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Amended Annual Report filed…
If Charles Cotropia is gone, then so am I…
Looking forward to the Monday opening bell. eom
tulla236a, Disgorgement requires all illegal profits to be returned plus penalties. 100% + fines (cash, stocks, houses, cars, etc.)
Val2, I recall management converting Preferred shares in order for the trade to go through because the deal required common shares to meet the transaction terms.
SA, Here’s a question…. Where is CC living now, since he sold his home?
Grandmasim, You might want to monitor the price of Hycroft…
I-Glow, Due to my trading of ENZC , I will never have losses, so go sell your “soap” elsewhere.
SA, I’m way ahead of this situation… not worried. GLTA!
SA, Interesting situation.. don’t you think? eom
Since management has converted their Preferred Shares to common, they may actually, not have a majority anymore. It might be time for an investor called stockholder meeting and elect a new board. Just throwing that out there…
Val2, Thanks, for that information… this situation seems very convoluted, and will be, until management actually, figures out where they are, and, then, actually, decides to inform the investors… You and I would probably handle this situation much differently than the current ENZC management.
SA, It might be something that I will have time to look into over the weekend. If I do, I’ll elaborate next week…
SA, You are probably correct. I may have confused the terms of the agreement.
87, He’s been on my ignore list for quite some time now…
Dyno89, Possibly, because management is waiting for Sagaliam to declare the deal nullified so that the $1M penalty payable to Enzolytics is not voided… just a guess…
Giwarr, I believe the company vacated those offices when they moved the principal executive offices to 1101 Raintree Circle, Suite 130, Allen, TX 75013.
Giwarr, Specifically, to what address in Plano did you go?
87, I’m ready as well… eom
87, The only thing I can see is that the Period End Date of the Attorney Letter doesn’t match the Period End Date of the Annual Report.
Ask at .0006 is really thin with 105k…
WINNEMUCCA, NV, April 3, 2024 – Hycroft Mining Holding Corporation (Nasdaq: HYMC) (“Hycroft” or “the Company”) is pleased to provide an update for the ongoing 2024 exploration drill program.
The 2024 Brimstone and Vortex drilling is well underway with assays pending on the initial drill holes. This 10-hole program, launched in February 2024, is targeting the two high-grade underground silver trends discovered in November 2023 (see news release dated November 16, 2023 “Hycroft Drills Best Hole Ever - Discovers New High-Grade Silver System”). Due to the exciting results achieved, this drill program was launched in February 2024 and will continue through May 2024 with flexibility to expand the program. The drilling is targeting confirmation of the continuity of the high-grade silver mineralization between the Vortex Brimstone trend and the Vortex-Camel trend, expanding both trends along strike and at depth, and enhancing our understanding of structural controls.
Alex Davidson, Vice President, Exploration, commented “The paradigm is shifting with our understanding of what is controlling the high-grade mineralization within the expansive Hycroft system. This new understanding of low-angle structural controls has far-reaching implications for the broader district-scale targets, as well as the high-grade silver discoveries. This has been confirmed through drill data and recent geophysics. This work supports the idea of a potential underground starter mine at Hycroft, which would contribute to more robust economics and lower initial capital costs generating better value for our shareholders.”
Mr. Davidson also commented: “The Vortex-Brimstone trend is a series of well-defined high- grade veins that remains open in both directions and at depth. The Vortex-Camel trend is a structurally controlled system that has become more apparent as we continue our work that also remains open in both directions and at depth.”
Ms. Garrett continued: “Not only does our team continue to deliver incredibly strong exploration results, fueling this project forward, but they also continue to demonstrate a commitment to health and safety at site continuing to maintain a 0.00 TRIFR.”
Corporate Update
During the first quarter of 2024, the Company continued to operate safely and execute its plans to further drill the newly identified high-grade silver trends, advance the technical work for a sulfide milling operation, and enhance the balance sheet. In addition to ongoing exploration and other operational expenditures, on January 5, 2024, the Company voluntarily pre-paid $38 million of its senior secured debt with Sprott Resource Lending. At March 31, 2024, unrestricted cash was $57.4 million, restricted cash was $26.6 million, and the Company was in compliance with its debt covenants
BonnieMac, Indeed! eom
docsetc, I think that may come to pass pretty soon…
BonnieMac, Just sit back and watch… the company doesn’t need any input from investors.
I-Glow, btw, I have a Buy order in… eom
I-Glow, One word for you… PATENTS. Aren’t they amazing! Have a great week!
BonnieMac, Quit trying to “run” the company by telling individuals to submit business plans. Sit back… let this play out with the principals actually involved.
If you can’t handle this, then I suggest investing in the NASDAQ, NYSE, or buy a CD from a Credit Union.
Profitability… that’s an elusive term when it comes to BIO-key… but the Mickey D club continues in Jersey…
Identity and Access Management Software Provider BIO-key Preliminary 2023 Results: Operating Loss Trimmed Approx. $3.5M on Approx. 29% Revenue Growth to $9.1M; Investor Call Tomorrow at 10am ET
HOLMDEL, N.J., April 01, 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 preliminary results for its fourth quarter (Q4’23) and year ended December 31, 2023 (2023). The independent audit of BIO-key’s 2023 financial statements has not yet been completed and, therefore, the figures included herein are subject to change. BIO-key will host an investor call tomorrow at 10:00am ET (details below).
Preliminary Results Highlights:
2023 revenue rose $2M (29%) to $9.1M
2023 SG&A trimmed by $2.1M (22%)
Net cash used in operating activities was reduced by $2.5M in 2023
Q4’23 & 2023 cost of hardware reflects $2.8M reserve against slow moving inventory for Africa
$1.5M cash payment received in Q1’24 for 2-year extension/expansion of biometric technology license
CEO Commentary
BIO-key CEO, Mike DePasquale commented, “BIO-key made solid progress on our path to profitability in 2023, driven by 29% revenue growth and cost cutting initiatives that trimmed SG&A expense by $2.1M, largely in the second half of the year. We look to build on this record in 2024, focusing on top-line growth opportunities balanced with further efforts to reduce costs. We believe our growing global distribution and customer base puts us in a strong position to reach profitability over the next several quarters.
“Looking forward, we expect increased deployment of enhanced IAM solutions as enterprises transition to the cloud and respond to a growing array of security incidents that highlight potential cybersecurity vulnerabilities. This trend is further supported by regulatory requirements and increasingly stringent Cyber Insurance underwriting standards that mandate enhanced multi-factor authentication and/or passwordless security solutions that are at the core of our offerings.
“As passwordless authentication gains traction, our solutions are well positioned to provide organizations an integrated approach to managing and securing all of their identities with technologies they already use, while also supporting their future needs with a cost-effective platform. We also expect that passkey authentication, which has been embraced by Google, Apple, Amazon and Microsoft, will continue to expand its penetration in 2024. To capitalize on this opportunity, BIO-key will soon launch, Passkey:YOU, a unique passwordless authentication solution that does not require the use of phones or hardware tokens, with planned enhancements expected later in the year.
Outlook
“The current climate of broad enterprise adoption of MFA to replace passwords presents opportunities for us to leverage our unique differentiators and exploit gaps in existing IAM approaches. Gaps include challenges of authenticating users that ‘rove’ among workstations and preventing unauthorized account sharing and delegation.
“Today BIO-key has more than 600 customers globally. Our business is predominately SaaS or subscription based, and most of our new business is sold through channel partners. We remain focused on an asset light go-to-market plan that leverages more than 150 Channel Alliance Partners, along with our targeted internal sale team. Together, we believe these channels position BIO-key for meaningful top- and bottom-line improvement in 2024, building on our base of annually recurring services and license fee revenues (ARRs) with a blended gross margin of approximately 65%.
“We will also continue to pursue cost reduction initiatives in 2024, to help accelerate our path to positive cash flow and profitability. Our Q4’23 bottom line included a $2.8M non-cash reserve on slow moving hardware inventory purchased for our Africa initiatives. We continue to explore opportunities to convert this inventory into cash. Importantly, during the first quarter of 2024 we enhanced our financial position with the execution of a $1.5M, 2-year license extension for a long-time customer and receipt the full license payment. We also continue to pursue large enterprise opportunities through our direct sales channel. For these and other reasons, we are particularly excited about BIO-key’s outlook for 2024.”
Preliminary Financial Results
Please note that the audit of our 2023 financial statements has not been completed by our independent registered public accounting firm as of the date of this press release and are, therefore, subject to change.
2023 revenues increased 29% to $9.1M from $7.0M in 2022, driven by increases in license fees (of $1.1M), hardware sales (of $0.5M); and services revenue (of $0.4M). Service revenue benefitted from custom services for new customer installations, Swivel Secure service fees, and conversions from on-premises deployments of PortalGuard to our PortalGuard IDaaS cloud platform. Hardware revenue benefitted from fourth quarter sales to an international defense agency in 2023. Likewise, Q4’23 revenue grew 26% over Q4’22, also driven by the aforementioned hardware sales to an international defense agency.
The Company took a $2.8M reserve on inventory due to slow moving inventory purchased for large projects in Nigeria in Q4’23. This reserve was included in cost of hardware, which caused a decline in gross profit to $3.3M in 2023, from $4.6M in 2022 and a decline in gross margin to 36.5% in 2023 from 65.2% in 2022. BIO-key continues to explore opportunities to sell the product, including other markets, to convert inventories to cash.
In terms of operating expenses, Selling, general and administrative costs were $7.3M in 2023, representing a 22% decrease from 2022. The decrease included lower sales and marketing expenses, including personnel and related benefits and outside services expenses. Research, development and engineering expenses also declined by $0.9M or 26% to $2.4M, due to reductions in personnel, related benefits and outside services expenses.
On a preliminary basis, reflecting higher revenue and lower operating costs, BIO-key significantly trimmed its 2023 net loss 48% to $(6.2M), or $(11.45) per share, from $(12.2M), or $(27.26) per share, in 2022, even after including the $2.8 million reserve on inventory. Likewise, in Q4’23 BIO-key reduced its net loss more than 40% to $(4.1M), or $(5.54) per share, from $(6.7M), or $(14.58) per share in 2023.
Preliminary Balance Sheet
At December 31, 2023, BIO-key had current assets of $5.3M, including $0.5M of cash and cash equivalents, $3.2M of accounts receivable and amounts due from factor, and $1.2M of inventory.
Conference Call Details
Date / Time: Tuesday, April 2nd 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 6114035
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 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 Securities and Exchange Commission. 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
Dyno89, It’s fake… eom
docsetc, Yep. It’s going to take a lot of work on the part of Patrick Morris, Esq. just to get Sagaliam OTC compliant, along with considerable accounting updates.
Looks like people are realizing that this investment is still going to be just fine.
HOLMDEL, N.J., March 27, 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 Q4 2023 investor call Tuesday, April 2nd at 10 a.m. ET. Results will be released after the market close on Monday. Mike DePasquale, Chairman & CEO and Cecilia Welch, CFO will lead the call and Q&A session.
Conference Call Details
Date / Time: Tuesday, April 2nd 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 6114035
BIO-key at a Glance
Recent Price $2.00 TTM Revenue $8.6M
Shares Out.* 1.9M TTM Revenue Growth +39%
Market Cap $3.9M Price/TTM Revenue 0.45X
* 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 38 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
Dyno89, I’m going with the SAGA spac deal is dead and the subsidiaries are still part of Enzolytics. GLTA!
bigtalan, So true… eom
gold80302, Everyone complained about the SAGA deal stealing their shares, and now they are complaining that the deal fell through… you can’t have it both ways…
Dyno89, I could actually post here on ihub that I just bought Tesla with no repercussions (other than a possible temporary suspension), according to ihub TOS, as it is up to you to confirm any posted information. Got it, now?
Dyno89, Btw, I am not an “IRP” registered here on Ihub… are you?
Dyno99, Nope, I’m not posting my information as fact as Ihub states this site is for entertainment purposes only. Read the TOS. Have a great evening!