v3.26.1

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 2,247,984	$ 2,694,663
Accounts receivable, net	1,573,454	1,220,822
Inventory	338,397	370,879
Prepaid expenses and other	326,043	251,323
Total current assets	4,485,878	4,537,687
Equipment and leasehold improvements, net	53,035	67,751
Capitalized contract costs, net	294,415	311,591
Deposits and other assets	7,976	7,976
Operating lease right-of-use assets	41,383	47,953
Investments	2,500,000	2,500,000
Intangible assets, net	774,318	830,357
Total non-current assets	3,671,127	3,765,628
TOTAL ASSETS	8,157,005	8,303,315
LIABILITIES
Accounts payable	514,197	507,357
Accrued liabilities	1,127,099	1,333,930
Deferred revenue, current	855,276	572,513
Operating lease liabilities, current portion	29,501	27,728
Total current liabilities	3,190,359	3,096,160
Deferred revenue, long term	45,225	62,584
Deferred tax liability	16,500	16,500
Operating lease liabilities, net of current portion	12,908	21,266
Total non-current liabilities	74,633	100,350
TOTAL LIABILITIES	3,264,992	3,196,510
Commitments and Contingencies
STOCKHOLDERS’ EQUITY
Common stock — authorized, 170,000,000 shares; issued and outstanding; 1,085,360 of $.0001 par value at March 31, 2026 and December 31, 2025, respectively	109	109
Additional paid-in capital	141,538,485	141,497,741
Accumulated other comprehensive income	24,304	74,803
Accumulated deficit	(136,670,885)	(136,465,848)
TOTAL STOCKHOLDERS’ EQUITY	4,892,013	5,106,805
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	8,157,005	8,303,315
Senior Secured Promissory Note [Member]
LIABILITIES
Debt, current	651,935	604,102
Government Loan [Member]
LIABILITIES
Debt, current	$ 12,351	$ 50,530

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

BIO KEY INTERNATIONAL INC 10-Q