BIO KEY INTERNATIONAL INC

Listed Company

BKYICIK 0001019034NasdaqNon-AcceleratedSmaller ReportingServices-Prepackaged SoftwareDelawareFY ends Dec 31

Period

FY 2024

Revenue

—

Net Income

$-4.30M

Total Assets

$8.62M

Equity

$3.77M

Shares Out

10.84M

Op. Cash Flow

$-2.91M

Business

BIO-key International Inc. provides identity and access management (IAM) platforms that enable secure multi-factor authentication and passwordless access for enterprise, education, and government customers. Its main offerings include the PortalGuard IAM and PortalGuard IDaaS platforms, WEB-key biometric identity infrastructure, MobileAuth mobile authentication, biometric APIs and SDKs, and a line of fingerprint and FIDO-compliant hardware readers. The company operates through enterprise IAM, civil and large-scale ID infrastructure, and hardware product lines. It sells directly and through channel partners, OEM relationships, and online distribution across domestic and international markets, including EMEA.

Summary from filing dated 2025-04-23

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Revenues	7	8	7	5	3
Cost of Goods and Services Sold	1	6	2	2	794,826
Gross Profit	6	1	5	3	2
Selling, general and administrative	7	8	9	6	6
Research, development and engineering	3	2	3	2	1
Total operating expenses	10	10	15	8	7
Operating loss	−4	−9	−10	−5	−5
Interest income	110	11,533	233	4,075	30,649
Gain from sale of asset	—	20,000	0	—	—
Loss on foreign currency transactions	−13,004	−39,000	0	−50,000	0
Loan fee amortization	−124,000	0	—	—	—
Change in fair value of convertible note	0	396,203	−396,203	0	—
Interest expense	−175,755	−218,270	—	—	—
Total other income (expense)	−312,649	170,466	−2	−123,925	−4
Loss before provision for income tax benefit	−4	−9	−12	0	—
Provision for income tax benefit	22,998	134,014	20,434	0	—
Net loss	−4	−9	−12	−5	−10
Other comprehensive loss- Foreign translation adjustment	26,469	265,423	−242,602	0	—
Comprehensive loss	−4	−8	−12	−5	—
Basic and Diluted Loss per Common Share (in dollars per share)	−2.09	−15.21	−27.26	−0.65	—
Basic and Diluted (in shares)	2	560,278	436,821	8	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-09-30	FY 2023 2023-06-30	FY 2023 2023-03-31
Cash and cash equivalents	437,604	511,400	—	—	—
Accounts receivable, net	718,229	1	1	2	2
Due from factor	74,170	99,320	—	—	—
Inventory, net of reserve	378,307	445,740	2	3	4
Prepaid expenses and other	278,648	364,171	—	—	—
Total current assets	2	3	4	6	8
Equipment and leasehold improvements, net	140,198	220,177	—	—	—
Capitalized contract costs, net	409,426	229,806	—	—	—
Deposits and other assets	7,976	0	—	—	—
Operating lease right-of-use assets	73,372	36,905	—	—	—
Investments	5	0	—	—	—
Intangible assets, net	1	1	—	—	—
Total non-current assets	7	2	—	—	—
TOTAL ASSETS	9	5	—	—	—
Accounts payable	818,187	1	—	—	—
Accrued liabilities	1	1	—	—	—
Deferred revenue - current	773,267	414,968	—	—	—
Operating lease liabilities, current portion	24,642	37,829	—	—	—
Total current liabilities	5	3	—	—	—
Deferred revenue, net of current portion	196,237	28,296	—	—	—
Deferred tax liability	0	22,998	—	—	—
Government loan BBVA Bank, net of current portion	44,762	188,787	—	—	—
Operating lease liabilities, net of current portion	48,994	0	—	—	—
Total non-current liabilities	289,993	240,081	—	—	—
TOTAL LIABILITIES	5	3	—	—	—
Commitments (Note O)	—	—	—	—	—
Common stock authorized, 170,000,000 shares; issued and outstanding; 3,715,483 and 1,032,777 of $.0001 par value at December 31, 2024 and December 31, 2023, respectively	372	103	—	—	—
Additional paid-in capital	133	126	—	—	—
Accumulated other comprehensive loss	49,290	22,821	—	—	—
Accumulated deficit	−129	−125	−123	−121	−118
TOTAL STOCKHOLDERS EQUITY	4	1	−485,549	1	4
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	9	5	6	8	10

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Depreciation	93,026	75,136	43,794	54,649	85,751
Amortization of intangible assets and write-off	304,983	354,558	298,113	216,069	120,240
Interest payable on Note	164,589	0	—	—	—
Reserve for inventory	−213,005	4	400,000	0	—
Allowance for doubtful account	−372,532	750,000	360,000	—	—
Amortization of debt discount	124,000	0	0	18,000	1
Amortization of capitalized contract costs	175,900	171,291	106,624	110,681	152,714
Share based and warrant compensation for employees and consultants	225,245	226,725	311,864	289,179	763,584
Stock based fees to directors	18,006	39,007	76,043	25,536	28,511
Bad debt expense	100,000	100,000	130,111	200,000	0
Deferred income tax benefit	−22,998	−134,014	−20,434	0	—
Amortization of operating lease right-of-use assets	79,521	0	155,353	233,225	220,915
Accounts receivable	855,829	−428,742	−339,383	−672,577	−237,257
Due from factor	25,150	−49,820	0	10,953	50,488
Capitalized contract costs	−355,520	−118,028	−140,681	−194,378	−86,510
Deposits	−7,976	0	—	—	—
Right of use asset	−115,988	160,449	—	—	—
Inventory	280,438	402,129	106,291	−5	98,172
Prepaid expenses and other	85,523	−21,465	−46,655	−14,534	−83,625
Accounts payable	−502,987	57,725	239,144	183,614	−600,399
Income tax payable	15,000	−121,764	—	—	—
Accrued liabilities	−42,116	275,561	167,614	320,510	−84,415
Deferred revenue	526,240	−71,288	−120,078	−69,681	−246,876
Operating lease liabilities	−66,712	−168,376	−165,276	−234,310	−204,315
Net cash used for operating activities	−3	−4	−6	−9	−5
Capital expenditures	−13,047	−1,000	−82,040	42,024	−35,568
Net cash used for investing activities	−13,047	−1,000	−696,618	−42,024	−2
Proceeds from public offerings	—	4	0	0	22
Repayment of convertible notes	—	−2	0	0	−5
Proceeds from the exercise of warrants	2	320	0	0	6
Costs incurred for issuance of common stock	−172,350	−561,367	0	0	−3
Proceeds from issuance of note payable	2	0	—	—	—
Repayment of note payable	−762,611	0	—	—	—
Repayment of government loan	−150,024	−119,251	0	—	—
Proceeds from Employee Stock Purchase Plan	3,740	17,478	56,380	36,630	0
Net cash (used in) provided by financing activities	3	1	2	−218,598	24
Effect of exchange rate changes	26,469	236,894	−96,112	0	—
NET DECREASE IN CASH AND CASH EQUIVALENTS	−73,796	−2	−5	−9	17
Taxes	0	0	25,682	0	—
Interest	175,755	218,270	10,462	0	109,426
Operating lease right-of-use asset and liability for new lease	79,521	0	105,893	0	—

Filings

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