Company: BKYI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001437749-25-017209
Chunk: 39

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 39
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 certain employees and directors. These shares vest in equal annual installments over a three-year period from the date of grant and had a fair value on the date of issuance of $2,525 and $0, respectively.
    
   During the three-month periods ended  March 31, 2025 and 2024, 7,572 and 316 shares of restricted common stock were forfeited, respectively.
    
   Share based compensation for the three-month periods ended  March 31, 2025 and 2024, was $52,488 and $56,793, respectively.

       13

   Issuances to Directors
    
   During the three-month periods ended  March 31, 2025, and 2024, the Company issued  8,913 and 4,287, shares of common stock to its directors in lieu of payment of board and committee fees valued at $9,002 and $9,003, respectively. 
    
   Employees’ exercise options
    
   During the three-month periods ended  March 31, 2025 and 2024, no employee stock options were exercised.
    
   3. Warrants
    
   On  January 15, 2025, the Company entered into a warrant exercise agreement with an existing institutional investor to exercise certain outstanding warrants to purchase an aggregate of 2,061,112 shares of the Company’s common stock, $0.0001 par value per share (the “Common Stock”), at an exercise price of $1.85 per share which were originally issued to the Investor on  September 13, 2024. In consideration for the exercise of the Existing Warrants, subject to compliance with the beneficial ownership limitations included in the existing warrants, the Investor received new unregistered Series A warrants to purchase up to an aggregate of 1,545,834 shares of the Company’s Common Stock (the “Series A Warrants”) and new unregistered Series B warrants to purchase up to an aggregate of 1,545,834 shares of the Company’s Common Stock (the “Series B Warrants”, and together with the “Series A Warrants, the “New Warrants”). The New Warrants have substantially the same terms, are immediately exercisable at an exercise price of $2.15 per share, and will expire five years from the date of issuance. The Company agreed to file a resale registration statement covering the public resale of the