Company: BKYI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001437749-25-035227
Chunk: 13

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 values. 

       12

       8. 
       COMMITMENTS AND CONTINGENCIES 

   Litigation
    
   From time to time, the Company  may be involved in litigation relating to claims arising out of our operations in the normal course of business. As of  September 30, 2025, the Company was not a party to any pending lawsuits.

    9.  LEASES 

   The Company’s leases office space in New Jersey, Minnesota, New Hampshire, Madrid and Hong-Kong with lease termination dates in 2027. The property leased in China is paid monthly as used, without a formal agreement. The following tables present the components of lease expense and supplemental balance sheet information related to the operating leases were:

       3 Months ended    3 Months ended  
   September 30,    September 30,  
   2025    2024  
         
 Lease cost         
 Total lease cost  $6,979  $9,702 

       9 Months ended    9 Months ended  
   September 30,    September 30,  
   2025    2024  
         
 Lease cost         
 Total lease cost  $20,937  $38,808 

       September 30,    December 31,  
 Balance sheet information   2025    2024  
 Operating right-of-use assets  $54,433  $73,372 
         
 Operating lease liabilities, current portion  $26,522  $24,642 
 Operating lease liabilities, non-current portion   28,967   48,994 
 Total operating lease liabilities  $55,489  $73,636 
         
 Weighted average remaining lease term (in years) – operating leases   1.92   2.67 
 Weighted average discount rate – operating leases   5.50%  5.50%

 Cash paid for amounts included in the measurement of operating lease liabilities for the nine months ended September 30, 2025 and 2024:  $35,397  $40,622 

   Maturities of operating lease liabilities were as follows as of  September 30, 2025:

     2025 (3 months remaining)  $7,258 
 2026