AV + 고 있다
Present Progressive tense is the tense you use when you are saying you are currently doing something.
In English the equivalent ending is ‘-ing’.
In Korean, we remove the ‘다’ part of the verb, and replace it with 고 있어요, which is the usual polite form.
Note that the honorific version of 있다 is 계시다, so the honorific form of this structure is -고 계십니다.
저는 자고 있어요. = I’m sleeping right now.
지금 당신을 생각하고 있어요. = I’m thinking about you right now.