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Table of Contents
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
| ☒ | QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2024
or
| ☐ | TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE EXCHANGE ACT |
For the Transition Period from to
Commission file number 1-13463
BIO-KEY INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware | 41-1741861 |
(State or Other Jurisdiction of Incorporation of Organization) | (IRS Employer Identification Number) |
101 CRAWFORDS CORNER ROAD, SUITE 4116, HOLMDEL, NJ 07733
(Address of Principal Executive Offices) (Zip Code)
(732) 359-1100
(Registrant’s telephone number, including area code)
Securities registered pursuance to Section 12(b) of the Act:
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common Stock, par value $0.0001 per share | BKYI | Nasdaq Capital Market |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ | | Accelerated filer ☐ |
| |
Non-accelerated filer ☒ | | Smaller Reporting Company ☒ |
| |
| | Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined by rule 12b-2 of the Exchange Act) Yes ☐ No ☒
Number of shares of Common Stock, $.0001 par value per share, outstanding as of August 13, 2024 is 1,982,201
BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
INDEX
PART I -- FINANCIAL INFORMATION
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.
See accompanying notes to the condensed consolidated financial statements.
BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
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2024 |
|
|
2023 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services |
|
|
|
$ |
283,569 |
|
|
$ |
620,465 |
|
|
$ |
496,690 |
|
|
$ |
1,152,987 |
|
License fees |
|
|
|
|
774,225 |
|
|
|
1,235,771 |
|
|
|
2,724,659 |
|
|
|
2,814,327 |
|
Hardware |
|
|
|
|
83,492 |
|
|
|
72,693 |
|
|
|
101,140 |
|
|
|
145,382 |
|
Total revenues |
|
|
|
|
1,141,286 |
|
|
|
1,928,929 |
|
|
|
3,322,489 |
|
|
|
4,112,696 |
|
Costs and other expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services |
|
|
|
|
73,385 |
|
|
|
360,156 |
|
|
|
212,234 |
|
|
|
514,957 |
|
Cost of license fees |
|
|
|
|
148,432 |
|
|
|
198,147 |
|
|
|
296,652 |
|
|
|
819,028 |
|
Cost of hardware |
|
|
|
|
40,455 |
|
|
|
47,808 |
|
|
|
53,029 |
|
|
|
92,400 |
|
Cost of hardware - reserve |
|
|
|
|
- |
|
|
|
1,000,000 |
|
|
|
- |
|
|
|
1,500,000 |
|
Total costs and other expenses |
|
|
|
|
262,272 |
|
|
|
1,606,111 |
|
|
|
561,915 |
|
|
|
2,926,385 |
|
Gross profit |
|
|
|
|
879,014 |
|
|
|
322,818 |
|
|
|
2,760,574 |
|
|
|
1,186,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
|
|
1,941,866 |
|
|
|
2,143,164 |
|
|
|
3,724,839 |
|
|
|
4,074,896 |
|
Research, development and engineering |
|
|
|
|
591,234 |
|
|
|
558,181 |
|
|
|
1,198,755 |
|
|
|
1,248,340 |
|
Total Operating Expenses |
|
|
|
|
2,533,100 |
|
|
|
2,701,345 |
|
|
|
4,923,594 |
|
|
|
5,323,236 |
|
Operating loss |
|
|
|
|
(1,654,086 |
) |
|
|
(2,378,527 |
) |
|
|
(2,163,020 |
) |
|
|
(4,136,925 |
) |
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
46 |
|
|
|
23 |
|
|
|
51 |
|
|
|
27 |
|
Loss on foreign currency transactions |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(15,000 |
) |
Loan fee amortization |
|
|
|
|
(4,000 |
) |
|
|
- |
|
|
|
(4,000 |
) |
|
|
- |
|
Change in fair value of convertible note |
|
|
|
|
- |
|
|
|
(44,568 |
) |
|
|
- |
|
|
|
97,423 |
|
Interest expense |
|
|
|
|
(8,910 |
) |
|
|
(56,806 |
) |
|
|
(10,267 |
) |
|
|
(113,725 |
) |
Total other income (expense), net |
|
|
|
|
(12,864 |
) |
|
|
(101,351 |
) |
|
|
(14,216 |
) |
|
|
(31,275 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before provision for income tax |
|
|
|
|
(1,666,950 |
) |
|
|
(2,479,878 |
) |
|
|
(2,177,236 |
) |
|
|
(4,168,200 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for (income tax) tax benefit |
|
|
|
|
- |
|
|
|
(143,000 |
) |
|
|
- |
|
|
|
(143,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
|
$ |
(1,666,950 |
) |
|
$ |
(2,622,878 |
) |
|
$ |
(2,177,236 |
) |
|
$ |
(4,311,200 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
|
$ |
(1,666,950 |
) |
|
$ |
(2,622,878 |
) |
|
$ |
(2,177,236 |
) |
|
$ |
(4,311,200 |
) |
Other comprehensive income (loss) – Foreign currency translation adjustment |
|
|
|
|
24,220 |
|
|
|
19,884 |
|
|
|
(38,530 |
) |
|
|
92,030 |
|
Comprehensive loss |
|
|
|
$ |
(1,642,730 |
) |
|
$ |
(2,602,994 |
) |
|
$ |
(2,215,766 |
) |
|
$ |
(4,219,170 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted Loss per Common Share |
|
|
|
$ |
(1.00 |
) |
|
$ |
(4.71 |
) |
|
$ |
(1.33 |
) |
|
$ |
(7.74 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
|
|
1,663,042 |
|
|
|
556,758 |
|
|
|
1,639,183 |
|
|
|
556,758 |
|
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.
See accompanying notes to the condensed consolidated financial statements.
BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Paid-in |
|
|
Comprehensive |
|
|
Accumulated |
|
|
|
|
|
|
|
|
Shares |
|
|
|
Amount |
|
|
Capital |
|
|
Income (Loss) |
|
|
Deficit |
|
|
|
Total |
|
Balance as of January 1, 2024 |
|
|
1,032,777 |
|
|
$ |
103 |
|
|
$ |
126,047,851 |
|
|
$ |
22,821 |
|
|
$ |
(125,007,210 |
) |
|
$ |
1,063,565 |
|
Issuance of common stock for directors’ fees |
|
|
4,287 |
|
|
|
- |
|
|
|
9,003 |
|
|
|
- |
|
|
|
- |
|
|
|
9,003 |
|
Issuance of common stock to employees |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Restricted stock forfeited |
|
|
(316 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Exercise of warrants |
|
|
777,666 |
|
|
|
78 |
|
|
|
1,322 |
|
|
|
- |
|
|
|
- |
|
|
|
1,400 |
|
Foreign currency translation adjustment |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
(62,275 |
) |
|
|
- |
|
|
|
(62,275 |
) |
Share-based compensation |
|
|
- |
|
|
|
- |
|
|
|
47,790 |
|
|
|
- |
|
|
|
- |
|
|
|
47,790 |
|
Issuance costs |
|
|
- |
|
|
|
- |
|
|
|
(13,470 |
) |
|
|
- |
|
|
|
- |
|
|
|
(13,470 |
) |
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(510,285 |
) |
|
|
(510,285 |
) |
Balance as of March 31, 2024 |
|
|
1,814,414 |
|
|
$ |
181 |
|
|
$ |
126,092,496 |
|
|
$ |
(39,454 |
) |
|
$ |
(125,517,495 |
) |
|
$ |
535,728 |
|
Restricted stock forfeited |
|
|
(186 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Issuance of common stock for Employee stock purchase plan |
|
|
1,390 |
|
|
|
1 |
|
|
|
1,938 |
|
|
|
- |
|
|
|
- |
|
|
|
1,939 |
|
Share based compensation for employee stock plan |
|
|
- |
|
|
|
- |
|
|
|
456 |
|
|
|
- |
|
|
|
- |
|
|
|
456 |
|
Share-based compensation |
|
|
- |
|
|
|
- |
|
|
|
48,315 |
|
|
|
- |
|
|
|
- |
|
|
|
48,315 |
|
Foreign currency translation adjustment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
24,220 |
|
|
|
- |
|
|
|
24,220 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,666,950 |
) |
|
|
(1,666,950 |
) |
Balance as of June 30, 2024 |
|
|
1,815,618 |
|
|
$ |
182 |
|
|
$ |
126,143,205 |
|
|
$ |
(15,234 |
) |
|
$ |
(127,184,445 |
) |
|
$ |
(1,056,292 |
) |
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.
See accompanying notes to the condensed consolidated financial statements.
BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Paid-in |
|
|
Comprehensive |
|
|
Accumulated |
|
|
|
|
|
|
|
|
Shares |
|
|
|
Amount |
|
|
Capital |
|
|
Income (Loss) |
|
|
Deficit |
|
|
|
Total |
|
Balance as of January 1, 2023 |
|
|
552,739 |
|
|
$ |
55 |
|
|
$ |
122,029,476 |
|
|
$ |
(242,602 |
) |
|
$ |
(116,485,373 |
) |
|
$ |
5,301,556 |
|
Issuance of common stock for directors’ fees |
|
|
855 |
|
|
|
- |
|
|
|
12,002 |
|
|
|
- |
|
|
|
- |
|
|
|
12,002 |
|
Issuance of common stock to employees |
|
|
2,222 |
|
|
|
- |
|
|
|
4 |
|
|
|
- |
|
|
|
- |
|
|
|
4 |
|
Restricted stock forfeited |
|
|
(1,102 |
) |
|
|
- |
|
|
|
(3,105 |
) |
|
|
- |
|
|
|
- |
|
|
|
(3,105 |
) |
Foreign currency translation adjustment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
72,146 |
|
|
|
- |
|
|
|
72,146 |
|
Share-based compensation |
|
|
- |
|
|
|
- |
|
|
|
62,474 |
|
|
|
- |
|
|
|
- |
|
|
|
62,474 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,688,322 |
) |
|
|
(1,688,322 |
) |
Balance as of March 31, 2023 |
|
|
554,714 |
|
|
$ |
55 |
|
|
$ |
122,100,851 |
|
|
$ |
(170,456 |
) |
|
$ |
(118,173,695 |
) |
|
$ |
3,756,755 |
|
Issuance of common stock for directors’ fees |
|
|
1,286 |
|
|
|
- |
|
|
|
16,002 |
|
|
|
- |
|
|
|
- |
|
|
|
16,002 |
|
Restricted stock forfeited |
|
|
(799 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Issuance of common stock for Employee stock purchase plan |
|
|
1,557 |
|
|
|
- |
|
|
|
13,934 |
|
|
|
- |
|
|
|
- |
|
|
|
13,934 |
|
Share based compensation for employee stock plan |
|
|
- |
|
|
|
- |
|
|
|
3,563 |
|
|
|
- |
|
|
|
- |
|
|
|
3,563 |
|
Foreign currency translation adjustment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
19,884 |
|
|
|
- |
|
|
|
19,884 |
|
Share-based compensation |
|
|
- |
|
|
|
- |
|
|
|
57,831 |
|
|
|
- |
|
|
|
- |
|
|
|
57,831 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,622,878 |
) |
|
|
(2,622,878 |
) |
Balance as of June 30, 2023 |
|
|
556,758 |
|
|
$ |
55 |
|
|
$ |
122,192,181 |
|
|
$ |
(150,572 |
) |
|
$ |
(120,796,573 |
) |
|
$ |
1,245,091 |
|
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.
See accompanying notes to the condensed consolidated financial statements.
BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
CASH FLOW FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,177,236 |
) |
|
$ |
(4,311,200 |
) |
Adjustments to reconcile net loss to net cash used for operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
46,069 |
|
|
|
26,637 |
|
Amortization of intangible assets |
|
|
155,900 |
|
|
|
162,166 |
|
Change in fair value of convertible note |
|
|
- |
|
|
|
(97,423 |
) |
Amortization of capitalized contract costs |
|
|
80,074 |
|
|
|
80,717 |
|
Reserve for inventory |
|
|
- |
|
|
|
1,500,000 |
|
Operating leases right-of-use assets |
|
|
27,564 |
|
|
|
112,745 |
|
Share and warrant-based compensation for employees and consultants |
|
|
96,561 |
|
|
|
120,767 |
|
Stock based directors’ fees |
|
|
9,003 |
|
|
|
28,004 |
|
Deferred income tax benefit |
|
|
- |
|
|
|
(13,000 |
) |
Bad debts |
|
|
- |
|
|
|
250,000 |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
297,480 |
|
|
|
(757,170 |
) |
Due from factor |
|
|
71,156 |
|
|
|
(24,750 |
) |
Capitalized contract costs |
|
|
(198,885 |
) |
|
|
(75,096 |
) |
Inventory |
|
|
12,558 |
|
|
|
50,271 |
|
Prepaid expenses and other |
|
|
(24,615 |
) |
|
|
14,799 |
|
Accounts payable |
|
|
258,384 |
|
|
|
726,657 |
|
Accrued liabilities |
|
|
(141,167 |
) |
|
|
(109,208 |
) |
Income taxes payable |
|
|
- |
|
|
|
156,000 |
|
Deferred revenue |
|
|
414,878 |
|
|
|
174,437 |
|
Operating lease liabilities |
|
|
(51,257 |
) |
|
|
(110,545 |
) |
Net cash used in operating activities |
|
|
(1,123,533 |
) |
|
|
(2,095,192 |
) |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(1,869 |
) |
|
|
- |
|
Net cash used in investing activities |
|
|
(1,869 |
) |
|
|
- |
|
CASH FLOW FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from Note Payable |
|
|
2,000,000 |
|
|
|
- |
|
Offering costs |
|
|
(13,470 |
) |
|
|
- |
|
Proceeds for exercise of warrants |
|
|
1,400 |
|
|
|
- |
|
Receipt of cash from Employee stock purchase plan |
|
|
1,939 |
|
|
|
13,934 |
|
Repayment of government loan |
|
|
(77,461 |
) |
|
|
(56,241 |
) |
Net cash used in financing activities |
|
|
1,912,408 |
|
|
|
(42,307 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes |
|
|
(38,055 |
) |
|
|
67,490 |
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
|
748,951 |
|
|
|
(2,070,009 |
) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
|
511,400 |
|
|
|
2,635,522 |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
1,260,351 |
|
|
$ |
565,513 |
|
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.
See accompanying notes to the condensed consolidated financial statements.
BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Cash paid for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
3,974 |
|
|
$ |
56,919 |
|
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.
See accompanying notes to the condensed consolidated financial statements.
BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2024 (Unaudited)
1. | NATURE OF BUSINESS AND BASIS OF PRESENTATION |
Nature of Business
The Company, founded in 1993, develops and markets proprietary fingerprint identification biometric technology and software solutions enterprise-ready identity access management solutions to commercial, government and education customers throughout the United States and internationally. The Company was a pioneer in developing automated, finger identification technology that supplements or compliments other methods of identification and verification, such as personal inspection identification, passwords, tokens, smart cards, ID cards, PKI, credit cards, passports, driver’s licenses, OTP or other form of possession or knowledge-based credentialing. Additionally, advanced BIO-key® technology has been, and is, used to improve both the accuracy and speed of competing finger-based biometrics.
Basis of Presentation
The accompanying unaudited interim condensed consolidated financial statements include the accounts of BIO-key International, Inc. and its wholly-owned subsidiaries (collectively, the “Company” or “BIO-key”) and are stated in conformity with accounting principles generally accepted in the United States of America (“GAAP”), pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. Pursuant to such rules and regulations, certain financial information and footnote disclosures normally included in the financial statements have been condensed or omitted. Intercompany accounts and transactions have been eliminated in consolidation.
In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all necessary adjustments, consisting only of those of a recurring nature, and disclosures to present fairly the Company’s financial position and the results of its operations and cash flows for the periods presented. The balance sheet at June 30, 2024 was derived from the audited financial statements, but does not include all of the disclosures required by GAAP. These unaudited interim condensed consolidated financial statements should be read in conjunction with the financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on June 5, 2024.
Foreign Currencies
The Company accounts for foreign currency transactions pursuant to ASC 830, Foreign Currency Matters ("ASC 830”). The functional currency of the Company is the U.S. dollar, which is the currency of the primary economic environment in which it operates. In accordance with ASC 830, all assets and liabilities are translated into U. S. dollars using the current exchange rate at the end of each fiscal period. Revenues and expenses are translated using the average exchange rates prevailing throughout the respective periods. All transaction gains and losses from the measurement of monetary balance sheet items denominated in Euros are reflected in the statement of operations as appropriate. Translation adjustments are included in accumulated other comprehensive income (loss).
Recently Issued Accounting Pronouncements
Effective January 1, 2023, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), referred to herein as ASU 2016-13, which significantly changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces the existing incurred loss model with an expected credit loss model that requires entities to estimate an expected lifetime credit loss on most financial assets and certain other instruments. Under ASU 2016-13 credit impairment is recognized as an allowance for credit losses, rather than as a direct write-down of the amortized cost basis of a financial asset. The impairment allowance is a valuation account deducted from the amortized cost basis of financial assets to present the net amount expected to be collected on the financial asset. Once the new pronouncement is adopted by the Company, the allowance for credit losses must be adjusted for management’s current estimate at each reporting date. The new guidance provides no threshold for recognition of impairment allowance. Therefore, entities must also measure expected credit losses on assets that have a low risk of loss. For instance, trade receivables that are either current or not yet due may not require an allowance reserve under currently generally accepted accounting principles, but under the new standard, the Company will have to estimate an allowance for expected credit losses on trade receivables under ASU 2016-13. The adoption of ASU 2016-13 had a material effect on the consolidated financial statements of the Company.
In August 2020, the Financial Accounting Standards Board issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 was effective for the Company on January 1, 2024 and should be applied on a full or modified retrospective basis. The adoption of ASU 2016-13 did not have a material effect on the consolidated financial statements of the Company.
Management does not believe that any other recently issued, but not yet effective, accounting standard, if currently adopted, would have a material effect on the accompanying consolidated financial statements.
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), which contemplate continuation of the Company as a going concern, and assumes continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has suffered substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations all of which raise substantial doubt about the Company’s ability to continue as a going concern. Recoverability of a major portion of the recorded asset amounts shown in the accompanying balance sheet is dependent upon the Company’s ability to increase its revenue and meet its financing requirements on a continuing basis and become profitable in its future operations. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence.
As of the date of this report, the Company does not have enough cash for twelve months of operations. The history of significant losses, the negative cash flow from operations, the limited cash resources on hand and the dependence by the Company on its ability to obtain additional financing to fund its operations after the current cash resources are exhausted raises substantial doubt about the Company's ability to continue as a going concern. In recent periods, the Company has reduced its marketing, research and development, and rent expenses. In addition, the Company has purchased inventory for projects in Nigeria, which have been delayed in deployment, and is currently exploring other markets and opportunities to sell or return the product to generate additional cash.
3. |
REVENUE FROM CONTRACTS WITH CUSTOMERS |
Disaggregation of Revenue
The following table summarizes revenue from contracts with customers for the three month periods ended June 30, 2024 and June 30, 2023:
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
America |
|
|
Africa |
|
|
EMESA* |
|
|
Asia |
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License fees |
|
$ |
539,625 |
|
|
$ |
- |
|
|
$ |
234,600 |
|
|
$ |
- |
|
|
$ |
774,225 |
|
Hardware |
|
|
70,292 |
|
|
|
- |
|
|
|
- |
|
|
|
13,200 |
|
|
|
83,492 |
|
Services |
|
|
238,759 |
|
|
|
43,423 |
|
|
|
1,387 |
|
|
|
- |
|
|
|
283,569 |
|
Total Revenues |
|
$ |
848,676 |
|
|
$ |
43,423 |
|
|
$ |
235,987 |
|
|
$ |
13,200 |
|
|
$ |
1,141,286 |
|
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
America |
|
|
Africa |
|
|
EMESA* |
|
|
Asia |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License fees |
|
$ |
780,383 |
|
|
$ |
- |
|
|
$ |
455,388 |
|
|
$ |
- |
|
|
$ |
1,235,771 |
|
Hardware |
|
|
61,551 |
|
|
|
- |
|
|
|
142 |
|
|
|
11,000 |
|
|
|
72,693 |
|
Services |
|
|
281,607 |
|
|
|
26,009 |
|
|
|
305,424 |
|
|
|
7,425 |
|
|
|
620,465 |
|
Total Revenues |
|
$ |
1,123,541 |
|
|
$ |
26,009 |
|
|
$ |
760,954 |
|
|
$ |
18,425 |
|
|
$ |
1,928,929 |
|
The following table summarizes revenue from contracts with customers for the six month periods ended June 30, 2024 and June 30, 2023:
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
America |
|
|
Africa |
|
|
EMESA* |
|
|
Asia |
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services |
|
$ |
430,239 |
|
|
$ |
63,677 |
|
|
$ |
2,774 |
|
|
$ |
- |
|
|
$ |
496,690 |
|
License fees |
|
|
1,058,869 |
|
|
|
1,266,553 |
|
|
|
399,237 |
|
|
|
- |
|
|
|
2,724,659 |
|
Hardware |
|
|
87,701 |
|
|
|
- |
|
|
|
239 |
|
|
|
13,200 |
|
|
|
101,140 |
|
Total Revenues |
|
$ |
1,576,809 |
|
|
$ |
1,330,230 |
|
|
$ |
402,250 |
|
|
$ |
13,200 |
|
|
$ |
3,322,489 |
|
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
America |
|
|
Africa |
|
|
EMESA* |
|
|
Asia |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services |
|
$ |
545,464 |
|
|
$ |
49,797 |
|
|
$ |
545,351 |
|
|
$ |
12,375 |
|
|
$ |
1,152,987 |
|
License fees |
|
|
1,188,913 |
|
|
|
552,630 |
|
|
|
1,002,134 |
|
|
|
70,650 |
|
|
|
2,814,327 |
|
Hardware |
|
|
86,332 |
|
|
|
- |
|
|
|
47,150 |
|
|
|
11,900 |
|
|
|
145,382 |
|
Total Revenues |
|
$ |
1,820,709 |
|
|
$ |
602,427 |
|
|
$ |
1,594,635 |
|
|
$ |
94,925 |
|
|
$ |
4,112,696 |
|
*EMESA – Europe, Middle East, South America
Deferred Revenue
Deferred revenue includes customer advances and amounts that have been paid by customer for which the contractual maintenance terms have not yet occurred. The majority of these amounts are related to maintenance contracts for which the revenue is recognized ratably over the applicable term, which generally is 12-60 months. Contracts greater than 12 months are segregated as long term deferred revenue. Maintenance contracts include provisions for unspecified when-and-if available product updates and customer telephone support services. At June 30, 2024 and December 31, 2023, amounts in deferred revenue were approximately $858,000 and $443,000, respectively. Revenue recognized during the three and six-months ended June 30, 2024 from amounts included in deferred revenue at the beginning of the period was approximately $157,000 and $431000, respectively. Revenue recognized during the three and six-months ended June 30, 2023 from amounts included in deferred revenue at the beginning of the period was approximately $102,000 and $335,000, respectively.
Accounts receivable are carried at original amount less an estimate made for credit losses based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for credit losses by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history, current economic conditions and other relevant factors, including specific reserves for certain accounts. Accounts receivable are written off when deemed uncollectible.
Accounts receivable at June 30, 2024 and December 31, 2023 consisted of the following:
|
|
June 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
$ |
1,543,002 |
|
|
$ |
2,207,311 |
|
Allowance for credit losses |
|
|
(638,956 |
) |
|
|
(1,005,785 |
) |
Accounts receivable, net of allowances for credit losses |
|
$ |
904,046 |
|
|
$ |
1,201,526 |
|
Bad debt expenses are recorded in selling, general, and administrative expense.
5. |
SHARE BASED COMPENSATION |
The following table presents share-based compensation expenses included in the Company’s unaudited condensed interim consolidated statements of operations:
|
|
Three Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
$ |
39,383 |
|
|
$ |
59,966 |
|
Research, development and engineering |
|
|
9,388 |
|
|
|
17,430 |
|
|
|
$ |
48,771 |
|
|
$ |
77,396 |
|
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
$ |
87,025 |
|
|
$ |
115,419 |
|
Research, development and engineering |
|
|
18,539 |
|
|
|
33,352 |
|
|
|
$ |
105,564 |
|
|
$ |
148,771 |
|
Inventory is stated at the lower of cost, determined on a first in, first out basis, or realizable value. The Company periodically evaluates inventory items and establishes reserves for obsolescence accordingly. The Company also reserves for excess quantities, slow moving goods, and for other impairment of value based upon assumptions of future demand and market conditions. Approximately $3,300,000 of the reserve on inventory is due to slow moving inventory purchased for projects in Nigeria, and the balance for other slow-moving inventory. The Company is exploring other markets and opportunities to sell the product. Inventory is comprised of the following as at June 30, 2024 and December 31, 2023:
|
|
June 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Finished goods |
|
$ |
4,360,526 |
|
|
$ |
4,373,056 |
|
Fabricated assemblies |
|
|
59,156 |
|
|
|
59,184 |
|
Reserve on finished goods |
|
|
(3,986,500 |
) |
|
|
(3,986,500 |
) |
Total inventory |
|
$ |
433,182 |
|
|
$ |
445,740 |
|
7. |
COMMITMENTS AND CONTINGENCIES |
Distribution Agreement
Swivel Secure has a distribution agreement with Swivel Secure Limited (“SSL”). Terms of the agreement include the following:
1. |
The initial term of the agreement ends on January 31, 2027 and will be automatically extended for additional one-year terms thereafter unless either party provides written notice to the other party not later than 30 days before the end of the term that it does not wish to extend the term. |
2. |
SSL appoints Swivel Secure as the exclusive distributor of SSL’s products, to market, sell and distribute in the EMEA (Europe, Middle East and Africa), excluding the United Kingdom and Republic of Ireland, for a defined discount on the sale price. |
3. |
Swivel Secure is expected to generate a certain minimum level of orders of SSL products each year during the term of the agreement. If Swivel Secure fails to meet such minimum level of orders in any year, the exclusive distribution rights will terminate and Swivel Secure will serve as a non-exclusive distributer of SSL Products. |
The Company expects the revenue targets to continue to be met based on historical performance and increasing distribution by Swivel Secure.
Litigation
From time to time, the Company may be involved in litigation relating to claims arising out of our operations in the normal course of business. As of June 30, 2024, the Company was not a party to any pending lawsuits.
The Company’s leases office space in New Jersey, Minnesota, New Hampshire, Madrid and Hong-Kong with lease termination dates in 2024. On August 11, 2023, the Company signed a new one-year lease starting September 1, 2023 for office space in New Jersey. The property leased in China is paid monthly as used, without a formal agreement. The following tables present the components of lease expense and supplemental balance sheet information related to the operating leases were:
|
|
3 Months ended |
|
|
3 Months ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Lease cost |
|
|
|
|
|
|
|
|
Total lease cost |
|
$ |
14,553 |
|
|
$ |
48,543 |
|
|
|
6 Months ended |
|
|
6 Months ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Lease cost |
|
|
|
|
|
|
|
|
Total lease cost |
|
$ |
29,106 |
|
|
$ |
111,682 |
|
|
|
June 30, |
|
|
December 31, |
|
Balance sheet information |
|
2024 |
|
|
2023 |
|
Operating right-of-use assets |
|
$ |
9,341 |
|
|
$ |
36,905 |
|
|
|
|
|
|
|
|
|
|
Operating lease liabilities, current portion |
|
$ |
9,570 |
|
|
$ |
37,829 |
|
Operating lease liabilities, non-current portion |
|
|
- |
|
|
|
- |
|
Total operating lease liabilities |
|
$ |
9,570 |
|
|
$ |
37,829 |
|
|
|
|
|
|
|
|
|
|
Weighted average remaining lease term (in years) – operating leases |
|
|
0.17 |
|
|
|
0.67 |
|
Weighted average discount rate – operating leases |
|
|
5.50 |
% |
|
|
5.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for amounts included in the measurement of operating lease liabilities for the six months ended June 30, 2024 and 2023: |
|
$ |
22,613 |
|
|
$ |
69,821 |
|
Maturities of operating lease liabilities were as follows as of June 30, 2024:
2024 (2 months remaining) |
|
$ |
9,702 |
|
2025 |
|
|
- |
|
Total future lease payments |
|
$ |
9,702 |
|
Less: imputed interest |
|
|
(132 |
) |
Total |
|
$ |
9,570 |
|
Note Purchase Agreement dated June 24, 2024
On June 24, 2024, the Company entered into and closed a note purchase agreement (the “Purchase Agreement”) which provided for the issuance of a $2,360,000 principal amount senior secured promissory note (the “2024 Note”). The 2024 Note carries an original issue discount of $350,000 and the Company agreed to pay $10,000 to the Lender to cover its transaction costs, which were deducted from the proceeds of the 2024 Note resulting in a total of $2,000,000 being funded to the Company at closing. The proceeds will be used for general working capital.
The principal amount of the 2024 Note is due eighteen months (18) following the date of issuance. Interest under the 2024 Note accrues at a rate of nine percent (9%) per annum. All repayments of principal due under the 2024 Note will be subject to an exit fee of seven percent (7%) of the principal amount being repaid (the “Exit Fee”). Commencing six months after the date of issuance of the Note (the “Redemption Start Date”), Lender shall have the right to redeem up to $270,000 of principal amount under the 2024 Note each month which amount plus the Exit Fee will be due and payable three (3) business days after Lender’s delivery of a redemption notice to the Company. At the end of each month following the Redemption Start Date, if the Company has not reduced the outstanding balance under the 2024 Note by at least $270,000, then by the fifth (5th) day of the following month, the Company must either pay to Lender the difference between $270,000 and the amount, if any, redeemed in such month plus the Exit Fee, or the outstanding balance due under the Note will automatically increase by one percent (1%).
The 2024 Note is secured by a lien on substantially all of the Company’s assets and properties and the Company’s obligations under the Note are guaranteed by Pistol Star, Inc., a wholly owned subsidiary of the Company. The 2024 Note can be prepaid in whole or in part without penalty at any time. In the event that the Company receives any proceeds in connection with any fundraising or financing transaction (including any warrant exercises), it will be required to make a mandatory prepayment equal to the lesser of (i) forty percent (40%) of the amount raised in such transaction and (ii) the full amount due under the 2024 Note.
The 2024 Note provides for customary events of default, including, among other things, the event of non-payment of principal, interest, fees or other amounts, a representation or warranty proving to have been incorrect when made, failure to perform or observe covenants within a specified period of time, the bankruptcy or insolvency of the Company or of all or a substantial part of its property, and monetary judgment defaults of a specified amount. Upon the occurrence of an Event of Default, Lender may (i) cause interest on the outstanding balance to accrue at an interest rate equal to the lesser of twenty two (22%) or the maximum rate permitted under applicable law, and (ii) accelerate all amounts due under the 2024 Note plus an amount equal to (a) fifteen percent (15%) of the amount due under the 2024 Note for each default that is considered a major trigger event (as defined), and (b) five percent (5%) of the amount due under the 2024 Note for each occurrence of any default that is considered a minor trigger event (as defined), in any case not to exceed twenty five percent (25%).
10. |
CONVERTIBLE NOTE PAYABLE |
Securities Purchase Agreement dated December 22, 2022
On December 22, 2022, the Company entered into and closed a securities purchase agreement (the “Purchase Agreement”) and issued a $2,200,000 principal amount senior secured promissory note (the “Note”). At closing, a total of $2,002,000 was funded, with the proceeds to be used for general working capital.
The principal amount of the Note was due six months following the date of issuance, subject to one six-month extension by the Company. Interest under the Note accrues at a rate of 10% per annum, payable monthly through month six and at the rate of 12% per annum in months seven through twelve, payable monthly. The Note was secured by a lien on substantially all of the Company’s assets and properties can be prepaid in whole or in part without penalty at any time.
In connection with the issuance of the Note, the Company issued to the investor 38,889 shares of Common Stock (the “Commitment Shares”) valued at $18.00 per share and a warrant (the “Warrant”) to purchase 11,112 shares of common stock (the “Warrant Shares”) at an exercise price of $54.00 per share, exercisable commencing on the date of issuance with a term of five years. The warrant was valued at $94,316.
On October 31, 2023 the Company repaid $1,400,000 of principal due under the Note, and on December 21, 2023 the Company repaid the remaining principal balance of $800,000 due under the Note.
As of December 31, 2023, the Note was paid in full.
11. |
EARNINGS (LOSS) PER SHARE - COMMON STOCK (“EPS”) |
The Company’s basic EPS is calculated using net income (loss) available to common shareholders and the weighted-average number of shares outstanding during the reporting period. Diluted EPS includes the effect from potential issuance of common stock, such as stock issuable pursuant to the exercise of stock options and warrants and the assumed conversion of preferred stock.
The following table sets forth options and warrants which were excluded from the diluted per share calculation because the exercise price was greater than the average market price of the common shares:
|
|
Three Months ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options |
|
|
3,373 |
|
|
|
9,628 |
|
|
|
3,373 |
|
|
|
9,628 |
|
Warrants |
|
|
1,722,695 |
|
|
|
270,672 |
|
|
|
1,722,695 |
|
|
|
270,672 |
|
Total |
|
|
1,726,068 |
|
|
|
280,300 |
|
|
|
1,726,068 |
|
|
|
280,300 |
|
Issuances of Common Stock
During the six-month periods ended June 30, 2024, and 2023, there have not been any shares of common stock issued to anyone outside the Company, except as noted below under Issuances to Directors, Executive Officers & Consultants
On June 18, 2021, the stockholders approved the Employee Stock Purchase Plan. Under the terms of this plan, 43,334 shares of common stock are reserved for issuance to employees and officers of the Company at a purchase price equal to 85% of the lower of the closing price of the common stock on the first day or the last day of the offering period as reported on the Nasdaq Capital Market. Eligible employees are granted an option to purchase shares under the plan funded by payroll deductions. The Board may suspend or terminate the plan at any time, otherwise the plan expires June 17, 2031. On June 28, 2024, 1,390 shares were issued to employees which resulted in a $456 non-cash compensation expense for the Company. On June 30, 2023, 1,557 shares were issued to employees which resulted in a $3,563 non-cash compensation expense for the Company.
Issuances of Restricted Stock
Restricted stock consists of shares of common stock that are subject to restrictions on transfer and risk of forfeiture until the fulfillment of specified conditions. The fair value of nonvested shares is determined based on the market price of the Company's common stock on the grant date. Nonvested stock is expensed ratably over the term of the restriction period.
During the six-month periods ended June 30, 2024 and 2023, the Company issued 0 and 2,222 shares of restricted common stock, respectively, to certain employees. These shares vest in equal annual installments over a three-year period from the date of grant and had a fair value on the date of issuance of $0 and $31,200, respectively.
During the six-month periods ended June 30, 2024 and 2023, 502 and 1,901 shares of restricted common stock were forfeited, respectively.
Share based compensation for the six-month periods ended June 30, 2024 and 2023, was $96,561 and $120,767, respectively.
Issuances to Directors
During the six-month periods ended June 30, 2024, and 2023 the Company issued 4,287 and 2,141 shares of common stock to its directors in lieu of payment of board and committee fees valued at $9,003 and $28,004, respectively.
Employees’ exercise options
During the six-month periods ended June 30, 2024 and 2023, no employee stock options were exercised.
3. Warrants
There were no warrants issued during the six-month periods ended June 30, 2024 and 2023. There were 777,666 prefunded warrants exercised during the three-month period ended March 31, 2024.
13. |
FAIR VALUES OF FINANCIAL INSTRUMENTS |
Cash and cash equivalents, accounts receivable, due from factor, accounts payable and accrued liabilities are carried at, or approximate, fair value because of their short-term nature. The carrying value of the Company’s government loan payable approximates fair value as the interest rate related to the financial instruments approximated market.
14. | MAJOR CUSTOMERS AND ACCOUNTS RECEIVABLE |
During each of the three month periods ended June 30, 2024, and 2023, no customer accounted for more than 10% and one customer accounted for 12% of the revenue, respectively. For the six month periods ended June 30, 2024, and 2023, one customers accounted for 40% and two customers accounted for 30% of revenue, respectively.
Two customers accounted for 94% of current accounts receivable at June 30, 2024. At December 31, 2023, one customer accounted for 35% of current accounts receivable.
United States, Hong Kong and Nigeria
The Company recorded no income tax expense for the three and six months ended June 30, 2024 and 2023 because the estimated annual effective tax rate was zero. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections of the Company’s annual earnings and taxing jurisdictions in which the earnings will be generated, the impact of state and local income taxes, the ability to use tax credits and net operating loss carry forwards, and available tax planning alternatives.
As of June 30, 2024 and December 31, 2023, the Company provided a full valuation allowance against its net deferred tax assets since the Company believes it is more likely than not that its deferred tax assets will not be realized.
Spain
Due to the current loss for the six months ended June 30, 2024, the Company did not record income taxes. The deferred tax liability presented on the condensed consolidated balance sheet relates to intangible assets from the acquisition of Swivel Secure.
During July 2024, 849 shares of restricted common stock were forfeited by employees who left the Company before the lapse of the restriction period applicable to such shares.
On July 31, 2024, the Company issued 1,352 shares of common stock to its directors in payment of committee meeting fees. Additionally, the Company issued an aggregate of 10,500 shares of restricted stock to non-employee directors with three-year vesting.
On July 31, 2024, the Company issued an aggregate of 158,486 of restricted stock with three-year vesting period to its officers and current employees.
The Company has reviewed subsequent events through the date of this filing.
15
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words “anticipate,” “believe,” “should,” “estimate,” “will,” “may,” “future,” “plan,” “intend” and “expect” and similar expressions generally identify forward-looking statements. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy debt repayment obligations and 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 integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency and exchange rates; the duration and extent of continued hostilities in Ukraine and its impact on our European customers; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements; if we fail to increase our stockholders' equity to at least $2.5 million, our common stock will be delisted from the Nasdaq Stock Market which could negatively impact the trading price of our common stock and impair our ability to raise capital, 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 remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, statements of assumption underlying any of the foregoing, and numerous other matters of national, regional and global scale, including those set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. These factors are not intended to represent a complete list of the general or specific factors that may affect us. It should be recognized that other factors, including general economic factors and business strategies, may be significant, presently or in the future. Except as required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS
This Management’s Discussion and Analysis of Financial Condition and Results of Operations is provided as a supplement to and should be read in conjunction with our unaudited condensed consolidated financial statements and related information contained herein and our audited financial statements as of December 31, 2023.
Overview
BIO-key International, Inc. (the “Company,” “BIO-key,” “we,” or “us”) is a leading identity and access management, or IAM, platform provider enabling secure work-from-anywhere for enterprise, education, and government customers. Our vision is to enable any organization to secure streamlined and passwordless workforce, employee, customer, student and citizen access to any online service, workstation, or mobile application, without a requirement to use tokens or phones. Our products include PortalGuard® and PortalGuard Identity-as-a-Service (IDaaS) enterprise IAM, WEB-key® biometric civil and large-scale ID infrastructure, and accessory hardware to provide a complete solution for our customers.
Millions of people use BIO-key multi-factor-authentication, or MFA, solutions every day to securely access a variety of cloud, mobile and web applications, on-premise and cloud-based servers from all of their devices. We go beyond passwordless to offer phone-less and token-less authentication methods. This critical differentiator is particularly effective for retail, call center, manufacturing, shop-floor, and healthcare environments which utilize roving workers and shared workstations. Unlike most digital identity solutions, BIO-key also plays a role in securing in-person identity. For example, a banking customer has enrolled over 21.7 million of its customers’ biometrics with BIO-key as part of their know your customer, or KYC process, and then uses BIO-key fingerprint technology each time their customers access bank services to ensure positive identification before transacting with them.
BIO-key PortalGuard and hosted PortalGuard IDaaS authentication platforms enable our customers to assure that only the right people can access the right systems by utilizing our world-class biometric capabilities, among 17 other available authentication methods. PortalGuard goes beyond traditional MFA solutions by allowing roving users to biometrically authenticate at any workstation without using their phones or tokens which addresses sizeable security gaps, including eliminating unauthorized account delegation, detecting duplicate users, and accommodating in-person identification.
Our customers use PortalGuard to manage and secure digital systems access by their employees, contractors and partners, which we call workforce identity. PortalGuard is also used to manage and secure the identities of an organization’s customers through integration of APIs we have developed and industry-standard federation standards, which we call customer identity. By using PortalGuard, our customers can securely collaborate with their supply chain and partners, and provide their customers with flexible, resilient user experiences online or in-person.
In 2022, we expanded our product offerings and customer base when we acquired Swivel Secure Europe, a Madrid, Spain based provider of IAM solutions. Swivel Secure Europe is the exclusive distributer of the AuthControl Sentry, AuthControl Enterprise, and AuthControl MSP product line in Europe, Africa and the Middle East, or EMEA, excluding the United Kingdom and Ireland. These solutions include PINsafe, a patented one-time-code extraction technology, helping enterprises manage the increasing data security risks posed by cloud services and “bring your own device” policies.
Large-scale customer and civil ID customers use our scalable biometric management platform and FBI-certified scanner hardware to manage enrollment, de-duplication and authentication for millions of users.
We sell our branded USB fingerprint and FIDO authentication hardware as accessories to our IAM platforms, so that customers can have a single vendor providing all components of their IAM solution. Our fingerprint biometric platform is certified by NIST and unique among fingerprint platforms in that it supports mixing and matching of different manufactures’ fingerprint scanners in a deployment. This provides our customers with the flexibility to select the right scanner for their specific use case, without mandating the use of a particular scanner.
We operate a SaaS business model with customers subscribing to term use of our software for annual recurring revenue. We sell our products directly through our field and inside sales teams, as well as indirectly through our network of channel partners including resellers, system integrators, master agents and other distribution partners. Our subscription fees include a term license of hosted or on-premise product and technical support and maintenance of our platform. We base subscription fees primarily on the products used and the number of users enrolled in our platform. We generate subscription fees pursuant to noncancelable contracts with a weighted average duration of approximately one year.
Strategic Outlook
We plan to have a more significant role in the IAM market which continues to expand. With the adoption of MFA as a cybersecurity requirement, nearly all enterprises are beginning to adopt MFA for their user bases. We plan to continue to offer customers a suite of authentication options that complement our biometric solutions. Our ability to add value to or replace the first-generation MFA solutions deployed by these enterprises with our phone-less and token-less biometrics sets us apart from a crowded field of phone- and token-based MFA solutions. We believe that as enterprises experience the lifecycle costs associated with managing tokens and passwords, they will have an economic incentivize to consider adding BIO-key PortalGuard to their IAM solution. PortalGuard will allow them to continue to use their existing FIDO devices, while selectively augmenting their authentication options with tokenless and phoneless biometric choices.
We expect to grow our business within government services and highly-regulated industries in which we have historically had a strong presence including financial services, higher education, and healthcare. We believe that continued heightened security and privacy requirements in these industries, and as colleges and universities continue operating in remote environments, we will generate increased demand for security solutions, including biometrics. In addition, we expect that the compatible, yet superior portable biometric user experience offered by our technology for Windows 10 users will accelerate the demand for our computer network log-on solutions and fingerprint readers. Through value add-offerings via direct sales, resellers, and strategic partnerships with leading higher education platform providers, we will continue to grow our installed base. Through Swivel Secure Europe, we also expect to grow our business in EMEA.
Our primary sales strategies are focused on (i) increased marketing efforts into the IAM market, (ii) dedicated pursuit of large-scale identification projects across the globe and (iii) growing our channel alliance program which we have grown to more than one hundred and fifty participants and continues to generate incremental revenues.
A second component of our growth strategy is to pursue strategic acquisitions of select businesses and assets in the IAM space. In furtherance of this strategy, we are active in the industry and regularly evaluate businesses that we believe will either provide an entry into new market verticals or be synergistic with our existing operations and in either case, be accretive to earnings. We cannot provide any assurance as to whether we will be able to complete any acquisition and if completed, successfully integrate any business we acquire into our operations.
Recent Developments
The current trend of continued remote work environments increases the risk of unauthorized users, phishing attacks, and hackers who are eager to take advantage of the challenges of securing remote workers. A growing trend of security incidents that highlight potential cybersecurity vulnerabilities, additional regulatory requirements, and increasingly stringent Cyber Insurance underwriting standards that mandate enhanced security solutions has resulted in many businesses requiring MFA for their employees, partners and customers to access their business systems and data. We believe that biometrics should continue to play a key role in remote user authentication.
Critical Accounting Policies and Estimates
For detailed information regarding our critical accounting policies and estimates, see our financial statements and notes thereto included in this Report and in our Annual Report on Form 10-K for the year ended December 31, 2023. There have been no material changes to our critical accounting policies and estimates from those disclosed in our most recent Annual Report on Form 10-K.
Recent Accounting Pronouncements
For detailed information regarding recent account pronouncements, see Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this report.
RESULTS OF OPERATIONS
THREE MONTHS ENDED June 30, 2024 AS COMPARED TO June 30, 2023
Consolidated Results of Operations - Percent Trend
|
|
Three Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
Revenues |
|
|
|
|
|
|
|
|
Services |
|
|
25 |
% |
|
|
32 |
% |
License fees |
|
|
68 |
% |
|
|
64 |
% |
Hardware |
|
|
7 |
% |
|
|
4 |
% |
Total Revenues |
|
|
100 |
% |
|
|
100 |
% |
Costs and other expenses |
|
|
|
|
|
|
|
|
Cost of services |
|
|
6 |
% |
|
|
19 |
% |
Cost of license fees |
|
|
13 |
% |
|
|
10 |
% |
Cost of hardware |
|
|
4 |
% |
|
|
2 |
% |
Cost of hardware - reserve |
|
|
0 |
% |
|
|
52 |
% |
Total Cost of Goods Sold |
|
|
23 |
% |
|
|
83 |
% |
Gross profit |
|
|
77 |
% |
|
|
17 |
% |
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
170 |
% |
|
|
111 |
% |
Research, development and engineering |
|
|
52 |
% |
|
|
29 |
% |
Total Operating Expenses |
|
|
222 |
% |
|
|
140 |
% |
Operating loss |
|
|
-145 |
% |
|
|
-122 |
% |
|
|
|
|
|
|
|
|
|
Other expense |
|
|
-1 |
% |
|
|
-5 |
% |
Loss before provision for income tax |
|
|
-146 |
% |
|
|
-129 |
% |
Provision for income tax |
|
|
0 |
% |
|
|
-7 |
% |
Net loss |
|
|
-146 |
% |
|
|
-136 |
% |
Revenues and cost of goods sold
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service |
|
$ |
283,569 |
|
|
$ |
620,465 |
|
|
$ |
(336,896 |
) |
|
|
-54 |
% |
License |
|
|
774,225 |
|
|
|
1,235,771 |
|
|
|
(461,546 |
) |
|
|
-37 |
% |
Hardware |
|
|
83,492 |
|
|
|
72,693 |
|
|
|
10,799 |
|
|
|
15 |
% |
Total Revenue |
|
$ |
1,141,286 |
|
|
$ |
1,928,929 |
|
|
$ |
(787,643 |
) |
|
|
-41 |
% |
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
Cost of Goods Sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service |
|
$ |
73,385 |
|
|
$ |
360,156 |
|
|
$ |
(286,771 |
) |
|
|
-80 |
% |
License |
|
|
148,432 |
|
|
|
198,147 |
|
|
|
(49,715 |
) |
|
|
-25 |
% |
Hardware |
|
|
40,455 |
|
|
|
47,808 |
|
|
|
(7,353 |
) |
|
|
-15 |
% |
Hardware - reserve |
|
|
- |
|
|
|
1,000,000 |
|
|
|
(1,000,000 |
) |
|
|
-100 |
% |
Total COGS |
|
$ |
262,272 |
|
|
$ |
1,606,111 |
|
|
$ |
(1,343,839 |
) |
|
|
-84 |
% |
Revenues
For the three months ended June 30, 2024, and 2023, service revenues included approximately $274,000 and $310,000, respectively, of recurring maintenance and support revenue, and approximately $10,000 and $310,000 respectively, of non-recurring custom services revenue. Recurring service revenue decreased $36,000 or 12% in 2024 which was due to the loss of one large customer service agreement. Non-recurring custom services decreased 97% due to loss of one large customer for Swivel Secure customizations and upgrades. We expect the service revenue to remain at the current lower rate in future periods.
For the three months ended June 30, 2024, license revenue decreased $461,546 or 37% to $774,2254 from $1,235,771 in the corresponding period in 2023 , as several anticipated orders slipped into the third quarter.
For the three months ended
June 30, 2024, hardware sales increased 15% to $83,492 from $72,693 in the corresponding period in
2023. The increase was due largely to a change in the mixture of hardware sales.
Costs of goods sold
For the three months ended June 30, 2024, cost of service decreased approximately $287,000 or 80% to $73,385 from $360,156 in the three months ended June 30, 2023, due to reduced costs to support the PortalGuard and Swivel Secure deployments. For the three months ended June 30, 2024, license fees decreased to $148,432 from $198,147 in the three months ended June 30, 2023, due largely to a decrease in license fees for third-party software included in our Swivel Secure offerings. For the three months ended June 30, 2024, hardware costs decreased to $40,455 from $47,808 in the three months ended June 30, 2023, related to costs associated with mixture of hardware revenue.
Selling, general and administrative
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
$ |
1,941,866 |
|
|
$ |
2,143,164 |
|
|
$ |
(201,298 |
) |
|
|
-9 |
% |
Selling, general and administrative expenses for the three months ended June 30, 2024, decreased 9% from $2,143,164 in the corresponding period in 2023 to $1,941,866 in the current quarter. The decreases included reductions in administration, sales personnel costs and marketing show expenses, offset by an increase in professional services.
Research, development and engineering
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research, development, and engineering |
|
$ |
591,234 |
|
|
$ |
558,181 |
|
|
$ |
33,053 |
|
|
|
6 |
% |
For the three months ended June 30, 2024, research, development, and engineering costs increased 6% to $591,234 compared to $558,181 in the corresponding period in 2023. The increase consisted primarily in an increase in personnel costs.
Other income (expense)
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
46 |
|
|
$ |
23 |
|
|
$ |
23 |
|
|
|
100 |
% |
Loan fee amortization |
|
|
(4,000 |
) |
|
|
- |
|
|
|
(4,000 |
) |
|
|
-100 |
% |
Change in fair value of convertible note |
|
|
- |
|
|
|
(44,568 |
) |
|
|
44,568 |
|
|
|
100 |
% |
Interest expense |
|
|
(8,910 |
) |
|
|
(56,806 |
) |
|
|
47,896 |
|
|
|
84 |
% |
Other income (expense) |
|
$ |
(12,864 |
) |
|
$ |
(101,351 |
) |
|
$ |
88,487 |
|
|
|
87 |
% |
Other income (expense) for the three months ended June 30, 2024 consisted of interest income of $46 and interest expense of $8,910 comprised of approximately $1,400 on the government loan through the BBVA bank and the balance on the 2024 Note, and a loan fee amortization amount of $4,000. Other income (expense) for the three months ended June 30, 2023 consisted of interest income of $23, interest expense of $56,806 on the secured note payable and the government loan through the BBVA, bank net of interest and change in fair value of $44,568 on the convertible note payable.
Six MONTHS ENDED June 30, 2024 AS COMPARED TO June 30, 2023
Consolidated Results of Operations - Percent Trend
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
Revenues |
|
|
|
|
|
|
|
|
Services |
|
|
15 |
% |
|
|
28 |
% |
License fees |
|
|
82 |
% |
|
|
68 |
% |
Hardware |
|
|
3 |
% |
|
|
4 |
% |
Total Revenues |
|
|
100 |
% |
|
|
100 |
% |
Costs and other expenses |
|
|
|
|
|
|
|
|
Cost of services |
|
|
6 |
% |
|
|
13 |
% |
Cost of license fees |
|
|
9 |
% |
|
|
20 |
% |
Cost of hardware |
|
|
2 |
% |
|
|
2 |
% |
Cost of hardware - reserve |
|
|
0 |
% |
|
|
36 |
% |
Total Cost of Goods Sold |
|
|
17 |
% |
|
|
71 |
% |
Gross profit |
|
|
83 |
% |
|
|
29 |
% |
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
112 |
% |
|
|
99 |
% |
Research, development and engineering |
|
|
36 |
% |
|
|
30 |
% |
Total Operating Expenses |
|
|
148 |
% |
|
|
129 |
% |
Operating loss |
|
|
-65 |
% |
|
|
-100 |
% |
|
|
|
|
|
|
|
|
|
Other expense |
|
|
-1 |
% |
|
|
-1 |
% |
Loss before provision for income tax |
|
|
-66 |
% |
|
|
-101 |
% |
Provision for income tax |
|
|
0 |
% |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
Net loss |
|
|
-66 |
% |
|
|
-105 |
% |
Revenues and cost of goods sold
|
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service |
|
$ |
496,690 |
|
|
$ |
1,152,987 |
|
|
$ |
(656,297 |
) |
|
|
-57 |
% |
License |
|
|
2,724,659 |
|
|
|
2,814,327 |
|
|
|
(89,668 |
) |
|
|
-3 |
% |
Hardware |
|
|
101,140 |
|
|
|
145,382 |
|
|
|
(44,242 |
) |
|
|
-30 |
% |
Total Revenue |
|
$ |
3,322,489 |
|
|
$ |
4,112,696 |
|
|
$ |
(790,207 |
) |
|
|
-19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service |
|
|
212,234 |
|
|
|
514,957 |
|
|
|
(302,723 |
) |
|
|
-59 |
% |
License |
|
|
296,652 |
|
|
|
819,028 |
|
|
|
(522,376 |
) |
|
|
-64 |
% |
Hardware |
|
|
53,029 |
|
|
|
92,400 |
|
|
|
(39,371 |
) |
|
|
-43 |
% |
Hardware - reserve |
|
|
- |
|
|
|
1,500,000 |
|
|
|
(1,500,000 |
) |
|
|
-100 |
% |
Total COGS |
|
$ |
561,915 |
|
|
$ |
2,926,385 |
|
|
$ |
(2,364,470 |
) |
|
|
-81 |
% |
Revenues
For the six months ended June 30, 2024, and 2023, service revenues included approximately $467,000 and $602,000, respectively, of recurring maintenance and support revenue, and approximately $30,000 and $551,000 respectively, of non-recurring custom services revenue. Recurring service revenue decreased $135,000 or 22% in 2024 which was due to the loss of one large customer service agreement. Non-recurring custom services decreased 95% due to loss of one large customer for Swivel Secure customizations and upgrades. We expect the service revenue to remain at the current lower rate in future periods.
For the six months ended June 30, 2024, license revenue decreased 89,668 or 3% to $2,724,659 from $2,814,327 in the corresponding period in 2023. Several anticipated orders sliding from the second quarter to the third quarter, contributed to the decrease.
For the
six months ended
June 30, 2024, hardware sales decreased 30% to $101,140 from $145,382 in the corresponding period in
2023. The decrease was due largely to reduced add-on orders from an existing customer in
2024, compared to increased new hardware deployments in
2023.
Costs of goods sold
For the six months ended June 30, 2024, cost of service decreased approximately $303,000 or 59% to $212,234 from $514.957 in the six months ended June 30, 2023, due to reduced costs to support the PortalGuard and Swivel Secure deployments. For the six months ended June 30, 2024, license fees decreased to $296,652 from $819,028 in the six months ended June 30, 2023, due largely to a decrease in license fees for third-party software included in our Swivel Secure offerings. For the six months ended June 30, 2024, hardware costs decreased to $12,573 from $44,592 in the six months ended June 30, 2023, related to costs associated with decreased hardware revenue.
Selling, general and administrative
|
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
$ |
3,724,839 |
|
|
$ |
4,074,896 |
|
|
$ |
(350,057 |
) |
|
|
-9 |
% |
Selling, general and administrative expenses for the six months ended June 30, 2024, decreased 9% from $4,074,896 in the corresponding period in 2023 to $3,724,839. The decreases included reductions in administration, sales personnel costs and marketing show expenses, offset by professional fees.
Research, development and engineering
|
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research, development and engineering |
|
$ |
1,198,755 |
|
|
$ |
1,248,340 |
|
|
$ |
(49,585 |
) |
|
|
-4 |
% |
For the six months ended June 30, 2024, research, development, and engineering costs decreased 4% to $1,198,755 compared to $1,248,340 in the corresponding period in 2023. The decrease consisted primarily of changes in personnel costs and reductions in outside services.
Other income (expense)
|
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
51 |
|
|
$ |
27 |
|
|
$ |
24 |
|
|
|
89 |
% |
Loss on foreign currency transactions |
|
|
- |
|
|
|
(15,000 |
) |
|
|
15,000 |
|
|
|
100 |
% |
Loan fee amortization |
|
|
(4,000 |
) |
|
|
- |
|
|
|
(4,000 |
) |
|
|
-100 |
% |
Change in fair value of convertible note |
|
|
- |
|
|
|
97,423 |
|
|
|
(97,423 |
) |
|
|
-100 |
% |
Interest expense |
|
|
(10,267 |
) |
|
|
(113,725 |
) |
|
|
103,458 |
|
|
|
91 |
% |
Other income (expense) |
|
$ |
(14,216 |
) |
|
$ |
(31,275 |
) |
|
$ |
17,059 |
|
|
|
55 |
% |
Other income (expense) for the six months ended June 30, 2024 consisted of interest income of $51 and interest expense of $10,267 for approximately $,2,700 on the government loan through the BBVA bank and the balance accrued on the 2024 Note, and a loan fee amortization amount of $4,000. Other income (expense) for the six months ended June 30, 2023 consisted of interest income of $27, a change on foreign currency in the amount of $15,000, interest expense of approximately $2,000 on the government loan through the BBVA bank and approximately $112,000 on the secured note payable, which amounts were offset by a change in fair value of $97,423 on our secured convertible note payable.
LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
Operating activities overview
Net cash used in operations during the six months ended June 30, 2024 was $1,123,533. Items of note included: |
● |
Net positive cash flows related to adjustments for non-cash expenses of approximately $415,000. |
● |
Net positive cash flows related to inventory, accounts receivable, amount due from factor, accounts payable and deferred revenue of approximately $1,054,000. |
● |
Negative cash flows related to changes in prepaid expenses, and accrued liabilities of approximately $416,000, due to working capital management. |
Financing activities overview
Net cash provided by financing activities during the six months ended June 30, 2024 was $1,912,408 which included $2,000,000 of proceeds from the 2024 Note, $1,400 from the exercise of prefunded warrants, and $1,939 from the purchase of shares in the Employee Stock Purchase Plan, which amounts were offset by repayment of the government loan through the BBVA bank and $13,470 for offering costs. Net cash received from financing activities during the six months ended June 30, 2024 was $1,400 of proceeds from the exercise of prefunded warrants.
Investing activities overview
Net cash used in investing activities during the six months ended June 30, 2024 was $1,869 for capital expenditures.
Liquidity and Capital Resources
Since our inception, our capital needs have been met through proceeds from the sale of equity and debt securities, and revenue. We expect capital expenditures to be less than $100,000 during the next twelve months.
The following sets forth our investment sources of capital during the previous two years:
On June 24, 2024, we entered into and closed a note purchase agreement which provided for the issuance of a $2,360,000 principal amount senior secured promissory note (the "2024 Note"). This resulted in gross proceeds of approximately $1,826,000 after deducting placement agent fees, estimated offering expenses, and the original issue discount. The 2024 Note is due eighteen months (18) following the date of issuance, accrues interest at a rate of nine percent (9%) per annum, and commencing six months after the date of issuance of, the lender shall have the right to redeem up to $270,000 of principal amount each month. For a more complete description of the 2024 Note, please see Note 9 to Our Condensed Consolidated Financial Statements included in Part I Item 1 of this report.
On November 20, 2023, we completed a private placement of shares of common stock and warrants resulting in net proceeds of approximately $435,000, after deducting placement agent fees and estimated offering expenses.
On October 30, 2023, we completed a public offering of units consisting of shares of common stock, pre-funded warrants to purchase shares of common stock, and warrants to purchase share of common stock. Each Unit was sold at a public offering price of $0.175. resulting in net proceeds of $3.3 million, after deducting the placement agent fees and offering expenses.
In December 2022, we entered into and closed a securities purchase agreement with AJB Capital Investments, LLC under which we issued a $2,2 million principal amount senior secured promissory note (the “Note”). The principal amount of the Note was due six months following the date of issuance, subject to one six-month extension. Interest under the Note accrued at a rate of 10% per annum, payable monthly through month six and at 12% per annum in months seven through twelve, payable monthly. The Note was secured by a lien on substantially all of our assets and properties. The Note was repaid in December 2023.
We entered into an accounts receivable factoring arrangement with a financial institution (the “Factor”) which has been extended to October 31, 2024 and may be discontinued at that time. Pursuant to the terms of the arrangement, from time to time, we sell to the Factor a minimum of $150,000 per quarter of certain of our accounts receivable balances on a non-recourse basis for credit approved accounts. The Factor remits 35% of the foreign and 75% of the domestic accounts receivable balance to us (the “Advance Amount”), with the remaining balance, less fees, forwarded to us once the Factor collects the full accounts receivable balance from the customer. In addition, from time to time, we receive over advances from the Factor. Factoring fees range from 2.75% to 15% of the face value of the invoice factored and are determined by the number of days required for collection of the invoice. We expect to continue to use this factoring arrangement periodically to assist with our general working capital requirements due to contractual requirements.
Liquidity outlook
At June 30, 2024, our total cash and cash equivalents were $1,260,351, as compared to $511,400 at December 31, 2023. At June 30, 2024, we had negative working capital of approximately $2,560,000.
As discussed above, we have historically financed our operations through access to the capital markets by issuing secured and convertible debt securities, convertible preferred stock, common stock, and through factoring receivables. We currently require approximately $732,000 per month to conduct our operations, a monthly amount that we have been unable to consistently achieve through revenue generation. We also have approximately $3.6 million of inventory (currently reserved) purchased for projects in Nigeria. We continue to explore other markets and opportunities to sell the product to generate additional cash. If we are unable to generate sufficient revenue to fund current operations and execute our business plan, we will need to obtain additional third-party financing. Unless we generate sufficient positive cash flow from operations or liquidation of existing inventory, we expect that we will need to obtain additional financing during the next twelve months to support operations.
In addition, as reported in our Current Report on Form 8-K filed June 14, 2024, we are no longer in compliance with Nasdaq Capital Market continued listing rules which require us to maintain stockholders' equity of at least $2,500,000. Our plan to regain compliance will require us to raise additional equity capital in the near term. There can be no assurance that we will be able to raise such capital or regain compliance with the continued listing requirements.
Our long-term viability and growth will depend upon the successful commercialization of our technologies and our ability to obtain adequate financing. To the extent that we require such additional financing, no assurance can be given that any form of additional financing will be available on terms acceptable to us, that adequate financing will be obtained to meet our needs, or that such financing would not be dilutive to existing stockholders. If available financing is insufficient or unavailable or we fail to continue to generate sufficient revenue, we may be required to further reduce operating expenses, delay the expansion of operations, be unable to pursue merger or acquisition candidates, or in the extreme case, not continue as a going concern.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As a smaller reporting company, we are not required to provide the information required by this Item.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2024. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Based on the evaluation of our disclosure controls and procedures as of June 30, 2024, our CEO and CFO concluded that, as of such date, our disclosure controls and procedures were not effective.
As previously reported in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, in connection with the audit of our financial statements as of and for the year ended December 31, 2023, our management identified a lack of control over properly assessing revenue, allowances for accounts receivable and certain reserves for inventory. This resulted in certain errors in the manner in which we recognized revenue generated by our European subsidiary, Swivel Secure Europe, SA, in the first quarter of 2023. In addition, certain allowances for accounts receivable and certain reserves for inventory were understated. We are currently working to implement appropriate corrective actions to remediate the material weakness to strengthen our internal controls over the recording of revenues. This has included thoroughly accessing all accounts for potential adjustments required for proper presentation of the value of the accounts, changing management of our Swivel Secure operation, and implementing additional revenue recognition controls.
Changes in Internal Control Over Financial Reporting
Other than as described above, there have been no changes in our internal control over financial reporting during the fiscal quarter ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. As of the date of this report, we are not a party to any pending lawsuits.
ITEM 1A. RISK FACTORS
As a smaller reporting company, we are not required to provide the information required by this Item.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
During the six months ended June 30, 2024, none of our directors or “officers” (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Securities and Exchange Commission Regulation S-K.
ITEM 6. EXHIBITS
Exhibit No. |
|
Description |
|
|
|
10.1 |
|
Note Purchase Agreement dated June 24, 2024 by and between the Company and Streeterville Capital, LLC (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed June 28, 2024) |
|
|
|
10.2 |
|
$2,360,000 Secured Promissory Note dated June 24, 2024 (Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed June 28, 2024) |
|
|
|
10.3 |
|
Security Agreement dated June 24, 2024 by and between the Company and Streeterville Capital, LLC (Incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed June 28, 2024) |
|
|
|
10.4 |
|
Intellectual Property Security Agreement dated June 24, 2024 by and between the Company and Streeterville Capital, LLC (Incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed June 28, 2024) |
|
|
|
10.5 |
|
Guaranty dated June 24, 2024 by and between Pistol Star, Inc. and Streeterville Capital, LLC (Incorporated by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K filed June 28, 2024) |
|
|
|
31.1 |
|
Certificate of CEO of Registrant required under Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended |
|
|
|
31.2 |
|
Certificate of CFO of Registrant required under Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended |
|
|
|
32.1 |
|
Certificate of CEO of Registrant required under 18 U.S.C. Section 1350 |
|
|
|
32.2 |
|
Certificate of CFO of Registrant required under 18 U.S.C. Section 1350 |
|
|
|
101.INS |
|
Inline XBRL Instance |
|
|
|
101.SCH |
|
Inline XBRL Taxonomy Extension Schema |
|
|
|
101.CAL |
|
Inline XBRL Taxonomy Extension Calculation |
|
|
|
101.DEF |
|
Inline XBRL Taxonomy Extension Definition |
|
|
|
101.LAB |
|
Inline XBRL Taxonomy Extension Labels |
|
|
|
101.PRE |
|
Inline XBRL Taxonomy Extension Presentation |
|
|
|
104 |
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
BIO-Key International, Inc. |
|
|
|
Dated: August 14, 2024 |
|
/s/ Michael W. DePasquale |
|
|
Michael W. DePasquale |
|
|
Chief Executive Officer |
|
|
(Principal Executive Officer) |
|
|
|
Dated: August 14, 2024 |
|
/s/ Cecilia C. Welch |
|
|
Cecilia C. Welch |
|
|
Chief Financial Officer |
|
|
(Principal Financial Officer) |
Exhibit 31.1
CERTIFICATION
I, Michael W. DePasquale, certify that:
1.
|
I have reviewed this quarterly report on Form 10-Q of BIO-key International, Inc. (the “Company”);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;
|
4.
|
The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
|
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
|
|
|
(c)
|
Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
|
|
|
(d)
|
Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter (the Company’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting;
|
5.
|
The Company’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and
|
|
|
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.
|
Dated: August 14, 2024
|
|
|
|
|
|
|
/s/ Michael W. DePasquale
|
|
|
Michael W. DePasquale
|
|
Chief Executive Officer
|
Exhibit 31.2
CERTIFICATION
I, Cecilia C. Welch, certify that:
1.
|
I have reviewed this quarterly report on Form 10-Q of BIO-key International, Inc. (the “Company”);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;
|
4.
|
The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
|
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
|
|
|
(c)
|
Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
|
|
|
(d)
|
Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter (the Company’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting;
|
5.
|
The Company’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and
|
|
|
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.
|
Dated: August 14, 2024
|
|
|
|
|
|
|
/s/ Cecilia C. Welch
|
|
|
Cecilia C. Welch
|
|
Chief Financial Officer
|
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of BIO-key International, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael W. DePasquale, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
|
BIO-KEY INTERNATIONAL, INC.
|
|
|
|
|
|
By:
|
/s/ Michael W. DePasquale
|
|
|
|
Michael W. DePasquale
|
|
|
Chief Executive Officer
|
|
|
|
|
|
Dated: August 14, 2024
|
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of BIO-key International, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Cecilia Welch, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002, that to my knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
|
BIO-KEY INTERNATIONAL, INC.
|
|
|
|
|
|
By:
|
/s/ Cecilia C. Welch
|
|
|
|
Cecilia C. Welch
|
|
|
Chief Financial Officer
|
|
|
|
|
|
Dated: August 14, 2024
|
v3.24.2.u1
Document And Entity Information - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 13, 2024 |
Document Information [Line Items] |
|
|
Entity Central Index Key |
0001019034
|
|
Entity Registrant Name |
BIO KEY INTERNATIONAL INC
|
|
Amendment Flag |
false
|
|
Current Fiscal Year End Date |
--12-31
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Transition Report |
false
|
|
Entity File Number |
1-13463
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
41-1741861
|
|
Entity Address, Address Line One |
101 CRAWFORDS CORNER ROAD, SUITE 4116
|
|
Entity Address, City or Town |
HOLMDEL
|
|
Entity Address, State or Province |
NJ
|
|
Entity Address, Postal Zip Code |
07733
|
|
City Area Code |
732
|
|
Local Phone Number |
359-1100
|
|
Title of 12(b) Security |
Common Stock, par value $0.0001 per share
|
|
Trading Symbol |
BKYI
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
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false
|
|
Entity Common Stock, Shares Outstanding |
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v3.24.2.u1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
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
|
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
|
Senior Secured Promissory Note [Member] |
|
|
LIABILITIES |
|
|
Debt, current |
2,010,293
|
0
|
Government Loan [Member] |
|
|
LIABILITIES |
|
|
Debt, current |
$ 135,400
|
$ 138,730
|
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Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Common stock, shares authorized (in shares) |
170,000,000
|
170,000,000
|
Common stock, shares issued (in shares) |
1,815,618
|
1,032,777
|
Common stock, shares outstanding (in shares) |
1,815,618
|
1,032,777
|
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$ 0.0001
|
$ 0.0001
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenues |
|
|
|
|
Revenues |
$ 1,141,286
|
$ 1,928,929
|
$ 3,322,489
|
$ 4,112,696
|
Costs and other expenses |
|
|
|
|
Cost of Goods and Services Sold |
262,272
|
1,606,111
|
561,915
|
2,926,385
|
Gross profit |
879,014
|
322,818
|
2,760,574
|
1,186,311
|
Operating Expenses |
|
|
|
|
Selling, general and administrative |
1,941,866
|
2,143,164
|
3,724,839
|
4,074,896
|
Research, development and engineering |
591,234
|
558,181
|
1,198,755
|
1,248,340
|
Total Operating Expenses |
2,533,100
|
2,701,345
|
4,923,594
|
5,323,236
|
Operating loss |
(1,654,086)
|
(2,378,527)
|
(2,163,020)
|
(4,136,925)
|
Other income (expense) |
|
|
|
|
Interest income |
46
|
23
|
51
|
27
|
Loss on foreign currency transactions |
0
|
0
|
0
|
(15,000)
|
Loan fee amortization |
(4,000)
|
0
|
(4,000)
|
0
|
Change in fair value of convertible note |
0
|
(44,568)
|
0
|
97,423
|
Interest expense |
(8,910)
|
(56,806)
|
(10,267)
|
(113,725)
|
Total other income (expense), net |
(12,864)
|
(101,351)
|
(14,216)
|
(31,275)
|
Loss before provision for income tax |
(1,666,950)
|
(2,479,878)
|
(2,177,236)
|
(4,168,200)
|
Provision for (income tax) tax benefit |
0
|
(143,000)
|
0
|
(143,000)
|
Net loss |
(1,666,950)
|
(2,622,878)
|
(2,177,236)
|
(4,311,200)
|
Comprehensive loss: |
|
|
|
|
Net loss |
(1,666,950)
|
(2,622,878)
|
(2,177,236)
|
(4,311,200)
|
Other comprehensive income (loss) – Foreign currency translation adjustment |
24,220
|
19,884
|
(38,530)
|
92,030
|
Comprehensive loss |
$ (1,642,730)
|
$ (2,602,994)
|
$ (2,215,766)
|
$ (4,219,170)
|
Basic and Diluted Loss per Common Share (in dollars per share) |
$ (1)
|
$ (4.71)
|
$ (1.33)
|
$ (7.74)
|
Weighted Average Common Shares Outstanding: |
|
|
|
|
Basic and diluted (in shares) |
1,663,042
|
556,758
|
1,639,183
|
556,758
|
Service [Member] |
|
|
|
|
Revenues |
|
|
|
|
Revenues |
$ 283,569
|
$ 620,465
|
$ 496,690
|
$ 1,152,987
|
Costs and other expenses |
|
|
|
|
Cost of Goods and Services Sold |
73,385
|
360,156
|
212,234
|
514,957
|
License [Member] |
|
|
|
|
Revenues |
|
|
|
|
Revenues |
774,225
|
1,235,771
|
2,724,659
|
2,814,327
|
Costs and other expenses |
|
|
|
|
Cost of Goods and Services Sold |
148,432
|
198,147
|
296,652
|
819,028
|
Hardware [Member] |
|
|
|
|
Revenues |
|
|
|
|
Revenues |
83,492
|
72,693
|
101,140
|
145,382
|
Costs and other expenses |
|
|
|
|
Cost of Goods and Services Sold |
40,455
|
47,808
|
53,029
|
92,400
|
Hardware Reserve [Member] |
|
|
|
|
Costs and other expenses |
|
|
|
|
Cost of Goods and Services Sold |
$ 0
|
$ 1,000,000
|
$ 0
|
$ 1,500,000
|
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v3.24.2.u1
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Total |
Balance (in shares) at Dec. 31, 2022 |
552,739
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 55
|
$ 122,029,476
|
$ (242,602)
|
$ (116,485,373)
|
$ 5,301,556
|
Issuance of common stock for directors’ fees (in shares) |
855
|
|
|
|
|
Issuance of common stock for directors’ fees |
$ 0
|
12,002
|
0
|
|
12,002
|
Issuance of common stock to employees |
$ 0
|
4
|
0
|
0
|
4
|
Restricted stock forfeited (in shares) |
(1,102)
|
|
|
|
|
Restricted stock forfeited |
$ (0)
|
3,105
|
(0)
|
(0)
|
3,105
|
Other comprehensive income (loss) – Foreign currency translation adjustment |
0
|
0
|
72,146
|
0
|
72,146
|
Share-based compensation |
0
|
62,474
|
0
|
0
|
62,474
|
Net loss |
$ 0
|
0
|
0
|
(1,688,322)
|
(1,688,322)
|
Issuance of common stock to employees (in shares) |
2,222
|
|
|
|
|
Restricted stock forfeited |
$ 0
|
(3,105)
|
0
|
0
|
(3,105)
|
Balance (in shares) at Mar. 31, 2023 |
554,714
|
|
|
|
|
Balance at Mar. 31, 2023 |
$ 55
|
122,100,851
|
(170,456)
|
(118,173,695)
|
3,756,755
|
Balance (in shares) at Dec. 31, 2022 |
552,739
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 55
|
122,029,476
|
(242,602)
|
(116,485,373)
|
5,301,556
|
Other comprehensive income (loss) – Foreign currency translation adjustment |
|
|
|
|
92,030
|
Net loss |
|
|
|
|
(4,311,200)
|
Balance (in shares) at Jun. 30, 2023 |
556,758
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 55
|
122,192,181
|
(150,572)
|
(120,796,573)
|
1,245,091
|
Balance (in shares) at Mar. 31, 2023 |
554,714
|
|
|
|
|
Balance at Mar. 31, 2023 |
$ 55
|
122,100,851
|
(170,456)
|
(118,173,695)
|
3,756,755
|
Issuance of common stock for directors’ fees (in shares) |
1,286
|
|
|
|
|
Issuance of common stock for directors’ fees |
$ 0
|
16,002
|
0
|
|
16,002
|
Restricted stock forfeited (in shares) |
(799)
|
|
|
|
|
Restricted stock forfeited |
$ (0)
|
(0)
|
(0)
|
(0)
|
(0)
|
Other comprehensive income (loss) – Foreign currency translation adjustment |
0
|
0
|
19,884
|
0
|
19,884
|
Share-based compensation |
0
|
57,831
|
0
|
0
|
57,831
|
Net loss |
$ 0
|
0
|
0
|
(2,622,878)
|
(2,622,878)
|
Issuance of common stock for Employee stock purchase plan (in shares) |
1,557
|
|
|
|
|
Issuance of common stock for Employee stock purchase plan |
$ 0
|
13,934
|
0
|
0
|
13,934
|
Share based compensation for employee stock plan |
0
|
3,563
|
0
|
0
|
3,563
|
Restricted stock forfeited |
$ 0
|
0
|
0
|
0
|
0
|
Balance (in shares) at Jun. 30, 2023 |
556,758
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 55
|
122,192,181
|
(150,572)
|
(120,796,573)
|
1,245,091
|
Balance (in shares) at Dec. 31, 2023 |
1,032,777
|
|
|
|
|
Balance at Dec. 31, 2023 |
$ 103
|
126,047,851
|
22,821
|
(125,007,210)
|
1,063,565
|
Issuance of common stock for directors’ fees (in shares) |
4,287
|
|
|
|
|
Issuance of common stock for directors’ fees |
$ 0
|
9,003
|
0
|
|
9,003
|
Issuance of common stock to employees |
$ 0
|
0
|
0
|
0
|
0
|
Restricted stock forfeited (in shares) |
(316)
|
|
|
|
|
Restricted stock forfeited |
$ 0
|
0
|
0
|
0
|
0
|
Exercise of warrants (in shares) |
777,666
|
|
|
|
|
Exercise of warrants |
$ 78
|
1,322
|
0
|
0
|
1,400
|
Other comprehensive income (loss) – Foreign currency translation adjustment |
0
|
|
(62,275)
|
0
|
(62,275)
|
Share-based compensation |
0
|
47,790
|
0
|
0
|
47,790
|
Issuance costs |
0
|
(13,470)
|
0
|
0
|
(13,470)
|
Net loss |
0
|
0
|
0
|
(510,285)
|
(510,285)
|
Restricted stock forfeited |
$ 0
|
0
|
0
|
0
|
0
|
Balance (in shares) at Mar. 31, 2024 |
1,814,414
|
|
|
|
|
Balance at Mar. 31, 2024 |
$ 181
|
126,092,496
|
(39,454)
|
(125,517,495)
|
535,728
|
Balance (in shares) at Dec. 31, 2023 |
1,032,777
|
|
|
|
|
Balance at Dec. 31, 2023 |
$ 103
|
126,047,851
|
22,821
|
(125,007,210)
|
1,063,565
|
Other comprehensive income (loss) – Foreign currency translation adjustment |
|
|
|
|
(38,530)
|
Net loss |
|
|
|
|
(2,177,236)
|
Balance (in shares) at Jun. 30, 2024 |
1,815,618
|
|
|
|
|
Balance at Jun. 30, 2024 |
$ 182
|
126,143,205
|
(15,234)
|
(127,184,445)
|
(1,056,292)
|
Balance (in shares) at Mar. 31, 2024 |
1,814,414
|
|
|
|
|
Balance at Mar. 31, 2024 |
$ 181
|
126,092,496
|
(39,454)
|
(125,517,495)
|
535,728
|
Restricted stock forfeited (in shares) |
(186)
|
|
|
|
|
Restricted stock forfeited |
$ 0
|
0
|
0
|
0
|
0
|
Other comprehensive income (loss) – Foreign currency translation adjustment |
0
|
0
|
24,220
|
0
|
24,220
|
Share-based compensation |
0
|
48,315
|
0
|
0
|
48,315
|
Net loss |
$ 0
|
0
|
0
|
(1,666,950)
|
(1,666,950)
|
Issuance of common stock for Employee stock purchase plan (in shares) |
1,390
|
|
|
|
|
Issuance of common stock for Employee stock purchase plan |
$ 1
|
1,938
|
0
|
0
|
1,939
|
Share based compensation for employee stock plan |
0
|
456
|
0
|
0
|
456
|
Restricted stock forfeited |
$ 0
|
0
|
0
|
0
|
0
|
Balance (in shares) at Jun. 30, 2024 |
1,815,618
|
|
|
|
|
Balance at Jun. 30, 2024 |
$ 182
|
$ 126,143,205
|
$ (15,234)
|
$ (127,184,445)
|
$ (1,056,292)
|
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v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
CASH FLOW FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (2,177,236)
|
$ (4,311,200)
|
Adjustments to reconcile net loss to net cash used for operating activities: |
|
|
Depreciation |
46,069
|
26,637
|
Amortization of intangible assets |
155,900
|
162,166
|
Change in fair value of convertible note |
(0)
|
(97,423)
|
Amortization of capitalized contract costs |
80,074
|
80,717
|
Reserve for inventory |
0
|
1,500,000
|
Operating leases right-of-use assets |
27,564
|
112,745
|
Share and warrant-based compensation for employees and consultants |
96,561
|
120,767
|
Stock based directors’ fees |
9,003
|
28,004
|
Deferred income tax benefit |
0
|
(13,000)
|
Bad debts |
0
|
250,000
|
Change in assets and liabilities: |
|
|
Accounts receivable |
297,480
|
(757,170)
|
Due from factor |
71,156
|
(24,750)
|
Capitalized contract costs |
(198,885)
|
(75,096)
|
Inventory |
12,558
|
50,271
|
Prepaid expenses and other |
(24,615)
|
14,799
|
Accounts payable |
258,384
|
726,657
|
Accrued liabilities |
(141,167)
|
(109,208)
|
Income taxes payable |
0
|
156,000
|
Deferred revenue |
414,878
|
174,437
|
Operating lease liabilities |
(51,257)
|
(110,545)
|
Net cash used in operating activities |
(1,123,533)
|
(2,095,192)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Capital expenditures |
(1,869)
|
0
|
Net cash used in investing activities |
(1,869)
|
0
|
CASH FLOW FROM FINANCING ACTIVITIES: |
|
|
Proceeds from Note Payable |
2,000,000
|
0
|
Offering costs |
(13,470)
|
0
|
Proceeds for exercise of warrants |
1,400
|
0
|
Receipt of cash from Employee stock purchase plan |
1,939
|
13,934
|
Repayment of government loan |
(77,461)
|
(56,241)
|
Net cash used in financing activities |
1,912,408
|
(42,307)
|
Effect of exchange rate changes |
(38,055)
|
67,490
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
748,951
|
(2,070,009)
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
511,400
|
2,635,522
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
1,260,351
|
565,513
|
Cash paid for: |
|
|
Interest |
$ 3,974
|
$ 56,919
|
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v3.24.2.u1
Note 1 - Nature of Business and Basis of Presentation
|
6 Months Ended |
Jun. 30, 2024 |
Notes to Financial Statements |
|
Business Description and Accounting Policies [Text Block] |
1. | NATURE OF BUSINESS AND BASIS OF PRESENTATION |
Nature of Business
The Company, founded in 1993, develops and markets proprietary fingerprint identification biometric technology and software solutions enterprise-ready identity access management solutions to commercial, government and education customers throughout the United States and internationally. The Company was a pioneer in developing automated, finger identification technology that supplements or compliments other methods of identification and verification, such as personal inspection identification, passwords, tokens, smart cards, ID cards, PKI, credit cards, passports, driver’s licenses, OTP or other form of possession or knowledge-based credentialing. Additionally, advanced BIO-key® technology has been, and is, used to improve both the accuracy and speed of competing finger-based biometrics.
Basis of Presentation
The accompanying unaudited interim condensed consolidated financial statements include the accounts of BIO-key International, Inc. and its wholly-owned subsidiaries (collectively, the “Company” or “BIO-key”) and are stated in conformity with accounting principles generally accepted in the United States of America (“GAAP”), pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. Pursuant to such rules and regulations, certain financial information and footnote disclosures normally included in the financial statements have been condensed or omitted. Intercompany accounts and transactions have been eliminated in consolidation.
In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all necessary adjustments, consisting only of those of a recurring nature, and disclosures to present fairly the Company’s financial position and the results of its operations and cash flows for the periods presented. The balance sheet at June 30, 2024 was derived from the audited financial statements, but does not include all of the disclosures required by GAAP. These unaudited interim condensed consolidated financial statements should be read in conjunction with the financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on June 5, 2024.
Foreign Currencies
The Company accounts for foreign currency transactions pursuant to ASC 830, Foreign Currency Matters ("ASC 830”). The functional currency of the Company is the U.S. dollar, which is the currency of the primary economic environment in which it operates. In accordance with ASC 830, all assets and liabilities are translated into U. S. dollars using the current exchange rate at the end of each fiscal period. Revenues and expenses are translated using the average exchange rates prevailing throughout the respective periods. All transaction gains and losses from the measurement of monetary balance sheet items denominated in Euros are reflected in the statement of operations as appropriate. Translation adjustments are included in accumulated other comprehensive income (loss).
Recently Issued Accounting Pronouncements
Effective January 1, 2023, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), referred to herein as ASU 2016-13, which significantly changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces the existing incurred loss model with an expected credit loss model that requires entities to estimate an expected lifetime credit loss on most financial assets and certain other instruments. Under ASU 2016-13 credit impairment is recognized as an allowance for credit losses, rather than as a direct write-down of the amortized cost basis of a financial asset. The impairment allowance is a valuation account deducted from the amortized cost basis of financial assets to present the net amount expected to be collected on the financial asset. Once the new pronouncement is adopted by the Company, the allowance for credit losses must be adjusted for management’s current estimate at each reporting date. The new guidance provides no threshold for recognition of impairment allowance. Therefore, entities must also measure expected credit losses on assets that have a low risk of loss. For instance, trade receivables that are either current or not yet due may not require an allowance reserve under currently generally accepted accounting principles, but under the new standard, the Company will have to estimate an allowance for expected credit losses on trade receivables under ASU 2016-13. The adoption of ASU 2016-13 had a material effect on the consolidated financial statements of the Company.
In August 2020, the Financial Accounting Standards Board issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 was effective for the Company on January 1, 2024 and should be applied on a full or modified retrospective basis. The adoption of ASU 2016-13 did not have a material effect on the consolidated financial statements of the Company.
Management does not believe that any other recently issued, but not yet effective, accounting standard, if currently adopted, would have a material effect on the accompanying consolidated financial statements.
|
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v3.24.2.u1
Note 2 - Going Concern
|
6 Months Ended |
Jun. 30, 2024 |
Notes to Financial Statements |
|
Substantial Doubt about Going Concern [Text Block] |
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), which contemplate continuation of the Company as a going concern, and assumes continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has suffered substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations all of which raise substantial doubt about the Company’s ability to continue as a going concern. Recoverability of a major portion of the recorded asset amounts shown in the accompanying balance sheet is dependent upon the Company’s ability to increase its revenue and meet its financing requirements on a continuing basis and become profitable in its future operations. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence.
As of the date of this report, the Company does not have enough cash for twelve months of operations. The history of significant losses, the negative cash flow from operations, the limited cash resources on hand and the dependence by the Company on its ability to obtain additional financing to fund its operations after the current cash resources are exhausted raises substantial doubt about the Company's ability to continue as a going concern. In recent periods, the Company has reduced its marketing, research and development, and rent expenses. In addition, the Company has purchased inventory for projects in Nigeria, which have been delayed in deployment, and is currently exploring other markets and opportunities to sell or return the product to generate additional cash.
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v3.24.2.u1
Note 3 - Revenue From Contracts With Customers
|
6 Months Ended |
Jun. 30, 2024 |
Notes to Financial Statements |
|
Revenue from Contract with Customer [Text Block] |
3. |
REVENUE FROM CONTRACTS WITH CUSTOMERS |
Disaggregation of Revenue
The following table summarizes revenue from contracts with customers for the three month periods ended June 30, 2024 and June 30, 2023:
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
America |
|
|
Africa |
|
|
EMESA* |
|
|
Asia |
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License fees |
|
$ |
539,625 |
|
|
$ |
- |
|
|
$ |
234,600 |
|
|
$ |
- |
|
|
$ |
774,225 |
|
Hardware |
|
|
70,292 |
|
|
|
- |
|
|
|
- |
|
|
|
13,200 |
|
|
|
83,492 |
|
Services |
|
|
238,759 |
|
|
|
43,423 |
|
|
|
1,387 |
|
|
|
- |
|
|
|
283,569 |
|
Total Revenues |
|
$ |
848,676 |
|
|
$ |
43,423 |
|
|
$ |
235,987 |
|
|
$ |
13,200 |
|
|
$ |
1,141,286 |
|
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
America |
|
|
Africa |
|
|
EMESA* |
|
|
Asia |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License fees |
|
$ |
780,383 |
|
|
$ |
- |
|
|
$ |
455,388 |
|
|
$ |
- |
|
|
$ |
1,235,771 |
|
Hardware |
|
|
61,551 |
|
|
|
- |
|
|
|
142 |
|
|
|
11,000 |
|
|
|
72,693 |
|
Services |
|
|
281,607 |
|
|
|
26,009 |
|
|
|
305,424 |
|
|
|
7,425 |
|
|
|
620,465 |
|
Total Revenues |
|
$ |
1,123,541 |
|
|
$ |
26,009 |
|
|
$ |
760,954 |
|
|
$ |
18,425 |
|
|
$ |
1,928,929 |
|
The following table summarizes revenue from contracts with customers for the six month periods ended June 30, 2024 and June 30, 2023:
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
America |
|
|
Africa |
|
|
EMESA* |
|
|
Asia |
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services |
|
$ |
430,239 |
|
|
$ |
63,677 |
|
|
$ |
2,774 |
|
|
$ |
- |
|
|
$ |
496,690 |
|
License fees |
|
|
1,058,869 |
|
|
|
1,266,553 |
|
|
|
399,237 |
|
|
|
- |
|
|
|
2,724,659 |
|
Hardware |
|
|
87,701 |
|
|
|
- |
|
|
|
239 |
|
|
|
13,200 |
|
|
|
101,140 |
|
Total Revenues |
|
$ |
1,576,809 |
|
|
$ |
1,330,230 |
|
|
$ |
402,250 |
|
|
$ |
13,200 |
|
|
$ |
3,322,489 |
|
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
America |
|
|
Africa |
|
|
EMESA* |
|
|
Asia |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services |
|
$ |
545,464 |
|
|
$ |
49,797 |
|
|
$ |
545,351 |
|
|
$ |
12,375 |
|
|
$ |
1,152,987 |
|
License fees |
|
|
1,188,913 |
|
|
|
552,630 |
|
|
|
1,002,134 |
|
|
|
70,650 |
|
|
|
2,814,327 |
|
Hardware |
|
|
86,332 |
|
|
|
- |
|
|
|
47,150 |
|
|
|
11,900 |
|
|
|
145,382 |
|
Total Revenues |
|
$ |
1,820,709 |
|
|
$ |
602,427 |
|
|
$ |
1,594,635 |
|
|
$ |
94,925 |
|
|
$ |
4,112,696 |
|
*EMESA – Europe, Middle East, South America
Deferred Revenue
Deferred revenue includes customer advances and amounts that have been paid by customer for which the contractual maintenance terms have not yet occurred. The majority of these amounts are related to maintenance contracts for which the revenue is recognized ratably over the applicable term, which generally is 12-60 months. Contracts greater than 12 months are segregated as long term deferred revenue. Maintenance contracts include provisions for unspecified when-and-if available product updates and customer telephone support services. At June 30, 2024 and December 31, 2023, amounts in deferred revenue were approximately $858,000 and $443,000, respectively. Revenue recognized during the three and six-months ended June 30, 2024 from amounts included in deferred revenue at the beginning of the period was approximately $157,000 and $431000, respectively. Revenue recognized during the three and six-months ended June 30, 2023 from amounts included in deferred revenue at the beginning of the period was approximately $102,000 and $335,000, respectively.
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v3.24.2.u1
Note 4 - Accounts Receivable
|
6 Months Ended |
Jun. 30, 2024 |
Notes to Financial Statements |
|
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] |
Accounts receivable are carried at original amount less an estimate made for credit losses based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for credit losses by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history, current economic conditions and other relevant factors, including specific reserves for certain accounts. Accounts receivable are written off when deemed uncollectible.
Accounts receivable at June 30, 2024 and December 31, 2023 consisted of the following:
|
|
June 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
$ |
1,543,002 |
|
|
$ |
2,207,311 |
|
Allowance for credit losses |
|
|
(638,956 |
) |
|
|
(1,005,785 |
) |
Accounts receivable, net of allowances for credit losses |
|
$ |
904,046 |
|
|
$ |
1,201,526 |
|
Bad debt expenses are recorded in selling, general, and administrative expense.
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v3.24.2.u1
Note 5 - Share Based Compensation
|
6 Months Ended |
Jun. 30, 2024 |
Notes to Financial Statements |
|
Share-Based Payment Arrangement [Text Block] |
5. |
SHARE BASED COMPENSATION |
The following table presents share-based compensation expenses included in the Company’s unaudited condensed interim consolidated statements of operations:
|
|
Three Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
$ |
39,383 |
|
|
$ |
59,966 |
|
Research, development and engineering |
|
|
9,388 |
|
|
|
17,430 |
|
|
|
$ |
48,771 |
|
|
$ |
77,396 |
|
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
$ |
87,025 |
|
|
$ |
115,419 |
|
Research, development and engineering |
|
|
18,539 |
|
|
|
33,352 |
|
|
|
$ |
105,564 |
|
|
$ |
148,771 |
|
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.2.u1
Note 6 - Inventory
|
6 Months Ended |
Jun. 30, 2024 |
Notes to Financial Statements |
|
Inventory Disclosure [Text Block] |
Inventory is stated at the lower of cost, determined on a first in, first out basis, or realizable value. The Company periodically evaluates inventory items and establishes reserves for obsolescence accordingly. The Company also reserves for excess quantities, slow moving goods, and for other impairment of value based upon assumptions of future demand and market conditions. Approximately $3,300,000 of the reserve on inventory is due to slow moving inventory purchased for projects in Nigeria, and the balance for other slow-moving inventory. The Company is exploring other markets and opportunities to sell the product. Inventory is comprised of the following as at June 30, 2024 and December 31, 2023:
|
|
June 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Finished goods |
|
$ |
4,360,526 |
|
|
$ |
4,373,056 |
|
Fabricated assemblies |
|
|
59,156 |
|
|
|
59,184 |
|
Reserve on finished goods |
|
|
(3,986,500 |
) |
|
|
(3,986,500 |
) |
Total inventory |
|
$ |
433,182 |
|
|
$ |
445,740 |
|
|
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v3.24.2.u1
Note 7 - Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Notes to Financial Statements |
|
Commitments Disclosure [Text Block] |
7. |
COMMITMENTS AND CONTINGENCIES |
Distribution Agreement
Swivel Secure has a distribution agreement with Swivel Secure Limited (“SSL”). Terms of the agreement include the following:
1. |
The initial term of the agreement ends on January 31, 2027 and will be automatically extended for additional one-year terms thereafter unless either party provides written notice to the other party not later than 30 days before the end of the term that it does not wish to extend the term. |
2. |
SSL appoints Swivel Secure as the exclusive distributor of SSL’s products, to market, sell and distribute in the EMEA (Europe, Middle East and Africa), excluding the United Kingdom and Republic of Ireland, for a defined discount on the sale price. |
3. |
Swivel Secure is expected to generate a certain minimum level of orders of SSL products each year during the term of the agreement. If Swivel Secure fails to meet such minimum level of orders in any year, the exclusive distribution rights will terminate and Swivel Secure will serve as a non-exclusive distributer of SSL Products. |
The Company expects the revenue targets to continue to be met based on historical performance and increasing distribution by Swivel Secure.
Litigation
From time to time, the Company may be involved in litigation relating to claims arising out of our operations in the normal course of business. As of June 30, 2024, the Company was not a party to any pending lawsuits.
|
X |
- DefinitionThe entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.
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v3.24.2.u1
Note 8 - Leases
|
6 Months Ended |
Jun. 30, 2024 |
Notes to Financial Statements |
|
Lessee, Operating Leases [Text Block] |
The Company’s leases office space in New Jersey, Minnesota, New Hampshire, Madrid and Hong-Kong with lease termination dates in 2024. On August 11, 2023, the Company signed a new one-year lease starting September 1, 2023 for office space in New Jersey. The property leased in China is paid monthly as used, without a formal agreement. The following tables present the components of lease expense and supplemental balance sheet information related to the operating leases were:
|
|
3 Months ended |
|
|
3 Months ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Lease cost |
|
|
|
|
|
|
|
|
Total lease cost |
|
$ |
14,553 |
|
|
$ |
48,543 |
|
|
|
6 Months ended |
|
|
6 Months ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Lease cost |
|
|
|
|
|
|
|
|
Total lease cost |
|
$ |
29,106 |
|
|
$ |
111,682 |
|
|
|
June 30, |
|
|
December 31, |
|
Balance sheet information |
|
2024 |
|
|
2023 |
|
Operating right-of-use assets |
|
$ |
9,341 |
|
|
$ |
36,905 |
|
|
|
|
|
|
|
|
|
|
Operating lease liabilities, current portion |
|
$ |
9,570 |
|
|
$ |
37,829 |
|
Operating lease liabilities, non-current portion |
|
|
- |
|
|
|
- |
|
Total operating lease liabilities |
|
$ |
9,570 |
|
|
$ |
37,829 |
|
|
|
|
|
|
|
|
|
|
Weighted average remaining lease term (in years) – operating leases |
|
|
0.17 |
|
|
|
0.67 |
|
Weighted average discount rate – operating leases |
|
|
5.50 |
% |
|
|
5.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for amounts included in the measurement of operating lease liabilities for the six months ended June 30, 2024 and 2023: |
|
$ |
22,613 |
|
|
$ |
69,821 |
|
Maturities of operating lease liabilities were as follows as of June 30, 2024:
2024 (2 months remaining) |
|
$ |
9,702 |
|
2025 |
|
|
- |
|
Total future lease payments |
|
$ |
9,702 |
|
Less: imputed interest |
|
|
(132 |
) |
Total |
|
$ |
9,570 |
|
|
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v3.24.2.u1
Note 9 - Note Payable
|
6 Months Ended |
Jun. 30, 2024 |
Notes to Financial Statements |
|
Long-Term Debt [Text Block] |
Note Purchase Agreement dated June 24, 2024
On June 24, 2024, the Company entered into and closed a note purchase agreement (the “Purchase Agreement”) which provided for the issuance of a $2,360,000 principal amount senior secured promissory note (the “2024 Note”). The 2024 Note carries an original issue discount of $350,000 and the Company agreed to pay $10,000 to the Lender to cover its transaction costs, which were deducted from the proceeds of the 2024 Note resulting in a total of $2,000,000 being funded to the Company at closing. The proceeds will be used for general working capital. The principal amount of the 2024 Note is due eighteen months (18) following the date of issuance. Interest under the 2024 Note accrues at a rate of nine percent (9%) per annum. All repayments of principal due under the 2024 Note will be subject to an exit fee of seven percent (7%) of the principal amount being repaid (the “Exit Fee”). Commencing six months after the date of issuance of the Note (the “Redemption Start Date”), Lender shall have the right to redeem up to $270,000 of principal amount under the 2024 Note each month which amount plus the Exit Fee will be due and payable three (3) business days after Lender’s delivery of a redemption notice to the Company. At the end of each month following the Redemption Start Date, if the Company has not reduced the outstanding balance under the 2024 Note by at least $270,000, then by the fifth (5th) day of the following month, the Company must either pay to Lender the difference between $270,000 and the amount, if any, redeemed in such month plus the Exit Fee, or the outstanding balance due under the Note will automatically increase by one percent (1%). The 2024 Note is secured by a lien on substantially all of the Company’s assets and properties and the Company’s obligations under the Note are guaranteed by Pistol Star, Inc., a wholly owned subsidiary of the Company. The 2024 Note can be prepaid in whole or in part without penalty at any time. In the event that the Company receives any proceeds in connection with any fundraising or financing transaction (including any warrant exercises), it will be required to make a mandatory prepayment equal to the lesser of (i) forty percent (40%) of the amount raised in such transaction and (ii) the full amount due under the 2024 Note.
The 2024 Note provides for customary events of default, including, among other things, the event of non-payment of principal, interest, fees or other amounts, a representation or warranty proving to have been incorrect when made, failure to perform or observe covenants within a specified period of time, the bankruptcy or insolvency of the Company or of all or a substantial part of its property, and monetary judgment defaults of a specified amount. Upon the occurrence of an Event of Default, Lender may (i) cause interest on the outstanding balance to accrue at an interest rate equal to the lesser of twenty two (22%) or the maximum rate permitted under applicable law, and (ii) accelerate all amounts due under the 2024 Note plus an amount equal to (a) fifteen percent (15%) of the amount due under the 2024 Note for each default that is considered a major trigger event (as defined), and (b) five percent (5%) of the amount due under the 2024 Note for each occurrence of any default that is considered a minor trigger event (as defined), in any case not to exceed twenty five percent (25%).
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v3.24.2.u1
Note 10 - Convertible Note Payable
|
6 Months Ended |
Jun. 30, 2024 |
Notes to Financial Statements |
|
Debt Disclosure [Text Block] |
10. |
CONVERTIBLE NOTE PAYABLE |
Securities Purchase Agreement dated December 22, 2022
On December 22, 2022, the Company entered into and closed a securities purchase agreement (the “Purchase Agreement”) and issued a $2,200,000 principal amount senior secured promissory note (the “Note”). At closing, a total of $2,002,000 was funded, with the proceeds to be used for general working capital.
The principal amount of the Note was due six months following the date of issuance, subject to one six-month extension by the Company. Interest under the Note accrues at a rate of 10% per annum, payable monthly through month six and at the rate of 12% per annum in months seven through twelve, payable monthly. The Note was secured by a lien on substantially all of the Company’s assets and properties can be prepaid in whole or in part without penalty at any time.
In connection with the issuance of the Note, the Company issued to the investor 38,889 shares of Common Stock (the “Commitment Shares”) valued at $18.00 per share and a warrant (the “Warrant”) to purchase 11,112 shares of common stock (the “Warrant Shares”) at an exercise price of $54.00 per share, exercisable commencing on the date of issuance with a term of five years. The warrant was valued at $94,316.
On October 31, 2023 the Company repaid $1,400,000 of principal due under the Note, and on December 21, 2023 the Company repaid the remaining principal balance of $800,000 due under the Note.
As of December 31, 2023, the Note was paid in full.
|
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v3.24.2.u1
Note 11 - Earnings (Loss) Per Share - Common Stock ("EPS")
|
6 Months Ended |
Jun. 30, 2024 |
Notes to Financial Statements |
|
Earnings Per Share [Text Block] |
11. |
EARNINGS (LOSS) PER SHARE - COMMON STOCK (“EPS”) |
The Company’s basic EPS is calculated using net income (loss) available to common shareholders and the weighted-average number of shares outstanding during the reporting period. Diluted EPS includes the effect from potential issuance of common stock, such as stock issuable pursuant to the exercise of stock options and warrants and the assumed conversion of preferred stock.
The following table sets forth options and warrants which were excluded from the diluted per share calculation because the exercise price was greater than the average market price of the common shares:
|
|
Three Months ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options |
|
|
3,373 |
|
|
|
9,628 |
|
|
|
3,373 |
|
|
|
9,628 |
|
Warrants |
|
|
1,722,695 |
|
|
|
270,672 |
|
|
|
1,722,695 |
|
|
|
270,672 |
|
Total |
|
|
1,726,068 |
|
|
|
280,300 |
|
|
|
1,726,068 |
|
|
|
280,300 |
|
|
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v3.24.2.u1
Note 12 - Stockholders' Equity
|
6 Months Ended |
Jun. 30, 2024 |
Notes to Financial Statements |
|
Equity [Text Block] |
Issuances of Common Stock
During the six-month periods ended June 30, 2024, and 2023, there have not been any shares of common stock issued to anyone outside the Company, except as noted below under Issuances to Directors, Executive Officers & Consultants
On June 18, 2021, the stockholders approved the Employee Stock Purchase Plan. Under the terms of this plan, 43,334 shares of common stock are reserved for issuance to employees and officers of the Company at a purchase price equal to 85% of the lower of the closing price of the common stock on the first day or the last day of the offering period as reported on the Nasdaq Capital Market. Eligible employees are granted an option to purchase shares under the plan funded by payroll deductions. The Board may suspend or terminate the plan at any time, otherwise the plan expires June 17, 2031. On June 28, 2024, 1,390 shares were issued to employees which resulted in a $456 non-cash compensation expense for the Company. On June 30, 2023, 1,557 shares were issued to employees which resulted in a $3,563 non-cash compensation expense for the Company.
Issuances of Restricted Stock
Restricted stock consists of shares of common stock that are subject to restrictions on transfer and risk of forfeiture until the fulfillment of specified conditions. The fair value of nonvested shares is determined based on the market price of the Company's common stock on the grant date. Nonvested stock is expensed ratably over the term of the restriction period.
During the six-month periods ended June 30, 2024 and 2023, the Company issued 0 and 2,222 shares of restricted common stock, respectively, to certain employees. These shares vest in equal annual installments over a three-year period from the date of grant and had a fair value on the date of issuance of $0 and $31,200, respectively.
During the six-month periods ended June 30, 2024 and 2023, 502 and 1,901 shares of restricted common stock were forfeited, respectively.
Share based compensation for the six-month periods ended June 30, 2024 and 2023, was $96,561 and $120,767, respectively.
Issuances to Directors
During the six-month periods ended June 30, 2024, and 2023 the Company issued 4,287 and 2,141 shares of common stock to its directors in lieu of payment of board and committee fees valued at $9,003 and $28,004, respectively.
Employees’ exercise options
During the six-month periods ended June 30, 2024 and 2023, no employee stock options were exercised.
3. Warrants
There were no warrants issued during the six-month periods ended June 30, 2024 and 2023. There were 777,666 prefunded warrants exercised during the three-month period ended March 31, 2024.
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v3.24.2.u1
Note 13 - Fair Values of Financial Instruments
|
6 Months Ended |
Jun. 30, 2024 |
Notes to Financial Statements |
|
Fair Value Disclosures [Text Block] |
13. |
FAIR VALUES OF FINANCIAL INSTRUMENTS |
Cash and cash equivalents, accounts receivable, due from factor, accounts payable and accrued liabilities are carried at, or approximate, fair value because of their short-term nature. The carrying value of the Company’s government loan payable approximates fair value as the interest rate related to the financial instruments approximated market.
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v3.24.2.u1
Note 14 - Major Customers and Accounts Receivable
|
6 Months Ended |
Jun. 30, 2024 |
Notes to Financial Statements |
|
Concentration Risk Disclosure [Text Block] |
14. | MAJOR CUSTOMERS AND ACCOUNTS RECEIVABLE |
During each of the three month periods ended June 30, 2024, and 2023, no customer accounted for more than 10% and one customer accounted for 12% of the revenue, respectively. For the six month periods ended June 30, 2024, and 2023, one customers accounted for 40% and two customers accounted for 30% of revenue, respectively.
Two customers accounted for 94% of current accounts receivable at June 30, 2024. At December 31, 2023, one customer accounted for 35% of current accounts receivable.
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v3.24.2.u1
Note 16 - Income Taxes
|
6 Months Ended |
Jun. 30, 2024 |
Notes to Financial Statements |
|
Income Tax Disclosure [Text Block] |
United States, Hong Kong and Nigeria
The Company recorded no income tax expense for the three and six months ended June 30, 2024 and 2023 because the estimated annual effective tax rate was zero. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections of the Company’s annual earnings and taxing jurisdictions in which the earnings will be generated, the impact of state and local income taxes, the ability to use tax credits and net operating loss carry forwards, and available tax planning alternatives.
As of June 30, 2024 and December 31, 2023, the Company provided a full valuation allowance against its net deferred tax assets since the Company believes it is more likely than not that its deferred tax assets will not be realized.
Spain
Due to the current loss for the six months ended June 30, 2024, the Company did not record income taxes. The deferred tax liability presented on the condensed consolidated balance sheet relates to intangible assets from the acquisition of Swivel Secure.
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v3.24.2.u1
Note 16 - Subsequent Events
|
6 Months Ended |
Jun. 30, 2024 |
Notes to Financial Statements |
|
Subsequent Events [Text Block] |
During July 2024, 849 shares of restricted common stock were forfeited by employees who left the Company before the lapse of the restriction period applicable to such shares.
On July 31, 2024, the Company issued 1,352 shares of common stock to its directors in payment of committee meeting fees. Additionally, the Company issued an aggregate of 10,500 shares of restricted stock to non-employee directors with three-year vesting.
On July 31, 2024, the Company issued an aggregate of 158,486 of restricted stock with three-year vesting period to its officers and current employees.
The Company has reviewed subsequent events through the date of this filing.
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v3.24.2.u1
Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Accounting, Policy [Policy Text Block] |
Basis of Presentation
The accompanying unaudited interim condensed consolidated financial statements include the accounts of BIO-key International, Inc. and its wholly-owned subsidiaries (collectively, the “Company” or “BIO-key”) and are stated in conformity with accounting principles generally accepted in the United States of America (“GAAP”), pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. Pursuant to such rules and regulations, certain financial information and footnote disclosures normally included in the financial statements have been condensed or omitted. Intercompany accounts and transactions have been eliminated in consolidation.
In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all necessary adjustments, consisting only of those of a recurring nature, and disclosures to present fairly the Company’s financial position and the results of its operations and cash flows for the periods presented. The balance sheet at June 30, 2024 was derived from the audited financial statements, but does not include all of the disclosures required by GAAP. These unaudited interim condensed consolidated financial statements should be read in conjunction with the financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on June 5, 2024.
|
Foreign Currency Transactions and Translations Policy [Policy Text Block] |
Foreign Currencies
The Company accounts for foreign currency transactions pursuant to ASC 830, Foreign Currency Matters ("ASC 830”). The functional currency of the Company is the U.S. dollar, which is the currency of the primary economic environment in which it operates. In accordance with ASC 830, all assets and liabilities are translated into U. S. dollars using the current exchange rate at the end of each fiscal period. Revenues and expenses are translated using the average exchange rates prevailing throughout the respective periods. All transaction gains and losses from the measurement of monetary balance sheet items denominated in Euros are reflected in the statement of operations as appropriate. Translation adjustments are included in accumulated other comprehensive income (loss).
|
New Accounting Pronouncements, Policy [Policy Text Block] |
Recently Issued Accounting Pronouncements
Effective January 1, 2023, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), referred to herein as ASU 2016-13, which significantly changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces the existing incurred loss model with an expected credit loss model that requires entities to estimate an expected lifetime credit loss on most financial assets and certain other instruments. Under ASU 2016-13 credit impairment is recognized as an allowance for credit losses, rather than as a direct write-down of the amortized cost basis of a financial asset. The impairment allowance is a valuation account deducted from the amortized cost basis of financial assets to present the net amount expected to be collected on the financial asset. Once the new pronouncement is adopted by the Company, the allowance for credit losses must be adjusted for management’s current estimate at each reporting date. The new guidance provides no threshold for recognition of impairment allowance. Therefore, entities must also measure expected credit losses on assets that have a low risk of loss. For instance, trade receivables that are either current or not yet due may not require an allowance reserve under currently generally accepted accounting principles, but under the new standard, the Company will have to estimate an allowance for expected credit losses on trade receivables under ASU 2016-13. The adoption of ASU 2016-13 had a material effect on the consolidated financial statements of the Company.
In August 2020, the Financial Accounting Standards Board issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 was effective for the Company on January 1, 2024 and should be applied on a full or modified retrospective basis. The adoption of ASU 2016-13 did not have a material effect on the consolidated financial statements of the Company.
Management does not believe that any other recently issued, but not yet effective, accounting standard, if currently adopted, would have a material effect on the accompanying consolidated financial statements.
|
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v3.24.2.u1
Note 3 - Revenue From Contracts With Customers (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Notes Tables |
|
Disaggregation of Revenue [Table Text Block] |
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
America |
|
|
Africa |
|
|
EMESA* |
|
|
Asia |
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License fees |
|
$ |
539,625 |
|
|
$ |
- |
|
|
$ |
234,600 |
|
|
$ |
- |
|
|
$ |
774,225 |
|
Hardware |
|
|
70,292 |
|
|
|
- |
|
|
|
- |
|
|
|
13,200 |
|
|
|
83,492 |
|
Services |
|
|
238,759 |
|
|
|
43,423 |
|
|
|
1,387 |
|
|
|
- |
|
|
|
283,569 |
|
Total Revenues |
|
$ |
848,676 |
|
|
$ |
43,423 |
|
|
$ |
235,987 |
|
|
$ |
13,200 |
|
|
$ |
1,141,286 |
|
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
America |
|
|
Africa |
|
|
EMESA* |
|
|
Asia |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License fees |
|
$ |
780,383 |
|
|
$ |
- |
|
|
$ |
455,388 |
|
|
$ |
- |
|
|
$ |
1,235,771 |
|
Hardware |
|
|
61,551 |
|
|
|
- |
|
|
|
142 |
|
|
|
11,000 |
|
|
|
72,693 |
|
Services |
|
|
281,607 |
|
|
|
26,009 |
|
|
|
305,424 |
|
|
|
7,425 |
|
|
|
620,465 |
|
Total Revenues |
|
$ |
1,123,541 |
|
|
$ |
26,009 |
|
|
$ |
760,954 |
|
|
$ |
18,425 |
|
|
$ |
1,928,929 |
|
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
America |
|
|
Africa |
|
|
EMESA* |
|
|
Asia |
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services |
|
$ |
430,239 |
|
|
$ |
63,677 |
|
|
$ |
2,774 |
|
|
$ |
- |
|
|
$ |
496,690 |
|
License fees |
|
|
1,058,869 |
|
|
|
1,266,553 |
|
|
|
399,237 |
|
|
|
- |
|
|
|
2,724,659 |
|
Hardware |
|
|
87,701 |
|
|
|
- |
|
|
|
239 |
|
|
|
13,200 |
|
|
|
101,140 |
|
Total Revenues |
|
$ |
1,576,809 |
|
|
$ |
1,330,230 |
|
|
$ |
402,250 |
|
|
$ |
13,200 |
|
|
$ |
3,322,489 |
|
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
America |
|
|
Africa |
|
|
EMESA* |
|
|
Asia |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services |
|
$ |
545,464 |
|
|
$ |
49,797 |
|
|
$ |
545,351 |
|
|
$ |
12,375 |
|
|
$ |
1,152,987 |
|
License fees |
|
|
1,188,913 |
|
|
|
552,630 |
|
|
|
1,002,134 |
|
|
|
70,650 |
|
|
|
2,814,327 |
|
Hardware |
|
|
86,332 |
|
|
|
- |
|
|
|
47,150 |
|
|
|
11,900 |
|
|
|
145,382 |
|
Total Revenues |
|
$ |
1,820,709 |
|
|
$ |
602,427 |
|
|
$ |
1,594,635 |
|
|
$ |
94,925 |
|
|
$ |
4,112,696 |
|
|
X |
- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
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v3.24.2.u1
Note 4 - Accounts Receivable (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Notes Tables |
|
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] |
|
|
June 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
$ |
1,543,002 |
|
|
$ |
2,207,311 |
|
Allowance for credit losses |
|
|
(638,956 |
) |
|
|
(1,005,785 |
) |
Accounts receivable, net of allowances for credit losses |
|
$ |
904,046 |
|
|
$ |
1,201,526 |
|
|
X |
- DefinitionTabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.
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v3.24.2.u1
Note 5 - Share Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Notes Tables |
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] |
|
|
Three Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
$ |
39,383 |
|
|
$ |
59,966 |
|
Research, development and engineering |
|
|
9,388 |
|
|
|
17,430 |
|
|
|
$ |
48,771 |
|
|
$ |
77,396 |
|
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
$ |
87,025 |
|
|
$ |
115,419 |
|
Research, development and engineering |
|
|
18,539 |
|
|
|
33,352 |
|
|
|
$ |
105,564 |
|
|
$ |
148,771 |
|
|
X |
- DefinitionTabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.
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v3.24.2.u1
Note 6 - Inventory (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Notes Tables |
|
Schedule of Inventory, Current [Table Text Block] |
|
|
June 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Finished goods |
|
$ |
4,360,526 |
|
|
$ |
4,373,056 |
|
Fabricated assemblies |
|
|
59,156 |
|
|
|
59,184 |
|
Reserve on finished goods |
|
|
(3,986,500 |
) |
|
|
(3,986,500 |
) |
Total inventory |
|
$ |
433,182 |
|
|
$ |
445,740 |
|
|
X |
- DefinitionTabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.
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v3.24.2.u1
Note 8 - Leases (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Notes Tables |
|
Lessee, Operating Lease, Costs, Assets and Liabilities [Table Text Block] |
|
|
3 Months ended |
|
|
3 Months ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Lease cost |
|
|
|
|
|
|
|
|
Total lease cost |
|
$ |
14,553 |
|
|
$ |
48,543 |
|
|
|
6 Months ended |
|
|
6 Months ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Lease cost |
|
|
|
|
|
|
|
|
Total lease cost |
|
$ |
29,106 |
|
|
$ |
111,682 |
|
|
|
June 30, |
|
|
December 31, |
|
Balance sheet information |
|
2024 |
|
|
2023 |
|
Operating right-of-use assets |
|
$ |
9,341 |
|
|
$ |
36,905 |
|
|
|
|
|
|
|
|
|
|
Operating lease liabilities, current portion |
|
$ |
9,570 |
|
|
$ |
37,829 |
|
Operating lease liabilities, non-current portion |
|
|
- |
|
|
|
- |
|
Total operating lease liabilities |
|
$ |
9,570 |
|
|
$ |
37,829 |
|
|
|
|
|
|
|
|
|
|
Weighted average remaining lease term (in years) – operating leases |
|
|
0.17 |
|
|
|
0.67 |
|
Weighted average discount rate – operating leases |
|
|
5.50 |
% |
|
|
5.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for amounts included in the measurement of operating lease liabilities for the six months ended June 30, 2024 and 2023: |
|
$ |
22,613 |
|
|
$ |
69,821 |
|
2024 (2 months remaining) |
|
$ |
9,702 |
|
2025 |
|
|
- |
|
Total future lease payments |
|
$ |
9,702 |
|
Less: imputed interest |
|
|
(132 |
) |
Total |
|
$ |
9,570 |
|
|
X |
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v3.24.2.u1
Note 11 - Earnings (Loss) Per Share - Common Stock ("EPS") (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Notes Tables |
|
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] |
|
|
Three Months ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options |
|
|
3,373 |
|
|
|
9,628 |
|
|
|
3,373 |
|
|
|
9,628 |
|
Warrants |
|
|
1,722,695 |
|
|
|
270,672 |
|
|
|
1,722,695 |
|
|
|
270,672 |
|
Total |
|
|
1,726,068 |
|
|
|
280,300 |
|
|
|
1,726,068 |
|
|
|
280,300 |
|
|
X |
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v3.24.2.u1
Note 3 - Revenue From Contracts With Customers (Details Textual) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Contract with Customer, Liability |
$ 858,000
|
|
$ 858,000
|
|
$ 443,000
|
Contract with Customer, Liability, Revenue Recognized |
$ 157,000
|
$ 102,000
|
$ 431,000
|
$ 335,000
|
|
Minimum [Member] |
|
|
|
|
|
Capitalized Contract Cost, Amortization Period (Month) |
12 months
|
|
12 months
|
|
|
Maximum [Member] |
|
|
|
|
|
Capitalized Contract Cost, Amortization Period (Month) |
60 months
|
|
60 months
|
|
|
X |
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v3.24.2.u1
Note 3 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenues |
|
$ 1,141,286
|
$ 1,928,929
|
$ 3,322,489
|
$ 4,112,696
|
North America [Member] |
|
|
|
|
|
Revenues |
|
848,676
|
1,123,541
|
1,576,809
|
1,820,709
|
Africa [Member] |
|
|
|
|
|
Revenues |
|
43,423
|
26,009
|
1,330,230
|
602,427
|
EMESA [Member] |
|
|
|
|
|
Revenues |
[1] |
235,987
|
760,954
|
402,250
|
1,594,635
|
Asia [Member] |
|
|
|
|
|
Revenues |
|
13,200
|
18,425
|
13,200
|
94,925
|
License [Member] |
|
|
|
|
|
Revenues |
|
774,225
|
1,235,771
|
2,724,659
|
2,814,327
|
License [Member] | North America [Member] |
|
|
|
|
|
Revenues |
|
539,625
|
780,383
|
1,058,869
|
1,188,913
|
License [Member] | Africa [Member] |
|
|
|
|
|
Revenues |
|
0
|
0
|
1,266,553
|
552,630
|
License [Member] | EMESA [Member] |
|
|
|
|
|
Revenues |
[1] |
234,600
|
455,388
|
399,237
|
1,002,134
|
License [Member] | Asia [Member] |
|
|
|
|
|
Revenues |
|
0
|
0
|
0
|
70,650
|
Service [Member] |
|
|
|
|
|
Revenues |
|
283,569
|
620,465
|
496,690
|
1,152,987
|
Service [Member] | North America [Member] |
|
|
|
|
|
Revenues |
|
238,759
|
281,607
|
430,239
|
545,464
|
Service [Member] | Africa [Member] |
|
|
|
|
|
Revenues |
|
43,423
|
26,009
|
63,677
|
49,797
|
Service [Member] | EMESA [Member] |
|
|
|
|
|
Revenues |
[1] |
1,387
|
305,424
|
2,774
|
545,351
|
Service [Member] | Asia [Member] |
|
|
|
|
|
Revenues |
|
0
|
7,425
|
0
|
12,375
|
Hardware [Member] |
|
|
|
|
|
Revenues |
|
83,492
|
72,693
|
101,140
|
145,382
|
Hardware [Member] | North America [Member] |
|
|
|
|
|
Revenues |
|
70,292
|
61,551
|
87,701
|
86,332
|
Hardware [Member] | Africa [Member] |
|
|
|
|
|
Revenues |
|
0
|
0
|
0
|
0
|
Hardware [Member] | EMESA [Member] |
|
|
|
|
|
Revenues |
[1] |
0
|
142
|
239
|
47,150
|
Hardware [Member] | Asia [Member] |
|
|
|
|
|
Revenues |
|
$ 13,200
|
$ 11,000
|
$ 13,200
|
$ 11,900
|
|
|
X |
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v3.24.2.u1
Note 4 - Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Accounts receivable |
$ 1,543,002
|
$ 2,207,311
|
Allowance for credit losses |
(638,956)
|
(1,005,785)
|
Accounts receivable, net of allowances for credit losses |
$ 904,046
|
$ 1,201,526
|
X |
- DefinitionAmount, before allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.
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v3.24.2.u1
Note 5 - Share Based Compensation - Expenses for Continuing Operations (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Share-based compensation expense |
$ 48,771
|
$ 77,396
|
$ 105,564
|
$ 148,771
|
Selling, General and Administrative Expenses [Member] |
|
|
|
|
Share-based compensation expense |
39,383
|
59,966
|
87,025
|
115,419
|
Research and Development Expense [Member] |
|
|
|
|
Share-based compensation expense |
$ 9,388
|
$ 17,430
|
$ 18,539
|
$ 33,352
|
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v3.24.2.u1
Note 6 - Inventory - Components of Inventory (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Finished goods |
$ 4,360,526
|
$ 4,373,056
|
Fabricated assemblies |
59,156
|
59,184
|
Reserve on finished goods |
(3,986,500)
|
(3,986,500)
|
Total inventory |
$ 433,182
|
$ 445,740
|
X |
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v3.24.2.u1
Note 8 - Leases - Operating Lease Balance Sheet Information (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Total lease cost |
$ 14,553
|
$ 48,543
|
$ 29,106
|
$ 111,682
|
|
Operating lease right-of-use assets |
9,341
|
|
9,341
|
|
$ 36,905
|
Operating lease liabilities, current portion |
9,570
|
|
9,570
|
|
37,829
|
Operating lease liabilities, non-current portion |
0
|
|
0
|
|
$ 0
|
Total operating lease liabilities |
$ 9,570
|
|
$ 9,570
|
|
|
Weighted average remaining lease term (in years) – operating leases (Year) |
2 months 1 day
|
|
2 months 1 day
|
|
8 months 1 day
|
Weighted average discount rate – operating leases |
5.50%
|
|
5.50%
|
|
5.50%
|
Cash paid for amounts included in the measurement of operating lease liabilities for the six months ended June 30, 2024 and 2023: |
|
|
$ 22,613
|
|
$ 69,821
|
2024 (2 months remaining) |
$ 9,702
|
|
9,702
|
|
|
2025 |
0
|
|
0
|
|
|
Total future lease payments |
9,702
|
|
9,702
|
|
|
Less: imputed interest |
(132)
|
|
(132)
|
|
|
Total |
9,570
|
|
9,570
|
|
|
Approximation [Member] |
|
|
|
|
|
Operating lease right-of-use assets |
9,341
|
|
9,341
|
|
36,905
|
Total operating lease liabilities |
9,570
|
|
9,570
|
|
37,829
|
Total |
$ 9,570
|
|
$ 9,570
|
|
$ 37,829
|
X |
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v3.24.2.u1
Note 9 - Note Payable (Details Textual) - USD ($)
|
|
6 Months Ended |
Jun. 24, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Proceeds from Debt, Net of Issuance Costs |
|
$ 2,000,000
|
$ 0
|
The 2024 Note [Member] | Senior Secured Promissory Note [Member] |
|
|
|
Debt Instrument, Face Amount |
$ 2,360,000
|
|
|
Debt Instrument, Unamortized Discount |
350,000
|
|
|
Payments of Financing Costs |
10,000
|
|
|
Proceeds from Debt, Net of Issuance Costs |
$ 2,000,000
|
|
|
Debt Instrument, Term (Month) |
18 months
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
9.00%
|
|
|
Debt Instrument, Exit Fee Percentage |
7.00%
|
|
|
Debt Instrument, Redemption Amount |
$ 270,000
|
|
|
Debt Instrument, Reduction in Outstanding Balance at The End Of Each Month |
$ 270,000
|
|
|
Debt Instrument, Mandatory Prepayment, Percentage |
40.00%
|
|
|
The 2024 Note [Member] | Senior Secured Promissory Note [Member] | Debt Instrument, Event of Default [Member] |
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
22.00%
|
|
|
Debt Instrument, Increase (Decrease), Percentage |
1.00%
|
|
|
Debt Instrument Interest Rate, MajorTrigger Event |
|
15.00%
|
|
The 2024 Note [Member] | Senior Secured Promissory Note [Member] | Maximum [Member] |
|
|
|
Debt Instrument, Redemption Amount |
$ 270,000
|
|
|
The 2024 Note [Member] | Senior Secured Promissory Note [Member] | Maximum [Member] | Debt Instrument, Event of Default [Member] |
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
25.00%
|
|
The 2024 Note [Member] | Senior Secured Promissory Note [Member] | Minimum [Member] | Debt Instrument, Event of Default [Member] |
|
|
|
Debt Instrument Interest Rate, Minor Trigger Event |
|
5.00%
|
|
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v3.24.2.u1
Note 10 - Convertible Note Payable (Details Textual) - USD ($)
|
|
|
|
6 Months Ended |
Dec. 21, 2023 |
Oct. 31, 2023 |
Dec. 22, 2022 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Proceeds from Debt, Net of Issuance Costs |
|
|
|
$ 2,000,000
|
$ 0
|
Class of Warrant or Right, Issued During Period (in shares) |
|
|
|
0
|
0
|
Warrants Issued in Connection with Convertible Notes [Member] |
|
|
|
|
|
Class of Warrant or Right, Issued During Period (in shares) |
|
|
11,112
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) |
|
|
$ 54
|
|
|
Warrants and Rights Outstanding, Term (Year) |
|
|
5 years
|
|
|
Warrants and Rights Outstanding |
|
|
$ 94,316
|
|
|
The Note [Member] |
|
|
|
|
|
Repayments of Notes Payable |
$ 800,000
|
$ 1,400,000
|
|
|
|
The Note [Member] | Senior Secured Promissory Note [Member] |
|
|
|
|
|
Debt Instrument, Face Amount |
|
|
2,200,000
|
|
|
Proceeds from Debt, Net of Issuance Costs |
|
|
$ 2,002,000
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
10.00%
|
12.00%
|
|
Stock Issued During Period, Shares, Commitment Fees (in shares) |
|
|
38,889
|
|
|
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v3.24.2.u1
Note 11 - Earnings (Loss) Per Share - Common Stock ("EPS") - Securities Excluded From the Diluted Per Share Calculation (Details) - Exercise Price Greater Than Average Market Price Of Common Shares [Member] - shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Antidilutive securities (in shares) |
1,726,068
|
280,300
|
1,726,068
|
280,300
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
Antidilutive securities (in shares) |
3,373
|
9,628
|
3,373
|
9,628
|
Warrant [Member] |
|
|
|
|
Antidilutive securities (in shares) |
1,722,695
|
270,672
|
1,722,695
|
270,672
|
X |
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v3.24.2.u1
Note 12 - Stockholders' Equity (Details Textual) - USD ($)
|
|
|
|
3 Months Ended |
6 Months Ended |
Jun. 28, 2024 |
Jun. 30, 2023 |
Jun. 18, 2021 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Share-Based Payment Arrangement, Expense |
|
|
|
$ 48,771
|
|
$ 77,396
|
|
$ 105,564
|
$ 148,771
|
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture |
|
|
|
|
$ 9,003
|
$ 16,002
|
$ 12,002
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) |
|
|
|
|
|
|
|
0
|
0
|
Class of Warrant or Right, Issued During Period (in shares) |
|
|
|
|
|
|
|
0
|
0
|
Pre-Funded Warrants [Member] |
|
|
|
|
|
|
|
|
|
Class of Warrant or Right, Exercised During Period (in shares) |
|
|
|
|
777,666
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) |
|
|
|
1,390
|
|
1,557
|
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares) |
|
|
|
|
|
|
2,222
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited (in shares) |
|
|
|
186
|
316
|
799
|
1,102
|
|
|
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares) |
|
|
|
|
4,287
|
1,286
|
855
|
|
|
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture |
|
|
|
|
$ 0
|
$ 0
|
$ 0
|
|
|
Common Stock [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares) |
|
|
|
|
|
|
|
4,287
|
2,141
|
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture |
|
|
|
|
|
|
|
$ 9,003
|
$ 28,004
|
Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Payment Arrangement, Expense |
|
|
|
|
|
|
|
$ 96,561
|
$ 120,767
|
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares) |
|
|
|
|
|
|
|
0
|
2,222
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) |
|
|
|
|
|
|
|
3 years
|
3 years
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Granted in Period, Fair Value |
|
|
|
|
|
|
|
$ 0
|
$ 31,200
|
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited (in shares) |
|
|
|
|
|
|
|
502
|
1,901
|
Employee Stock Purchase Plan [Member] |
|
|
|
|
|
|
|
|
|
Common Stock, Capital Shares Reserved for Future Issuance (in shares) |
|
|
43,334
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, Percent |
|
|
85.00%
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) |
1,390
|
1,557
|
|
|
|
|
|
|
|
Share-Based Payment Arrangement, Expense |
$ 456
|
$ 3,563
|
|
|
|
|
|
|
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v3.24.2.u1
Note 14 - Major Customers and Accounts Receivable (Details Textual) - Customer Concentration Risk [Member]
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Revenue Benchmark [Member] |
|
|
|
|
|
Concentration Risk, Number of Major Customers |
0
|
0
|
|
|
|
Revenue Benchmark [Member] | One Customer [Member] |
|
|
|
|
|
Concentration Risk, Number of Major Customers |
1
|
1
|
1
|
|
|
Concentration Risk, Percentage |
12.00%
|
12.00%
|
40.00%
|
|
|
Revenue Benchmark [Member] | Two Customers [Member] |
|
|
|
|
|
Concentration Risk, Number of Major Customers |
|
|
|
2
|
|
Concentration Risk, Percentage |
|
|
|
30.00%
|
|
Accounts Receivable [Member] | One Customer [Member] |
|
|
|
|
|
Concentration Risk, Number of Major Customers |
|
|
|
|
1
|
Concentration Risk, Percentage |
|
|
|
|
35.00%
|
Accounts Receivable [Member] | Two Customers [Member] |
|
|
|
|
|
Concentration Risk, Number of Major Customers |
|
|
2
|
|
|
Concentration Risk, Percentage |
|
|
94.00%
|
|
|
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- DefinitionRepresents the number of external customers that accounts for 10 percent or more of an entity's revenues or accounts receivable.
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v3.24.2.u1
Note 16 - Subsequent Events (Details Textual) - shares
|
|
1 Months Ended |
6 Months Ended |
Jul. 31, 2024 |
Jul. 31, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Common Stock [Member] | Subsequent Event [Member] | Director [Member] |
|
|
|
|
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares) |
1,352
|
|
|
|
Common Stock [Member] | Share-Based Payment Arrangement, Employee [Member] | Subsequent Event [Member] |
|
|
|
|
Shares Issued, Shares, Share-Based Payment Arrangement, Forfeited (in shares) |
|
849
|
|
|
Restricted Stock [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) |
|
|
3 years
|
3 years
|
Restricted Stock [Member] | Subsequent Event [Member] | Director [Member] |
|
|
|
|
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares) |
10,500
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) |
3 years
|
|
|
|
Restricted Stock [Member] | Share-Based Payment Arrangement, Employee [Member] | Subsequent Event [Member] |
|
|
|
|
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares) |
158,486
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) |
3 years
|
|
|
|
X |
- DefinitionPeriod over which grantee's right to exercise award under share-based payment arrangement is no longer contingent on satisfaction of service or performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Includes, but is not limited to, combination of market, performance or service condition.
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