Company: BKYI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001437749-25-017209
Chunk: 47

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 47
---

     )

     -23
     %

Selling, general and administrative expenses for the three months ended March 31, 2025, decreased 23% from $1,782,973 in the corresponding period in 2024 to $1,372,524in the current quarter.  The decreases included reductions in administration, sales personnel costs, and professional services fees.

Research, development and engineering

      Three Months Ended 

      March 31, 

      2025 

      2024 

      $ Change 

      % Change 

      Research, development, and engineering 
      
     $
     595,775

     $
     607,521

     $
     (11,746
     )

     -2
     %

For the three months ended March 31, 2025, research, development, and engineering costs decreased 2% to $595,775 compared to $607,521 in the corresponding period in 2024. The decrease consisted primarily in a decrease in rent costs.

Other income (expense)

      Three Months Ended 

      March 31, 

      2025 

      2024 

      $ Change 

      % Change 

      Interest income 
      
     $
     3

     $
     5

     $
     (2
     )

     -40
     %

      Loan fee amortization 

     (60,000
     )

     -

     (60,000
     )

     -100
     %

      Change in fair value of convertible note 

     -

     -

     -

     100
     %

      Interest expense 

     (35,910
     )

     (1,356
     )

     (34,554
     )

     -2548
     %

      Other income (expense) 
      
     $
     (95,907
     )
      
     $
     (1,351
     )
      
     $
     (94,556
     )

     -6999
     %

Other income (expense) for the three months ended March 31, 2025 consisted of interest income of $3, interest expense of $35,910 on the note payable and the government loan through the BBVA bank, and a loan fee amortization amount of $60,000. Other income (expense) for the three months ended March 31, 2024 consisted of interest income of $5 and interest expense of $1,