Company: BKYI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001437749-25-017209
Chunk: 32

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 32
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    Africa    EMESA*    Asia    2024  
                     
 Services  $191,481  $20,254  $1,387  $-  $213,122 
 License fees   519,244   1,266,553   164,637   -   1,950,434 
 Hardware   17,408   -   239   -   17,647 
 Total Revenues  $728,133  $1,286,807  $166,263  $-  $2,181,203 

   *EMESA – Europe, Middle East, South America

       9

       Table of Contents

   Deferred Revenue 
    
   Deferred revenue includes customer advances and amounts that have been paid by customer for which the contractual maintenance terms have not yet occurred. The majority of these amounts are related to maintenance contracts for which the revenue is recognized ratably over the applicable term, which generally is 12-60 months. Contracts greater than 12 months are segregated as long term deferred revenue. Maintenance contracts include provisions for unspecified when-and-if available product updates and customer telephone support services. At  March 31, 2025 and  December 31, 2024, amounts in deferred revenue were approximately $1,065,000 and $485,000, respectively. Revenue recognized during the three months ended  March 31, 2025 from amounts included in deferred revenue at the beginning of the period was approximately $200,000.

       4. 
       ACCOUNTS RECEIVABLE 

   Accounts receivable are carried at original amount less an estimate made for credit losses based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for credit losses by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history, current economic conditions and other relevant factors, including specific reserves for certain accounts. Accounts receivable are written off when deemed uncollectible.
    
   Accounts receivable at  March 31, 2025 and  December 31, 2024 consisted of the following: 

        March 31, 

        December 31, 

        2025 

        2024 

        Accounts receivable 
        
       $
       1,436,530

       $
       1,351,482

        Allowance for credit