Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 12, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | BIO KEY INTERNATIONAL INC | |
Entity Central Index Key | 1,019,034 | |
Trading Symbol | bkyi | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 6,451,623 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 1,158,421 | $ 1,061,307 |
Accounts receivable, net | 562,471 | 1,563,246 |
Due from factor | 117,891 | 53,638 |
Inventory | 570,955 | 465,428 |
Software license rights | 1,830,000 | 1,560,000 |
Prepaid expenses and other | 167,348 | 206,677 |
Total current assets | 4,407,086 | 4,910,296 |
Software license rights, net | 9,933,623 | 10,598,411 |
Accounts receivable, net | 1,070,000 | 1,570,000 |
Equipment and leasehold improvements, net | 59,995 | 67,814 |
Deposits and other assets | 8,712 | 8,712 |
Intangible assets, net | 144,623 | 134,132 |
Total non-current assets | 11,216,953 | 12,379,069 |
TOTAL ASSETS | 15,624,039 | 17,289,365 |
LIABILITIES | ||
Accounts payable | 153,692 | 466,842 |
Accrued liabilities | 380,015 | 335,323 |
Dividends payable | 601,875 | 401,250 |
Deferred revenue | 489,738 | 633,062 |
Total current liabilities | 1,625,320 | 1,836,477 |
TOTAL LIABILITIES | 1,625,320 | 1,836,477 |
Commitments | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock — authorized, 170,000,000 shares; issued and outstanding; 6,096,920 and 6,093,843 of $.0001 par value at March 31, 2017 and December 31, 2016, respectively | 610 | 609 |
Additional paid-in capital | 78,155,431 | 78,253,413 |
Accumulated deficit | (64,157,342) | (62,801,154) |
TOTAL STOCKHOLDERS’ EQUITY | 13,998,719 | 15,452,888 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 15,624,039 | 17,289,365 |
Series A-1 Convertible Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY: | ||
Series A-1 convertible preferred stock: authorized, 100,000 (liquidation preference of $100 per share); issued and outstanding 90,000 of $.0001 par value at March 31, 2017 and December 31, 2016, respectively | 9 | 9 |
Series B-1 Convertible Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY: | ||
Series A-1 convertible preferred stock: authorized, 100,000 (liquidation preference of $100 per share); issued and outstanding 90,000 of $.0001 par value at March 31, 2017 and December 31, 2016, respectively | $ 11 | $ 11 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017$ / sharesshares | Dec. 31, 2016$ / sharesshares | |
Preferred stock, shares authorized (in shares) | 5,000,000 | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 170,000,000 | 170,000,000 |
Common stock, shares issued (in shares) | 6,096,920 | 6,093,843 |
Common stock, shares outstanding (in shares) | 6,096,920 | 6,093,843 |
Reverse Stock Split [Member] | ||
Common stock, reverse stock split, shares | 12 | 12 |
Series A-1 Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 100,000 | 100,000 |
Preferred stock, liquidation value (in dollars per share) | $ / shares | $ 100 | $ 100 |
Preferred stock, shares issued (in shares) | 90,000 | 90,000 |
Preferred stock, shares outstanding (in shares) | 90,000 | 90,000 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Series B-1 Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 105,000 | 105,000 |
Preferred stock, liquidation value (in dollars per share) | $ / shares | $ 100 | $ 100 |
Preferred stock, shares issued (in shares) | 105,000 | 105,000 |
Preferred stock, shares outstanding (in shares) | 105,000 | 105,000 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues | ||
Services | $ 320,587 | $ 284,726 |
License fees and other | 1,097,748 | 145,866 |
1,418,335 | 430,592 | |
Costs and other expenses | ||
Cost of services | 38,820 | 55,782 |
Cost of license fees and other | 622,114 | 56,066 |
660,934 | 111,848 | |
Gross Profit | 757,401 | 318,744 |
Operating Expenses | ||
Selling, general and administrative | 1,620,150 | 992,525 |
Research, development and engineering | 493,444 | 489,401 |
Total Operating Expenses | 2,113,594 | 1,481,926 |
Operating loss | (1,356,193) | (1,163,182) |
Other income (expenses) | ||
Interest income | 6 | 6 |
Loss on derivative liabilities | (38) | |
Total Other Income (Expenses) | 6 | (32) |
Net loss | (1,356,187) | (1,163,214) |
Convertible preferred stock dividends | (200,625) | (200,625) |
Net loss available to common stockholders | $ (1,556,812) | $ (1,363,839) |
Basic & Diluted Loss per Common Share (in dollars per share) | $ (0.26) | $ (0.25) |
Weighted Average Shares Outstanding: | ||
Basic & Diluted (in shares) | 6,094,955 | 5,510,381 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOW FROM OPERATING ACTIVITIES: | ||
Net loss | $ (1,356,187) | $ (1,163,214) |
Adjustments to reconcile net loss to cash provided by (used for) operating activities: | ||
Allowance for doubtful accounts | 500,000 | |
Depreciation | 7,819 | 11,518 |
Amortization of intangible assets | 3,402 | 3,401 |
Amortization of software license rights | 341,160 | |
Loss on derivative liabilities | 38 | |
Stock based directors fees | 5,003 | 16,000 |
Share and warrant-based compensation for employees and consultants | 156,086 | 158,363 |
Change in assets and liabilities: | ||
Accounts receivable | 1,000,775 | 1,167,758 |
Due from factor | (64,253) | (109,681) |
Inventory | (105,527) | (110,208) |
Software license rights | 53,628 | |
Prepaid expenses and other | (13,171) | (3,524) |
Accounts payable | (313,150) | (529,924) |
Accrued liabilities | 44,692 | (181,001) |
Deferred revenue | (143,324) | 78,886 |
Net cash provided by (used for) operating activities | 116,953 | (661,588) |
CASH FLOW FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (13,893) | (19,287) |
Net cash used for investing activities | (13,893) | (19,287) |
CASH FLOW FROM FINANCING ACTIVITIES: | ||
Preferred dividends paid | (133,851) | |
Costs to issue preferred and common stock | (5,946) | (31,704) |
Net cash used for financing activities | (5,946) | (165,555) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 97,114 | (846,430) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,061,307 | 4,321,078 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 1,158,421 | 3,474,648 |
Cash paid for: | ||
Interest | ||
Noncash Investing and financing activities | ||
Accrual of preferred stock dividends | $ 200,625 | $ 200,625 |
Note 1 - Nature of Business and
Note 1 - Nature of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | 1. NATURE OF BUSINESS AND BASIS OF PRESENTATION Nature of Business BIO-key International, Inc. was founded in 1993 Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements include the accounts of BIO-key International, Inc. and its wholly-owned subsidiary (collectively, the “Company” or “BIO-key”) and are stated in conformity with accounting principles generally accepted in the United States of America, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The operating results for interim periods are not necessarily indicative of results that may In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all necessary adjustments, consisting only of those of a recurring nature, and disclosures to present fairly the Company’s financial position and the results of its operations and cash flows for the periods presented. The balance sheet at March 31, 2017 10 December 31, 2016, March 31, 2017. Recently Issued Accounting Pronouncements In May 2014, 2014 09, two one one December 15, 2017 August 2015, 2015 14, 606): 2015 14") 2014 09 one 2014 09 December 15, 2017 The Company is continuing to evaluate the standard’s impact on its consolidated results of operations and financial condition. BIO-key has conducted initial analyses, developed a project management plan relative to the process of adopting this ASU, and is currently completing detailed contract reviews to determine potential adjustments to existing accounting policies as well as to support an evaluation of the standard’s impact on the Company’s consolidated results of operations and financial condition. For the majority of BIO-key’s revenue arrangements, no significant impacts are expected. However, in addition to expanded disclosures regarding revenue, the ASU could, for example, impact the timing of revenue recognition in some arrangements for which software industry-specific guidance (which the ASU supersedes) is presently utilized. The Company currently anticipates utilizing the modified retrospective method of adoption on January 1, 2018. In July 2015 2015 11, 330): 2015 11"). 2015 11 2015 11 December 15, 2016, 2015 11 In January 2016, 2016 01, 2016 01”). 2016 01 December 15, 2017. 2016 01 In February 2016, 2016 02, 12 December 15, 2018, In August 2014, 2014 15, 2014 15, one 2014 15 December 15, 2016, 2014 15 March 31, 2017. In March 2016, 2016 09, 2016 09”). 2016 09 2016 09 December 15, 2016. Management does not believe that any other recently issued, but not yet effective, accounting standard if currently adopted would have a material effect on the accompanying consolidated financial statements. Reclassification Reclassifications occurred to certain prior year amounts in order to conform to the current year classifications. The reclassifications have no effect on the reported net loss. |
Note 2 - Going Concern
Note 2 - Going Concern | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Going Concern [Text Block] | 2. GOING CONCERN The Company has incurred significant losses to date and at March 31, 2017 $64 March 31, 2017, $1,158,000, $1,061,000 December 31, 2016. The Company has financed itself in the past through access to the capital markets by issuing secured and convertible debt securities, convertible preferred stock, common stock, and through factoring receivables. The Company estimates that it currently requires approximately $592,000 If the Company is unable to generate sufficient revenue to meet its goals, it will need to obtain additional third The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), which contemplate continuation of the Company as a going concern, and assumes continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The matters described in the preceding paragraphs raise substantial doubt about the Company’s ability to continue as a going concern. Recoverability of a major portion of the recorded asset amounts shown in the accompanying balance sheet is dependent upon the Company’s ability to meet its financing requirements on a continuing basis, and become profitable in its future operations. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. |
Note 3 - Accounts Receivable
Note 3 - Accounts Receivable | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. ACCOUNTS RECEIVABLE Accounts receivable are carried at original amount less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful receivables by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history, and current economic conditions. Accounts receivable are written off when deemed uncollectible. During the year ended December 31, 2016, may $500,000 December 31, 2016 $500,000. 48% March 31, 2017. March 31, 2017 December 31, 2016 March 31, December 31, 2017 2016 Accounts receivable - current $ 576,256 $ 1,577,031 Accounts receivable - non current 2,070,000 2,070,000 2,646,256 3,647,031 Allowance for doubtful accounts - current (13,785 ) (13,785 ) Allowance for doubtful accounts - non current (1,000,000 ) (500,000 ) Accounts receivable, net of allowances for doubtful accounts $ 1,632,471 $ 3,133,246 |
Note 4 - Share Based Compensati
Note 4 - Share Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 4. SHARE BASED COMPENSATION The following table presents share-based compensation expenses for continuing operations included in the Company’s unaudited condensed consolidated statements of operations: Three Months Ended March 31, 2017 2016 Selling, general and administrative $ 112,856 $ 145,878 Research, development and engineering 48,233 28,485 $ 161,089 $ 174,363 |
Note 5 - Factoring
Note 5 - Factoring | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Factoring [Text Block] | 5. FACTORING Due from factor consisted of the following as of: March 31, December 31, 2017 2016 Original invoice value $ 471,562 $ 214,556 Factored amount (353,671 ) (160,918 ) Balance due from factor $ 117,891 $ 53,638 As of December 2011, 24 October 31, 2017. 35% 75% 2.75% 21% Three Months ended March 31, 2017 2016 Factoring fees $ 48,391 $ 195,012 |
Note 6 - Inventory
Note 6 - Inventory | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. INVENTORY Inventory is stated at the lower of cost, determined on a first first March 31, December 31, 2017 2016 Finished goods $ 190,653 $ 381,762 Fabricated assemblies 380,302 83,666 Total inventory $ 570,955 $ 465,428 |
Note 7 - Software Licenses and
Note 7 - Software Licenses and Rights | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Research, Development, and Computer Software Disclosure [Text Block] | 7. SOFTWARE LICENSES AND RIGHTS On November 11, 2015, $12,000,000. 12 $1,830,000 The Company has determined the software license rights to be a finite lived intangible asset, and estimated that the software license rights shall be economically used over a 10 fourth 2015, January 2017. first 2017. The remaining license rights are to be amortized over the greater of the following: 1) 2) ten 3) March 31, 2017 $46,932 $341,160. On December 31, 2015, third $180,000 three $6,696 three March 31, 2017. $26,376 March 31, December 31, 2017 2016 Current software license rights $ 1,830,000 $ 1,560,000 Non-current software license rights 9,933,623 10,598,411 Total software license rights $ 11,763,623 $ 12,158,411 |
Note 8 - Earnings Per Share (EP
Note 8 - Earnings Per Share (EPS) | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. EARNINGS PER SHARE (“EPS”) The Company’s basic EPS is calculated using net income (loss) available to common shareholders and the weighted-average number of shares outstanding during the reporting period. Diluted EPS includes the effect from potential issuance of common stock, such as stock issuable pursuant to the exercise of stock options and warrants and the assumed conversion of convertible preferred stock. The reconciliation of the numerator of the basic and diluted EPS calculations was as follows for the three March 31, 2017 2016: Three Months ended 2017 2016 Basic Numerator: Net loss $ (1,356,187 ) $ (1,163,214 ) Convertible preferred stock dividends (200,625 ) (200,625 ) Net loss available to common stockholders (basic and diluted) $ (1,556,812 ) $ (1,363,839 ) The following table summarizes the weighted average securities that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive due to the net losses for the three March 31, 2017 2016: Three Months ended 2017 2016 Preferred stock 5,416,667 5,416,667 Stock options 54,512 500 Warrants 3,668 - Total 5,474,847 5,417,167 The following table sets forth options and warrants which were excluded from the diluted per share calculation because the exercise price was greater than the average market price of the common shares: Three Months Ended 2017 2016 Stock options 218,761 313,167 Warrants 1,212,163 1,704,629 Total 1,430,924 2,017,796 |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. STOCKHOLDERS’ EQUITY Preferred Stock Within the limits and restrictions provided in the Company’s Certificate of Incorporation, the Board of Directors has the authority, without further action by the shareholders, to issue up to 5,000,000 $.0001 one March 31, 2017, 100,000 1 90,000 105,000 1 Series A- 1 On October 22 29, 2015, 84,500 1 $100.00 $8,450,000. November 11, 2015, 5,500 1 $100.00 $550,000. 1 1 $3.60 9.99% 1 6% April 1, July, 1, October 1, January 1 Unless holders of at least a majority of the outstanding shares of Series A- 1 u ntil October 1, 2017, ten (10) January 1, 2018, The holders of the Series A- 1 one 1 1 1 $100.00 1 March 31, 2017, $405,000 1 October 1, 2016, January 1, 2017 April 1, 2017 As of December 31, 2016, $270,000 1 October 1, 2016 January 1, 2017 The Series A- 1 815 15, 815 40 15, $3.60 December 31, 2017, may ten (10) Series B- 1 On November 11, 2015, 105,000 1 $100.00 $10,500,000. 1 1 $3.60 9.99% 1 2.5% April 1, July, 1, October 1, January 1 1 ten (10) The holders of the Series B- 1 one 1 1 1 $100.00 1 March 31, 2017, $196,875 1 October 1, 2016, January 1, 2017 April 1, 2017 December 31, 2016, $131,250 1 October 1, 2016 January 1, 2017 The Series B- 1 815 15, 815 40 15, $3.60 may ten (10) Common Stock Effective December 29, 2016, 1 12. December 29, 2016. On March 15, 2017, 1,895 $5,003. March 8, 2016, 8,333 $16,000. Stock Issuance Costs Costs of $5,946 $31,704 three March 31, 2017 2016 Derivative Liabilities In connection with the issuances of equity instruments or debt, the Company may may may may 815, Securities Purchase Agreements dated October 25, 2013 November 8, 2013 Pursuant to a series of Private Investors Securities Purchase Agreements (the “PI SPA”), on October 25, 2013 November 8, 2013, 1,026,972 1,026,972 1,026,972 $3,697,100. $6.00 three 2016. In connection with the share issuances described above, and pursuant to a placement agency letter agreement, the Company paid the placement agent cash commissions equal to 8% 82,158 The cashless exercise features contained in the warrants were considered to be derivatives and the Company recorded warrant liabilities on the consolidated balance sheet. The Company initially recorded the warrant liabilities equal to their estimated fair value of $325,891. March 31, 2016, $2,337. December 31, 2016, $0 fourth 2016. Securities Purchase Agreement dated November 13, 2014 Pursuant to a Securities Purchase Agreement, dated November 13, 2014, “November 2014 664,584 996,877 $1,595,000. The common stock has a purchase price reset feature. If at any time prior to the two (January 29, 2015), $2.40 The Company valued the purchase price reset feature using a Monte Carlo simulation at the date of issuance, and at quarterly reporting intervals until the expiration of the feature in January 2017, 1 1 October November 2015, $3.60, November 2016 $3.60. The warrants have a term of five $3.60 February 2015. $3.60 Based on an evaluation as discussed in FASB ASC 815 15, 815 40 15, The Company did not value the derivative liabilities. One of the key determinants of the Company’s decision to not value the derivative liability was the high likelihood that a future financing would not occur that would trigger the down round feature or the purchase price reset feature. Whether a future equity financing would occur would be determined by the cash needs of the Company and management’s willingness to trigger the down round feature or purchase price reset feature. The Company’s reason was based on the issuance of Series A- 1 1 October November 2015, $3.60, November 2016, $3.60. Under GAAP, the Company is required to mark-to-market the derivative liability at the end of each reporting period. The Company did not value the derivative liabilities at the dates of issuance through March 31, 2017. Warrants On March 9, 2015, 47,917 one $2.52 March 8, 2020. three March 31, 2016, $11,625 On September 23, 2015, 69,445 $3.60 five The warrants have customary anti-dilution protections including a "full ratchet" anti-dilution adjustment provision which are triggered in the event the Company sells or grants any additional shares of common stock, options, warrants or other securities that are convertible into common stock at a price lower than $3.60 Based on an evaluation as discussed in FASB ASC 815 15, 815 40 15, The Company did not value the derivative liability. One of the key determinants of the Company’s decision to not value the derivative liability was the high likelihood that a future financing would not occur that would trigger the down round feature. Whether a future equity financing would occur would be determined by the cash needs of the Company and management’s willingness to trigger the down round feature. The Company’s reasons were based on the issuance of Series A- 1 1 October November 2015, $3.60, November 2016, $3.60. The cashless exercise features contained in the warrants were initially considered to be derivatives and the Company recorded a warrant liability of $92,199 2015. March 31, 2016 $2,375. 2016, 2016. Issuances of Stock Options On March 15, 2017, 40,000 four March 15, 2017, 4,167 three seven $2.64. On March 16, 2017, 1,120,000 three seven $2.65. The fair value of the options issued during the three March 31, 2017 was estimated on the date of grant at $2,660,122 using the Black-Scholes option-pricing model with the following assumptions: risk free interest rate: 1.93 %, expected life of options in years: 4.5, 0, 137.8 %. During the three March 31, 2016, |
Note 10 - Segment Information
Note 10 - Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10. SEGMENT INFORMATION The Company has determined that it operates in one 83% 82% three March 31, 2017 2016, |
Note 11 - Fair Values of Financ
Note 11 - Fair Values of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. FAIR VALUES OF FINANCIAL INSTRUMENTS Cash and cash equivalents, accounts receivable, due from/to factor, accounts payable and accrued liabilities are carried at, or approximate, fair value because of their short-term nature. |
Note 12 - Major Customers and A
Note 12 - Major Customers and Accounts Receivable | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 12. MAJOR CUSTOMERS AND ACCOUNTS RECEIVABLES For the three March 31, 2017 2016, three 70% three 58% 40% March 31, 2017. 100% March 31, 2017 December 31, 2016. $1,00,000 48% December 31, 2016, one 81% |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. SUBSEQUENT EVENTS On April 10, 2017, 10,000 three seven $2.64. On April 28, 2017, 277,778 $3.60 $1,000,000. On May 2, 2017, may $5.0 36 may $100,000 five to the extent the VWAP equals or exceeds the greater of a formula amount or $3.83 . The per share purchase price for the shares issued under the facility will be equal to 94% $3.83 19.99% May 2, 2017, 9.99% 55,000 On May 11, 2017, 1,925 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements include the accounts of BIO-key International, Inc. and its wholly-owned subsidiary (collectively, the “Company” or “BIO-key”) and are stated in conformity with accounting principles generally accepted in the United States of America, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The operating results for interim periods are not necessarily indicative of results that may In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all necessary adjustments, consisting only of those of a recurring nature, and disclosures to present fairly the Company’s financial position and the results of its operations and cash flows for the periods presented. The balance sheet at March 31, 2017 10 December 31, 2016, March 31, 2017. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In May 2014, 2014 09, two one one December 15, 2017 August 2015, 2015 14, 606): 2015 14") 2014 09 one 2014 09 December 15, 2017 The Company is continuing to evaluate the standard’s impact on its consolidated results of operations and financial condition. BIO-key has conducted initial analyses, developed a project management plan relative to the process of adopting this ASU, and is currently completing detailed contract reviews to determine potential adjustments to existing accounting policies as well as to support an evaluation of the standard’s impact on the Company’s consolidated results of operations and financial condition. For the majority of BIO-key’s revenue arrangements, no significant impacts are expected. However, in addition to expanded disclosures regarding revenue, the ASU could, for example, impact the timing of revenue recognition in some arrangements for which software industry-specific guidance (which the ASU supersedes) is presently utilized. The Company currently anticipates utilizing the modified retrospective method of adoption on January 1, 2018. In July 2015 2015 11, 330): 2015 11"). 2015 11 2015 11 December 15, 2016, 2015 11 In January 2016, 2016 01, 2016 01”). 2016 01 December 15, 2017. 2016 01 In February 2016, 2016 02, 12 December 15, 2018, In August 2014, 2014 15, 2014 15, one 2014 15 December 15, 2016, 2014 15 December 31, 2016 In March 2016, 2016 09, 2016 09”). 2016 09 2016 09 December 15, 2016. Management does not believe that any other recently issued, but not yet effective, accounting standard if currently adopted would have a material effect on the accompanying consolidated financial statements. |
Reclassification, Policy [Policy Text Block] | Reclassification Reclassifications occurred to certain prior year amounts in order to conform to the current year classifications. The reclassifications have no effect on the reported net loss. |
Note 3 - Accounts Receivable (T
Note 3 - Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2017 2016 Accounts receivable - current $ 576,256 $ 1,577,031 Accounts receivable - non current 2,070,000 2,070,000 2,646,256 3,647,031 Allowance for doubtful accounts - current (13,785 ) (13,785 ) Allowance for doubtful accounts - non current (1,000,000 ) (500,000 ) Accounts receivable, net of allowances for doubtful accounts $ 1,632,471 $ 3,133,246 |
Note 4 - Share Based Compensa21
Note 4 - Share Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended March 31, 2017 2016 Selling, general and administrative $ 112,856 $ 145,878 Research, development and engineering 48,233 28,485 $ 161,089 $ 174,363 |
Note 5 - Factoring (Tables)
Note 5 - Factoring (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2017 2016 Accounts receivable - current $ 576,256 $ 1,577,031 Accounts receivable - non current 2,070,000 2,070,000 2,646,256 3,647,031 Allowance for doubtful accounts - current (13,785 ) (13,785 ) Allowance for doubtful accounts - non current (1,000,000 ) (500,000 ) Accounts receivable, net of allowances for doubtful accounts $ 1,632,471 $ 3,133,246 |
Factoring Fees [Table Text Block] | Three Months ended March 31, 2017 2016 Factoring fees $ 48,391 $ 195,012 |
Factored Accounts Receivable [Member] | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2017 2016 Original invoice value $ 471,562 $ 214,556 Factored amount (353,671 ) (160,918 ) Balance due from factor $ 117,891 $ 53,638 |
Note 6 - Inventory (Tables)
Note 6 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2017 2016 Finished goods $ 190,653 $ 381,762 Fabricated assemblies 380,302 83,666 Total inventory $ 570,955 $ 465,428 |
Note 7 - Software Licenses an24
Note 7 - Software Licenses and Rights (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Software License Rights [Table Text Block] | March 31, December 31, 2017 2016 Current software license rights $ 1,830,000 $ 1,560,000 Non-current software license rights 9,933,623 10,598,411 Total software license rights $ 11,763,623 $ 12,158,411 |
Note 8 - Earnings Per Share (25
Note 8 - Earnings Per Share (EPS) (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months ended 2017 2016 Basic Numerator: Net loss $ (1,356,187 ) $ (1,163,214 ) Convertible preferred stock dividends (200,625 ) (200,625 ) Net loss available to common stockholders (basic and diluted) $ (1,556,812 ) $ (1,363,839 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months ended 2017 2016 Preferred stock 5,416,667 5,416,667 Stock options 54,512 500 Warrants 3,668 - Total 5,474,847 5,417,167 Three Months Ended 2017 2016 Stock options 218,761 313,167 Warrants 1,212,163 1,704,629 Total 1,430,924 2,017,796 |
Note 2 - Going Concern (Details
Note 2 - Going Concern (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Retained Earnings (Accumulated Deficit) | $ (64,157,342) | $ (62,801,154) | ||
Cash and Cash Equivalents, at Carrying Value | 1,158,421 | $ 1,061,307 | $ 3,474,648 | $ 4,321,078 |
Expected Operational Costs Per Month | $ 592,000 |
Note 3 - Accounts Receivable (D
Note 3 - Accounts Receivable (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts Receivable, Noncurrent | $ 1,000,000 | $ 500,000 |
Percentage of Remaining Balance Owned Reserved | 48.00% |
Note 3 - Accounts Receivable -
Note 3 - Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts receivable - current | $ 576,256 | $ 1,577,031 |
Accounts receivable - non current | 2,070,000 | 2,070,000 |
2,646,256 | 3,647,031 | |
Allowance for doubtful accounts - current | (13,785) | (13,785) |
Allowance for doubtful accounts - non current | (1,000,000) | (500,000) |
Accounts receivable, net of allowances for doubtful accounts | $ 1,632,471 | $ 3,133,246 |
Note 4 - Share Based Compensa29
Note 4 - Share Based Compensation - Expenses for Continuing Operations (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based compensation expense | $ 161,089 | $ 174,363 |
Selling, General and Administrative Expenses [Member] | ||
Share-based compensation expense | 112,856 | 145,878 |
Research and Development Expense [Member] | ||
Share-based compensation expense | $ 48,233 | $ 28,485 |
Note 5 - Factoring (Details Tex
Note 5 - Factoring (Details Textual) | 1 Months Ended |
Dec. 31, 2011 | |
Factoring Arrangement Term | 2 years |
Minimum [Member] | |
Factoring Fees Percent | 2.75% |
Maximum [Member] | |
Factoring Fees Percent | 21.00% |
Geographic Distribution, Foreign [Member] | |
Percentage Of Accounts Receivable Remitted By Factor | 35.00% |
Geographic Distribution, Domestic [Member] | |
Percentage Of Accounts Receivable Remitted By Factor | 75.00% |
Note 5 - Factoring - Due From F
Note 5 - Factoring - Due From Factor (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Original invoice value | $ 471,562 | $ 214,556 |
Factored amount | (353,671) | (160,918) |
Balance due from factor | $ 117,891 | $ 53,638 |
Note 5 - Factoring - Fees (Deta
Note 5 - Factoring - Fees (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Factoring fees | $ 48,391 | $ 195,012 |
Note 6 - Inventory - Components
Note 6 - Inventory - Components of Inventory (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Finished goods | $ 190,653 | $ 381,762 |
Fabricated assemblies | 380,302 | 83,666 |
Total inventory | $ 570,955 | $ 465,428 |
Note 7 - Software Licenses an34
Note 7 - Software Licenses and Rights (Details Textual) - USD ($) | Dec. 31, 2015 | Nov. 11, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2016 |
Software License Rights, Current | $ 1,830,000 | $ 1,830,000 | $ 1,560,000 | |||
License Costs | 622,114 | $ 56,066 | ||||
Amortization of Intangible Assets | $ 3,402 | $ 3,401 | ||||
Payments to Acquire Software | $ 180,000 | |||||
Licensing Agreements [Member] | ||||||
Payments to Acquire Intangible Assets | $ 12,000,000 | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||
License Costs | $ 46,932 | |||||
Amortization of Intangible Assets | 341,160 | |||||
Software License Rights [Member] | ||||||
License Costs | $ 6,696 | $ 26,376 |
Note 7 - Software Licenses an35
Note 7 - Software Licenses and Rights - Summary of Software License Rights (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Software license rights | $ 1,830,000 | $ 1,560,000 |
Software license rights, net | 9,933,623 | 10,598,411 |
Total software license rights | $ 11,763,623 | $ 12,158,411 |
Note 8 - Earnings Per Share (36
Note 8 - Earnings Per Share (EPS) - Reconciliation of Numerator of Basic and Diluted EPS Calculations (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Basic Numerator: | ||
Net loss | $ (1,356,187) | $ (1,163,214) |
Convertible preferred stock dividends | (200,625) | (200,625) |
Net loss available to common stockholders (basic and diluted) | $ (1,556,812) | $ (1,363,839) |
Note 8 - Earnings Per Share (37
Note 8 - Earnings Per Share (EPS) - Securities Excluded From the Diluted Per Share Calculation (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Exercise Price Less Than Average Market Price Of Common Shares [Member] | ||
Antidilutive securities (in shares) | 5,474,847 | 5,417,167 |
Exercise Price Less Than Average Market Price Of Common Shares [Member] | Preferred Stock [Member] | ||
Antidilutive securities (in shares) | 5,416,667 | 5,416,667 |
Exercise Price Less Than Average Market Price Of Common Shares [Member] | Employee Stock Option [Member] | ||
Antidilutive securities (in shares) | 54,512 | 500 |
Exercise Price Less Than Average Market Price Of Common Shares [Member] | Warrant [Member] | ||
Antidilutive securities (in shares) | 3,668 | |
Exercise Price Greater Than Average Market Price Of Common Shares [Member] | ||
Antidilutive securities (in shares) | 1,430,924 | 2,017,796 |
Exercise Price Greater Than Average Market Price Of Common Shares [Member] | Employee Stock Option [Member] | ||
Antidilutive securities (in shares) | 218,761 | 313,167 |
Exercise Price Greater Than Average Market Price Of Common Shares [Member] | Warrant [Member] | ||
Antidilutive securities (in shares) | 1,212,163 | 1,704,629 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Details Textual) | Mar. 16, 2017$ / sharesshares | Mar. 15, 2017USD ($)$ / sharesshares | Dec. 29, 2016 | Mar. 08, 2016USD ($)shares | Nov. 11, 2015USD ($)$ / sharesshares | Oct. 29, 2015USD ($)$ / sharesshares | Sep. 23, 2015USD ($)$ / sharesshares | Mar. 15, 2015shares | Mar. 09, 2015$ / sharesshares | Nov. 13, 2014USD ($)$ / sharesshares | Nov. 08, 2013USD ($)shares | Oct. 25, 2013$ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)$ / sharesshares | Nov. 30, 2016$ / shares | Nov. 30, 2015$ / shares | Oct. 31, 2015$ / shares |
Preferred Stock, Shares Authorized | 5,000,000 | |||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | |||||||||||||||||
Dividends Payable | $ | $ 200,625 | $ 200,625 | ||||||||||||||||
Payments of Stock Issuance Costs | $ | 5,946 | 31,704 | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 47,917 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2.52 | |||||||||||||||||
Term Of Warrant | 1 year | |||||||||||||||||
Class of Warrant or Right, Nonemployee Compensation Expense | $ | 11,625 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fair Value Amount | $ | $ 2,660,122 | |||||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.93% | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 182 days | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 137.80% | |||||||||||||||||
September 2015 Warrants [Member] | ||||||||||||||||||
Debt Instrument, Unamortized Discount | $ | $ 92,199 | |||||||||||||||||
Fair Value Adjustment of Warrants | $ | 2,375 | |||||||||||||||||
Promissory Note [Member] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 69,445 | |||||||||||||||||
Warrants Issued Under PISPA [Member] | ||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | $ | $ 2,337 | |||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ | $ 0 | |||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Warrants Issued Under PISPA [Member] | ||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | $ | $ 325,891 | |||||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Share Price | $ / shares | $ 3.60 | $ 3.60 | ||||||||||||||||
Private Investor SPA [Member] | ||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 3,697,100 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 6 | |||||||||||||||||
Term Of Warrant | 3 years | |||||||||||||||||
Placement Agent Warrants [Member] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 82,158 | |||||||||||||||||
Commissions and Fees, Percent of Gross Proceeds | 8.00% | |||||||||||||||||
Private Investor SPA [Member] | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 664,584 | 1,026,972 | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 996,877 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 3.60 | $ 3.60 | ||||||||||||||||
Term Of Warrant | 5 years | |||||||||||||||||
Proceeds from Issuance of Private Placement | $ | $ 1,595,000 | |||||||||||||||||
Private Investor SPA [Member] | Common Stock [Member] | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,026,972 | |||||||||||||||||
Private Investor SPA [Member] | Warrant [Member] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,026,972 | |||||||||||||||||
Director [Member] | ||||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 8,333 | 1,895 | ||||||||||||||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | $ | $ 5,003 | $ 16,000 | ||||||||||||||||
Four Members of the Board of Directors [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 40,000 | |||||||||||||||||
Employee [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 4,167 | |||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 2.64 | |||||||||||||||||
Employee [Member] | Employee Stock Option [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||||||||||||||||
Certain Officers, Employees, and Contractors [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 1,120,000 | |||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 2.65 | |||||||||||||||||
Certain Officers, Employees, and Contractors [Member] | Employee Stock Option [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||||||||||||||||
Reverse Stock Split [Member] | ||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 12 | 12 | 12 | |||||||||||||||
Series A-1 Convertible Preferred Stock [Member] | ||||||||||||||||||
Preferred Stock, Shares Authorized | 100,000 | 100,000 | ||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||||||||||
Preferred Stock, Shares Outstanding | 90,000 | 90,000 | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 5,500 | 84,500 | ||||||||||||||||
Share Price | $ / shares | $ 100 | $ 100 | ||||||||||||||||
Proceeds from Issuance of Convertible Preferred Stock | $ | $ 550,000 | $ 8,450,000 | ||||||||||||||||
Initial Conversion Price | $ / shares | $ 3.60 | $ 3.60 | $ 3.60 | $ 3.60 | ||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |||||||||||||||||
Period Preceding the Dividend Payment Date | 10 days | |||||||||||||||||
Liquidation Value Per Share | $ / shares | $ 100 | |||||||||||||||||
Dividends Payable | $ | $ 405,000 | $ 270,000 | ||||||||||||||||
Preferred Stock, Shares Issued | 90,000 | 90,000 | ||||||||||||||||
Series A-1 Convertible Preferred Stock [Member] | Maximum [Member] | ||||||||||||||||||
Maximum Ownership as a Result of Conversion | 9.99% | |||||||||||||||||
Series B-1 Convertible Preferred Stock [Member] | ||||||||||||||||||
Preferred Stock, Shares Authorized | 105,000 | 105,000 | ||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||||||||||
Preferred Stock, Shares Outstanding | 105,000 | 105,000 | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 105,000 | |||||||||||||||||
Share Price | $ / shares | $ 100 | |||||||||||||||||
Proceeds from Issuance of Convertible Preferred Stock | $ | $ 10,500,000 | |||||||||||||||||
Initial Conversion Price | $ / shares | $ 3.60 | $ 3.60 | ||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 2.50% | |||||||||||||||||
Period Preceding the Dividend Payment Date | 10 days | |||||||||||||||||
Liquidation Value Per Share | $ / shares | $ 100 | |||||||||||||||||
Dividends Payable | $ | $ 196,875 | $ 131,250 | ||||||||||||||||
Preferred Stock, Shares Issued | 105,000 | 105,000 | ||||||||||||||||
Series B-1 Convertible Preferred Stock [Member] | Maximum [Member] | ||||||||||||||||||
Maximum Ownership as a Result of Conversion | 9.99% | |||||||||||||||||
September 2015 Warrants [Member] | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 3.60 | |||||||||||||||||
Term Of Warrant | 5 years |
Note 10 - Segment Information (
Note 10 - Segment Information (Details Textual) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Number of Reportable Segments | 1 | |
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | North America [Member] | ||
Concentration Risk, Percentage | 83.00% | 82.00% |
Note 12 - Major Customers and40
Note 12 - Major Customers and Accounts Receivable (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017USD ($) | Mar. 31, 2016 | Dec. 31, 2016USD ($) | |
Allowance for Doubtful Accounts Receivable, Noncurrent | $ 1,000,000 | $ 500,000 | |
Percentage of Remaining Balance Owned Reserved | 48.00% | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Concentration Risk, Number of Major Customers | 3 | 3 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Three Customers Member | |||
Concentration Risk, Percentage | 70.00% | 58.00% | |
Customer Concentration Risk [Member] | Current Accounts Receivable [Member] | |||
Concentration Risk, Number of Major Customers | 2 | ||
Customer Concentration Risk [Member] | Current Accounts Receivable [Member] | Two Customers [Member] | |||
Concentration Risk, Percentage | 40.00% | ||
Customer Concentration Risk [Member] | Current Accounts Receivable [Member] | One Customer [Member] | |||
Concentration Risk, Number of Major Customers | 1 | ||
Concentration Risk, Percentage | 81.00% | ||
Customer Concentration Risk [Member] | Non-current Accounts Receivable [Member] | One Customer [Member] | |||
Concentration Risk, Number of Major Customers | 1 | 1 | |
Concentration Risk, Percentage | 100.00% | 100.00% |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - USD ($) | May 11, 2017 | May 02, 2017 | Apr. 28, 2017 | Apr. 10, 2017 | Mar. 31, 2017 |
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | ||||
Subsequent Event [Member] | |||||
Committed Equity Facility Amount | $ 5,000,000 | ||||
Committed Equity Facility, Term | 3 years | ||||
Maximum Dollar Amount of Shares to Purchase Based on Daily Volume Weighted Average Price of the Company’s Common Stock | $ 100,000 | ||||
Period for Maximum Dollar Amount of Shares to Purchase | 5 days | ||||
Percentage of Lowest VWAP That Equals or Exceeds Specified per Share Price under Committed Equity Facility | 94.00% | ||||
Per Share Price That Is Used in Calculation for Purchase Price under Committed Equity Facility | $ 3.83 | ||||
Equity Facility, Aggregate Sales Limitation, Percentage of Total Outstanding Share | 19.99% | ||||
Maximum Ownership of Company’s Common Stock Requirement under Committed Equity Facility Sale, Percentage | 9.99% | ||||
Stock Issued During Period As a Commitment Fee, Shares | 55,000 | ||||
Subsequent Event [Member] | Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 10,000 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2.64 | ||||
Stock Issued During Period, Shares, Issued for Services | 1,925 | ||||
Subsequent Event [Member] | Director [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | ||||
Subsequent Event [Member] | Director and Executive Officer [member] | |||||
Stock Issued During Period, Shares, New Issues | 277,778 | ||||
Share Price | $ 3.60 | ||||
Proceeds from Issuance of Common Stock | $ 1,000,000 |