These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology and identity access management industries; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to migrate Swivel Secure customers to BIO-key and Portal Guard offerings; our ability to execute definitive agreements with Fiber Food Systems and/or its customers to utilize our access management solutions; our ability to integrate our solutions into any of Fiber Food System’s offerings; fluctuations in foreign currency exchange rates; the duration and extent of continued hostilities in Ukraine and its impact on our European customers; the impact of tariffs and other trade barriers which may make it more costly for us to import inventory from China and Hong Kong and certain product components from South Korea; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence of the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to continue to maintain effective internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC.
AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2025 2024 (Unaudited) ASSETS Cash and cash equivalents $3,133,752 $437,604 Accounts receivable, net 803,277 718,229 Due from factor 40,450 74,170 Inventory 357,842 378,307 Prepaid expenses and other 254,285 278,648 Total current assets 4,589,606 1,886,958 Equipment and leasehold improvements, net 122,986 140,198 Capitalized contract costs, net 375,705 409,426 Deposits and other assets 7,976 7,976 Operating lease right-of-use assets 67,142 73,372 Investments 5,000,000 5,000,000 Intangible assets, net 1,020,261 1,097,630 Total non-current assets 6,594,070 6,728,602 TOTAL ASSETS $11,183,676 $8,615,560 LIABILITIES Accounts payable $568,836 $818,187 Accrued liabilities 1,042,411 1,278,732 Note payable 762,151 1,525,977 Government loan – BBVA Bank, current portion 138,667 132,731 Deferred revenue, current 928,291 773,267 Operating lease liabilities, current portion 25,260 24,642 Total current liabilities 3,465,616 4,553,536 Deferred revenue, long term 136,931 196,237 Government loan – BBVA Bank – net of current portion 11,666 44,762 Operating lease liabilities, net of current portion 42,410 48,994 Total non-current liabilities 191,007 289,993 TOTAL LIABILITIES 3,656,623 4,843,529 Commitments and Contingencies STOCKHOLDERS’ EQUITY Common stock — authorized, 170,000,000 shares; issued and outstanding; 5,814,041 and 3,715,483 of $.0001 par value at March 31, 2025 and December 31, 2024, respectively 582 372 Additional paid-in capital 137,514,825 133,030,271 Accumulated other comprehensive loss 56,093 49,290 Accumulated deficit (130,044,447) (129,307,902)TOTAL STOCKHOLDERS’ EQUITY 7,527,053 3,772,031 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $11,183,676 $8,615,560 BIO-KEY INTERNATIONAL, INC.
AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(Unaudited) Three Months Ended March 31, 2025 2024 Revenues Services $272,598 $213,122 License fees 1,098,758 1,950,434 Hardware 235,803 17,647 Total revenues 1,607,159 2,181,203 Costs and other expenses Cost of services 98,144 138,849 Cost of license fees 72,885 148,221 Cost of hardware 108,469 12,573 Total costs and other expenses 279,498 299,643 Gross profit 1,327,661 1,881,560 Operating Expenses Selling, general and administrative 1,372,524 1,782,973 Research, development and engineering 595,775 607,521 Total Operating Expenses 1,968,299 2,390,494 Operating loss (640,638) (508,934)Other income (expense) Interest income 3 5 Loan fee amortization (60,000) - Interest expense (35,910) (1,356)Total other income (expense), net (95,907) (1,351) Loss before provision for income tax (736,545) (510,285) Provision for (income tax) tax benefit - - Net loss $(736,545) $(510,285) Comprehensive loss: Net loss $(736,545) $(510,285)Other comprehensive income (loss) – Foreign currency translation adjustment 6,803 (62,275)Comprehensive loss $(729,742) $(572,560) Basic and Diluted Loss per Common Share $(0.16) $(0.32) Weighted Average Common Shares Outstanding: Basic and diluted 4,702,421 1,615,323 BIO-KEY INTERNATIONAL, INC.
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