Duos Technologies Group secures $2.2M funding for EDC production

Duos Technologies Group has secured sufficient funding for the production of its first three EDCs. Duos Edge AI entered into secured promissory notes for a total of $2.2 million with two institutional investors in the Company. The funding will be used for the construction, deployment and initial operations of EDCs in remote districts, including for schools, government, and health facilities. The first EDC is expected to be in full production by late October, with the second and third units following closely and expected to be in production by November. As disclosed in a recent 8-K, the deal is for $2.2 million in debt, maturing at the end of 2025. The notes carry an interest charge of 10% per annum and there are no payments in the interim. Duos Edge AI will reserve funds from revenues generated on these units for repayment purposes and the Company will hold any receipts from its ATM facility to ensure that notes are repaid on time. Duos will continue to support operations for Duos Edge AI and is currently reviewing potential ongoing debt funding proposals from other lenders as the subsidiary continues to expand.