Company: BKYI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001437749-25-035227
Chunk: 18

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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500 and 168,963 shares of restricted common stock, respectively, to 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 $213,645 and $31,200, respectively.
    
   During the nine-month periods ended  September 30, 2025 and 2024, 25,748 and 1,351 shares of restricted common stock were forfeited, respectively.
    
   Share based compensation for the nine-month periods ended  September 30, 2025 and 2024, was $125,989 and $171,67, respectively.
    
   Issuances to Directors
    
   During the nine-month periods ended  September 30, 2025, and 2024, the Company issued 22,136 and 4,287, shares of common stock to its directors in lieu of payment of board and committee fees valued at $20,002 and $9,003, respectively. 
    
   Employees’ exercise options
    
   During the nine-month periods ended  September 30, 2025 and 2024, no employee stock options were exercised.
    
   Warrants
    
   On  January 15, 2025, the Company entered into a warrant exercise agreement (the "Warrant Exercise Agreement") with an existing institutional investor (the "Investor") to exercise certain outstanding warrants to purchase an aggregate of 2,061,112 shares of the Company’s common stock at an exercise price of $1.85 per share which were originally issued to the Investor on  September 13, 2024 (the "Existing Warrants"). 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