Company: BKYI
Filing Date: 2025-04-23
Form Type: 10-K
Source: 0001437749-25-012824
Chunk: 723

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-04-23
Form: 10-K
Item: Item 1
Chunk 723
---
,140,147

     $
     7,862,710

     $
     (722,563
     )

     -9
     %

Selling, general and administrative costs for year ended December 31, 2024 were $7,140,147 in 2024 compared to $7,862,710 representing a 9% decrease from 2023. The decrease was due to proactive cost reductions including reductions in headquarters expenses, sales personnel costs, marketing show expenses, and audit fees which were partially offset by an increase in professional services, principally related to financing activities in 2024.

Research, development and engineering

      2024-2023 

      2024 

      2023 

      $ Chg 

      % Chg 

     $
     2,511,080

     $
     2,394,926

     $
     116,154

     5
     %

For the year ended December 31, 2024, research, development and engineering costs were $2,511,080 compared with $2,394,926 representing a 5% increase from 2023. Included in the increase were higher personnel costs associated with wages and benefits for engineering employees to support new product development.

Other income (expense)

      2024-2023 

      2024 

      2023 

      $ Chg 

      % Chg 

      Interest income 
      
     $
     110

     $
     11,533

     $
     (11,423
     )
      
     -99
     %

      Gain from sale of asset 

     -

     20,000

     (20,000
     )
      
     100
     %

      Foreign currency loss 

     (13,004
     )

     (39,000
     )

     25,996

     -67
     %

      Loan transaction costs 

     (124,000
     )

     -

     (124,000
     )
      
      100 
     %

      Change in fair value of convertible note 

     -

     396,203

     (396,203
     )
      
      -100 
     %

      Interest expense 

     (175,755
     )

     (218,270
     )

     42,515

     -19
     %

     $
     (312,649
     )
      
     $
     170,