Company: BKYI
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001437749-25-026549
Chunk: 33

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 33
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       101,140

        Total revenues 
        
       $
       1,576,809

       $
       1,330,230

       $
       402,250

       $
       13,200

       $
       3,322,489

   *EMESA – Europe, Middle East, South America

       10

       Table of Contents

   Deferred Revenue 
    
   Deferred revenue includes customer advances and amounts that have been paid by customer for which the contractual maintenance terms have not yet occurred. The majority of these amounts are related to maintenance contracts for which the revenue is recognized ratably over the applicable term, which generally is 12-60 months. Contracts greater than 12 months are segregated as long term deferred revenue. Maintenance contracts include provisions for unspecified when-and-if available product updates and customer telephone support services. At  June 30, 2025 and  December 31, 2024, amounts in deferred revenue were approximately $970,000 and $485,000, respectively. Revenue recognized during the three months and six months ended  June 30, 2025 from amounts included in deferred revenue at the beginning of the period was approximately 122,000 and 321,000, respectively. Revenue recognized during the three and six-months ended  June 30, 2024 from amounts included in deferred revenue at the beginning of the period was approximately $157,000 and $431,000, respectively.

       4. 
       ACCOUNTS RECEIVABLE 

   Accounts receivable are carried at original amount less an estimate made for credit losses based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for credit losses by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history, current economic conditions and other relevant factors, including specific reserves for certain accounts. Accounts receivable are written off when deemed uncollectible.
    
   Accounts receivable at  June 30, 2025 and  December 31, 2024 consisted of the following: 

        June 30, 

        December 31, 

        2025 

        2024 

        Accounts receivable 
        
       $
       1,366,787

       $
       1,351,482

        Allowance for credit losses 

       (383,253
       )

       (633,253
       )

        Accounts receivable,