wickw50
2 월 전
BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenues Services $267,371 $587,893 $764,062 $1,740,880 License fees 1,441,011 950,015 4,165,669 3,764,342 Hardware 436,422 279,200 537,562 424,582 Total revenues 2,144,804 1,817,108 5,467,293 5,929,804 Costs and other expenses Cost of services 110,723 125,039 322,957 639,996 Cost of license fees 146,732 253,891 443,384 1,022,919 Cost of hardware 207,655 97,674 260,684 240,074 Cost of hardware - reserve - 1,000,000 - 2,500,000 Total costs and other expenses 465,110 1,476,604 1,027,025 4,402,989 Gross profit 1,679,694 340,504 4,440,268 1,526,815 Operating Expenses Selling, general and administrative 1,607,925 1,776,305 5,332,764 5,851,201 Research, development and engineering 652,174 529,757 1,850,929 1,778,097 Total Operating Expenses 2,260,099 2,306,062 7,183,693 7,629,298 Operating loss (580,405) (1,965,558) (2,743,425) (6,102,483)Other income (expense) Interest income 2 5,917 53 5,944 Loss on foreign currency transactions - - - (15,000)Loan fee amortization (60,000) - (64,000) - Change in fair value of convertible note - 167,283 - 264,706 Interest expense (98,556) (45,655) (108,823) (159,380)Total other income (expense), net (158,554) 127,545 (172,770) 96,270 Loss before provision for income tax (738,959) (1,838,013) (2,916,195) (6,006,213) Provision for (income tax) tax benefit - 189 - (142,811) Net loss $(738,959) $(1,837,824) $(2,916,195) $(6,149,024) Comprehensive loss: Net loss $(738,959) $(1,837,824) $(2,916,195) $(6,149,024)Other comprehensive income (loss) – Foreign currency translation adjustment 89,933 35,364 51,878 127,394 Comprehensive loss $(649,026) $(1,802,460) $(2,864,317) $(6,021,630) Basic and Diluted Loss per Common Share $(0.39) $(3.22) $(1.69) $(10.79) Weighted Average Common Shares Outstanding: Basic and diluted 1,889,694 570,753 1,726,716 569,882 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.
wickw50
3 월 전
BIO-key Accelerates Zero Trust Solutions at Industry-Leading Cybersecurity Conference, ISC² Security Congress 2024
Showcasing cutting-edge phoneless, tokenless, and passwordless authentication
LAS VEGAS and HOLMDEL, N.J., Oct. 14, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring phoneless, tokenless, passwordless and phish-resistant authentication solutions, announced the company will sponsor, speak, and exhibit at ISC2 Security Congress 2024, in Las Vegas on October 14 – 16, 2024. BIO-key will be hosting a session on Passkeys. Passkeys and zero trust are core enabling concepts of the National Institute of Standards and Technology (NIST) guidance on cybersecurity for digital identities. Passkeys are identified as aiding adherence to NIST Authentication Assurance Levels (AAL) standards in the NIST 800-63B Passkey Supplementary Guidelines released in May 2024.
Passkeys have historically been stored or secured by phones, personal laptops or hardware tokens but many enterprise users work in phone-free, roving user environments. The cost of hardware tokens for thousands of users becomes a drain on critical security budgets. BIO-key’s core differentiator in the authentication category is allowing users to take advantage of a biometric passwordless authentication solution that does not require the use of phones or tokens. This unique capability fills a crucial business use case gap that traditional MFA overlooks – roving users working without phones, providing a secure authentication experience that reduces the total cost of ownership and provides the highest levels of usability and security. BIO-key’s award-winning unified IAM platform, PortalGuard®, has helped organizations of all sizes balance risk with flexibility and productivity for users and identity administrators. The company’s newest offering, Passkey:YOU brings a phoneless, tokenless, passwordless experience to any IdP via a managed passkey secured by a touch of a fingerprint or any door badge.
The ISC2 Security Congress, themed “Boldly Forward,” brings together thousands of cybersecurity professionals and inspires attendees from all stages of the cybersecurity profession to elevate their careers, providing the opportunity to acquire new strategies, skills, and expertise to overcome the industry’s most pressing challenges.
“Continuous Education is vital for security professionals to stay ahead of innovative threat actors,” states BIO-key’s Director of Marketing, Mary Roark, CISSP. “Conferences such as this provide attendees with interactive sessions where everyone can learn something new and put it into practice as soon as they return to the office.”
Attendees are encouraged to stop by booth 716 or join the virtual conference to learn about BIO-key’s IAM solutions and the new Passkey: YOU. If you plan to attend the event, we invite you to our live speaking session: "Introducing Passkey:YOU – a Passwordless Authentication Solution that Checks All the Boxes." Join us on Monday, October 14, from 12:45 to 1:10 PM PT in Theatre 1.
“From shared workstations to remote access, to users prohibited from having phones or tokens, enterprises face a complex and ever-changing landscape of access requirements,” said Galen Rodgers, VP of North America Sales & Channel. “Traditional authentication methods are insufficient, so security leaders attending ISC2 are exploring solutions that can offer flexibility to accommodate the needs of diverse users and use cases while maintaining the highest level of security. BIO-key is confident that adding passkeys and biometric authentication will accelerate their zero trust strategies.”
RESOURCES:
https://www.bio-key.com/identity-bound-biometrics/passkey-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 thirty-five 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
X – Corporate: @BIOkeyIntl
X – Investors: @BIO_keyIR
StockTwits: BIO_keyIR
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800
wickw50
4 월 전
BIO-key Expands Deployment with Province of British Columbia, Adds 10,000 Biometric Users for Sign-on and Physical Access Control
VANCOUVER, British Columbia and HOLMDEL, N.J., Sept. 23, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB) for phoneless, tokenless, passwordless and phish-resistant authentication experiences, announced that its long-time customer, the province of British Columbia, has placed new orders with BIO-key. 10,000 users will be added to their existing deployment of WEB-key software, integrated with Broadcom’s SiteMinder infrastructure to streamline and strengthen access to a series of new applications via SAML 2.0 federation standards.
BIO-key has worked closely with the province’s cybersecurity team to integrate BIO-key’s state-of-the-art, cloud-enabled biometric authentication platform with its existing authentication infrastructure to deliver advanced and secure biometric access to systems, applications and facilities across the organization.
Since 2012, BIO-key’s secure biometric authentication platform has been integrated with the province’s authentication infrastructure to provide the strongest biometric ID without requiring phones or tokens. In 2017, the province expanded the platform to incorporate physical access control using the same fingerprint biometric for door access. This differentiated approach delivers secure sign in and streamlined access to facilities for users who roam among different workstations and locations without requiring added costs and risks of “what-you-have” token and card solutions that only verify that the card or token is present, not the user. BIO-key credentials derive from the individual themselves, so access cannot be shared, delegated, phished or forgotten.
Jim Sullivan, BIO-key’s SVP Strategy and Chief Legal Officer, said, “The British Columbia government has been a leader in providing secure biometric authentication with BIO-key solutions for more than a decade. They recognize that unique ‘roving user’ scenarios call for uncompromising yet user-friendly security. We are pleased to be the trusted provider of the highest level of security, by ensuring only the right user accesses the most sensitive information. BIO-key has a long history providing highly secure, robust and cost-efficient solutions in government, defense, finance, retail and other highly-regulated industries. Today, we are finding that BIO-key’s superior user experience, through phoneless, tokenless and passwordless solutions, translates very well to many enterprise use cases, particularly where we bring multi-factor authentication to roving workforces."
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; 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 execute and deliver on contracts in Africa; 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, 2023 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
X – Corporate: @BIOkeyIntl
X – Investors: @BIO_keyIR
StockTwits: BIO_keyIR
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
wickw50
4 월 전
GLOBENEWSWIRE
BIO-key International Enters into $1.9 Million Warrant Inducement
Provided by GlobeNewswire
Sep 12, 2024 1:18pm
HOLMDEL, N.J., Sept. 12, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB) for phoneless, tokenless, passwordless and phish-resistant authentication experiences, today announced it has entered into a warrant inducement agreement with an existing institutional investor for the immediate exercise of certain outstanding warrants that the Company issued on October 30, 2023. Pursuant to the warrant inducement agreement, the investor has agreed to exercise outstanding warrants to purchase an aggregate of 1,030,556 shares of the Company's common stock at an amended exercise price of $1.85. The gross proceeds from the exercise of the warrants are expected to be approximately $1.9 million, prior to deducting placement agent fees and estimated offering expenses.
The closing of the warrant exercise transactions is expected to occur on or about September 13, 2024, subject to satisfaction of customary closing conditions.
Maxim Group LLC is acting as the exclusive Placement Agent for the transaction.
In consideration for the immediate exercise of the warrants, the Company also agreed to issue to the investor unregistered Series A Warrants to purchase an aggregate of 1,030,556 shares of the Company's common stock and Series B Warrants to purchase an aggregate of 1,030,556 shares of the Company's common stock, each with an exercise price of $1.85 per share (the “New Warrants”). The Series A and Series B warrants share substantially the same terms, are immediately exercisable and will expire five years from the date of issuance. The Company has agreed to file a registration statement within forty five (45) days with the Securities and Exchange Commission (“SEC”) covering the resale of the shares of common stock issuable upon exercise of the New Warrants. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About BIO-key International, Inc.
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over thirty-five 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.
Forward-Looking Statements
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, the ability to satisfy the closing conditions related to the transaction and the overall timing and completion of such closing; our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs and comply with Nasdaq continued listing rules to maintain stockholders’ equity of at least $2,500,000; 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.
Investor Contact
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800
wickw50
4 월 전
And… now we know why they pumped the price up….
BIO-key International Enters into $1.9 Million Warrant Inducement
HOLMDEL, N.J., Sept. 12, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB) for phoneless, tokenless, passwordless and phish-resistant authentication experiences, today announced it has entered into a warrant inducement agreement with an existing institutional investor for the immediate exercise of certain outstanding warrants that the Company issued on October 30, 2023. Pursuant to the warrant inducement agreement, the investor has agreed to exercise outstanding warrants to purchase an aggregate of 1,030,556 shares of the Company's common stock at an amended exercise price of $1.85. The gross proceeds from the exercise of the warrants are expected to be approximately $1.9 million, prior to deducting placement agent fees and estimated offering expenses.
The closing of the warrant exercise transactions is expected to occur on or about September 13, 2024, subject to satisfaction of customary closing conditions.
Maxim Group LLC is acting as the exclusive Placement Agent for the transaction.
In consideration for the immediate exercise of the warrants, the Company also agreed to issue to the investor unregistered Series A Warrants to purchase an aggregate of 1,030,556 shares of the Company's common stock and Series B Warrants to purchase an aggregate of 1,030,556 shares of the Company's common stock, each with an exercise price of $1.85 per share (the “New Warrants”). The Series A and Series B warrants share substantially the same terms, are immediately exercisable and will expire five years from the date of issuance. The Company has agreed to file a registration statement within forty five (45) days with the Securities and Exchange Commission (“SEC”) covering the resale of the shares of common stock issuable upon exercise of the New Warrants. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About BIO-key International, Inc.
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over thirty-five 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.
Forward-Looking Statements
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, the ability to satisfy the closing conditions related to the transaction and the overall timing and completion of such closing; our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs and comply with Nasdaq continued listing rules to maintain stockholders’ equity of at least $2,500,000; 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.
Investor Contact
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800
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