Company: BKYI
Filing Date: 2025-04-23
Form Type: 10-K
Source: 0001437749-25-012824
Chunk: 59

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-04-23
Form: 10-K
Item: Item 1A
Chunk 59
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 audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Critical Audit Matters
 
Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgements. We determined that there are no critical audit matters.
 
/s/Bush & Associates CPA LLC
 
We have served as the Company’s auditor since 2024.
 
Henderson, Nevada
 
April 23, 2025

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BIO-key International, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS

      December 31,  
   2024    2023  
 ASSETS         
 Cash and cash equivalents  $437,604  $511,400 
 Accounts receivable, net   718,229   1,201,526 
 Due from factor   74,170   99,320 
 Inventory, net of reserve   378,307   445,740 
 Prepaid expenses and other   278,648   364,171 
 Total current assets   1,886,958   2,622,157 
 Equipment and leasehold improvements, net   140,198   220,177 
 Capitalized contract costs, net   409,426   229,806 
 Deposits and other assets   7,976   - 
 Operating lease right-of-use assets   73,372   36,905 
Investments  5,000,000   - 
 Intangible assets, net   1,097,630   1,407,990 
 Total non-current assets   6,728,602   1,894,878 
 TOTAL ASSETS  $8,615,560  $4,517,035 
         
 LIABILITIES         
 Accounts payable  $818,187