Company: BKYI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001437749-25-035227
Chunk: 64

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 64
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      $ Change 

      % Change 

      Research, development and engineering 
      
     $
     1,915,422

     $
     1,850,929

     $
     64,493

     3
     %

For the nine months ended September 30, 2025, research, development, and engineering costs increased 3% to $1,915,422 compared to $1,850,929 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)

      Nine Months Ended 

      September 30, 

      2025 

      2024 

      $ Change 

      % Change 

      Interest income 
      
     $
     2,610

     $
     53

     $
     2,557

     4825
     %

      Loan fee amortization 

     (60,000
     )

     (64,000
     )

     4,000

     1500
     %

      Interest expense 

     (74,722
     )

     (108,823
     )

     34,101

     31
     %

      Other income (expense) 
      
     $
     (132,112
     )
      
     $
     (172,770
     )
      
     $
     40,658

     24
     %

Other income (expense) for the nine months ended September 30, 2025 consisted of interest income of $2,610, interest expense of $74,722 on the note payable and the government loan through the BBVA bank, and a loan fee amortization amount of $60,000. Other income (expense) for the nine months ended September 30, 2024 consisted of interest income of $53 and interest expense of $108,823 consisting of approximately $8,100 on the government loan through the BBVA bank and the balance for interest accrued on the 2024 Note, as defined below, and a loan fee amortization amount of $64,000.

       22

LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

Operating activities overview

      Net cash used in operations during the nine months ended September 30, 2025 was $2,838,088. Items of note included: 

      ● 
      Net