Company: BKYI
Filing Date: 2025-04-23
Form Type: 10-K
Source: 0001437749-25-012824
Chunk: 210

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-04-23
Form: 10-K
Item: Item 1C
Chunk 210
---
 2,511,080

     $
     2,394,926

     $
     116,154

     5
     %

For the year ended December 31, 2024, research, development and engineering costs were $2,511,080 compared with $2,394,926 representing a 5% increase from 2023. Included in the increase were higher personnel costs associated with wages and benefits for engineering employees to support new product development.

Other income (expense)

      2024-2023 

      2024 

      2023 

      $ Chg 

      % Chg 

      Interest income 
      
     $
     110

     $
     11,533

     $
     (11,423
     )
      
     -99
     %

      Gain from sale of asset 

     -

     20,000

     (20,000
     )
      
     100
     %

      Foreign currency loss 

     (13,004
     )

     (39,000
     )

     25,996

     -67
     %

      Loan transaction costs 

     (124,000
     )

     -

     (124,000
     )
      
      100 
     %

      Change in fair value of convertible note 

     -

     396,203

     (396,203
     )
      
      -100 
     %

      Interest expense 

     (175,755
     )

     (218,270
     )

     42,515

     -19
     %

     $
     (312,649
     )
      
     $
     170,466

     $
     (483,115
     )

     -283
     %

The amounts for other income (expense) for the year ended December 31, 2024 consisted of interest income of $110, interest expense of $175,755 on the note payable and the government loan through the BBVA bank, and a loan fee amortization amount of $124,000. The amounts for the year ended December 31, 2023, consisted of interest income of $11,533, a gain from the sale of a PistolStar domain asset, change in loan transactions costs for payment of the convertible note payable as we elected to value the convertible note under the fair value option, and interest expense of $218,270 on the convertible note payable and the government loan through the BBVA