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konshe, No, my friend, you should be here…GLTY
Second Qrtly filed.. just need the Attorney Letter… then back to Pink Current Information… good to go!
87 LC2, Just another day on the OTC…
Williamsburg, VA Advances Zero Trust Initiative for City Infrastructure and Data with BIO-key Identity-Bound Biometrics
WILLIAMSBURG, Va. and HOLMDEL, N.J., July 08, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) software featuring passwordless, phoneless and token-less Identity-Bound Biometrics (IBB) authentication solutions, announces that the City of Williamsburg, VA has selected BIO-key’s PortalGuard IDaaS platform to enhance its security posture under a comprehensive Zero Trust initiative.
City governments like Williamsburg face numerous challenges related to authentication security, given their responsibility for protecting sensitive information and providing critical services to their constituents. Williamsburg’s senior IT leadership sought robust authentication mechanisms such as advanced multi-factor authentication (MFA) and biometrics to mitigate these threats. Williamsburg selected BIO-key’s solution over competitive offerings, enabling it to consolidate security vendors and implement a unified platform for secure access to systems and data across the municipality. PortalGuard IDaaS and its IBB capabilities will streamline access workflows for city users and deliver cost savings by securing desktop access with passwordless authentication.
The power of BIO-key’s identity bound biometrics (IBB) is in establishing trust and accountability rooted in a person's biometric identity. Biometrics provides assurance of a genuine presence as well as an audit trail with full transparency. IBB also eliminates a common authentication point of failure by removing physical devices (such as tokens or keys) as potential vulnerabilities, while PortalGuard provides the user with flexible authentication options to ensure security as well as usability.
"Government entities continue to be prime targets for cyber-attacks, including phishing, ransomware, and other forms of cybercrime, so ensuring data security is paramount as breaches can have severe legal, financial and reputational consequences,” said Mark Cochran, President of BIO-key’s PortalGuard division. “BIO-key has an extensive track record of collaboration with state, county, and local entities, built on our ongoing commitment to providing quick time-to-value security solutions and IBB to deliver passwordless authentication.”
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its cloud-hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.
BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission (“SEC”) and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.
Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800
It’s going to be tough to buck the shorts because the SEC is complicit. It will come out. Even if all shareholders have to ask for paper certificates.
“The bull market’s biggest bear, Marko Kolanovic has been bullied off of Wall Street. The chief global markets strategist and co-head of global research at JPMorgan is leaving the bank after two years of poor forecasts. It’s a tough scene for critics, with buyers showing up even on half days to push prices higher.”
The Daily Rip - Stocktwits
“The bull market’s biggest bear, Marko Kolanovic has been bullied off of Wall Street. The chief global markets strategist and co-head of global research at JPMorgan is leaving the bank after two years of poor forecasts. It’s a tough scene for critics, with buyers showing up even on half days to push prices higher.”
The Daily Rip - Stocktwits
SeniorApollo, Based on the recent A/S increase, I will not be surprised to see the announcement of Reverse Split in the very near future.
Correction: “just under 9M shares… eom
A trade at $.0002 for just under $9M… eom
Jack Torrance, A lot of people (shareholders) are pissed/confused over this. I imagine the lawsuits are multiplying. I am watching to see if Charles Cotropia initiates anything.
docsetc, Thanks, for the affirmation. I really think that the Cotropia’s are holding all the cards. Imo, Charles has two choices… one, to “go legal” on the Zhabilov’s, or… two, let the Zhabilov’s implode due to lack of funds. You notice that I don’t include the other questionable characters, because I think they are already imploding.
I wouldn’t be surprised if Barry sort of just disappears. There are plenty of freighters going down that Houston ship channel right past Baytown to non-extradition countries.
PB, The rift between the two families has been going on since before the two subsidiaries were formed. It was not a solution as the Zhabilov’s wanted to sell for the sake of money. The Cotropia’s want to perfect their cures for society’s benefit.
Harry Zhabilov saw what he thought would be an easy way to collect millions, even though it was a questionable transaction done with questionable persons. Harry’s one problem was that the deal couldn’t be completed without the Cotropia’s IP.
Harry and the SAGA people tried to pull a fast one and issue shares to the Cotropia’s in violation of NASDAQ rules. As a result, SAGA was delisted from NASDAQ, which put the whole deal in the dumpster.
Now, the Zhabilovs are taking the position that deal has been completed, even in light of and against the NASDAQ ruling. The Cotropia’s are taking the position that the deal was canceled and never should have been attempted in the first place.
So, as shareholders, we can just watch and see if, and how, this all works out.
My take is, it will eventually revert back to the two subsidiaries being as it was prior to the failed SAGA fiasco. That will take some time, and I expect Harry Zhabilov to muck things up enough until he gets paid to go away.
All just my humble opinion…
Redbox in Chapter 11… eom
archilles, The fact that the trade was $.0002 below the Bid at that time was not very encouraging. Had it been for $.0002 above the Ask, that could have been deemed encouraging. jmho
jngreene33, For a trade that size (25M shares to be completed at one price ($.0014), it would have to have been pre-arranged. My guess it was part of some negotiations.
New 52 week low… eom
BIO-key Secures Los Angeles LGBT Center's IT Systems with Seamless Badge-Tap Authentication Solution
HOLMDEL, N.J., June 25, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) software infrastructure featuring passwordless, phoneless and token-less Identity-Bound Biometrics (IBB) authentication solutions, today announces that Los Angeles LGBT Center with 17 locations and nearly 800 employees has selected its PortalGuard® platform for secure, streamlined desktop sign-in that meets regulatory and insurance compliance requirements. The most prominent LGBTQ+ organization in the world, the Center offers programs, services, and advocacy spanning four areas: Health, Social Services and Housing, Culture and Education, and Leadership.
The newly implemented system marks a significant advancement for the Center, offering a highly scalable solution that includes enterprise-grade identity and access management capabilities and an identity provider (IDP) engine. BIO-key’s state-of-the-art PortalGuard security solution provides a badge-tap authentication system that eliminates the need for traditional password entry, ensuring secure and efficient access to critical resources in the Center. Using Center-provided badges, end-users can now simply tap their badge on a workstation reader and enter a 4-digit PIN to automatically sign in to their daily applications. PortalGuard has enhanced security and significantly reduced IT support demands, allowing LA LGBT Center staff to focus more on patient care.
"The decision to partner with BIO-key was influenced by the Center's goal to find an IAM solution that would bolster security while improving workflow efficiencies – like, for example, nurses accessing exam rooms,” said Mark Cochran, President of BIO-key’s PortalGuard division. “Additionally, unlike other competitive products that require extensive Active Directory modifications, our PortalGuard solution seamlessly integrates smoothly with the Center’s current infrastructure, minimizing disruption and maximizing productivity. BIO-key’s collaboration with the Los Angeles LGBT Center exemplifies our commitment to providing healthcare organizations with robust security solutions that simplify end-user access and workflows.”
Please visit the BIO-key website to learn about PortalGuard, Identity-Bound Biometrics, and Passkey:YOU.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.
BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission (“SEC”) and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.
Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors : @BIO_keyIR
StockTwits: BIO_keyIR
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800
Powerful move up to the close! eom
AMC starts talks with lenders to cut debt, extend maturities
Fri, Jun 21, 2024 at 5:08 PM EDT
(Bloomberg) — AMC Entertainment Holdings Inc. is holding confidential talks with some of its lenders about lowering its debt load and extending near-term maturities, according to people with knowledge of the matter.
Doubled down. Let’s GO! eom
Bought more on the dip… Let’s GO! eom
$14M showing on the Bid now at $.0025! eom
NHPIPIXiPY$26, I agree. This is going up on MEME squeeze, fundamentals or both.
Adam Aron, “People have been predicting the demise of movie theatres, seemingly forever. Radio, TV, VCRs, DVDs, streaming, and Covid all would bring our end, per the conventional wisdom. How wrong could they be? Wrong, wrong, wrong in my view.
Admittedly, the ravages of COVID were a kick in the teeth, but our industry has been building back up steadily from 2020 to 2023.
Our largest issue now is that Hollywood has been releasing fewer movies, primarily because of production delays caused by five months of actors and writers strikes in 2023. As we look at the industry-wide box office for 2025 and 2026, knowing the movies currently slated for release, we are quite optimistic about developments for our company in the years ahead.
There will be tosses and turns along the way, of course. But AMC has been leading the way since 1920, and I have every confidence we will continue to make progress on our path forward.”
HOLMDEL, N.J., June 17, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) solutions featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication, announced results for its first quarter ended March 31, 2024 (Q1’24). Note, BIO-key’s results for the first three quarters of 2023 were restated at year-end and filed with the Company’s 2023 Form 10-K, and as a result Q1’23 comparisons in this release have been restated. BIO-key will host an investor call Tuesday, June 18th at 10:00am ET (details below).
Q1 Financial Highlights
Q1’24 revenues of $2.2M were in line with Q1’23 and increased 19.5% from Q4’23 revenues of $1.8M
Gross profit increased to $1.9M (86.3% gross margin) from $0.9M (40% gross margin) in Q1’23, reflecting the impact of a Q1’23 $0.5M hardware inventory reserve, as well as higher software license fees in Q1’23 due to higher royalty payments on third-party software solutions.
Operating expenses were reduced over $0.2M in Q1’24 versus Q1’23, reflecting ongoing cost management initiatives.
BIO-key reported a Q1’24 net loss of $0.5M compared to a net loss of $1.7M in Q1’23
Cash generated from operating activities improved to $0.3M in Q1’24 vs. a $1.9M cash used in Q1’23, principally reflecting the benefit of a $1.5M cash payment in Q1’24 for 2-year extension/expansion of biometric technology license with a long-term financial services customer.
Other Recent Software Deployments:
Fargo, ND and Junction City, KS Chose PortalGuard with Biometric Authentication
Bridgetown, Barbados Credit Union Selected PortalGuard with Biometrics for Shared Workstations
Commentary
BIO-key CEO, Mike DePasquale commented, “BIO-key delivered solid progress in Q1’24, achieving positive cash flow from operations in the period, on revenue of $2.2M, representing a 19.5% increase over Q4’23 and roughly flat with the year-ago period. The current-year period benefitted from the expanded deployment of BIO-key’s biometric client identification system used by a long-standing financial services client. We also further trimmed operating expenses during Q1’24, contributing to our improved bottom-line performance.
“We remain focused on driving revenue growth and progressing our business to profitability and positive cash flow over the next several quarters. We are encouraged by the traction building within our global Channel Alliance Partner program and with the larger-scale customer dialogues in which we are engaged through our in-house direct sales effort. We believe the cybersecurity landscape continues to provide a compelling backdrop for our company, as we expect it will generate increased demand for secure, zero-trust Identity and Access Management solutions that are the core of our offerings.
“Tailwinds that we expect to support our growth include a growing proportion of enterprises that are moving IT infrastructure to the cloud as well as increasingly stringent regulatory standards as well as cyber insurance underwriting requirements, much of which are now mandating multi-factor authentication or passwordless security solutions that BIO-key is well positioned to provide on a very competitive basis.
“We are also very bullish on the growth potential for passkey authentication this year and going forward. We entered this market with the recent launch of Passkey:YOU – BIO-key’s unique passwordless authentication solution that leverages our strength in biometric security to deliver secure passkeys without the use of phones or hardware tokens.
“We continue to pursue large enterprise opportunities through our direct sales channel, looking to build on recent successes in this area. We are also working to support our global channel partners in developing new customer opportunities to further build our end-user base. Our efforts have forged a growing base of high-margin annually recurring revenues (ARRs) and believe there is substantial potential to grow our ARR base moving forward. At the same time, we will continue to pursue cost reduction opportunities to accelerate our path to profitability and positive cash flow. We are also working to identify potential strategic opportunities to leverage our growing global base of customers to accelerate shareholder value creation. For these and other reasons, we believe BIO-key is well-positioned for the future.”
Financial Results
Q1’24 revenues of $2.2M were in line with similarly strong Q1’23 revenues. The current-year period was positively impacted by the expanded use of BIO-key’s biometric client identification system by a long-time financial services customer in South Africa. One large order from this customer in Q1’24 was the primary driver of a 23.6% increase in license fee revenues, offset by a decline in recurring and custom services and hardware revenue. Services revenue decreased due to the loss of one large service agreement and the absence of a large customer for Swivel Secure customizations and upgrades, which had occurred in Q1’23.
Gross profit grew over 100% to $1.9M in Q1’24 from $0.9M in Q1’23, reflecting the impact of $0.5M hardware reserve in Q1’23, as well as higher software license fee costs in Q1’23 related to royalty payments resulting from higher sales of our third-party Swivel Secure offerings. As a result, gross profit margin improved to 86% in Q1’24 vs. 40% in Q1’23, which includes a hardware reserve expense. Q1’24 gross margin also increased due to a revenue mix that included more high-margin license fee revenue.
Total operating expenses were reduced by approximately $0.2M or 9%, to $2.4M in Q1’24 from $2.6M in Q1’23, due to lower selling, general and administrative costs (SG&A) and lower research, development and engineering expenses (RD&E). SG&A decreased $148,759 (8%) to $1.8M in Q1’24, due to reductions in administration, sales personnel costs and marketing show expenses, including lower lease expense for our NJ headquarters versus Q1’23, partially offset by higher audit and reporting expenses. In Q3 of 2023, we were able to downsize our corporate headquarters, as many of our team now work remotely, which benefitted Q1’24 vs. Q1’23. RD&E also declined by $82,638 (12%) to $607,521, due to reductions in personnel, related benefits and outside services expenses.
Reflecting revenue strength and lower operating costs, BIO-key trimmed its net loss by 70% to $510,285, or $0.32 per share, in Q1’24 from $1.7M, or $3.51 per share, in Q1’23.
Balance Sheet
At March 31, 2024, BIO-key had current assets of approximately $2.3M, including $690,449 of cash and cash equivalents, $710,026 of net accounts receivable and due from factor, and $440,194 of inventory.
Conference Call Details
Date / Time: Tuesday, June 18th at 10 a.m. ET
Call Dial In #: 1-877-418-5460 U.S. or 1-412-717-9594 Int’l
Live Webcast / Replay: Webcast & Replay Link – Available for 3 months.
Audio Replay: 1-877-344-7529 U.S. or 1-412-317-0088 Int’l; code 1988012
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.
BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission (“SEC”) and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.
Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800
BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended
March 31,
2024 2023
Revenues
Services $ 213,122 $ 532,522
License fees 1,950,434 1,578,556
Hardware 17,647 72,689
Total revenues 2,181,203 2,183,767
Costs and other expenses
Cost of services 138,849 154,801
Cost of license fees 148,221 620,881
Cost of hardware 12,573 44,592
Cost of hardware - reserve - 500,000
Total costs and other expenses 299,643 1,320,274
Gross profit 1,881,560 863,493
Operating Expenses
Selling, general and administrative 1,782,973 1,931,732
Research, development and engineering 607,521 690,159
Total Operating Expenses 2,390,494 2,621,891
Operating loss (508,934 ) (1,758,398 )
Other income (expense)
Interest income 5 4
Loss on foreign currency transactions - (15,000 )
Change in fair value of convertible note - 141,991
Interest expense (1,356 ) (56,919 )
Total other income (expense), net (1,351 ) 70,076
Loss before provision for income tax (510,285 ) (1,688,322 )
Provision for (income tax) tax benefit - -
Net loss $ (510,285 ) $ (1,688,322 )
Comprehensive loss:
Net loss $ (510,285 ) $ (1,688,322 )
Other comprehensive income (loss) – Foreign currency translation adjustment (62,275 ) 72,146
Comprehensive loss $ (572,560 ) $ (1,616,176 )
Basic and Diluted Loss per Common Share $ (0.32 ) $ (3.51 )
Weighted Average Common Shares Outstanding:
Basic and diluted 1,615,323 480,833
All BIO-key shares issued and outstanding for all periods reflect BIO-key’s 1-for-18 reverse stock split, which was effective December 21, 2023.
BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2024 2023
(Unaudited)
ASSETS
Cash and cash equivalents $ 690,449 $ 511,400
Accounts receivable, net 701,776 1,201,526
Due from factor 8,250 99,320
Inventory 440,194 445,740
Prepaid expenses and other 427,685 364,171
Total current assets 2,268,354 2,622,157
Equipment and leasehold improvements, net 198,238 220,177
Capitalized contract costs, net 349,145 229,806
Operating lease right-of-use assets 23,220 36,905
Intangible assets, net 1,329,985 1,407,990
Total non-current assets 1,900,588 1,894,878
TOTAL ASSETS $ 4,168,942 $ 4,517,035
LIABILITIES
Accounts payable $ 1,212,071 $ 1,316,014
Accrued liabilities 1,189,520 1,305,848
Government loan – BBVA Bank, current portion 135,835 138,730
Deferred revenue, current 755,405 414,968
Operating lease liabilities, current portion 23,797 37,829
Total current liabilities 3,316,628 3,213,389
Deferred revenue, long term 143,727 28,296
Deferred tax liability 22,998 22,998
Government loan – BBVA Bank – net of current portion 149,861 188,787
Total non-current liabilities 316,586 240,081
TOTAL LIABILITIES 3,633,214 3,453,470
Commitments and Contingencies
STOCKHOLDERS’ EQUITY
Common stock — authorized, 170,000,000 shares; issued and outstanding; 1,814,414 and 1,032,777 of $.0001 par value at March 31, 2024 and December 31, 2023, respectively 181 103
Additional paid-in capital 126,092,496 126,047,851
Accumulated other comprehensive loss (39,454 ) 22,821
Accumulated deficit (125,517,495 ) (125,007,210 )
TOTAL STOCKHOLDERS’ EQUITY 535,728 1,063,565
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 4,168,942 $ 4,517,035
All BIO-key shares issued and outstanding for all periods reflect BIO-key’s 1-for-18 reverse stock split, which was effective December 21, 2023.
BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31,
2024 2023
CASH FLOW FROM OPERATING ACTIVITIES:
Net loss $ (510,285 ) $ (1,688,322 )
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation 23,808 13,242
Amortization of intangible assets 78,005 81,237
Change in fair value of convertible note - (141,991 )
Amortization of capitalized contract costs 38,665 37,529
Reserve for inventory - 500,000
Operating leases right-of-use assets 13,686 66,132
Share and warrant-based compensation for employees and consultants 47,790 59,373
Stock based directors’ fees 9,003 12,002
Bad debts 100,000 -
Change in assets and liabilities:
Accounts receivable 399,749 (898,881 )
Due from factor 91,070 (33,000 )
Capitalized contract costs (158,005 ) (8,739 )
Inventory 5,545 6,554
Prepaid expenses and other (63,513 ) 2,219
Accounts payable (116,012 ) 88,040
Accrued liabilities (104,257 ) (135,417 )
Deferred revenue 455,868 178,755
Operating lease liabilities (14,033 ) (67,544 )
Net cash provided by (used in) operating activities 297,084 (1,928,811 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,869 ) -
Net cash used in investing activities (1,869 ) -
CASH FLOW FROM FINANCING ACTIVITIES:
Deferred offering costs (13,470 ) -
Proceeds for exercise of warrants 1,400 -
Repayment of government loan (41,821 ) (34,289 )
Net cash used in financing activities (53,891 ) (34,289 )
Effect of exchange rate changes (62,275 ) 49,913
NET DECREASE IN CASH AND CASH EQUIVALENTS 179,049 (1,913,187 )
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 511,400 2,635,522
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 690,449 $ 722,335
All BIO-key shares issued and outstanding for all periods reflect BIO-key’s 1-for-18 reverse stock split, which was effective December 21, 2023.
Adam Aron, “AMC crushed it at the box office this weekend. Our busiest of the year in 2024 so far, with 3.8 million guests at our U.S. theatres. Friday was the single busiest day of ‘24. That record lasted only one day, Saturday beat it. Only fools believe that movie theatres are dead.”
Let’s GO!
Flicker1, Good information to know… thanks.
Unless Zhabilov decides to just sign off on everything, this will take a while to sort out. He will likely thwart every move to do so until he is paid in shares or other compensation, or the OTC bans him.
BIO-key Introduces Passkey:YOU, a Phish-resistant, Phoneless and Tokenless Biometric FIDO Passkey Authentication Solution
Convenient, Lower-cost FIDO Passkey Authentication Provides a Superior User Experience powered by BIO-key's Identity-Bound Biometrics
HOLMDEL, N.J., June 14, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) software infrastructure featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication solutions, today announced the launch of a unique biometric FIDO passkey authentication solution targeting underserved workplace scenarios in manufacturing, retail, healthcare, call center and Sensitive Compartmentalized Information Facilities (SCIFs): Passkey:YOU.
Eliminating passwords and implementing multi-factor authentication (MFA) is a goal of nearly every security-conscious enterprise, but mainstream IAM platforms offer only limited “what you have” authentication options based on phone apps and FIDO tokens. These options are ill-suited for many workplace scenarios that prohibit the use of phones or personal devices, leading to challenges in implementing passwordless or MFA without using phones. The current industry-standard phone-less authentication solution is FIDO hardware tokens, requiring enterprises to purchase two or more FIDO hardware tokens for every user, ranging in cost from $25-$70 each, not to mention replacing user tokens when lost. The leading FIDO token manufacturer states that 25% annual token replacement is typical. The economics of procuring hardware tokens for tens of thousands of roving users to access an often much smaller set of shared workstations and devices just doesn’t make business sense.
Passkey:YOU avoids the high cost of buying FIDO hardware tokens for every user, turning the unfavorable economics of FIDO hardware tokens on its head by placing authentication hardware at device access points, not in every user’s pocket. Passkey:YOU leverages the managed hosted FIDO-certified passkey capabilities of BIO-key’s partner IDmelon’s managed passkey solution to replace per-user tokens and phones as device authenticators with a simple touch of a shared USB fingerprint scanner or the tap of a standard door access badge to a shared USB NFC scanner connected to any Windows workstation to unlock a managed Passkey for the user, authenticating the user without a phone or a FIDO hardware token needed.
In its biometric mode, Passkey:YOU is powered by BIO-key’s renowned Identity-Bound Biometrics, allowing an unlimited number of users to be their own phish-proof credential, eliminating the need for them to carry any device or token to authenticate and get work done. BIO-key’s biometric platform includes privacy law-compliant workflows and provides user controlled privacy dashboards, ensuring that enterprises can use biometrics with confidence that they will comply with privacy laws in every jurisdiction. Passkey:YOU’s phoneless and tokenless authentication is a user-centric, more cost-effective approach that is ideally suited for scenarios where users operate without phones, such as manufacturing shop floor, retail, call center, higher education, and healthcare. In addition to biometric access, Passkey:YOU also supports standard proximity door access cards as authenticators for appropriate security applications.
By eliminating the requirement for a phone or FIDO hardware token to strongly authenticate users, Passkey:YOU fills gaps in mainstream authentication, and is a drop-in, zero-configuration replacement for any application or identity provider that currently accepts FIDO hardware tokens or phone-based passkeys. Passkey:YOU can be deployed as a hosted or on-premise deployment, and provides security teams immediate visibility into user access patterns to third-party applications that traditional FIDO security keys do not. Passkey:YOU facilitates passwordless workflows and integrates seamlessly into zero-trust frameworks and existing Identity and Access Management (IAM) platform identity providers such as Microsoft Entra, Okta, Ping and Duo. With Passkey:YOU, users can effortlessly present a biometric-secured FIDO passkey, serving as a drop-in replacement for existing FIDO and WebAuthn passkeys or hardware tokens, ensuring secure and convenient authentication for every user.
“FIDO Passkeys are quickly becoming the dominant means to combat phishing and eliminate passwords for enterprise users,” said Jim Sullivan, SVP of Strategy and Chief Legal Officer at BIO-key. “Unfortunately, the mainstream ‘what-you-have’ approaches center on phone apps and hardware key-based passkeys, which don’t work in many workforce user scenarios. Our customers asked us to solve the passwordless and multi-factor authentication challenge arising among the largest segments of their digitally enabled workforces – what-you-have authentication approaches are inefficient, allow account sharing, and are too expensive. With our partner IDmelon, we developed a BIO-key-secured passkey authentication solution that makes using passkeys to eliminate passwords effortless while instantly identifying users with certainty. This authentication product should be a valuable tool for hundreds of thousands of global enterprises that struggle to deliver passwordless and strong authentication all users with their existing IAM platform choice.”
BIO-key's Passkey:YOU boasts unique technology and efficiency differentiations from existing passkey approaches:
Cost & Efficiency: Passkey:YOU cuts lifecycle costs by 50 – 70% compared to FIDO hardware tokens while exceeding strong authentication requirements of cyber insurers to avoid increased premiums or dropped coverage.
Flexibility and Familiarity: Passkey:YOU can be easily integrated into existing authentication processes for identity providers, applications, and infrastructure, because it presents to FIDO-compliant relying parties as a standard FIDO authenticator. There’s no need to rip and replace existing identity providers. Passkey:YOU has a minimal contact surface with existing systems because it leverages FIDO-certified workflows. One-time enrollment enables access across multiple devices and locations, without configuration of any relying party necessary.
Security: Passkey:YOU is powered by BIO-key's Identity-Bound Biometrics, which supports over 30 different fingerprint scanners interchangeably, utilizes centrally managed and encrypted NIST-certified biometrics, secured by patented 1024-bit encryption to defeat man-in-the-middle and replay attacks.
Biometric Privacy Law Compliance: BIO-key’s enrollment and operational workflows were designed to ensure compliance with global biometric privacy laws, ensuring that enterprises can yield the benefits of biometrics with confidence that compliance and privacy are integral to the platform.
Please visit the BIO-key website to learn more about Passkey:YOU and Identity-Bound Biometrics.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.
BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission (“SEC”) and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.
Engage with BIO-key
Facebook – Corporate:
LinkedIn – Corporate:
Twitter – Corporate:
Twitter – Investors:
StockTwits:
https://www.facebook.com/BIOkeyInternational/
https://www.linkedin.com/company/bio-key-international
@BIOkeyIntl
@BIO_keyIR
BIO_keyIR
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800
HOLMDEL, N.J., June 13, 2024 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of Identity and Access Management and Identity-Bound Biometric solutions, will host its Q1 2024 investor call Tuesday, June 18th at 10 a.m. ET. Results will be released prior to the call. Mike DePasquale, Chairman & CEO and Cecilia Welch, CFO will lead the conference and Q&A session.
Conference Call Details
Date / Time: Tuesday, June 18th at 10 a.m. ET
Call Dial In #: 1-877-418-5460 U.S. or 1-412-717-9594 Int’l
Live Webcast / Replay: Webcast & Replay Link – Available for 3 months.
Audio Replay: 1-877-344-7529 U.S. or 1-412-317-0088 Int’l; code 1988012
BIO-key at a Glance
Recent Price $1.76 2023 Revenue $7.8M
Shares Out.* 1.9M 2023 Revenue Growth +10.5%
Market Cap $3.3M Price/2023 Sales 0.4X
* Common stock and common stock equivalents outstanding.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over 40 million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.
Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
10 million share bid at .0025… nice support. eom
DRHUMI, I was reluctant to use Thinkorswim, but after I delved into it, I found it to be a very fluid platform with a myriad of useful combinations of data presentation. Now, I feel very confident in navigating the platform between level II, charts and news. Submitting trades is very efficient as well. There are lots of customizable features throughout, so you can tailor your pages as you prefer. Good luck!
I received a reply from Frank Hariton that indicated he would get back to me regarding the timing of the filing.
docsetc, It appears his brother, Charles, is trying to fulfill Joe’s aspirations. Admirable in that. I’m willing to wait and see if Charles can pull all of this back together, get his brother’s work legitimized and then monetize it for the benefit of all.
I-Glow, Don’t sugar coat it… tell us what you really think.
Thinkorswim is back up.
tulia236a, People are able to login to Thinkorswim on their computers, but not on cell phones.
Timing101, The Zhabilo’s are putting out fluff PR’s just to sell shares, imo. At some point, I expect them to be the “rats leaving the ship”, and bail trying to damage the company beyond redemption. I’m ok with that, as long as the Cotropia’s take over, afterwards.