Company: BKYI
Filing Date: 2025-04-23
Form Type: 10-K
Source: 0001437749-25-012824
Chunk: 429

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-04-23
Form: 10-K
Item: Item 8
Chunk 429
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 which would have been received by the option holders had all option holders exercised their options as of that date. There were no in-the-money options exercisable as of  December 31, 2024, 2023 and 2022.
    
   The weighted average fair value of options granted during the years ended  December 31, 2024 and 2023 was $0 as no options were granted in either year. The total intrinsic value of options exercised during the years ended  December 31, 2024 and 2023 was $0 as no options were exercised in either year. The total fair value of shares vested during the years ended  December 31, 2024 and 2023 was $0 (none vested) and $18,310. respectively.
    
   As of  December 31, 2024, there was no future forfeiture adjusted compensation costs related to nonvested stock options.

   NOTE P—INCOME TAXES
    
   The components of net loss consist of the following:

       Year ended    Year ended  
   December 31,    December 31,  
   2024    2023  
         
 United States  $(2,767,752) $(7,279,970)
 Hong Kong   (222,901)  (627,146)
 Nigeria   (223,426)  (203,700)
 Spain   (1,086,613)  (411,021)
 Total  $(4,300,692) $(8,521,837 ) 

       62

   There was no provision for current federal, foreign or state taxes for both of the years ended  December 31, 2024 and 2023 as a result of taxable losses incurred in these jurisdictions. The provision for income tax benefits consist of the following (in thousands):

       Year ended    Year ended  
   December 31,    December 31,  
   2024    2023  
         
 Current – federal,  $-  $- 
 state         
 foreign         
 Deferred- Federal       40,986 
 States         
 Foreign   (22,998)  (175,000)
 Total   (22,998)  (134,014)
 Change in valuation allowance         
         
 Provision for income tax