Company: BKYI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001437749-25-017209
Chunk: 31

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 31
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 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. The Company has lowered expenses through decreasing spending in marketing, and research and development. In addition, the Company has purchased inventory for projects in Nigeria, which have been delayed in deployment, and is, therefore looking into other markets and opportunities to sell or return the product to generate additional cash.   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.

    3.  REVENUE FROM CONTRACTS WITH CUSTOMERS 

   Disaggregation of Revenue
    
   The following table summarizes revenue from contracts with customers for the three month periods ended  March 31, 2025 and  March 31, 2024:

       North                 March 31,  
   America    Africa    EMESA*    Asia    2025  
                     
 Services  $205,843  $64,152  $142  $2,461  $272,598 
 License fees   354,584   525,093   219,081   -   1,098,758 
 Hardware   17,852   -   188,911   29,040   235,803 
 Total Revenues  $578,279  $589,245  $408,134  $31,501  $1,607,159 

       North                 March 31,  
   America