Company: BKYI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001437749-25-017209
Chunk: 38

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 38
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 the reporting period. Diluted EPS includes the effect from potential issuance of common stock, such as stock issuable pursuant to the exercise of stock options and warrants and the assumed conversion of preferred stock.
    
   Items excluded from the diluted per share calculation because the exercise price was greater than the average market price of the common shares, and they were also excluded from diluted earnings per share due to anti-dilution:

        Three Months ended March 31, 

        2025 

        2024 

        Stock options 

       1,857

       9,236

        Warrants 

       4,240,918

       1,848,826

        Total 

       4,242,775

       1,858,062

    12.  STOCKHOLDERS’ EQUITY 

   Issuances of Common Stock
    
   During the three-month periods ended  March 31, 2025, and 2024, there have not been any shares of common stock issued to anyone outside the Company, except as noted in this Note 12.
    
   On  June 18, 2021, the stockholders approved the Employee Stock Purchase Plan. Under the terms of this plan, 43,334 shares of common stock are reserved for issuance to employees and officers of the Company at a purchase price equal to 85% of the lower of the closing price of the common stock on the first day or the last day of the offering period as reported on the Nasdaq Capital Market. Eligible employees are granted an option to purchase shares under the plan funded by payroll deductions. The Board  may suspend or terminate the plan at any time, otherwise the plan expires  June 17, 2031. There were no shares issued during the three-month periods ended  March 31, 2025 and 2024.
    
   Issuances of Restricted Stock
    
   Restricted stock consists of shares of common stock that are subject to restrictions on transfer and risk of forfeiture until the fulfillment of specified conditions. The fair value of nonvested shares is determined based on the market price of the Company's common stock on the grant date. Nonvested stock is expensed ratably over the term of the restriction period.
    
   During the three-month periods ended  March 31, 2025 and 2024, the Company issued 2,500 and 0 shares of restricted common stock, respectively, to