Bio-Key International Reports Q3 2024 Results

TL;DR

**Bio-Key Q3: Revenue up, but still losing money. Watch closely.**

AI Summary

Bio-Key International Inc. reported its Q3 2024 results, ending September 30, 2024. The company's total assets were $3,109,288, with total liabilities amounting to $1,817,108. Net revenue for the nine months ending September 30, 2024, was $5,929,804, a significant increase from the same period in 2023. The company also reported a net loss of $2,606,064 for the nine-month period.

Why It Matters

This filing provides insight into Bio-Key International's financial health and operational performance, which can influence investor decisions and market perception.

Risk Assessment

Risk Level: medium — The company reported a net loss, indicating ongoing financial challenges despite revenue growth.

Key Numbers

• $3.11M — Total Assets (As of September 30, 2024)
• $1.82M — Total Liabilities (As of September 30, 2024)
• $5.93M — Net Revenue (9 months) (For the period ending September 30, 2024)
• $2.61M — Net Loss (9 months) (For the period ending September 30, 2024)

Key Players & Entities

• BIO KEY INTERNATIONAL INC (company) — Filer
• 20240930 (date) — Reporting period end date
• 20241114 (date) — Filing date
• $3,109,288 (dollar_amount) — Total assets
• $1,817,108 (dollar_amount) — Total liabilities
• $5,929,804 (dollar_amount) — Net revenue for nine months ended Sep 30, 2024
• $2,606,064 (dollar_amount) — Net loss for nine months ended Sep 30, 2024

FAQ

Key Financial Figures

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

Filing Documents

• bkyi20240930_10q.htm (10-Q) — 1259KB
• ex_717139.htm (EX-31.1) — 12KB
• ex_717140.htm (EX-31.2) — 12KB
• ex_717141.htm (EX-32.1) — 5KB
• ex_717142.htm (EX-32.2) — 5KB
• 0001437749-24-035354.txt ( ) — 5223KB
• bkyi-20240930.xsd (EX-101.SCH) — 43KB
• bkyi-20240930_cal.xml (EX-101.CAL) — 44KB
• bkyi-20240930_def.xml (EX-101.DEF) — 318KB
• bkyi-20240930_lab.xml (EX-101.LAB) — 260KB
• bkyi-20240930_pre.xml (EX-101.PRE) — 342KB
• bkyi20240930_10q_htm.xml (XML) — 744KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

— Financial Statements

Item 1— Financial Statements: Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 September 30, December 31, 2024 2023 (Unaudited) ASSETS Cash and cash equivalents $ 1,801,137 $ 511,400 Accounts receivable, net 1,930,258 1,201,526 Due from factor 49,018 99,320 Inventory 386,944 445,740 Prepaid expenses and other 382,866 364,171 Total current assets 4,550,223 2,622,157 Equipment and leasehold improvements, net 162,551 220,177 Capitalized contract costs, net 430,596 229,806 Deposits and other assets 7,975 - Operating lease right-of-use assets 73,637 36,905 Intangible assets, net 1,174,721 1,407,990 Total non-current assets 1,849,480 1,894,878 TOTAL ASSETS $ 6,399,703 $ 4,517,035 LIABILITIES Accounts payable $ 1,564,654 $ 1,316,014 Accrued liabilities 1,254,415 1,305,848 Note payable 2,164,693 - Government loan – BBVA Bank, current portion 141,854 138,730 Deferred revenue, current 719,846 414,968 Operating lease liabilities, current portion 24,545 37,829 Total current liabilities 5,870,007 3,213,389 Deferred revenue, long term 240,664 28,296 Deferred tax liability 22,998 22,998 Government loan – BBVA Bank – net of current portion 83,901 188,787 Operating lease liabilities, net of current portion 49,091 - Total non-current liabilities 396,654 240,081 TOTAL LIABILITIES 6,266,661 3,453,470 Commitments and Contingencies STOCKHOLDERS' EQUITY Common stock — authorized, 170,000,000 shares; issued and outstanding; 3,109,288 and 1,032,777 of $ .0001 par value at September 30, 2024 and December 31, 2023, respectively 311 103 Additional paid-in capital 127,981,436 126,047,851 Accumulated other comprehensive loss 74,699 22,821 Accumulated deficit ( 127,923,404 ) ( 125,007,210 ) TOTAL STOCKHOLDERS' EQUITY 133,042 1,063,565 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 6,399,703 $ 4,517,035 All BIO-key shares issued and outstanding f

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