFromIssuanceOfConvertiblePreferredStock_pp0p0_c20221028__20221029__us-gaap--StatementClassOfStockAxis__custom--SeriesDConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__us-gaap--PrivatePlacementMember_zaAWnsv5BNb9" TITLE="Proceeds from convertible preferred stock">300,000</FONT>. The Purchase Agreement contains customary representations, warranties, agreements and indemnification
rights and obligations of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with such Purchase Agreements, the Company
also entered into a Registration Rights Agreement with the Purchasers. Pursuant to the Registration Rights Agreement, the Company filed
with the SEC a registration statement covering the resale by the Purchasers of the shares of common stock into which the shares of Series
D Convertible Preferred Stock are convertible. The Registration Rights Agreement contains customary representations, warranties, agreements
and indemnification rights and obligations of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 16, 2023 the Series D Convertible Preferred Stock was approved
for conversion to common shares during the Company&#8217;s annual shareholder meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2023 and December 31, 2022, respectively,
there were <FONT ID="xdx_908_eus-gaap--PreferredStockSharesIssued_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesDPreferredStockMember_z1vLqqzMYPv1" TITLE="Preferred stock, shares issued"><FONT ID="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesDPreferredStockMember_z8Q6oSxxOTqd" TITLE="Preferred stock, shares outstanding">1,299</FONT></FONT> and <FONT ID="xdx_909_eus-gaap--PreferredStockSharesIssued_iI_c20221231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesDPreferredStockMember_zP24RNtCVk21" TITLE="Preferred stock, shares issued"><FONT ID="xdx_90F_eus-gaap--PreferredStockSharesOutstanding_iI_c20221231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesDPreferredStockMember_zSbBa3dn66jl" TITLE="Preferred stock, shares outstanding">1,299</FONT></FONT> shares of Series D Convertible Preferred Stock issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Series E Convertible Preferred Stock </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s Board of Directors has designated
<FONT ID="xdx_90E_ecustom--PreferredStockSharesAvailableToBeDesignated_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesEPreferredStockMember_zH6paKUBJz2a" TITLE="Preferred stock, shares designated">30,000</FONT> shares as the Series E Convertible Preferred Stock (the &#8220;Series E Convertible Preferred Stock&#8221;). Each share of the
Series E Convertible Preferred Stock has a stated value of $<FONT ID="xdx_906_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesEPreferredStockMember_zGTAEfqlVahj">1,000</FONT>. The holders of the Series E Convertible Preferred Stock, the holders
of the common stock and the holders of any other class or series of shares entitled to vote with the common stock shall vote as one class
on all matters submitted to a vote of shareholders of the Company. <FONT ID="xdx_90C_eus-gaap--PreferredStockVotingRights_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesEPreferredStockMember_z7d3DVAb002l">Each share of Series E Preferred Stock has 333 votes</FONT> (subject to adjustment);
provided that in no event may a holder of Series E Preferred Stock be entitled to vote a number of shares in excess of such holder&#8217;s
Beneficial Ownership Limitation. Each share of Series E Convertible Preferred Stock is convertible, subject to shareholder approval (which
has not yet been granted); at any time and from time to time, at the option of the holder, into that number of shares of common stock
(subject to the Beneficial Ownership Limitation) determined by dividing the stated value of such share ($1,000) by the conversion price,
which is $3.00 (subject to adjustment). The Company shall not effect any conversion of the Series E Convertible Preferred Stock, and the
holder shall not have the right to convert any portion of the Series E Convertible Preferred Stock, to the extent that after giving effect
to the conversion sought by the holder such holder (together with such holder&#8217;s Attribution Parties (as defined in the Certificate
of Designation)) would beneficially own more than 4.99% (or upon election by a holder, 19.99%) of the number of shares of common stock
outstanding immediately after giving effect to the issuance of shares of common stock issuable upon such conversion (the &#8220;Beneficial
Ownership Limitation&#8221;). All holders of the Series E Convertible Preferred Stock elected the 19.99% Beneficial Ownership Limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_235_zaozTbuxPWd4" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_237_zOKyPW5MWtkc" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 82 -->
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    <DIV ID="xdx_238_zol1RYysJcMl" STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DECEMBER 31, 2023 AND 2022</B></P>&#160;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P ID="xdx_23E_zudvKjn3iXx4" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_23A_z3fbQnMfCqUd" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company on March 27, 2023 entered into a Securities
Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with an existing investor in the Company (the &#8220;Purchaser&#8221;). Pursuant
to the Purchase Agreement, the Purchaser purchased <FONT ID="xdx_90E_eus-gaap--PreferredStockSharesIssued_iI_c20230327__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesEPreferredStockMember_z1MbwnLQ9F79" TITLE="Preferred stock, shares issued">4,000</FONT> shares of a newly authorized Series E Convertible Preferred Stock at a price
of $<FONT ID="xdx_908_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20230327__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesEPreferredStockMember_zl9rW0fULv29" TITLE="Preferred stock, par value">1,000</FONT> per share, and the Company received proceeds of $<FONT ID="xdx_902_eus-gaap--ProceedsFromIssuanceOfConvertiblePreferredStock_c20230326__20230327__us-gaap--StatementClassOfStockAxis__custom--SeriesEConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_zkBjSAMoSJs9" TITLE="Proceeds from convertible preferred stock">4,000,000</FONT>. The Purchase Agreement contains customary representations, warranties,
agreements and indemnification rights and obligations of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The existing investor&#8217;s Purchase Agreement also
provides that the Company will not, with certain exceptions, sell or issue common stock or Common Stock Equivalents (as defined in the
Purchase Agreement) on or prior to December 31, 2023 that entitles any person to acquire shares of common stock at an effective price
per share less than the then conversion price of the Series E Convertible Preferred Stock without the consent of the Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 9, 2023, the Company entered into a
Securities Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with an existing investor in the Company (the
&#8220;Purchaser&#8221;). Pursuant to the Purchase Agreement, the Purchaser purchased <FONT ID="xdx_90A_ecustom--SeriesEPreferredConvertiblePreferredStockShares_c20231108__20231109__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesEPreferredStockMember_zotqionrGNlk" TITLE="Series E preferred convertible preferred stock, Shares">2,500</FONT>
shares of authorized Series E Convertible Preferred Stock, at a price of $<FONT ID="xdx_90C_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20231109__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesEPreferredStockMember_zxF4A9Uy1uug" TITLE="Preferred stock, par value">1,000</FONT>
per share, and the Company received proceeds of $<FONT ID="xdx_90F_eus-gaap--ProceedsFromIssuanceOfConvertiblePreferredStock_c20231108__20231109__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesEPreferredStockMember_z8rimJc1KCO5" TITLE="Proceeds from convertible preferred stock">2,500,000</FONT>.
In connection with the November 2023 Series E Convertible Preferred Stock offering, the Company entered into an Exchange Agreement
with the investor and issued an additional <FONT ID="xdx_904_eus-gaap--SharesIssued_iI_c20231109__us-gaap--StatementClassOfStockAxis__custom--SeriesEConvertiblePreferredStockMember_zmanpazsAeHl" TITLE="Additional shares">5,000</FONT>
shares of Series E Convertible Preferred Stock at $<FONT ID="xdx_90F_eus-gaap--SharePrice_iI_c20231109__us-gaap--StatementClassOfStockAxis__custom--SeriesEConvertiblePreferredStockMember_zQdlK1yZmGDe" TITLE="Share price">1,000</FONT>
per share with the $<FONT ID="xdx_90C_eus-gaap--SharesIssuedPricePerShare_iI_c20231109__us-gaap--StatementClassOfStockAxis__custom--SeriesEConvertiblePreferredStockMember_zrBkM6lgiUd4" TITLE="Price per common share">3.00</FONT>
per common share common stock equivalent conversion price in exchange for <FONT ID="xdx_903_ecustom--StockExchangeShares_iI_c20231109__us-gaap--StatementClassOfStockAxis__custom--SeriesFConvertiblePreferredStockMember_zeByKmCSUTn3" TITLE="Exchange shares">5,000</FONT>
outstanding and issued shares of Series F Convertible Preferred Stock, which were convertible to common stock at $<FONT ID="xdx_903_eus-gaap--SharesIssuedPricePerShare_iI_c20231109__us-gaap--StatementClassOfStockAxis__custom--SeriesFConvertiblePreferredStockMember_z8Ri1Z9iex5b" TITLE="Price per common share">6.20</FONT>
per common share. All shares of Series F Convertible Preferred Stock were held by a single shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The November Purchase Agreement also provides that
the Company will not, with certain exceptions, sell or issue common stock or Common Stock Equivalents (as defined in the November Purchase
Agreement) on or prior to June 30, 2024 that entitles any person to acquire shares of common stock at an effective price per share less
than the then conversion price of the Series E Preferred Stock without the consent of the Purchasers. The conversion price of the Series
E Preferred Stock currently is $3.00 per share (subject to adjustment).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Purchasers under the November Purchase Agreement
also were the holders of the Company's Series F Preferred Stock issued on August 1, 2023. The purchase agreement relating to the shares
of Series F Preferred Stock required the consent of the holders in the event the Company were to issue common stock or rights to acquire
common stock prior to December 31, 2023 at an effective price per share less than the then conversion price of the Series F Preferred
Stock, which was $<FONT ID="xdx_90E_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20231110__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesFPreferredStockMember_z8J4CqGsXUWj" TITLE="Preferred stock, par value">6.20</FONT> per share. As a result, on November 10, 2023 the Company and the holders of the Series F Preferred Stock entered
into Exchange Agreements pursuant to which the holders of Series F Preferred Stock exchanged their <FONT ID="xdx_90E_eus-gaap--SharesIssued_iI_c20231110__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesFPreferredStockMember_z1ugYxC0BqX1" TITLE="Additional shares">5,000</FONT> shares of Series F Preferred
Stock for an equal number of shares of Series E Preferred Stock. As a result of the November Purchase Agreement and the Exchange Agreements,
the Company issued a total of <FONT ID="xdx_90C_eus-gaap--SharesIssued_iI_c20231110__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesEPreferredStockMember_zFXeYOPqpe1" TITLE="Additional shares">7,500</FONT> shares of Series E Preferred Stock and the <FONT ID="xdx_90E_eus-gaap--SharesIssued_iI_c20231110__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesFPreferredStockMember_zZYo1FQjtnG" TITLE="Additional shares">5,000</FONT> shares of Series F Preferred Stock were cancelled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The existing investor&#8217;s Purchase Agreement also
provides that the Company would not, with certain exceptions, sell or issue common stock or Common Stock Equivalents (as defined in the
Purchase Agreement) on or prior to December 31, 2023 that entitled any person to acquire shares of common stock at an effective price
per share less than the then conversion price of the Series E Convertible Preferred Stock without the consent of the Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2023 and December 31, 2022, respectively,
there were <FONT ID="xdx_903_eus-gaap--PreferredStockSharesIssued_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesEConvertiblePreferredStockMember_zNxKHfI4Xa13" TITLE="Preferred stock, shares issued"><FONT ID="xdx_908_eus-gaap--PreferredStockSharesOutstanding_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesEConvertiblePreferredStockMember_zHe8KsTmRA6" TITLE="Preferred stock, shares outstanding">11,500</FONT></FONT> and <FONT ID="xdx_900_eus-gaap--PreferredStockSharesIssued_iI_c20221231__us-gaap--StatementClassOfStockAxis__custom--SeriesEConvertiblePreferredStockMember_zJIwVWDwqFy1" TITLE="Preferred stock, shares issued"><FONT ID="xdx_900_eus-gaap--PreferredStockSharesOutstanding_iI_c20221231__us-gaap--StatementClassOfStockAxis__custom--SeriesEConvertiblePreferredStockMember_zy7DTlM5KInd" TITLE="Preferred stock, shares outstanding">0</FONT></FONT> shares of Series E Convertible Preferred Stock issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Series F Convertible Preferred Stock</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 2, 2023, the Company entered into a Securities
Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with an existing, accredited investor in the Company (the &#8220;Purchaser&#8221;).
Pursuant to the Purchase Agreement, the Purchaser purchased <FONT ID="xdx_90A_ecustom--SeriesFPreferredConvertiblePreferredStockShares_c20230730__20230802_zHXhrIykrKdk" TITLE="Series F preferred convertible preferred stock, Shares">5,000</FONT> shares of a newly authorized Series F Convertible Preferred Stock (the
&#8220;Series F Convertible Preferred Stock&#8221;), and the Company received proceeds of $<FONT ID="xdx_90C_eus-gaap--ProceedsFromIssuanceOfConvertiblePreferredStock_c20230730__20230802_zNiRpoeGbSWi" TITLE="Proceeds from convertible preferred stock">5,000,000</FONT>. The Purchase Agreement contains
customary representations, warranties, agreements and indemnification rights and obligations of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company's Board of Directors designated <FONT ID="xdx_90A_ecustom--PreferredStockSharesAvailableToBeDesignated_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesFPreferredStockMember_zvelpQ994s46" TITLE="Preferred stock, shares designated">5,000</FONT>
shares as the Series F Preferred Stock. Each share of Series F Preferred Stock is convertible, at any time and from time to time, at
the option of the holder, into that number of shares of common stock (subject to the beneficial ownership limitation described
below) determined by dividing the stated value of such share ($<FONT ID="xdx_905_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesFPreferredStockMember_zGi8J2a77DF9" TITLE="Preferred stock, par value">1,000</FONT>)
by the conversion price, which is $<FONT ID="xdx_90D_eus-gaap--PreferredStockConvertibleConversionPrice_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesFPreferredStockMember_z51I1i0hGWB" TITLE="Conversion price">6.20</FONT>
(subject to adjustment) which equates to 161 common shares for each converted Series F preferred share. The Company, however, shall not effect any conversion of the Series F Preferred Stock, and the holder
shall not have the right to convert any portion of the Series F Preferred Stock, to the extent that after giving effect to the
conversion sought by the holder such holder (together with such holder&#8217;s Attribution Parties (as defined in the Certificate of
Designation)) would beneficially own more than 4.99% (or upon election by a holder, 19.99%) of the number of shares of common stock
outstanding immediately after giving effect to the issuance of shares of common stock issuable upon such conversion. The purchasers
of the Series F Preferred Stock elected that their ownership limitation would be 19.99%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The holders of the Series F Preferred Stock, the holders
of the common stock and the holders of any other class or series of shares entitled to vote with the common stock shall vote together
as one class on all matters submitted to a vote of shareholders of the Company. <FONT ID="xdx_900_eus-gaap--PreferredStockVotingRights_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesFPreferredStockMember_zjTmKrb58wml" TITLE="Preferred stock voting rights">Each share of Series F Preferred Stock had 161 votes</FONT> (subject
to adjustment); provided that in no event may a holder of Series F Preferred Stock be entitled to vote a number of shares in excess of
such holder&#8217;s ownership limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also agreed that it would not, with certain
exceptions, sell or issue common stock or Common Stock Equivalents (as defined in the Purchase Agreement relating to the Series F Preferred
Stock) on or prior to December 31, 2023 that entitled any person to acquire shares of common stock at an effective price per share less
than the then conversion price of the Series F Preferred Stock without the consent of the holders. As a result of that agreement, upon
the issuance of <FONT ID="xdx_90C_eus-gaap--SharesIssued_iI_c20231110__us-gaap--StatementClassOfStockAxis__custom--SeriesEConvertiblePreferredStockMember_znMtlKNCwLHh" TITLE="Additional shares">2,500</FONT> shares of Series E Preferred Stock (which have a conversion price of $<FONT ID="xdx_90B_eus-gaap--PreferredStockConvertibleConversionPrice_iI_c20231110__us-gaap--StatementClassOfStockAxis__custom--SeriesEConvertiblePreferredStockMember_zJx9JwAcSOF1" TITLE="Conversion price">3.00</FONT> per share) on November 10, 2023, the
holders exchanged their <FONT ID="xdx_906_ecustom--StockExchangeShares_iI_c20231110__us-gaap--StatementClassOfStockAxis__custom--SeriesFConvertiblePreferredStockMember_zdfKuipyr5Qh" TITLE="Exchange of shares">5,000</FONT> shares of Series F Preferred Stock for <FONT ID="xdx_904_ecustom--StockExchangeShares_iI_c20231110__us-gaap--StatementClassOfStockAxis__custom--SeriesEConvertiblePreferredStockMember_zpR4YiDARcL5" TITLE="Exchange of shares">5,000</FONT> shares of Series E Preferred Stock. All of the shares of Series
F Preferred Stock thereupon were cancelled with <FONT ID="xdx_901_eus-gaap--CapitalUnitsOutstanding_iI_c20231110__us-gaap--StatementClassOfStockAxis__custom--SeriesFConvertiblePreferredStockMember_zGSNr7VyeT55" TITLE="Shares outstanding">0</FONT> shares now outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2023 and December 31, 2022, respectively,
there were <FONT ID="xdx_900_eus-gaap--PreferredStockSharesIssued_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesFPreferredStockMember_z1ncmwT3CFp7" TITLE="Preferred stock, shares issued"><FONT ID="xdx_90F_eus-gaap--PreferredStockSharesOutstanding_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesFPreferredStockMember_zdzpULob2kRc" TITLE="Preferred stock, shares outstanding">0</FONT></FONT> and <FONT ID="xdx_90A_eus-gaap--PreferredStockSharesIssued_iI_c20221231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesFPreferredStockMember_zrLiQOAj4EDe" TITLE="Preferred stock, shares issued"><FONT ID="xdx_903_eus-gaap--PreferredStockSharesOutstanding_iI_c20221231__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesFPreferredStockMember_z3Rso6sx9PE" TITLE="Preferred stock, shares outstanding">0</FONT></FONT> shares of Series F Convertible Preferred Stock issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_232_zhmsAXmnSJr8" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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    <DIV ID="xdx_237_zwdD4ak6ArF2" STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DECEMBER 31, 2023 AND 2022</B></P>&#160;</TD></TR></TABLE></DIV>
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<P ID="xdx_23D_z14KFvrEw4Re" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Common stock issued</FONT></B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">2023 Transactions</FONT></B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 31, 2023, the Company issued <FONT ID="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20230101__20230331__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zAPha2tkgkZ1" TITLE="Stock issued for services , shares">12,463</FONT> shares
of common stock for payment of board fees to three directors for a value of $<FONT ID="xdx_905_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_pp0p0_c20230101__20230331__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zrJ9KQ1V0Cjj" TITLE="Stock issued for services, value">32,500</FONT> for services to the board which was expensed during
the three months ended March 31, 2023. The value of the shares is based on the March 31, 2023 grant date quoted trading price of $<FONT ID="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased_iI_c20230331__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zpKdAnsR9eQf" TITLE="Weighted average price per share">2.61</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 30, 2023, the Company issued <FONT ID="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20230401__20230630__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zrr4GG3TuEw2" TITLE="Stock issued for services , shares">5,645</FONT> shares
of common stock for payment of board fees to three directors for a value of $<FONT ID="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_pp0p0_c20230401__20230630__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zvJyiWWgR7mb" TITLE="Stock issued for services, value">32,500</FONT> for services to the board which was expensed during
the three months ended June 30, 2023. The value of the shares is based on the June 30, 2023 grant date quoted trading price of $<FONT ID="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased_iI_c20230630__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zQzhXfrJRFvg" TITLE="Weighted average price per share">5.76</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 30, 2023, the Company issued <FONT ID="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20230101__20230630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z83BBq4hjH2k" TITLE="Stock issued for services , shares">65,561</FONT>
shares of common stock to employees participating in the Company&#8217;s Employee Stock Purchase Plan at the end of a six-month
offering period. The employee contributions totaled $<FONT ID="xdx_90F_eus-gaap--EmployeeStockOwnershipPlanESOPCashContributionsToESOP_pp0p0_c20230101__20230630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zyxVOD8WQH8h" TITLE="Total employee participation amount">117,048</FONT>
for the six months ended June 30, 2023 and represented a purchase price of $<FONT ID="xdx_902_eus-gaap--SharePrice_iI_c20230630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zghT7AUoadP7" TITLE="Purchase price per share">1.79</FONT>
per share and stock-based compensation of $<FONT ID="xdx_900_eus-gaap--AllocatedShareBasedCompensationExpense_c20230101__20230630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zaYoCQlZXage" TITLE="Stock-based compensation">66,217</FONT> was recognized.
The purchase price for one share of Common Stock under the ESPP is equal to 85% of the fair market value of one share of Common
Stock on the first trading day of the offering period or the purchase date, whichever is lower.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company issued <FONT ID="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20230701__20230930__srt--TitleOfIndividualAxis__custom--FourDirectorsMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_pdd" TITLE="Stock issued for services , shares">7,910</FONT> shares of common stock for
payment of board fees to four directors for a value of $<FONT ID="xdx_904_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20230701__20230930__srt--TitleOfIndividualAxis__custom--FourDirectorsMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_pp0p0" TITLE="Stock issued for services, value">40,565</FONT> for services to the board which was expensed during the three months ended
September 30, 2023. The value of the shares is based on the September 29, 2023 grant date quoted trading price of $<FONT ID="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased_c20230929__srt--TitleOfIndividualAxis__custom--FourDirectorsMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_pdd" TITLE="Weighted average price per share">5.13</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2B579A"></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three months ended September 30, 2023, the Company had an
accrued liability of $<FONT ID="xdx_902_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_c20230930__us-gaap--AwardTypeAxis__custom--ESPPMember_zTzv9Vcc5Vx" TITLE="Accrued liability">72,801</FONT> of employee contributions for the ESPP which may convert to shares of common stock upon the close of the
offering period open from July 1, 2023 to December 31, 2023.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company issued <FONT ID="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20231001__20231231__srt--TitleOfIndividualAxis__custom--FourDirectorsMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zphPYBWN5YR5" TITLE="Stock issued for services , shares">12,231</FONT> shares of common stock for
payment of board fees to four directors for a value of $<FONT ID="xdx_900_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_pp0p0_c20231001__20231231__srt--TitleOfIndividualAxis__custom--FourDirectorsMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zUov3SfgEnw9" TITLE="Stock issued for services, value">37,500</FONT> for services to the board which was expensed during the three months ended
December 31, 2023. The value of the shares is based on the December 29, 2023 grant date quoted trading price of $<FONT ID="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased_iI_c20231231__srt--TitleOfIndividualAxis__custom--FourDirectorsMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z9vUZO3I4vVf" TITLE="Weighted average price per share">3.06</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 29, 2023, the Company issued <FONT ID="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20230701__20231229__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zoW7y5ubdiJ2" TITLE="Stock issued for services , shares">45,977</FONT>
shares of common stock to employees participating in the Company&#8217;s Employee Stock Purchase Plan at the end of a six-month
offering period. The employee contributions totaled $<FONT ID="xdx_901_eus-gaap--EmployeeStockOwnershipPlanESOPCashContributionsToESOP_pp0p0_c20230701__20231229__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z8EbnjxUVS9l" TITLE="Total employee participation amount">113,352</FONT>
for the six months ended December 29, 2023 and represented a purchase price of $<FONT ID="xdx_902_eus-gaap--SharePrice_iI_c20231229__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zXVHf9Yz213a" TITLE="Purchase price per share">2.47</FONT>
per share and stock-based compensation of $<FONT ID="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_c20230701__20231229__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zqERi5RA4ghg" TITLE="Stock-based compensation">70,434</FONT> was recognized. The purchase price for one share of Common Stock under the ESPP is equal to 85% of the fair market value of one share of
Common Stock on the first trading day of the offering period or the purchase date, whichever is lower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">2022 Transactions</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 11, 2022, shareholders converted <FONT ID="xdx_902_ecustom--ConversionOfStockSharesIssued_c20220110__20220111_zx1FqtcDonri" TITLE="Conversion of shares">710</FONT>&#160;and
<FONT ID="xdx_909_ecustom--ConversionOfStockSharesIssued_c20220110__20220111__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesCPreferredStockMember_zviBF09Pip43" TITLE="Conversion of shares">1,790</FONT> for a total of 2,500 shares of Series C Convertible Preferred Stock collectively with a stated value of $2.5 million owned by two
entities related to each other with a conversion price of $<FONT ID="xdx_903_eus-gaap--CommonStockConvertibleConversionPriceIncrease_c20220110__20220111_zbnHIB8XpQWh" TITLE="Conversion price">5.50</FONT> per common share resulting in the issuance of 129,091 and 325,455 shares
of the Company&#8217;s common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 3, 2022, the Company closed an offering
of <FONT ID="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220202__20220203_zrPNrCasW7Y" TITLE="Number of shares issued, shares">1,325,000</FONT> shares of common stock in the amount of $<FONT ID="xdx_902_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pp0p0_c20220202__20220203_zGu3kt8EDgvi" TITLE="Number of shares issued, value">5,300,000</FONT> or $<FONT ID="xdx_902_eus-gaap--SharePrice_iI_c20220203_z2APMPsbx4cb" TITLE="Purchase price per share">4</FONT> per share before certain underwriting fees and offering expenses
with net proceeds of $<FONT ID="xdx_903_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pp0p0_c20220202__20220203_zxCVGIWhwNFh" TITLE="Proceeds from offering cost">4,779,000</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 21, 2022, the Company closed on an &#8220;over-allotment&#8221;
offering of <FONT ID="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220220__20220221_zVvmL5BmgZK" TITLE="Number of shares issued, shares">198,750</FONT> shares of common stock in the amount of $<FONT ID="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pp0p0_c20220220__20220221_zAzuGNrkyLLe" TITLE="Number of shares issued, value">795,000</FONT> or $<FONT ID="xdx_90E_eus-gaap--SharePrice_iI_c20220221_zqsrPQzsrQY4" TITLE="Purchase price per share">4</FONT> per share before certain underwriting fees and offering expenses
with net proceeds of $<FONT ID="xdx_90F_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pp0p0_c20220220__20220221_ztheXUxFodaj" TITLE="Proceeds from offering cost">739,350</FONT>. Both this and the previous issuance were &#8220;takedowns&#8221; from a previously filed &#8220;shelf&#8221;
registration statement for the offer of up to $<FONT ID="xdx_90E_eus-gaap--CommonStockIssuedEmployeeTrustDeferred_iI_pp0p0_c20220221_zp9j6T4s3WV8" TITLE="Aggregate common stock">50,000,000</FONT> in the aggregate of common stock, Preferred Stock, Debt Securities, Warrants,
Rights or Units from time to time in one or more offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 31, 2022, the Company issued <FONT ID="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20220101__20220331__srt--TitleOfIndividualAxis__srt--DirectorMember_zaH6tUO0n9dh" TITLE="Stock issued for services , shares">7,198</FONT>
shares of common stock for payment of board fees to four directors in the amount of $<FONT ID="xdx_905_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_pp0p0_c20220101__20220331__srt--TitleOfIndividualAxis__srt--DirectorMember_z1JbQpBPum9" TITLE="Stock issued for services, value">40,000</FONT>
at $<FONT ID="xdx_90D_eus-gaap--SaleOfStockPricePerShare_iI_c20230331__srt--TitleOfIndividualAxis__srt--DirectorMember_zMBd0KRw9Tt9" TITLE="Services per share">5.56</FONT> per share for services to the board which was expensed during the three months ended March 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 30, 2022, the Company issued <FONT ID="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20220401__20220630__srt--TitleOfIndividualAxis__srt--DirectorMember_z333wLAJhigl" TITLE="Stock issued for services , shares">10,668</FONT>
shares of common stock for payment of board fees to four directors in the amount of $<FONT ID="xdx_901_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_pp0p0_c20220401__20220630__srt--TitleOfIndividualAxis__srt--DirectorMember_z8H7O1EnIsp" TITLE="Stock issued for services, value">40,000</FONT>
at $<FONT ID="xdx_90C_eus-gaap--SaleOfStockPricePerShare_iI_c20230630__srt--TitleOfIndividualAxis__srt--DirectorMember_zDGoEy5pQ7X1" TITLE="Services per share">3.75</FONT> per share for services to the board which was expensed during the three months ended June 30, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 25, 2022, <FONT ID="xdx_907_ecustom--ConvertedToCommonStockShares_c20220824__20220825_zWcwPdPvzsZ7" TITLE="Converted to common stock shares">121,572</FONT> common shares were issued
upon conversion of <FONT ID="xdx_904_ecustom--ConvertedToCommonStockShares_c20220824__20220825__us-gaap--StatementClassOfStockAxis__custom--ConvertibleSeriesBPreferredStockMember_zixkgnEedWte" TITLE="Converted to common stock shares">851</FONT> shares of Series B Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 30, 2022, the Company issued <FONT ID="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20220701__20220930__srt--TitleOfIndividualAxis__srt--DirectorMember_z3G87PQ9aZu2" TITLE="Stock issued for services , shares">9,758</FONT> shares
of common stock for payment of board fees to four directors in the amount of $<FONT ID="xdx_909_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20220701__20220930__srt--TitleOfIndividualAxis__srt--DirectorMember_z4z6E3rQ2Nih" TITLE="Stock issued for services , value">40,000</FONT>, or $4.09 per share based on the daily trading price,
for services to the board which was expensed during the three months ended September 30, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 30, 2022, we sold to certain existing
investors in the Company in a private placement <FONT ID="xdx_907_eus-gaap--PartnersCapitalAccountUnitsSoldInPrivatePlacement_c20220701__20220930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zFioAmfFEr5l" TITLE="Private placement sold">818,335</FONT> shares of common stock at a price of $<FONT ID="xdx_90B_eus-gaap--SaleOfStockPricePerShare_iI_c20220930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zg4BaPd3Tv2d" TITLE="Share price">3.00</FONT> a share and <FONT ID="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesOther_c20220701__20220930__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesDPreferredStockMember_zt9an4Aozmbc" TITLE="Number of shares issued">999</FONT> shares of Series D
Preferred Stock at a price of $<FONT ID="xdx_901_eus-gaap--SharePrice_iI_c20220930__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesDPreferredStockMember_z6BzLuKqB458" TITLE="Share price">1,000</FONT> a share, resulting in the gross amount raised of $<FONT ID="xdx_902_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20220701__20220930__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesDPreferredStockMember_zJM95FzjpzTb" TITLE="Gross proceeds private placement">3,454,003</FONT> and we accrued estimated offering costs
of $<FONT ID="xdx_90C_ecustom--AccruedOfferingCosts_iI_c20220930_zOsv9q5Bqcxi" TITLE="Accrued offering costs">260,816</FONT> as of September 30, 2022. Subsequently, we adjusted the estimated offering costs to the actual amount of $<FONT ID="xdx_903_eus-gaap--DeferredOfferingCosts_iI_c20220930_zqk0KYbe5nNf" TITLE="Offering costs">257,240</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 29, 2022, we sold to an existing investor
in the Company and two accredited investors in a private placement <FONT ID="xdx_90E_eus-gaap--PartnersCapitalAccountUnitsSoldInPrivatePlacement_c20221028__20221029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zD8K46FKV4Qi" TITLE="Private placement sold">83,667</FONT> shares of common stock at a price of $<FONT ID="xdx_901_eus-gaap--SaleOfStockPricePerShare_iI_c20221029__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zPMP8vYBwFw9" TITLE="Share price">3.00</FONT> a share and <FONT ID="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesOther_c20221028__20221029__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesDPreferredStockMember_z6XAROULBKc" TITLE="Number of shares issued">300</FONT> shares
of Series D Preferred Stock at a price of $<FONT ID="xdx_901_eus-gaap--SharePrice_iI_c20221029__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesDPreferredStockMember_zsllYWmh7mX" TITLE="Share price">1,000</FONT> a share, resulting in the gross amount raised of $<FONT ID="xdx_905_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20221028__20221029__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesDPreferredStockMember_z1Xh0SmTtbt6" TITLE="Gross proceeds private placement">551,001</FONT>, including gross proceeds of
$251,001 for common stock and $300,000 for Series D Preferred Stock, and recorded offering costs of $<FONT ID="xdx_90B_eus-gaap--DeferredOfferingCosts_iI_c20221029_z3VEDc5cVKX3" TITLE="Offering costs">105,460</FONT>.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 30, 2022, the Company issued <FONT ID="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20231001__20231231__srt--TitleOfIndividualAxis__srt--DirectorMember_zpHYTpk6Vc46" TITLE="Stock issued for services , shares">16,335</FONT>
shares of common stock for payment of board fees to four directors in the amount of $<FONT ID="xdx_908_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20231001__20231231__srt--TitleOfIndividualAxis__srt--DirectorMember_zdgofJF6FhA4" TITLE="Stock issued for services , value">37,500</FONT>
at $<FONT ID="xdx_901_eus-gaap--SaleOfStockPricePerShare_iI_c20231231__srt--TitleOfIndividualAxis__srt--DirectorMember_zysfTzbHftKc" TITLE="Services per share">2.30</FONT> per share for services to the board which was expensed during the three months ended December 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_23F_zvdOBjJlvyOj" STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>


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    <DIV ID="xdx_23A_zLBBTZdnYN65" STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DECEMBER 31, 2023 AND 2022</B></P>&#160;</TD></TR></TABLE></DIV>
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<P ID="xdx_239_zKBuBm60YUok" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_234_zvSUt9g3FXli" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Employee Stock Purchase Plan</FONT></B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the fourth quarter of 2022, the board of
directors adopted an Employee Stock Purchase Plan (&#8220;ESPP&#8221;) which was effective as of January 1, 2023 with a term of <FONT ID="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod_dtY_c20231001__20231231__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlanMember_zvnVGgPpJCs9" TITLE="Plan, term">10</FONT>
years. <FONT ID="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription_c20231001__20231231__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlanMember_zMZUDFr34Ru5" TITLE="Plan, description">The ESPP allows eligible employees to purchase shares of the Company's common stock at a discounted price, through payroll
deductions from a minimum of 1% and up to 25% of their eligible compensation up to a maximum of $25,000 or the IRS allowable limit
per calendar year.</FONT> The Company&#8217;s Chief Financial Officer administers the ESPP in conjunction with approvals from the
Company&#8217;s Compensation Committee, including with respect to the frequency and duration of offering periods, the maximum number
of shares that an eligible employee may purchase during an offering period, and, subject to certain limitations set forth in the
ESPP, the per-share purchase price. Currently, the maximum number of shares that can be purchased by an eligible employee under the
ESPP is 10,000 shares per offering period and there are two six-month offering periods that begin in the first and third quarters of
each fiscal year. The purchase price for one share of Common Stock under the ESPP is currently equal to 85% of the fair market value
of one share of Common Stock on the first trading day of the offering period or the purchase date, whichever is lower (look-back
feature). Although not required by the ESPP, all payroll deductions received or held by the Company under the ESPP are segregated
and deemed as &#8220;restricted cash&#8221; until the completion of the offering period and redemption of the applicable shares and
those withheld amounts are recorded as liabilities. The maximum aggregate number of shares of the Common Stock that may be issued
under the ESPP is <FONT ID="xdx_906_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20231231__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlanMember_z1MlV7jNxLBj" TITLE="Maximum aggregate number of shares of common stock">1,000,000</FONT> shares.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under ASC 718-50 &#8220;Employee Share
Purchase Plans&#8221; the plan is considered a compensatory plan and the compensation for each six-month offering period is computed
based upon the grant date fair value of the estimated shares to be purchased based on the estimated payroll deduction withholdings.
The grant date fair value was computed as the sum of (a) 15% purchase discount off of the grant date quoted trading price of the
Company&#8217;s common stock and (b) the fair value of the look-back feature of the Company&#8217;s common stock on the grant date
which consists of a call option on 85% of a share of common stock and a put option on 15% of a share of common stock.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the year ended December
31, 2023, the Company issued <FONT ID="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_c20230101__20231231__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlanMember_z2tnGwSTZcI5" TITLE="Issued shares">111,538</FONT>
shares of common stock related to two transactions. For the six months ended June 30, 2023, the employee contributions for the first
ESPP tranche totaled $<FONT ID="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost_pp0p0_c20230101__20230630__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlanMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zGUIMeNNwuJe" TITLE="Employee contributions">117,048</FONT>
and represented a purchase price of $<FONT ID="xdx_900_eus-gaap--SharePrice_iI_c20230630__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlanMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zbQsclzi5jz7" TITLE="Share price">1.79</FONT>
per share for <FONT ID="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_c20230101__20231231__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlanMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zOrqkIMhBcKa" TITLE="Issued shares">65,561</FONT>
shares. For the six-month period beginning July 1, 2023 and ending December 31, 2023 the employee contributions for the second ESPP
tranche totaled $<FONT ID="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost_pp0p0_c20230701__20231231__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlanMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zOWo8cuAqdF9" TITLE="Employee contributions">113,352</FONT>
and represented a purchase price of $<FONT ID="xdx_907_eus-gaap--SharePrice_iI_c20231231__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlanMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zjfxHuCPmll2" TITLE="Share price">2.47</FONT>
per share for <FONT ID="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_c20230701__20231231__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlanMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zbwmKlqTptWd" TITLE="Issued shares">45,977</FONT>
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Stock-Based Compensation</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Stock-based compensation expense recognized
under ASC 718-10 for the years ended December 31, 2023 and 2022, was $<FONT ID="xdx_906_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zcqVUUcm1tP" TITLE="Stock-based compensation expense">573,441</FONT>
and $<FONT ID="xdx_907_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20220101__20221231__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_z8TfVKr7NaFi" TITLE="Stock-based compensation expense">819,191</FONT>,
respectively, for stock options granted to employees and directors. This expense is included in selling general and administrative
expenses in the consolidated statements of operations. Stock-based compensation expense recognized during the periods is based on
the grant date fair value of the portion of share-based payment awards that is ultimately expected to vest during the period. At
December 31, 2023, the total compensation cost for stock options that was not yet recognized was $<FONT ID="xdx_904_ecustom--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriod2_iI_pp0p0_c20231231_zmD1YkQzksw5" TITLE="Total compensation cost for stock options">580,572</FONT>.
This cost will be recognized over the remaining vesting term of the options ranging from <FONT ID="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtM_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_zxRAYzZ7uq9a" TITLE="Vesting term">12</FONT> months to <FONT ID="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20230101__20231231__srt--RangeAxis__srt--MaximumMember_zC932whmAEE7" TITLE="Vesting term">2.0</FONT>
years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Treasury Stock</FONT></B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2016, the Company&#8217;s Board of
Directors approved a new class of Preferred Stock, &#8220;Series A&#8221;. For shareholders who invested in previous private placements,
the Company was offering on a case-by-case basis, the ability to convert the existing amount invested into an equivalent amount in the
Series A on the condition that they invest an equivalent additional amount in the Series A. In December of 2017, the Company redeemed
all of the Series A and continues to hold <FONT ID="xdx_90F_eus-gaap--TreasuryStockCommonShares_c20171231_pdd" TITLE="Treasury stock shares">235</FONT> shares purchased for $<FONT ID="xdx_90D_eus-gaap--TreasuryStockCommonValue_c20171231_pp0p0" TITLE="Treasury stock">148,000</FONT> as a part of the original transaction. In December 2018, the
Company entered into an agreement with two shareholders to purchase shares from them at fair market value. The Company purchased <FONT ID="xdx_90D_eus-gaap--PaymentsForRepurchaseOfCommonStock_c20180101__20181231__us-gaap--RelatedPartyTransactionAxis__custom--ShareholdersOneMember_pp0p0" TITLE="Repurchase of common stock">84</FONT> shares
at $<FONT ID="xdx_909_eus-gaap--AcceleratedShareRepurchasesFinalPricePaidPerShare_c20180101__20181231__us-gaap--RelatedPartyTransactionAxis__custom--ShareholdersOneMember_pdd" TITLE="Market value of stock repurchased">7.00</FONT> per shares and <FONT ID="xdx_904_eus-gaap--PaymentsForRepurchaseOfCommonStock_c20180101__20181231__us-gaap--RelatedPartyTransactionAxis__custom--ShareholdersTwoMember_pp0p0" TITLE="Repurchase of common stock">140</FONT> shares at $<FONT ID="xdx_903_eus-gaap--AcceleratedShareRepurchasesFinalPricePaidPerShare_c20180101__20181231__us-gaap--RelatedPartyTransactionAxis__custom--ShareholdersTwoMember_pdd" TITLE="Market value of stock repurchased">6.30</FONT> per share. In 2019, the Company entered into an agreement with two shareholders to purchase
shares from them at fair market value. The Company purchased <FONT ID="xdx_90F_eus-gaap--PaymentsForRepurchaseOfCommonStock_pp0p0_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ShareholdersOneMember_zrTgHVX9dF8h" TITLE="Repurchase of common stock">115</FONT> shares at $<FONT ID="xdx_902_eus-gaap--AcceleratedShareRepurchasesFinalPricePaidPerShare_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ShareholdersOneMember_zH6OQYUj22ve" TITLE="Market value of stock repurchased">10.08</FONT> per share and <FONT ID="xdx_90C_eus-gaap--PaymentsForRepurchaseOfCommonStock_pp0p0_c20220101__20221231__us-gaap--RelatedPartyTransactionAxis__custom--ShareholdersTwoMember_z4EnCUMRbXf8" TITLE="Repurchase of common stock">753</FONT> shares at $<FONT ID="xdx_907_eus-gaap--AcceleratedShareRepurchasesFinalPricePaidPerShare_c20220101__20221231__us-gaap--RelatedPartyTransactionAxis__custom--ShareholdersTwoMember_zG3w3wTt40C4" TITLE="Market value of stock repurchased">9.09</FONT> per share. Accordingly,
as of December 31, 2023, and 2022, the Company held <FONT ID="xdx_90A_eus-gaap--TreasuryStockCommonShares_iI_c20231231_zp5AbZu1JNQ" TITLE="Treasury stock shares"><FONT ID="xdx_902_eus-gaap--TreasuryStockCommonShares_iI_c20221231_zGGE5tyqaxL9" TITLE="Treasury stock shares">1,324</FONT></FONT> shares of Common at an aggregate value of $<FONT ID="xdx_90F_eus-gaap--TreasuryStockCommonValue_iI_pp0p0_c20231231_zl7tiwSYW53f" TITLE="Treasury stock"><FONT ID="xdx_909_eus-gaap--TreasuryStockCommonValue_pp0p0_c20221231_zOsLiyGtsWz8" TITLE="Treasury stock">157,452</FONT></FONT>.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_80B_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zIR0Hc9HnJa6" STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 13 &#8211; <FONT ID="xdx_824_zYSptAOBIwF6">COMMON STOCK OPTIONS AND WARRANTS</FONT>
</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Options</FONT></B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2023</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the second quarter of 2023, the
Company&#8217;s Board of Directors granted <FONT ID="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20230401__20230630__srt--TitleOfIndividualAxis__srt--ManagementMember_zrrFay42lzFk" TITLE="Options granted">293,117</FONT>
new stock options and in the fourth quarter granted a further <FONT ID="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20231001__20231231__srt--TitleOfIndividualAxis__srt--ManagementMember_zUl23Adz8s76" TITLE="Stock option granted">170,000</FONT>
new stock options both with a strike price of $<FONT ID="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230630__srt--TitleOfIndividualAxis__srt--ManagementMember_zUQfzY0Vl6rj" TITLE="Strike price"><FONT ID="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20231231__srt--TitleOfIndividualAxis__srt--ManagementMember_zcqhxY5sViz1" TITLE="Strike price">4.22</FONT></FONT>
per share to 19 key employees and one contract employee. These options were awarded as a one-time award as a retention incentive and
have a fair value of approximately $<FONT ID="xdx_907_eus-gaap--StockOptionPlanExpense_pp0p0_c20230330__20230402__srt--TitleOfIndividualAxis__srt--ManagementMember_z4KBvqMC3LDd" TITLE="Stock option plan expense">556,000</FONT>
for the April 1, 2023 awards and approximately $<FONT ID="xdx_903_eus-gaap--StockOptionPlanExpense_c20231129__20231201__srt--TitleOfIndividualAxis__srt--ManagementMember_zA00w4h0tYp5" TITLE="Stock option plan expense">172,000</FONT>
for the December 1, 2023 award and carry a three-year vesting period. The issuance of these options generated stock option
compensation expense in the year in the amount of $<FONT ID="xdx_90C_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20230401__20230630__srt--TitleOfIndividualAxis__srt--ManagementMember_zgOpnNn87B7" TITLE="Stock-based compensation expense">269,611</FONT>
and a balance of unamortized stock option compensation expense of $<FONT ID="xdx_90C_eus-gaap--UnamortizedDebtIssuanceExpense_iI_pp0p0_c20230630__srt--TitleOfIndividualAxis__srt--ManagementMember_zgQlKDHRJmQ9" TITLE="Unamortized expense">458,389</FONT>,
that is being expensed over the following <FONT ID="xdx_906_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20230401__20230630__srt--TitleOfIndividualAxis__srt--ManagementMember_zmMatGxYuAQk" TITLE="Total compensation cost for stock options not yet recognized, period">2.0</FONT>
years.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the first quarter of 2023, two former staff
members forfeited <FONT ID="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20230101__20230331__us-gaap--AwardTypeAxis__custom--OptionsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FormerStaffMember_zVPwgyEj1g3l" TITLE="Non-qualified stock options, forfeited">1,608</FONT> non-qualified stock options as the options expired.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2022</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the first quarter of 2022, the Company&#8217;s
Board of Directors granted <FONT ID="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20220101__20220331__srt--TitleOfIndividualAxis__srt--ManagementMember_zPX07jsnnGm8" TITLE="Options granted">665,000</FONT> new stock options and in the third quarter granted a further <FONT ID="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20220701__20220930__srt--TitleOfIndividualAxis__srt--ManagementMember_zuAEPa1EaLu4" TITLE="Stock option granted">20,000</FONT> new stock options both with a strike
price of $<FONT ID="xdx_90A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220331__srt--TitleOfIndividualAxis__srt--ManagementMember_zwNeZm1goHU4" TITLE="Strike price"><FONT ID="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220930__srt--TitleOfIndividualAxis__srt--ManagementMember_zZhDxkz1Vsr" TITLE="Strike price">6.41</FONT></FONT> per share to 16 key employees. These options were awarded as a one-time award as a retention incentive and have a fair
value of $<FONT ID="xdx_902_eus-gaap--StockOptionPlanExpense_pp0p0_c20211228__20220102__srt--TitleOfIndividualAxis__srt--ManagementMember_zQdDZH2I8Ms1" TITLE="Stock option plan expense">1,596,804</FONT> for the January 1, 2022 awards and $<FONT ID="xdx_90F_eus-gaap--StockOptionPlanExpense_c20220701__20220702__srt--TitleOfIndividualAxis__srt--ManagementMember_zIbAL6i9DK57" TITLE="Stock option plan expense">33,096</FONT> for the July 1, 2022 award and carry a three-year vesting period. The issuance
of these options generated stock option compensation expense in the year in the amount of $<FONT ID="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20220101__20220331__srt--TitleOfIndividualAxis__srt--ManagementMember_z5zIlIVHNzCd" TITLE="Stock-based compensation expense">819,191</FONT> and a balance of unamortized stock
option compensation expense of $<FONT ID="xdx_903_eus-gaap--UnamortizedDebtIssuanceExpense_iI_pp0p0_c20220331__srt--TitleOfIndividualAxis__srt--ManagementMember_znxhgYYPLjWb" TITLE="Unamortized expense">458,389</FONT>, that is being expensed over the following <FONT ID="xdx_903_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20220101__20220331__srt--TitleOfIndividualAxis__srt--ManagementMember_z7G0Q3BdUYdh" TITLE="Total compensation cost for stock options not yet recognized, period">2.0 </FONT>years.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the second quarter of 2022, three former staff
members forfeited <FONT ID="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20220401__20220630__us-gaap--AwardTypeAxis__custom--OptionsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FormerStaffMember_zoo7tlTG5qIh" TITLE="Non-qualified stock options, forfeited">110,000</FONT> non-qualified stock options. Additionally, during the third quarter of 2022, two employees forfeited <FONT ID="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20220701__20220930__us-gaap--AwardTypeAxis__custom--OptionsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TwoEmployeesMember_zWeWsK4OYe9i" TITLE="Non-qualified stock options, forfeited">80,000</FONT>
non-qualified stock options.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_23A_zoQViSwjTpM8" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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    <DIV ID="xdx_23D_zwAcLwpq96V5" STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DECEMBER 31, 2023 AND 2022</B></P>&#160;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P ID="xdx_232_zrgZjZtsXTKk" STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P ID="xdx_231_zBlUiZUdwn78" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the third quarter of 2021, the shareholders
approved the issuance of up to one million shares or share equivalents in the form of stock options for the purposes of share issuance
for compensation to Board Members and grants to certain staff members for recruiting and retention. On August 5,  2021, the Company filed
an S-8 registration statement in concert with the 2021 Equity Incentive Plan. The plan covers a period of ten years.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" SUMMARY="xdx: Disclosure - COMMON STOCK OPTIONS AND WARRANTS (Details - Options activity)" ID="xdx_888_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zwN3W4My0nSc" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: justify">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD ID="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z0w0n9RwQnT4" TITLE="Shares, granted" STYLE="text-align: right; line-height: 106%"><FONT STYLE="line-height: 106%">685,000</FONT></TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: right">&#8212;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">$</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: right">&#8212;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: right">&#8212;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify">&#160;</TD>
    <TD ID="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zrwFgqYaNp74" TITLE="Shares outstanding at end" STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 106%"><FONT STYLE="line-height: 106%">926,266</FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt double; text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify">&#160;</TD>
    <TD ID="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_c20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zAKZvcscc7le" TITLE="Shares, exercisable" STYLE="border-bottom: black 2.25pt double; text-align: right">404,599</TD>
    <TD STYLE="border-bottom: white 2.25pt double; text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="border-top: black 2.25pt double; border-bottom: black 2.25pt double; text-align: justify">$</TD>
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    <TD STYLE="border-top: white 2.25pt double; border-bottom: white 2.25pt double; text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="border-top: black 2.25pt double; border-bottom: black 2.25pt double; text-align: justify">&#160;</TD>
    <TD STYLE="border-top: black 2.25pt double; border-bottom: black 2.25pt double; text-align: right; line-height: 106%"><FONT STYLE="line-height: 106%"><FONT ID="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zc6iOGi5qxk9" TITLE="Weighted average remaining contractual term (years) exercisable">3.3</FONT></FONT></TD>
    <TD STYLE="border-top: white 2.25pt double; border-bottom: white 2.25pt double; text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="border-top: black 2.25pt double; border-bottom: black 2.25pt double; text-align: justify">&#160;</TD>
    <TD ID="xdx_98B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_pp0p0_c20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zd7hFGG3t8g6" TITLE="Aggregate intrinsic value exercisable" STYLE="border-top: black 2.25pt double; border-bottom: black 2.25pt double; text-align: right">&#8212;</TD>
    <TD STYLE="border-top: white 2.25pt double; border-bottom: white 2.25pt double; text-align: justify">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD></TR>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD ID="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zoElHYuLr7N4" TITLE="Shares outstanding at beginning" STYLE="text-align: right; line-height: 106%"><FONT STYLE="line-height: 106%">926,266</FONT></TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD ID="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pp0p0_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zXbiN4RC05F6" TITLE="Aggregate intrinsic value outstanding at beginning" STYLE="text-align: right">&#8212;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD ID="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zLzohRUS0WCl" TITLE="Shares, granted" STYLE="text-align: right">463,117</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify">)</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD ID="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z8AZRaotLy89" TITLE="Weighted average exercise price, exercised/forfeited" STYLE="text-align: right">14.00</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: right">&#8212;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: right">&#8212;</TD>
    <TD STYLE="text-align: justify">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: justify">&#160;</TD>
    <TD ID="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zTvCX0Gc70l" TITLE="Shares outstanding at end" STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right">1,387,775</TD>
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    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify">$</TD>
    <TD ID="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zVhYXNj7UIo6" TITLE="Weighted average exercise price outstanding at end" STYLE="border-bottom: black 2.25pt double; text-align: right">5.23</TD>
    <TD STYLE="border-bottom: white 2.25pt double; text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify">&#160;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT ID="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zgC26Tluhwhb" TITLE="Weighted average remaining contractual term (years) outstanding">3.0</FONT></TD>
    <TD STYLE="border-bottom: white 2.25pt double; text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify">$</TD>
    <TD ID="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pp0p0_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zc6mNdDXqd88" TITLE="Aggregate intrinsic value outstanding at end" STYLE="border-bottom: black 2.25pt double; text-align: right">&#8212;</TD>
    <TD STYLE="border-bottom: white 2.25pt double; text-align: justify">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Exercisable at December 31, 2023</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify">&#160;</TD>
    <TD ID="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z9F3TwdN80Jg" TITLE="Shares, exercisable" STYLE="border-bottom: black 2.25pt double; text-align: right">581,324</TD>
    <TD STYLE="border-bottom: white 2.25pt double; text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify">$</TD>
    <TD ID="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_c20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zqWzhYUFrup3" TITLE="Weighted average exercise price, exercisable" STYLE="border-bottom: black 2.25pt double; text-align: right">5.38</TD>
    <TD STYLE="border-bottom: white 2.25pt double; text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify">&#160;</TD>
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    <TD STYLE="border-bottom: white 2.25pt double; text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of the incentive stock option grants
for the years ended December 31, 2023 and 2022 were estimated using the following weighted- average assumptions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ID="xdx_883_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zArARYAEdFn2" SUMMARY="xdx: Disclosure - COMMON STOCK OPTIONS AND WARRANTS (Details - Fair value assumptions)" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT ID="xdx_8B5_zf50c5AuorL8" STYLE="display: none">Schedule of weighted- average assumptions</FONT></TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: center"></TD><TD STYLE="text-align: center"><FONT STYLE="line-height: 105%"><FONT ID="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20230101__20231231__srt--RangeAxis__srt--MinimumMember__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zfQIjymb0d91" TITLE="Risk free interest rate"></FONT>  <FONT ID="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20230101__20231231__srt--RangeAxis__srt--MaximumMember__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z7VtVQCVXL0i" TITLE="Risk free interest rate">3.73</FONT>%</FONT></TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: justify">Expected term in years</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: center">&#160;</TD><TD STYLE="width: 14%; text-align: center"><FONT ID="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z27pu6zDTDtj" TITLE="Expected term in years">3.50</FONT></TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: center">&#160;</TD><TD STYLE="width: 14%; text-align: center"><FONT STYLE="line-height: 105%"><FONT ID="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20220101__20221231__srt--RangeAxis__srt--MinimumMember__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z7ca4ibQiTle" TITLE="Expected term in years">3.25</FONT> &#8211; <FONT ID="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20220101__20221231__srt--RangeAxis__srt--MaximumMember__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zjPgMXGYdzGj" TITLE="Expected term in years">3.50</FONT></FONT></TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="text-align: center"><FONT ID="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zaNcpF9zvqFj" TITLE="Dividend yield">&#8212;</FONT></TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="text-align: center"><FONT STYLE="line-height: 105%"><FONT ID="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_c20230101__20231231__srt--RangeAxis__srt--MinimumMember__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zeL5eaUEDvgf" TITLE="Volatility of common stock">54%</FONT>
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    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="text-align: center"><FONT STYLE="line-height: 105%"><FONT ID="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_c20220101__20221231__srt--RangeAxis__srt--MinimumMember__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYY3QqUoFyib" TITLE="Volatility of common stock">72% </FONT>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="text-align: center"><FONT ID="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zjPmNmd9o6A3" TITLE="Weighted average grant date fair value per option">$1.57</FONT></TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  </TABLE>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Warrants</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the first and fourth quarters of 2023, warrants
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the fourth quarter of 2022, warrants held by
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_232_zmMJ1mRfb2V7" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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<P ID="xdx_239_z5SsavbxcsGl" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P ID="xdx_23A_zqxx6dS5aYTk" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD ID="xdx_980_ecustom--WarrantsExpiredForfeitedCancelledOrExercised_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zzXuHi2SEOOe" TITLE="Warrants expired, forfeited, cancelled or exercised" STYLE="text-align: right">(102,947</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD ID="xdx_985_ecustom--WeightedAverageExercisePriceWarrantsExpiredForfeitedCancelledOrExercised_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zfAc2EWMy732" TITLE="Weighted average exercise price, warrants expired, forfeited, cancelled or exercised" STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Warrants issued</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD ID="xdx_98A_eus-gaap--ConversionOfStockSharesIssued1_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zQfRULFz1Ahi" TITLE="Warrants issued" STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD ID="xdx_989_ecustom--WarrantsExchangedForCommonStockWeightedAverageExercisePrice_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zk1q3q81qcSd" TITLE="Weighted average exercise price, warrants issued" STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Outstanding at December 31, 2023</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&#160;</TD><TD ID="xdx_989_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zU5bYtgTjwv8" TITLE="Number of warrants outstanding at end" STYLE="border-bottom: Black 2.5pt double; text-align: right">44,644</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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    <TD STYLE="padding-bottom: 2.5pt">Exercisable at December 31, 2023</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&#160;</TD><TD ID="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z8di5qjrSmW9" TITLE="Number of warrants, exercisable" STYLE="border-bottom: Black 2.5pt double; text-align: right">44,644</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_807_eus-gaap--DefinedContributionPlanTextBlock_zZLmYXqVh35j" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 14 &#8211; <FONT ID="xdx_826_zH3MnlZczFYh">DEFINED CONTRIBUTION PLAN</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a 401(k)-retirement savings plan (the
&#8220;401(k) Plan&#8221;) covering all eligible employees. The 401(k) Plan allows employees to defer a portion of their annual compensation,
and the Company may match a portion of the employees&#8217; contributions generally after the first six months of service. During the
year ended December 31, 2023, the Company matched 100% of the first 4% of eligible employee compensation that was contributed to the 401(k)
Plan. For the year ended December 31, 2023, the Company recognized expense for matching cash contributions to the 401(k) Plan totaling
$<FONT ID="xdx_900_eus-gaap--DefinedBenefitPlanServiceCost_pp0p0_c20230101__20231231_zE0JXynrA5ok" TITLE="Cash contributions">216,332</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;&#160;</B></P>

<P ID="xdx_80B_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_z5ttNb4WFlL7" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 15 &#8211; <FONT ID="xdx_821_zCqxUkgGTY1g">RELATED PARTY TRANSACTIONS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no related party transactions for the periods reflected
in this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_806_ecustom--SaleOfAssetsTextBlock_zdQaMgI7DWZ1" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 16 &#8211;<FONT ID="xdx_820_zYf1bbu5cf3f"> SALE OF ASSETS</FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 29, 2023, the Company completed a transaction
whereby it sold assets related to its Integrated Correctional Automation System (iCAS) business with a single customer. In the fourth
quarter of 2022, the Company elected to not renew a support contract due to the limited nature of the business. The transaction was completed
with a third-party buyer of which the Company&#8217;s former Chief Financial Officer is a director. Said former officer did not participate
in the transaction on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The assets of the iCAS business were sold for a convertible
promissory note with a principal amount of $<FONT ID="xdx_901_ecustom--PrincipalAmount_pp0p0_c20230101__20231231_zpTbS6zrYg6a" TITLE="Principal amount">165,000</FONT> with a <FONT ID="xdx_902_ecustom--OriginalIssueDiscount_dp_c20230101__20231231_zjuYCd0pZ6E9" TITLE="Original issue discount">10</FONT>% original issue discount as well as common stock purchase warrants. The
note matures in 2 years from the date of sale and is convertible immediately through the later of the maturity date or payment by the
borrower of the default amount, as defined in the note, into shares of the buyer&#8217;s common stock at a conversion price of $<FONT ID="xdx_904_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20231231_zkDHJfK13ud5" TITLE="Conversion price">0.003</FONT>
or <FONT ID="xdx_90E_eus-gaap--CommonStockDividendsShares_c20230101__20231231_zefD6ZZq1yv8" TITLE="Common stock shares">55,000,000</FONT> shares. The conversion of the note carries restrictions which include limiting conversion to the extent it would exceed
4.99% of the common stock outstanding of the buyer. The convertible promissory note is subject to standard anti-dilution provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The common stock purchase warrants are for a total
of <FONT ID="xdx_904_ecustom--PurchaseOfCommonStockWarrants_c20230101__20231231_zPMpHGCPld6g" TITLE="Purchase of common stock warrants">55,000,000</FONT> common shares of the buyer at an exercise price of $<FONT ID="xdx_904_eus-gaap--WarrantExercisePriceIncrease_c20230101__20231231_zu111FVXO6i9" TITLE="Exercise price">0.01</FONT> per share. The warrants are subject to standard anti-dilution provisions.
The warrants are not exercisable until on or after six months from the issuance date and no later than on or before the third anniversary
of the issuance date. The Company may exercise the warrants at any time after the six-month anniversary of the issuance date on a cashless
basis if there is no effective registration statement covering the resale of the Warrant Shares at prevailing market prices by the holder.
The exercise of these warrants is subject to beneficial ownership limits of 4.99% which may be increased by the holder up to 9.99% as
defined in the warrant . Given that the shares carried no intrinsic value at the time of the transaction and that the overall fair value
is de minimis, the Company has not recorded the warrants associated with the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognized a gain on sale of assets of
$<FONT ID="xdx_904_eus-gaap--GainLossOnSalesOfAssetsAndAssetImpairmentCharges_pp0p0_c20230101__20231231_zDR98WJDMok8" TITLE="Sale of asset">150,000</FONT>, which is included in other income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The original issue discount is being accrued into
interest income over the term of the note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_233_zLLWnnofBPt" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_23C_zCxFfyJKMzq3" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<!-- Field: Page; Sequence: 87 -->
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<P ID="xdx_23E_zvKPzVcPzKSf" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_239_zjFaCnvKo7wj" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>



<P ID="xdx_238_zFwcrEJJmAme" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_237_zsdHKjf5SLq4" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The note receivable was recorded as follows on
December 31, 2023:</P>

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  <TR STYLE="vertical-align: bottom">
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    <TD COLSPAN="2" ID="xdx_49C_20231231_zn1A6yCmHzpa" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD></TR>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>December 31,</B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2023</B></P></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
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  <TR ID="xdx_402_eus-gaap--DebtInstrumentUnamortizedDiscount_iNI_pp0p0_di_zcMkXkrSJENc" STYLE="vertical-align: bottom; background-color: White">
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  <TR ID="xdx_402_ecustom--ConvertibleNoteReceivableNet_iI_pp0p0_zJdhEi1vwhF6" STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_237_zF7Jf7rocrc6" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P ID="xdx_808_eus-gaap--SubsequentEventsTextBlock_zIZ74r3JGzXj" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 17 &#8211; <FONT ID="xdx_827_zJD2aSveO7bf">SUBSEQUENT EVENTS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">On March 22, 2024, the Company conducted
a private placement offering, selling a combined total of <FONT ID="xdx_902_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20240321__20240322__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__srt--TitleOfIndividualAxis__custom--NewAccreditedInvestorsMember__us-gaap--StatementClassOfStockAxis__custom--SeriesDConvertiblePreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z29StPMWTpXa">620
</FONT>Series D Convertible Preferred Stock and <FONT ID="xdx_906_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20240321__20240322__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__srt--TitleOfIndividualAxis__custom--NewAccreditedInvestorsMember__us-gaap--StatementClassOfStockAxis__custom--SeriesEConvertiblePreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zKNxBER4b5G">2,125
</FONT>Series E Convertible Preferred Stock to both existing and new accredited investors. The offering price for both Series D and Series
E was at $<FONT ID="xdx_90E_eus-gaap--SaleOfStockPricePerShare_iI_pip0_c20240322__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__srt--TitleOfIndividualAxis__custom--NewAccreditedInvestorsMember__us-gaap--StatementClassOfStockAxis__custom--SeriesEConvertiblePreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z8xsVdIJ9eSb">1,000
</FONT>per share with a common equivalent of $<FONT ID="xdx_904_eus-gaap--SaleOfStockPricePerShare_iI_pip0_c20240322__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__srt--TitleOfIndividualAxis__custom--NewAccreditedInvestorsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zTRLqF5Mpaq2">3.00
</FONT>for both classes of shares. The private placement brought in gross proceeds of $<FONT ID="xdx_90F_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20240321__20240322__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__srt--TitleOfIndividualAxis__custom--NewAccreditedInvestorsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z2C5c37QMH75">2,745,000
</FONT>to the Company. The Series D Convertible Preferred Stock has already been approved for common stock conversion during the Company's
2023 annual shareholders meeting. The Series E Preferred Stock is subject to shareholder approval for conversion to common stock. As
such, the securities purchase agreement for Series E Convertible Preferred Stock carries standard anti-dilution provisions which remain
in effect until December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the Purchase Agreement, the Company
also entered into a Registration Rights Agreement with the Purchasers. Pursuant to the Registration Rights Agreement, the Company shall
file with the SEC a registration statement covering the resale by the Purchasers of the shares of common stock into which the shares of
Series D and Series E Preferred Stock are convertible. Subject to certain conditions, the Company must cause the registration statement
to be declared effective by 90 days after closing (or in the event of a full review by the SEC, by 120 days). The Registration Rights
Agreement contains customary representations, warranties, agreements and indemnification rights and obligations of the parties. Under
the Purchase Agreement, the Company is required to hold a meeting of shareholders at the earliest practical date, but in no event later
than 120 days after closing (or 150 days in the event of a review of the proxy statement by the Securities and Exchange Commission (the
&#8220;SEC&#8221;)). As described below, the terms of the Series E Preferred Stock limit its convertibility until the Company receives
shareholder approval (the &#8220;Stockholder Approval&#8221;). If the Company does not obtain the Stockholder Approval at the first meeting,
it is required to hold shareholder meetings every four months until the Stockholder Approval is obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Purchase Agreement for Series E Preferred Stock
also provides that the Company will not, with certain exceptions, sell or issue common stock or Common Stock Equivalents (as defined in
the Purchase Agreement) on or prior to December 31, 2024 that entitles any person to acquire shares of common stock at an effective price
per share less than the then conversion price of the Series E Preferred Stock without the consent of the Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Registration Rights Agreement contains provisions
for liquidated damages equal to 1% multiplied by the aggregate subscription amount paid, paid each month, in the event certain deadlines
are missed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P ID="xdx_817_zkVTZeaI4djb" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">F-35</P>


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<P STYLE="margin: 0">&#160;</P>

<P STYLE="margin: 0">&#160;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>290,000 Shares of Common Stock issuable upon Conversion
of Series D Convertible Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>708,337 Shares of Common Stock issuable upon Conversion
of Series E  Convertible Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Palatino Linotype, Palatino, Times, Serif; font-size: 10pt"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 42pt; width: 185.25pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">April 22, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&#160;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&#160;&#160;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
