Company: BKYI
Filing Date: 2025-04-23
Form Type: 10-K
Source: 0001437749-25-012824
Chunk: 164

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-04-23
Form: 10-K
Item: Item 1B
Chunk 164
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176  $6,314  $5,189,370 
 Hardware   154,931   -   391,764   85,000   631,695 
 Services   898,686   162,467   47,353       1,108,506 
 Total revenues  $3,464,241  $1,652,723  $1,721,293  $91,314  $6,929,571 

       53

       North                December 31,  
   America    Africa    EMESA*    Asia    2023  
                     
 License fees  $1,971,348  $552,630  $1,801,381  $16,651  $4,342,010 
 Hardware   147,815   0   1,013,295   32,900   1,194,010 
 Services   1,116,935   101,816   981,848   18,286   2,218,885 
 Total revenues  $3,236,097  $654,446  $3,796,524  $67,837  $7,754,905 

   * EMESA – Europe, Middle East, South America
    
   Revenue recognized during the year ended  December 31, 2024 from amounts included in deferred revenue at the beginning of the year was approximately $508,000. Revenue recognized during the year ended  December 31, 2023 from amounts included in deferred revenue at the beginning of the year was approximately $467,000. Total deferred revenue (contract liability) was approximately $970,000 and $443,000 at  December 31, 2024 and 2023, respectively.  The contract liability is derived by an 18% carve-out on subscription orders which is based on industry standards and our current maintenance and support charge for perpetual licenses. Services revenue decreased $1,110,379 from year ended  December 31, 2023 to  December 31, 2024 which was largely attributed to one customer with a 70% cost the services.  License fees increased $847,297 from year ended  December 31, 2023 to  December 31, 202