Company: BKYI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001437749-25-017209
Chunk: 22

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 ended March 31, 2025, license fees decreased to $72,885 from $148,221 in the three months ended March 31, 2024, due the absence in license fees for third-party software included in our previous Swivel Secure product offerings. For the three months ended March 31, 2025, hardware costs increased to $108,469 from $12,573 in the three months ended March 31, 2024, related to increased hardware revenue.

Selling, general and administrative

      Three Months Ended 

      March 31, 

      2025 

      2024 

      $ Change 

      % Change 

      Selling, general and administrative 
      
     $
     1,372,524

     $
     1,782,973

     $
     (410,449
     )

     -23
     %

Selling, general and administrative expenses for the three months ended March 31, 2025, decreased 23% from $1,782,973 in the corresponding period in 2024 to $1,372,524in the current quarter.  The decreases included reductions in administration, sales personnel costs, and professional services fees.

Research, development and engineering

      Three Months Ended 

      March 31, 

      2025 

      2024 

      $ Change 

      % Change 

      Research, development, and engineering 
      
     $
     595,775

     $
     607,521

     $
     (11,746
     )

     -2
     %

For the three months ended March 31, 2025, research, development, and engineering costs decreased 2% to $595,775 compared to $607,521 in the corresponding period in 2024. The decrease consisted primarily in a decrease in rent costs.

Other income (expense)

      Three Months Ended 

      March 31, 

      2025 

      2024 

      $ Change 

      % Change 

      Interest income 
      
     $
     3

     $
     5

     $
     (2
     )

     -40
     %

      Loan fee amortization 

     (60,000
     )

     -

     (60,000
     )

     -100
     %

      Change in fair value of convertible note 

     -

     -

     -

     100
     %