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BIO-key International, Inc.(BKYI) and its subsidiaries have released their Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive Loss, and Consolidated Statements of Stockholders' Equity for the year ended December 31, 2022. The financial data reveals the company's net loss of $11.9 million and total revenues of $7.02 million for the year.
Net Loss of $11.9 Million
The company's financial report highlights a net loss of $11.9 million for the year 2022. This loss is a significant contrast to the previous year's net loss of $5.07 million. The increased net loss indicates a challenging financial year for BIO-key International, raising concerns about its overall financial stability.
Revenues Reach $7.02 Million
Despite the net loss, the company managed to generate total revenues of $7.02 million in 2022. This revenue figure represents a substantial increase from the previous year's total revenues of $5.11 million. The rise in revenues suggests that the company's products and services continued to attract customers, potentially offsetting some of the impact of the net loss.
Consolidated Balance Sheets Highlights
The Consolidated Balance Sheets show the company's assets and liabilities as of December 31, 2022. Total assets amount to $11.34 million, indicating a decrease from the previous year's total assets of $17.77 million. This reduction in assets might be reflective of the challenging financial situation BIO-key International faced during the year.
Consolidated Statements of Operations and Comprehensive Loss
The Consolidated Statements of Operations and Comprehensive Loss reveal detailed information about the company's financial performance during the year.
Revenue Breakdown
The revenue breakdown highlights the sources of the company's income:
- Services: $1.79 million
- License fees: $4.58 million
- Hardware: $646,486
The total revenue of $7.02 million indicates growth in the company's various revenue streams compared to the previous year.
Operating Expenses
The operating expenses for the year amounted to $14.50 million, marking a significant increase from the previous year's expenses of $8.38 million. The higher operating expenses could have contributed to the company's increased net loss for the year.
Other Income and Expense
BIO-key International reported other income and expense items that influenced its financial performance:
- Interest income: $233
- Loss on foreign currency transactions: $0
- Investment-debt security reserve: ($452,821)
- Loan transaction costs: ($1,147,456)
- Change in fair value of convertible note: ($396,203)
- Interest expense: ($10,462)
These items collectively contributed to the company's net loss.
Comprehensive Loss
The comprehensive loss for the year 2022 was $12.15 million, reflecting both the net loss and other comprehensive losses, including foreign translation adjustments.
BIO-key International's financial report for 2022 showcases a challenging year, with a net loss of $11.9 million coupled with total revenues of $7.02 million. The company's financial performance indicates a need for strategic adjustments and measures to restore profitability and financial stability in the coming periods.