Company: BKYI
Filing Date: 2025-04-23
Form Type: 10-K
Source: 0001437749-25-012824
Chunk: 648

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-04-23
Form: 10-K
Item: Item 8
Chunk 648
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49,143 
 Leasehold improvements   44,106   34,903 
   1,336,029   1,322,982 

 Less accumulated depreciation and amortization   (1,195,831)  (1,102,805)
         
 Total  $140,198  $220,177 

   Depreciation was $93,026 and $75,136 for 2024 and 2023, respectively. Amounts are recorded in selling, general, and administrative expense as well as in cost of services. Additions for the years ending 12/31/2024 and 12/31/23 were $13,047 and $1,000, respectively.  There have been no write-offs or adjustments for the years ending 12/31/2024 and 12/31/2023.

   NOTE G—INTANGIBLE ASSETS AND GOODWILL
    
   Intangible assets consisted of the following as of  December 31:

       2024    2023  
         
 Trade name  $130,000  $130,000 
 Proprietary software   420,000   420,000 
 Customer relationships   1,692,860   1,692,860 
 Patents and patents pending   365,080   365,080 
   2,607,940   2,607,940 

 Less accumulated amortization   (1,510,310)  (1,199,950)
         
 Total  $1,097,630  $1,407,990 

       55

   Aggregate amortization expense for 2024 and 2023 was approximately $310,000 and $355,000, respectively. Estimated minimum amortization expense based on straight line amortization of the software license rights for each of the next five years and thereafter approximates the following:

     Years ending December 31     
 2025  $267,000 
 2026  $224,000 
 2027  $223,000 
 2028  $141,000 
 2029  $117,000 
 Thereafter  $125,630 
 Total  $1,097,630 

   Goodwill
    
   The Company concluded the amounts in goodwill had been fully impaired and accordingly wrote-off