Company: BKYI
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001437749-25-026549
Chunk: 51

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 51
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 2024, due to the absence of license fees for third-party software included in our previous Swivel Secure product offerings. For the six months ended June 30, 2025, hardware costs increased to a net cost of $314,831 (after giving effect to the $277,415 reversal of the reserve for inventory) from $53,0293 in the six 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

      Six Months Ended 

      June 30, 

      2025 

      2024 

      $ Change 

      % Change 

      Selling, general and administrative 
      
     $
     3,053,074

     $
     3,724,839

     $
     (671,765
     )

     -18
     %

Selling, general and administrative expenses for the six months ended June 30, 2025, decreased 18% from $3,724,839 in the corresponding period in 2024 to $3,053,074 in the current quarter.  The decreases included reductions in administration, sales personnel costs, and professional services fees.

Research, development and engineering

      Six Months Ended 

      June 30, 

      2025 

      2024 

      $ Change 

      % Change 

      Research, development and engineering 
      
     $
     1,231,802

     $
     1,198,755

     $
     33,047

     3
     %

For the six months ended June 30, 2025, research, development, and engineering costs increased 3% to $1,231,802 compared to $1,198,755 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)

      Six Months Ended 

      June 30, 

      2025 

      2024 

      $ Change 

      % Change 

      Interest income 
      
     $
     2,095

     $
     51

     $
     2,044

     4008
     %

      Loan fee amortization 

     (120,000
     )

     (4,000
     )

     (116,000
     )

     -