Bio-Key International Reports Q2 2024 Results

TL;DR

**Bio-Key Q2: Revenue $1M, Net Loss $4.1M. Assets $1.8M, Liabilities $1.2M.**

AI Summary

Bio-Key International Inc. reported its Q2 2024 financial results, ending June 30, 2024. The company had total assets of $1,815,618 and total liabilities of $1,235,771. Revenue for the period was $1,032,777, with a net loss of $4,112,696. The company also reported a Senior Secured Promissory Note liability of $1,152,987 as of June 30, 2024.

Why It Matters

This filing provides insight into Bio-Key International's financial health and operational performance for the second quarter of 2024, which can influence investor decisions.

Risk Assessment

Risk Level: medium — The company reported a significant net loss, indicating potential financial instability.

Key Numbers

• $1.82M — Total Assets (As of June 30, 2024)
• $1.24M — Total Liabilities (As of June 30, 2024)
• $1.03M — Revenue (For the period ending June 30, 2024)
• $4.11M — Net Loss (For the period ending June 30, 2024)
• $1.15M — Senior Secured Promissory Note (Liability as of June 30, 2024)

Key Players & Entities

• BIO KEY INTERNATIONAL INC (company) — Filer
• 20240630 (date) — Reporting Period End Date
• $1,815,618 (dollar_amount) — Total Assets
• $1,235,771 (dollar_amount) — Total Liabilities
• $1,032,777 (dollar_amount) — Revenue
• $4,112,696 (dollar_amount) — Net Loss
• $1,152,987 (dollar_amount) — Senior Secured Promissory Note Liability

FAQ

Key Financial Figures

• $0.0001 — registered Common Stock, par value $0.0001 per share BKYI Nasdaq Capital Marke

Filing Documents

• bkyi20240630_10q.htm (10-Q) — 1165KB
• ex_692358.htm (EX-31.1) — 12KB
• ex_692359.htm (EX-31.2) — 12KB
• ex_692360.htm (EX-32.1) — 5KB
• ex_692361.htm (EX-32.2) — 5KB
• 0001437749-24-026861.txt ( ) — 4998KB
• bkyi-20240630.xsd (EX-101.SCH) — 40KB
• bkyi-20240630_cal.xml (EX-101.CAL) — 41KB
• bkyi-20240630_def.xml (EX-101.DEF) — 302KB
• bkyi-20240630_lab.xml (EX-101.LAB) — 246KB
• bkyi-20240630_pre.xml (EX-101.PRE) — 324KB
• bkyi20240630_10q_htm.xml (XML) — 729KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

— Financial Statements

Item 1— Financial Statements: Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements 9

—Management's Discussion and Analysis of Financial Conditions and Results of Operations

Item 2—Management's Discussion and Analysis of Financial Conditions and Results of Operations. 16

—Quantitative and Qualitative Disclosures about Market Risk

Item 3—Quantitative and Qualitative Disclosures about Market Risk. 23

—Controls and Procedures

Item 4—Controls and Procedures. 23

OTHER INFORMATION

PART II. OTHER INFORMATION 24

—Legal Proceedings

Item 1—Legal Proceedings. 24

—Risk Factors

Item 1A—Risk Factors. 24

—Unregistered Sales of Equity Securities and Use of Proceeds

Item 2—Unregistered Sales of Equity Securities and Use of Proceeds. 24

—Defaults upon Senior Securities

Item 3—Defaults upon Senior Securities. 24

—Mine Safety Disclosures

Item 4—Mine Safety Disclosures. 24

—Other Information

Item 5—Other Information. 24

—Exhibits

Item 6—Exhibits. 24

Signatures

Signatures 25 Table of Contents

-- FINANCIAL INFORMATION

PART I -- FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2024 2023 (Unaudited) ASSETS Cash and cash equivalents $ 1,260,351 $ 511,400 Accounts receivable, net 904,046 1,201,526 Due from factor 28,164 99,320 Inventory 433,182 445,740 Prepaid expenses and other 388,786 364,171 Total current assets 3,014,529 2,622,157 Equipment and leasehold improvements, net 174,419 220,177 Capitalized contract costs, net 348,617 229,806 Operating lease right-of-use assets 9,341 36,905 Intangible assets, net 1,252,090 1,407,990 Total non-current assets 1,784,467 1,894,878 TOTAL ASSETS $ 4,798,996 $ 4,517,035 LIABILITIES Accounts payable $ 1,539,548 $ 1,316,014 Accrued liabilities 1,164,681 1,305,848 Note payable 2,010,293 - Government loan – BBVA Bank, current portion 135,400 138,730 Deferred revenue, current 715,193 414,968 Operating lease liabilities, current portion 9,570 37,829 Total current liabilities 5,574,685 3,213,389 Deferred revenue, long term 142,949 28,296 Deferred tax liability 22,998 22,998 Government loan – BBVA Bank – net of current portion 114,656 188,787 Total non-current liabilities 280,603 240,081 TOTAL LIABILITIES 5,855,288 3,453,470 Commitments and Contingencies STOCKHOLDERS' EQUITY Common stock — authorized, 170,000,000 shares; issued and outstanding; 1,815,618 and 1,032,777 of $ .0001 par value at June 30, 2024 and December 31, 2023, respectively 182 103 Additional paid-in capital 126,143,205 126,047,851 Accumulated other comprehensive loss ( 15,234 ) 22,821 Accumulated deficit ( 127,184,445 ) ( 125,007,210 ) TOTAL STOCKHOLDERS' EQUITY ( 1,056,292 ) 1,063,565 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,798,996 $ 4,517,035 All BIO-key shares issued and outstanding for all periods reflect BIO-key's 1-for-18 reverse stock split, which was effective December 21, 2023. S

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View this 10-Q filing on SEC EDGAR