Company: BKYI
Filing Date: 2025-04-23
Form Type: 10-K
Source: 0001437749-25-012824
Chunk: 264

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-04-23
Form: 10-K
Item: Item 1C
Chunk 264
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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 (see Note N). 
    
   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.

   NOTE L—LEASES
    
   The Company’s leases office space in New Jersey, Minnesota, New Hampshire, Madrid and Hong Kong with lease termination dates in 2025 and 2027. 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:

       Year ended    Year ended  
   December 31,    December 31,  
   2024    2023  
 Lease cost         
 Operating lease cost  $45,787  $166,161 
 Total lease cost  $45,787  $166,161 
         
 Balance sheet information         
 Operating right-of-use assets  $73,372  $36,905 
         
 Operating lease liabilities, current portion  $24,642  $37,829 
 Operating lease liabilities, non-current portion   48,994   - 
 Total operating lease liabilities  $73,636  $37,829 
         
 Weighted average remaining lease term (in years) – operating leases   2.67   0.67 
 Weighted average discount rate – operating leases   5.50%  5.50%
         
 Supplemental cash flow information related to leases were as follows:         
         
 Cash paid for amounts included in the measurement of operating lease liabilities  $63,914  $213,783 
         
 Maturities of operating lease liabilities were as follows as of December 31, 2024:         
         
 2025  $28,195