Company: BKYI
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001437749-25-026549
Chunk: 21

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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-party software included in our previous Swivel Secure product offerings. For the three months ended June 30, 2025, hardware costs increased to net cost  of $258,391 (after giving effect to the $277,415 reversal of the reserve for inventory) from $40,455 in the three months ended June 30, 2024, related to increased hardware revenue which included sales of a portion of our fully reserved inventory.

Selling, general and administrative

      Three Months Ended 

      June 30, 

      2025 

      2024 

      $ Change 

      % Change 

      Selling, general and administrative 
      
     $
     1,680,550

     $
     1,941,866

     $
     (261,316
     )

     -13
     %

Selling, general and administrative expenses for the three months ended June 30, 2025, decreased 13% from $1,941,866 in the corresponding period in 2024 to $1,680,550 in the current quarter.  The decreases included reductions in administration, sales personnel costs, and professional services fees.

Research, development and engineering

      Three Months Ended 

      June 30, 

      2025 

      2024 

      $ Change 

      % Change 

      Research, development, and engineering 
      
     $
     636,027

     $
     591,234

     $
     44,793

     8
     %

For the three months ended June 30, 2025, research, development, and engineering costs increased 8% to $636,027 compared to $591,234 in the corresponding period in 2024. The increase consisted primarily of professional services and personnel costs, offset by a decrease in rent costs.

Other income (expense)

      Three Months Ended 

      June 30, 

      2025 

      2024 

      $ Change 

      % Change 

      Interest income 
      
     $
     2,092

     $
     46

     $
     2,046

     4448
     %

      Loan fee amortization 

     (60,000
     )

     (4,000
     )

     (56,000
     )

     -93
     %

      Interest expense 

     (25,638
     )

     (8,910