BIO-key International (BKYI) 10-Q 14 Nov 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 11, 2022
Document Information [Line Items]
Entity Central Index Key	0001019034
Entity Registrant Name	BIO KEY INTERNATIONAL INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-13463
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-1741861
Entity Address, Address Line One	3349 HIGHWAY 138, BUILDING A, SUITE E
Entity Address, City or Town	WALL
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07719
City Area Code	732
Local Phone Number	359-1100
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	BKYI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,465,211

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 2,774,617	$ 7,754,046
Accounts Receivable, after Allowance for Credit Loss, Current, Total	1,808,036	970,626
Due from factor	49,500	49,500
Financing Receivable, after Allowance for Credit Loss, Current, Total	0	82,000
Inventory	4,892,667	4,940,660
Prepaid expenses and other	357,726	216,041
Total current assets	9,882,546	14,012,873
Resalable software license rights	41,286	48,752
Investment – debt security, net	262,821	452,821
Equipment and leasehold improvements, net	125,824	69,168
Capitalized contract costs, net	298,673	249,012
Deposits and other assets	8,712	8,712
Note receivable, net of allowance	146,000	113,000
Operating lease right-of-use assets	263,377	254,100
Intangible assets, net	1,799,074	1,298,077
Goodwill	2,197,698	1,262,526
Total non-current assets	5,143,465	3,756,168
TOTAL ASSETS	15,026,011	17,769,041
LIABILITIES
Accounts payable	1,068,571	427,772
Accrued liabilities	875,903	828,997
Earnout payable – Swivel acquisition	500,000	0
Government loan – BBVA Bank, current portion	120,000	0
Deferred revenue, current portion	600,819	565,355
Operating lease liabilities, current portion	178,277	177,188
Total current liabilities	3,343,570	1,999,312
Deferred revenue, net of current portion	75,187	67,300
Operating lease liabilities, net of current portion	86,874	86,974
Government loan – BBVA Bank, net of current portion	321,872
Total non-current liabilities	483,933	154,274
TOTAL LIABILITIES	3,827,503	2,153,586
Commitments and Contingencies
STOCKHOLDERS’ EQUITY
Common stock — authorized, 170,000,000 shares; issued and outstanding; 8,452,621 and 7,853,759 of $.0001 par value at September 30, 2022 and December 31, 2021, respectively	845	786
Additional paid-in capital	121,123,352	120,190,139
Accumulated other comprehensive loss	(229,350)	0
Accumulated deficit	(109,696,339)	(104,575,470)
TOTAL STOCKHOLDERS’ EQUITY	11,198,508	15,615,455
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 15,026,011	$ 17,769,041

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Common stock, shares authorized (in shares)	170,000,000	170,000,000
Common stock, shares issued (in shares)	8,452,621	7,853,759
Common stock, shares outstanding (in shares)	8,452,621	7,853,759
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Revenue from Contract with Customer, Including Assessed Tax	$ 1,373,549	$ 1,298,829	$ 5,261,835	$ 4,179,557
Costs and other expenses
Costs and other expenses	393,783	294,674	1,455,177	1,300,878
Gross profit	979,766	1,004,155	3,806,658	2,878,679
Operating Expenses
Selling, general and administrative	2,510,706	1,385,534	6,315,277	4,276,016
Research, development and engineering	829,506	612,597	2,418,855	1,545,200
Total Operating Expenses	3,340,212	1,998,131	8,734,132	5,821,216
Operating loss	(2,360,446)	(993,976)	(4,927,474)	(2,942,537)
Other income (expense)
Interest income	8	329	216	3,776
Loss on foreign currency transactions	0	0	0	(50,000)
Investment-debt security reserve	(40,000)	(30,000)	(190,000)	(30,000)
Noncash interest expense	0	0	0	(18,000)
Interest expense	(2,071)	0	(3,611)	0
Total other income (expense), net	(42,063)	(29,671)	(193,395)	(94,224)
Net loss	(2,402,509)	(1,023,647)	(5,120,869)	(3,036,761)
Comprehensive loss:
Net loss	(2,402,509)	(1,023,647)	(5,120,869)	(3,036,761)
Other comprehensive loss – Foreign currency translation adjustment	(119,269)	0	(229,350)	0
Net loss available to common stockholders	$ (2,521,778)	$ (1,023,647)	$ (5,350,219)	$ (3,036,761)
Basic and Diluted Loss per Common Share (in dollars per share)	$ (0.29)	$ (0.13)	$ (0.64)	$ (0.39)
Weighted Average Common Shares Outstanding:
Basic and diluted (in shares)	8,148,848	7,790,778	8,054,207	7,788,734
Service [Member]
Revenues
Revenue from Contract with Customer, Including Assessed Tax	$ 371,956	$ 318,500	$ 1,202,866	$ 985,163
Costs and other expenses
Costs and other expenses	162,632	176,976	554,222	511,360
License [Member]
Revenues
Revenue from Contract with Customer, Including Assessed Tax	918,260	870,459	3,540,592	2,011,610
Costs and other expenses
Costs and other expenses	173,310	45,986	604,677	133,328
Hardware [Member]
Revenues
Revenue from Contract with Customer, Including Assessed Tax	83,333	109,870	518,377	1,182,784
Costs and other expenses
Costs and other expenses	$ 57,841	$ 71,712	$ 296,278	$ 656,190

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2020	7,814,572
Balance at Dec. 31, 2020	$ 782	$ 119,844,026		$ (99,509,689)	$ 20,335,119
Issuance of common stock for directors’ fees (in shares)	2,091
Issuance of common stock for directors’ fees	$ 0	7,510		0	7,510
Issuance of restricted common stock to employees and directors (in shares)	1,250
Issuance of restricted common stock to employees and directors	$ 0	0		0	0
Share-based compensation	0	133,638		0	133,638
Net loss	0	0		(851,431)	(851,431)
Net loss	0	0		(851,431)	(851,431)
Legal and commitment fees	$ 0	(2,709)		0	(2,709)
Balance (in shares) at Mar. 31, 2021	7,817,913
Balance at Mar. 31, 2021	$ 782	119,982,465		(100,361,120)	19,622,127
Balance (in shares) at Dec. 31, 2020	7,814,572
Balance at Dec. 31, 2020	$ 782	119,844,026		(99,509,689)	20,335,119
Other comprehensive loss – Foreign currency translation adjustment					0
Net loss					(3,036,761)
Net loss					(3,036,761)
Balance (in shares) at Sep. 30, 2021	7,825,299
Balance at Sep. 30, 2021	$ 783	120,079,118		(102,546,450)	17,533,451
Balance (in shares) at Mar. 31, 2021	7,817,913
Balance at Mar. 31, 2021	$ 782	119,982,465		(100,361,120)	19,622,127
Issuance of common stock for directors’ fees (in shares)	1,748
Issuance of common stock for directors’ fees	$ 0	5,505		0	5,505
Issuance of restricted common stock to employees and directors (in shares)	1,250
Share-based compensation	$ 0	35,618		0	35,618
Net loss	$ 0	0		(1,161,683)	(1,161,683)
Restricted stock forfeited (in shares)	(1,250)
Net loss	$ 0	0		(1,161,683)	(1,161,683)
Legal and commitment fees	$ 0	(2,519)		0	(2,519)
Balance (in shares) at Jun. 30, 2021	7,819,661
Balance at Jun. 30, 2021	$ 782	120,021,069		(101,522,803)	18,499,048
Issuance of common stock for directors’ fees (in shares)	1,888
Issuance of common stock for directors’ fees	$ 0	6,008		0	6,008
Issuance of restricted common stock to employees and directors (in shares)	3,750
Issuance of restricted common stock to employees and directors	$ 1	0		0	1
Other comprehensive loss – Foreign currency translation adjustment					0
Share-based compensation	0	52,041		0	52,041
Net loss	0	0		(1,023,647)	(1,023,647)
Net loss	$ 0	0		(1,023,647)	(1,023,647)
Balance (in shares) at Sep. 30, 2021	7,825,299
Balance at Sep. 30, 2021	$ 783	120,079,118		(102,546,450)	17,533,451
Balance (in shares) at Dec. 31, 2021	7,853,759
Balance at Dec. 31, 2021	$ 786	120,190,139	$ 0	(104,575,470)	15,615,455
Issuance of common stock for directors’ fees (in shares)	9,382
Issuance of common stock for directors’ fees	$ 1	22,019	0	0	22,020
Issuance of common stock pursuant to Swivel purchase agreement (in shares)	269,060
Issuance of common stock pursuant to Swivel purchase agreement	$ 27	599,977	0	0	600,004
Issuance of restricted common stock to employees and directors (in shares)	274,250
Issuance of restricted common stock to employees and directors	$ 27	(27)	0	0	0
Other comprehensive loss – Foreign currency translation adjustment	0	0	55,802	0	55,802
Share-based compensation	0	87,677	0	0	87,677
Net loss	0	0	0	(999,403)	(999,403)
Net loss	$ 0	0	0	(999,403)	(999,403)
Balance (in shares) at Mar. 31, 2022	8,406,451
Balance at Mar. 31, 2022	$ 841	120,899,785	55,802	(105,574,873)	15,381,555
Balance (in shares) at Dec. 31, 2021	7,853,759
Balance at Dec. 31, 2021	$ 786	120,190,139	0	(104,575,470)	15,615,455
Other comprehensive loss – Foreign currency translation adjustment					(229,350)
Net loss					(5,120,869)
Net loss					(5,120,869)
Balance (in shares) at Sep. 30, 2022	8,452,621
Balance at Sep. 30, 2022	$ 845	121,123,352	(229,350)	(109,696,339)	11,198,508
Balance (in shares) at Mar. 31, 2022	8,406,451
Balance at Mar. 31, 2022	$ 841	120,899,785	55,802	(105,574,873)	15,381,555
Issuance of common stock for directors’ fees (in shares)	9,117
Issuance of common stock for directors’ fees	$ 1	18,005	0	0	18,006
Issuance of restricted common stock to employees and directors (in shares)	1,250
Other comprehensive loss – Foreign currency translation adjustment	$ 0	0	(165,883)	0	(165,883)
Share-based compensation	0	57,379	0	0	57,379
Net loss	$ 0	0	0	(1,718,957)	(1,718,957)
Restricted stock forfeited (in shares)	(1,250)
Issuance of common stock for Employee stock purchase plan (in shares)	26,006
Issuance of common stock for Employee stock purchase plan	$ 2	39,123	0	0	39,125
Share based compensation for employee stock plan	0	8,314	0	0	8,314
Net loss	$ 0	0	0	(1,718,957)	(1,718,957)
Balance (in shares) at Jun. 30, 2022	8,441,574
Balance at Jun. 30, 2022	$ 844	121,022,606	(110,081)	(107,293,830)	13,619,539
Issuance of common stock for directors’ fees (in shares)	8,547
Issuance of common stock for directors’ fees	$ 1	18,008	0	0	18,009
Issuance of restricted common stock to employees and directors (in shares)	2,500
Other comprehensive loss – Foreign currency translation adjustment	$ 0	0	(119,269)	0	(119,269)
Share-based compensation	0	82,738	0	0	82,738
Net loss	0	0	0	(2,402,509)	(2,402,509)
Net loss	$ 0	0	0	(2,402,509)	(2,402,509)
Balance (in shares) at Sep. 30, 2022	8,452,621
Balance at Sep. 30, 2022	$ 845	$ 121,123,352	$ (229,350)	$ (109,696,339)	$ 11,198,508

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
CASH FLOW FROM OPERATING ACTIVITIES:
Net loss	$ (2,402,509)	$ (999,403)	$ (1,023,647)	$ (851,431)	$ (5,120,869)	$ (3,036,761)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation					33,813	48,210
Amortization of intangible assets					216,806	169,639
Amortization of capitalized contract costs					80,019	78,477
Operating leases right-of-use assets					87,903	173,718
Loss on foreign currency transactions	0		0		0	50,000
Reserve for Investment – debt security					190,000	30,000
Allowance for note receivable					40,000	100,000
Share and warrant-based compensation for employees and consultants					236,108	221,298
Stock based directors’ fees					58,035	19,023
Bad debts					130,111	0
Amortization of debt discount					0	18,000
Change in assets and liabilities:
Accounts receivable					(264,635)	(1,043,190)
Due from factor					0	6,953
Capitalized contract costs					(120,968)	(131,758)
Inventory					47,993	(4,303,888)
Resalable software license rights					7,466	0
Prepaid expenses and other					(120,977)	(749,045)
Accounts payable					239,227	1,192,887
Accrued liabilities					(6,882)	190,935
Deferred revenue					43,351	31,048
Operating lease liabilities					(104,904)	(173,668)
Net cash used for operating activities					(4,328,403)	(7,108,122)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Swivel Secure, net of cash acquired of $729,905					(543,578)	0
Receipt of cash from note receivable					9,000	0	$ 0
Receipt of cash from Employee stock purchase plan					39,125	0
Capital expenditures					(31,066)	(37,883)
Net cash used for investing activities					(526,519)	(37,883)
CASH FLOW FROM FINANCING ACTIVITIES:
Costs to issue convertible notes					0	(5,228)
Repayment of convertible note					0	(250,000)
Net cash used for financing activities					0	(255,228)
Effect of exchange rate changes					(124,507)	0
NET DECREASE IN CASH AND CASH EQUIVALENTS					(4,979,429)	(7,401,233)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		$ 7,754,046		$ 16,993,096	7,754,046	16,993,096	16,993,096
CASH AND CASH EQUIVALENTS, END OF PERIOD	2,774,617		9,591,863		2,774,617	9,591,863	$ 7,754,046
Cash paid for:
Interest					3,661	18,000
Noncash investing and financing activities
Accounts receivable acquired from Swivel Secure					702,886	0
Equipment acquired from Swivel Secure					65,640	0
Other assets acquired from Swivel Secure					20,708	0
Intangible assets acquired from Swivel Secure					762,860	0
Goodwill resulting from the acquisition from Swivel Secure					1,067,372	0
Accounts payable and accrued expenses acquired from Swivel Secure	431,884		0		431,884	0
Common stock issued for acquisition of Swivel Secure	$ 600,004		$ 0		600,004	0
Operating lease right-of-use asset and liability for new lease					105,893	0
Swivel Secure Europe [Member]
Noncash investing and financing activities
Government loan acquired from Swivel Secure					$ 544,000	$ 0

Note 1 - Nature of Business and

Note 1 - Nature of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Business Description and Accounting Policies [Text Block]	1. NATURE OF BUSINESS AND BASIS OF PRESENTATION Nature of Business The Company, 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 subsidiaries (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 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 December 31, 2021 not 10 December 31, 2021, April 1, 2022. Foreign Currency The Company accounts for foreign currency transactions pursuant to ASC 830, Foreign Currency Matters 830” 830, The functional currency of Swivel Secure Europe, SA is the Euro. Under ASC 830, Goodwill and acquired intangible assets Goodwill is not may not December 31st not Intangible assets acquired in a business combination are recorded at their estimated fair values at the date of acquisition. The Company amortizes acquired definite-lived intangible assets over their estimated useful lives based on the pattern of consumption of the economic benefits or, if that pattern cannot be readily determined, on a straight-line basis. Recently Issued Accounting Pronouncements In June 2016, 2016 13, Financial Instruments-Credit Losses 326 2016 13, not 2016 13 2016 13 no not may not 2016 13. 2016 13 December 15, 2022 2016 13 Management does not not

Note 2 - Going Concern

Note 2 - Going Concern	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Substantial Doubt about Going Concern [Text Block]	2. GOING CONCERN The Company has historically financed our operations through access to the capital markets by issuing convertible debt securities, convertible preferred stock, common stock, and through factoring receivables. The Company currently requires approximately $814,000 per month to conduct operations, a monthly amount that it has been unable to consistently achieve through revenue generation. During the first nine 2022, 19 not twelve September 30, 2022 December. 4

Note 3 - Revenue From Contracts

Note 3 - Revenue From Contracts With Customers	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	3. REVENUE FROM CONTRACTS WITH CUSTOMERS In accordance with ASC 606, Revenue from Contracts with Customers 606” five ● Identify the contract with a customer ● Identify the performance obligations in the contract ● Determine the transaction price ● Allocate the transaction price to performance obligations in the contract ● Recognize revenue when or as the Company satisfies a performance obligation Disaggregation of Revenue The following table summarizes revenue from contracts with customers for the three September 30, 2022 September 30, 2021: North America Africa EMESA* Asia September 30, 2022 Services $ 280,192 $ 22,677 $ 69,087 $ - $ 371,956 License fees 468,090 - 450,170 - 918,260 Hardware 48,226 13,800 11,412 9,895 83,333 Total Revenues $ 796,508 $ 36,477 $ 530,669 $ 9,895 $ 1,373,549 North America Africa EMESA* Asia September 30, 2021 Services $ 259,965 $ 42,000 $ 12,759 $ 3,776 $ 318,500 License fees 534,775 308,000 20,678 7,006 870,459 Hardware 84,445 13,425 - 12,000 109,870 Total Revenues $ 879,185 $ 363,425 $ 33,437 $ 22,782 $ 1,298,829 The following table summarizes revenue from contracts with customers for the nine September 30, 2022 September 30, 2021: North America Africa EMESA* Asia September 30, 2022 Services $ 936,910 $ 60,629 $ 205,274 $ 53 $ 1,202,866 License fees 1,436,704 517,161 1,507,051 79,676 3,540,592 Hardware 323,338 25,833 18,342 150,864 518,377 Total Revenues $ 2,696,952 $ 603,623 $ 1,730,667 $ 230,593 $ 5,261,835 North America Africa EMESA* Asia September 30, 2021 Services $ 891,856 $ 42,000 $ 41,109 $ 10,198 $ 985,163 License fees 1,307,265 557,484 72,205 74,656 2,011,610 Hardware 176,414 698,264 265,996 42,110 1,182,784 Total Revenues $ 2,375,535 $ 1,297,748 $ 379,310 $ 126,964 $ 4,179,557 *EMESA – Europe, Middle East, South America Software licenses Software license revenue consist of fees for perpetual and subscription licenses for one Hardware Hardware revenue consists of fees for associated equipment sold with or without a software license arrangement, such as servers, FIDO keys, and fingerprint readers. Customers are not third may Support and Maintenance Support and maintenance revenue consists of fees for unspecified upgrades, telephone assistance and bug fixes. The Company satisfies its support and maintenance performance obligation by providing “stand-ready” assistance as required over the contract period. The Company records deferred revenue (contract liability) at time of prepayment until the term of the contract ends. Revenue is recognized over time on a ratable basis over the contract term. Support and maintenance contracts are from one five Professional Services Professional services revenue consist primarily of fees for deployment and optimization services, as well as training. The majority of the Company’s consulting contracts are billed on a time and materials basis, and revenue is recognized based on the amount billable to the customer in accordance with practical expedient ASC 606 10 55 18. Contracts with Multiple Performance Obligations Some contracts with customers contain multiple performance obligations. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The standalone selling prices are determined based on overall pricing objectives, taking into consideration market conditions and other factors, including the value of the contracts, the cloud applications sold, customer demographics, geographic locations, and the number and types of users within the contracts. The Company considered several factors in determining that control transfers to the customer upon shipment of hardware and availability of download of software. These factors include that legal title transfers to the customer, the Company has a present right to payment, and the customer has assumed the risks and rewards of ownership upon shipment of hardware and availability of download of software. Accounts receivable from customers are typically due within 30 not Costs to Obtain and Fulfill a Contract Costs to obtain and fulfill a contract are predominantly sales commissions earned by the sales force and are considered incremental and recoverable costs of obtaining a contract with a customer. These costs are deferred and then amortized over a period of benefit determined to be four Transaction Price Allocated to the Remaining Performance Obligations ASC 606 not September 30, 2022. ● The performance obligation is part of a contract that has an original expected duration of one 606 10 50 14. Deferred revenue represents the Company’s remaining performance obligations related to prepaid support and maintenance, all of which is expected to be recognized from one five All of the Company's performance obligations, and associated revenue, are generally transferred to customers at a point in time, with the exception of support and maintenance, and professional services, which are generally transferred to the customer over time. Deferred Revenue Deferred revenue includes customer advances and amounts that have been paid by customer for which the contractual maintenance terms have not 12 September 30, 2022 December 31, 2021, three nine September 30, 2022 three nine September 30, 2021 not

Note 4 - Swivel Secure Europe,

Note 4 - Swivel Secure Europe, SA Acquisition	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Business Combination Disclosure [Text Block]	4. SWIVEL SECURE EUROPE, SA ACQUISITION On March 8, 2022, January 31, 2023. 20 20 The business combination has been accounted for as an acquisition and, in accordance with ASC 805. Purchase consideration: Total cash paid, including working capital adjustment $ 1,273,483 Earnout payable 500,000 Common stock issued 600,004 Total purchase price consideration $ 2,373,487 Fair value of assets acquired and liabilities assumed: Cash and cash equivalents $ 729,905 Accounts receivable 702,886 Equipment acquired 65,640 Other assets 20,708 Intangible assets 762,860 Goodwill 1,067,372 Total estimated assets acquired 3,349,371 Accounts payable and accrued expenses 431,884 Government loan 544,000 Total liabilities assumed 975,884 Total estimated fair value of assets acquired and liabilities assumed $ 2,373,487 The fair value of the assets acquired and liabilities assumed was less than the purchase price, resulting in the recognition of goodwill. The goodwill reflected the value of the synergies the Company expected to realize and the assembled workforce. The significant intangible asset identified in the purchase price allocation discussed above include Customer Relationships. To value the Customer Relationships, with a useful life between six eight The government loan was issued through BBVA Bank during the COVID- 19 May 2022 April 2026.

Note 5 - Accounts Receivable

Note 5 - Accounts Receivable	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	5. 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. Accounts receivable at September 30, 2022 December 31, 2021 September 30, December 31, 2022 2021 Accounts receivable - current $ 2,131,821 $ 1,234,411 Loss on foreign currency (50,000 ) (50,000 ) Allowance for doubtful account (273,785 ) (213,785 ) Accounts receivable, net of allowances for doubtful accounts $ 1,808,036 $ 970,626

Note 6 - Share Based Compensati

Note 6 - Share Based Compensation	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	6. SHARE BASED COMPENSATION The following table presents share-based compensation expenses included in the Company’s unaudited condensed interim consolidated statements of operations: Three Months Ended September 30, 2022 2021 Selling, general and administrative $ 77,542 $ 47,694 Research, development and engineering 23,204 10,356 $ 100,746 $ 58,050 Nine Months Ended September 30, 2022 2021 Selling, general and administrative $ 236,120 $ 207,342 Research, development and engineering 58,023 32,979 $ 294,143 $ 240,321

Note 7 - Factoring

Note 7 - Factoring	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Factoring [Text Block]	7. FACTORING Due from factor consisted of the following as of: September 30, December 31, 2022 2021 Original invoice value $ 99,000 $ 99,000 Factored amount (49,500 ) (49,500 ) Due from factor $ 49,500 $ 49,500 The Company entered into an accounts receivable factoring arrangement with a financial institution (the “Factor”) which has been extended to October 31, 2023. Three Months ended September 30, 2022 2021 Factoring fees $ 11,821 $ 1,055 Nine Months ended September 30, 2022 2021 Factoring fees $ 51,348 $ 33,302

Note 8 - Note Receivable

Note 8 - Note Receivable	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Notes Receivable [Text Block]	8. NOTE RECEIVABLE During the third 2020, not nine 9 December 31, 2020. February 17, 2022, December 6, 2023. May 5, 2022, eight February 25, 2022, nineteen July 6, 2022, February 6, 2024. three August 12, 2020. September 30, December 31, 2022 2021 Note receivable $ 295,000 $ 295,000 Repayment of note (9,000 ) - Allowance for doubtful account (140,000 ) (100,000 ) Note receivable, net of allowance 146,000 195,000 Current portion, net of allowance $ - $ 82,000 Noncurrent portion, net of allowance $ 146,000 $ 113,000

Note 9 - Inventory

Note 9 - Inventory	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Inventory Disclosure [Text Block]	9. INVENTORY Inventory is stated at the lower of cost, determined on a first first September 30, December 31, 2022 2021 Finished goods $ 4,792,023 $ 4,798,203 Fabricated assemblies 100,644 142,457 Total inventory $ 4,892,667 $ 4,940,660

Note 10 - Resalable Software Li

Note 10 - Resalable Software License Rights	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Research, Development, and Computer Software Disclosure [Text Block]	10. RESALABLE SOFTWARE LICENSE RIGHTS On December 31, 2015, third two three September 30, 2022 2021, nine September 30, 2022 2021, September 30, 2022 December 31, 2021, The Company has classified the balance as non-current until a larger deployment occurs. Estimated minimum amortization expense based on straight-line amortization of the software license rights over the remaining useful life approximates the following: Years ending December 31 2022 (three months remaining) $ 10,613 2023 18,000 2024 12,673 Total $ 41,286

Note 11 - Investment in Debt Se

Note 11 - Investment in Debt Security	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	11. INVESTMENT IN DEBT SECURITY The Company purchased a 4,000,000 Hong Kong dollar denominated Bond Certificate with a financial institution in Hong Kong in September 2020. June 2021.

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Commitments Disclosure [Text Block]	12. COMMITMENTS Sales Incentive Agreement with TTI On March 25, 2020, 1. The original term of the agreement was one one 2. For each $5,000,000 in revenue (up to a maximum of $20,000,000) TTI generates during the first 3. In the event that TTI generates revenue in excess of $20,000,000 first five $1,000,000 $20,000,000 In no There has been no Distribution Agreement Swivel Secure has a distribution agreement with Swivel Secure Limited (“SSL”). Terms of the agreement include the following: 1. The initial term of the agreement ends on January 31, 2027 one not 30 not 2. SSL appoints Swivel Secure as the exclusive distributor of SSL’s products, to market, sell and distribute in the EMEA (Europe, Middle East and Africa), excluding the United Kingdom and Republic of Ireland, for a defined discount on the sale price. 3. Swivel Secure is expected to generate a certain minimum level of orders of SSL products each year during the term of the agreement. If the Company fails to meet such minimum level of orders in any year, the exclusive distribution rights will terminate and the Company will serve as a non-exclusive distributer of SSL Products. The Company expects the revenue targets to continue to be agreed to, based on historical negotiations and increasing distribution by Swivel Secure. Litigation From time to time, the Company may September 30, 2022, not

Note 13 - Leases

Note 13 - Leases	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	13. LEASES The Company leases office space in New Jersey and New Hampshire with lease termination dates in 2023, 2024, 2022. three nine 3 Months ended September 30, 2022 3 Months ended September 30, 2021 9 Months ended September 30, 2022 9 Months ended September 30, 2021 Lease cost Operating lease cost $ 62,619 $ 63,973 $ 163,401 $ 191,919 Total lease cost $ 62,619 $ 63,973 $ 163,401 $ 191,919 Balance sheet information September 30, 2022 December 31, 2021 Operating right-of-use assets $ 263,377 $ 254,100 Operating lease liabilities, current portion $ 178,277 $ 177,188 Operating lease liabilities, non-current portion 86,874 86,974 Total operating lease liabilities $ 265,151 $ 264,162 Weighted average remaining lease term (in years) – operating leases 1.16 1.45 Weighted average discount rate – operating leases 5.50 % 5.50 % Cash paid for amounts included in the measurement of operating lease liabilities for the nine months ended September 30, 2022 and 2021: $ 222,483 $ 191,869 Maturities of operating lease liabilities were as follows as of September 30, 2022: 2022 (3 months remaining) $ 68,048 2023 166,160 2024 38,809 Total future lease payments $ 273,017 Less: imputed interest (7,866 ) Total $ 265,151

Note 14 - Earnings Per Share ("

Note 14 - Earnings Per Share ("EPS")	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	14. EARNINGS (LOSS) PER SHARE - COMMON STOCK (“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 preferred stock. 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 September 30, Nine Months ended September 30, 2022 2021 2022 2021 Stock options 203,257 212,545 203,257 212,545 Warrants 4,672,025 4,689,387 4,672,025 4,689,387 Total 4,875,282 4,901,932 4,875,282 4,901,932

Note 15 - Stockholders' Equity

Note 15 - Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	15. STOCKHOLDERS’ EQUITY 1. 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 shares of preferred stock, $.0001 par value per share, in one 2. Holders of common stock have equal rights to receive dividends when, as and if declared by the Board of Directors, out of funds legally available therefor. Holders of common stock have one not Holders of common stock are entitled, upon liquidation of the Company, to share ratably in the net assets available for distribution, subject to the rights, if any, of holders of any preferred stock then outstanding. Shares of common stock are not no Issuances of Common Stock On March 8, 2022, 20 On June 18, 2021, first may June 17, 2031. December 31, 2021, June 30, 2022, Issuances of Restricted Stock Restricted stock consists of shares of common stock that are subject to restrictions on transfer and risk of forfeiture until the fulfillment of specified conditions. The fair value of nonvested shares is determined based on the market price of the Company's common stock on the grant date. Nonvested stock is expensed ratably over the term of the restriction period. During the nine September 30, 2022 2021, three During the nine September 30, 2022 2021, Restricted stock compensation for the three September 30, 2022 2021, Restricted stock compensation for the nine September 30, 2022 2021, Issuances to Directors, Executive Officers & Consultants During the three nine September 30, 2022, During the three nine September 30, 2021, Employees ’ exercise options During the three nine September 30, 2022 2021, no 3. There were no three nine September 30, 2022 2021.

Note 16 - Fair Values of Financ

Note 16 - Fair Values of Financial Instruments	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	16. FAIR VALUES OF FINANCIAL INSTRUMENTS Cash and cash equivalents, accounts receivable, due from factor, accounts payable and accrued liabilities are carried at, or approximate, fair value because of their short-term nature. The carrying value of the Company’s government loan payable approximates fair value as the interest rate related to the financial instruments approximated market.

Note 17 - Major Customers and A

Note 17 - Major Customers and Accounts Receivables	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	17. MAJOR CUSTOMERS AND ACCOUNTS RECEIVABLE For the three September 30, 2022, 2021, one one nine September 30, 2022, 2021, one one One September 30, 2022. December 31, 2021, three

Note 18 - Income Taxes

Note 18 - Income Taxes	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	18. INCOME TAXES The Company recorded no income tax expense for the three nine September 30, 2022 2021 As of September 30, 2022, December 31, 2021, not not

Note 19 - Subsequent Events

Note 19 - Subsequent Events	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Subsequent Events [Text Block]	19. SUBSEQUENT EVENTS On November 10, 2022, November 10, 2022, The Company has reviewed subsequent events through the date of this filing.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
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 subsidiaries (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 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 December 31, 2021 not 10 December 31, 2021, April 1, 2022.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency The Company accounts for foreign currency transactions pursuant to ASC 830, Foreign Currency Matters 830” 830, The functional currency of Swivel Secure Europe, SA is the Euro. Under ASC 830,
Goodwill and Intangible Assets, Policy [Policy Text Block]	Goodwill and acquired intangible assets Goodwill is not may not December 31st not Intangible assets acquired in a business combination are recorded at their estimated fair values at the date of acquisition. The Company amortizes acquired definite-lived intangible assets over their estimated useful lives based on the pattern of consumption of the economic benefits or, if that pattern cannot be readily determined, on a straight-line basis.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements In June 2016, 2016 13, Financial Instruments-Credit Losses 326 2016 13, not 2016 13 2016 13 no not may not 2016 13. 2016 13 December 15, 2022 2016 13 Management does not not

Note 3 - Revenue From Contrac_2

Note 3 - Revenue From Contracts With Customers (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	North America Africa EMESA* Asia September 30, 2022 Services $ 280,192 $ 22,677 $ 69,087 $ - $ 371,956 License fees 468,090 - 450,170 - 918,260 Hardware 48,226 13,800 11,412 9,895 83,333 Total Revenues $ 796,508 $ 36,477 $ 530,669 $ 9,895 $ 1,373,549 North America Africa EMESA* Asia September 30, 2021 Services $ 259,965 $ 42,000 $ 12,759 $ 3,776 $ 318,500 License fees 534,775 308,000 20,678 7,006 870,459 Hardware 84,445 13,425 - 12,000 109,870 Total Revenues $ 879,185 $ 363,425 $ 33,437 $ 22,782 $ 1,298,829 North America Africa EMESA* Asia September 30, 2022 Services $ 936,910 $ 60,629 $ 205,274 $ 53 $ 1,202,866 License fees 1,436,704 517,161 1,507,051 79,676 3,540,592 Hardware 323,338 25,833 18,342 150,864 518,377 Total Revenues $ 2,696,952 $ 603,623 $ 1,730,667 $ 230,593 $ 5,261,835 North America Africa EMESA* Asia September 30, 2021 Services $ 891,856 $ 42,000 $ 41,109 $ 10,198 $ 985,163 License fees 1,307,265 557,484 72,205 74,656 2,011,610 Hardware 176,414 698,264 265,996 42,110 1,182,784 Total Revenues $ 2,375,535 $ 1,297,748 $ 379,310 $ 126,964 $ 4,179,557

Note 4 - Swivel Secure Europe_2

Note 4 - Swivel Secure Europe, SA Acquisition (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Purchase consideration: Total cash paid, including working capital adjustment $ 1,273,483 Earnout payable 500,000 Common stock issued 600,004 Total purchase price consideration $ 2,373,487 Fair value of assets acquired and liabilities assumed: Cash and cash equivalents $ 729,905 Accounts receivable 702,886 Equipment acquired 65,640 Other assets 20,708 Intangible assets 762,860 Goodwill 1,067,372 Total estimated assets acquired 3,349,371 Accounts payable and accrued expenses 431,884 Government loan 544,000 Total liabilities assumed 975,884 Total estimated fair value of assets acquired and liabilities assumed $ 2,373,487

Note 5 - Accounts Receivable (T

Note 5 - Accounts Receivable (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	September 30, December 31, 2022 2021 Accounts receivable - current $ 2,131,821 $ 1,234,411 Loss on foreign currency (50,000 ) (50,000 ) Allowance for doubtful account (273,785 ) (213,785 ) Accounts receivable, net of allowances for doubtful accounts $ 1,808,036 $ 970,626

Note 6 - Share Based Compensa_2

Note 6 - Share Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended September 30, 2022 2021 Selling, general and administrative $ 77,542 $ 47,694 Research, development and engineering 23,204 10,356 $ 100,746 $ 58,050 Nine Months Ended September 30, 2022 2021 Selling, general and administrative $ 236,120 $ 207,342 Research, development and engineering 58,023 32,979 $ 294,143 $ 240,321

Note 7 - Factoring (Tables)

Note 7 - Factoring (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	September 30, December 31, 2022 2021 Accounts receivable - current $ 2,131,821 $ 1,234,411 Loss on foreign currency (50,000 ) (50,000 ) Allowance for doubtful account (273,785 ) (213,785 ) Accounts receivable, net of allowances for doubtful accounts $ 1,808,036 $ 970,626
Factoring Fees [Table Text Block]	Three Months ended September 30, 2022 2021 Factoring fees $ 11,821 $ 1,055 Nine Months ended September 30, 2022 2021 Factoring fees $ 51,348 $ 33,302
Factored Accounts Receivable [Member]
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	September 30, December 31, 2022 2021 Original invoice value $ 99,000 $ 99,000 Factored amount (49,500 ) (49,500 ) Due from factor $ 49,500 $ 49,500

Note 8 - Note Receivable (Table

Note 8 - Note Receivable (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	September 30, December 31, 2022 2021 Accounts receivable - current $ 2,131,821 $ 1,234,411 Loss on foreign currency (50,000 ) (50,000 ) Allowance for doubtful account (273,785 ) (213,785 ) Accounts receivable, net of allowances for doubtful accounts $ 1,808,036 $ 970,626
Notes Receivable [Member]
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	September 30, December 31, 2022 2021 Note receivable $ 295,000 $ 295,000 Repayment of note (9,000 ) - Allowance for doubtful account (140,000 ) (100,000 ) Note receivable, net of allowance 146,000 195,000 Current portion, net of allowance $ - $ 82,000 Noncurrent portion, net of allowance $ 146,000 $ 113,000

Note 9 - Inventory (Tables)

Note 9 - Inventory (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, December 31, 2022 2021 Finished goods $ 4,792,023 $ 4,798,203 Fabricated assemblies 100,644 142,457 Total inventory $ 4,892,667 $ 4,940,660

Note 10 - Resalable Software _2

Note 10 - Resalable Software License Rights (Tables)	9 Months Ended
	Sep. 30, 2022
Software License Rights [Member]
Notes Tables
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Years ending December 31 2022 (three months remaining) $ 10,613 2023 18,000 2024 12,673 Total $ 41,286

Note 13 - Leases (Tables)

Note 13 - Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Lessee, Operating Lease, Costs, Assets and Liabilities [Table Text Block]	3 Months ended September 30, 2022 3 Months ended September 30, 2021 9 Months ended September 30, 2022 9 Months ended September 30, 2021 Lease cost Operating lease cost $ 62,619 $ 63,973 $ 163,401 $ 191,919 Total lease cost $ 62,619 $ 63,973 $ 163,401 $ 191,919 Balance sheet information September 30, 2022 December 31, 2021 Operating right-of-use assets $ 263,377 $ 254,100 Operating lease liabilities, current portion $ 178,277 $ 177,188 Operating lease liabilities, non-current portion 86,874 86,974 Total operating lease liabilities $ 265,151 $ 264,162 Weighted average remaining lease term (in years) – operating leases 1.16 1.45 Weighted average discount rate – operating leases 5.50 % 5.50 % Cash paid for amounts included in the measurement of operating lease liabilities for the nine months ended September 30, 2022 and 2021: $ 222,483 $ 191,869 2022 (3 months remaining) $ 68,048 2023 166,160 2024 38,809 Total future lease payments $ 273,017 Less: imputed interest (7,866 ) Total $ 265,151

Note 14 - Earnings Per Share _2

Note 14 - Earnings Per Share ("EPS") (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months ended September 30, Nine Months ended September 30, 2022 2021 2022 2021 Stock options 203,257 212,545 203,257 212,545 Warrants 4,672,025 4,689,387 4,672,025 4,689,387 Total 4,875,282 4,901,932 4,875,282 4,901,932

Note 2 - Going Concern (Details

Note 2 - Going Concern (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 08, 2022	Dec. 31, 2021
Monthly Cash Requirement to Conduct Operations and Pay Dividend Obligations			$ 814,000
Revenue from Contract with Customer, Including Assessed Tax	$ 1,373,549	$ 1,298,829	5,261,835	$ 4,179,557
Cash and Cash Equivalents, at Carrying Value, Total	2,774,617		2,774,617			$ 7,754,046
Accounts Receivable, after Allowance for Credit Loss, Current, Total	1,808,036		1,808,036			970,626
Inventory, Net, Total	$ 4,892,667		$ 4,892,667			$ 4,940,660
Inventory Expected to Convert to Cash, Percentage			50%
Inventory Expected to Convert to Cash, Period (Month)			6 months
Swivel Secure Europe [Member]
Business Combination, Contingent Consideration Earnout Payable, Operating Profit to Trigger Payment					$ 1,000,000

Note 3 - Revenue From Contrac_3

Note 3 - Revenue From Contracts With Customers (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Percentage of Support and Maintenance Revenue to License Cost			18%
Contract with Customer, Liability, Total	$ 676,000		$ 676,000		$ 633,000
Contract with Customer, Liability, Revenue Recognized	$ 62,000	$ 72,000	$ 448,000	$ 502,000
Minimum [Member]
Capitalized Contract Cost, Amortization Period (Month)	12 months		12 months
Maximum [Member]
Capitalized Contract Cost, Amortization Period (Month)	60 months		60 months

Note 3 - Revenue From Contrac_4

Note 3 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from Contract with Customer, Including Assessed Tax		$ 1,373,549	$ 1,298,829	$ 5,261,835	$ 4,179,557
Service [Member]
Revenue from Contract with Customer, Including Assessed Tax		371,956	318,500	1,202,866	985,163
License [Member]
Revenue from Contract with Customer, Including Assessed Tax		918,260	870,459	3,540,592	2,011,610
Hardware [Member]
Revenue from Contract with Customer, Including Assessed Tax		83,333	109,870	518,377	1,182,784
North America [Member]
Revenue from Contract with Customer, Including Assessed Tax		796,508	879,185	2,696,952	2,375,535
North America [Member] | Service [Member]
Revenue from Contract with Customer, Including Assessed Tax		280,192	259,965	936,910	891,856
North America [Member] | License [Member]
Revenue from Contract with Customer, Including Assessed Tax		468,090	534,775	1,436,704	1,307,265
North America [Member] | Hardware [Member]
Revenue from Contract with Customer, Including Assessed Tax		48,226	84,445	323,338	176,414
South America [Member]
Revenue from Contract with Customer, Including Assessed Tax		36,477	363,425	603,623	1,297,748
South America [Member] | Service [Member]
Revenue from Contract with Customer, Including Assessed Tax		22,677	42,000	60,629	42,000
South America [Member] | License [Member]
Revenue from Contract with Customer, Including Assessed Tax		0	308,000	517,161	557,484
South America [Member] | Hardware [Member]
Revenue from Contract with Customer, Including Assessed Tax		13,800	13,425	25,833	698,264
EMESA [Member]
Revenue from Contract with Customer, Including Assessed Tax	[1]	530,669	33,437	1,730,667	379,310
EMESA [Member] | Service [Member]
Revenue from Contract with Customer, Including Assessed Tax		69,087	12,759	205,274	41,109
EMESA [Member] | License [Member]
Revenue from Contract with Customer, Including Assessed Tax	[1]	450,170	20,678	1,507,051	72,205
EMESA [Member] | Hardware [Member]
Revenue from Contract with Customer, Including Assessed Tax	[1]	11,412	0	18,342	265,996
Asia [Member]
Revenue from Contract with Customer, Including Assessed Tax		9,895	22,782	230,593	126,964
Asia [Member] | Service [Member]
Revenue from Contract with Customer, Including Assessed Tax		0	3,776	53	10,198
Asia [Member] | License [Member]
Revenue from Contract with Customer, Including Assessed Tax		0	7,006	79,676	74,656
Asia [Member] | Hardware [Member]
Revenue from Contract with Customer, Including Assessed Tax		$ 9,895	$ 12,000	$ 150,864	$ 42,110
[1]EMESA – Europe, Middle East, South America

Note 4 - Swivel Secure Europe_3

Note 4 - Swivel Secure Europe, SA Acquisition (Details Textual) - USD ($)		9 Months Ended		47 Months Ended
	Mar. 08, 2022	Sep. 30, 2022	Sep. 30, 2021	Apr. 30, 2026
Payments to Acquire Businesses, Gross		$ 543,578	$ 0
Share Price (in dollars per share)	$ 2.23
Forecast [Member] | Government Loan [Member] | BBVA Bank [Member]
Debt Instrument, Interest Rate, Stated Percentage				1.75%
Debt Instrument, Periodic Payment, Principal				$ 11,900
Swivel Secure Europe [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100%
Business Combination, Base Purchase Price	$ 1,750,000
Business Combination, Contingent Consideration, Liability, Total	500,000
Business Combination, Contingent Consideration Earnout Payable, Revenue to Trigger Payment	3,000,000
Business Combination, Contingent Consideration Earnout Payable, Operating Profit to Trigger Payment	1,000,000
Payments to Acquire Businesses, Gross	$ 1,270,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)	269,060
Business Combination, Indemnification Assets, Amount as of Acquisition Date	$ 89,687
Swivel Secure Europe [Member] | Customer Relationships [Member] | Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	6 years
Swivel Secure Europe [Member] | Customer Relationships [Member] | Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	8 years

Note 4 - Swivel Secure Europe_4

Note 4 - Swivel Secure Europe, SA Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Goodwill	$ 2,197,698	$ 1,262,526
Swivel Secure Europe [Member]
Total cash paid, including working capital adjustment	1,273,483
Earnout payable	500,000
Cash and cash equivalents	729,905
Accounts receivable	702,886
Equipment acquired	65,640
Other assets	20,708
Intangible assets	762,860
Goodwill	1,067,372
Total estimated assets acquired	3,349,371
Accounts payable and accrued expenses	431,884
Government loan	544,000
Total liabilities assumed	975,884
Total estimated fair value of assets acquired and liabilities assumed	2,373,487
Swivel Secure Europe [Member] | Restricted [Member]
Common stock issued	600,004
Total purchase price consideration	$ 2,373,487

Note 5 - Accounts Receivable -

Note 5 - Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Accounts receivable - current	$ 2,131,821	$ 1,234,411
Loss on foreign currency	(50,000)	(50,000)
Allowance for doubtful account	(273,785)	(213,785)
Accounts receivable, net of allowances for doubtful accounts	$ 1,808,036	$ 970,626

Note 6 - Share Based Compensa_3

Note 6 - Share Based Compensation - Expenses for Continuing Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based compensation expense	$ 100,746	$ 58,050	$ 294,143	$ 240,321
Selling, General and Administrative Expenses [Member]
Share-based compensation expense	77,542	47,694	236,120	207,342
Research and Development Expense [Member]
Share-based compensation expense	$ 23,204	$ 10,356	$ 58,023	$ 32,979

Note 7 - Factoring (Details Tex

Note 7 - Factoring (Details Textual)	9 Months Ended
	Sep. 30, 2022 USD ($)
Factoring Arrangement, Minimum Amount of Accounts Receivable Per Quarter	$ 150,000
Minimum [Member]
Factoring Fees Percent	2.75%
Maximum [Member]
Factoring Fees Percent	15%
Geographic Distribution, Foreign [Member]
Percentage Of Accounts Receivable Remitted By Factor	35%
Geographic Distribution, Domestic [Member]
Percentage Of Accounts Receivable Remitted By Factor	75%

Note 7 - Factoring - Due From F

Note 7 - Factoring - Due From Factor (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Original invoice value	$ 99,000	$ 99,000
Factored amount	(49,500)	(49,500)
Due from factor	$ 49,500	$ 49,500

Note 7 - Factoring - Fees (Deta

Note 7 - Factoring - Fees (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Factoring fees	$ 11,821	$ 1,055	$ 51,348	$ 33,302

Note 8 - Note Receivable (Detai

Note 8 - Note Receivable (Details Textual) - USD ($)				9 Months Ended
	Feb. 06, 2024	Jul. 06, 2022	Feb. 25, 2022	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2020
Financing Receivable, after Allowance for Credit Loss, Current, Total					$ 0	$ 82,000	$ 295,000
Receivable with Imputed Interest, Effective Yield (Interest Rate)				5%
Accounts Receivable, Allowance for Credit Loss, Ending Balance					$ 140,000
Notes Receivable, Periodic Payment		$ 15,000	$ 1,000
Forecast [Member]
Notes Receivable, Periodic Payment	$ 2,000

Note 8 - Note Receivable - Summ

Note 8 - Note Receivable - Summary of Note Receivable (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Sep. 30, 2020
Note receivable	$ 295,000		$ 295,000
Repayment of note	(9,000)	$ 0	0
Allowance for doubtful account	(140,000)		(100,000)
Note receivable, net of allowance	146,000		195,000
Current portion, net of allowance	0		82,000	$ 295,000
Note receivable, net of allowance	$ 146,000		$ 113,000

Note 9 - Inventory - Components

Note 9 - Inventory - Components of Inventory (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Finished goods	$ 4,792,023	$ 4,798,203
Fabricated assemblies	100,644	142,457
Total inventory	$ 4,892,667	$ 4,940,660

Note 10 - Resalable Software _3

Note 10 - Resalable Software License Rights (Details Textual) - USD ($)		3 Months Ended			9 Months Ended
	Dec. 31, 2015	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2017	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Amortization of Intangible Assets					$ 216,806	$ 169,639
Cumulative Amount of Amortization Expense, Net of Credits					138,714
Software License Rights [Member]
Payments to Acquire Software	$ 180,000
Finite-Lived Intangible Asset, Useful Life (Year)				10 years
Amortization of Intangible Assets		$ 2,481	$ 2,579		7,465	$ 7,588
The 2015 Software License [Member]
Software License Rights		$ 41,286			$ 41,286		$ 48,752

Note 10 - Resalable Software _4

Note 10 - Resalable Software License Rights - Amortization Expense (Details) - Software License Rights [Member]	Sep. 30, 2022 USD ($)
2022 (three months remaining)	$ 10,613
2023	18,000
2024	12,673
Total	$ 41,286

Note 11 - Investment in Debt _2

Note 11 - Investment in Debt Security (Details Textual) - Debt Security, Corporate, Non-US [Member]	Sep. 30, 2021 USD ($)	Jun. 30, 2020 HKD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 HKD ($)
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Current			$ 512,821	$ 4,000,000
Limit of Bond		$ 20,000,000
Investment in Held-to-maturity Debt Securities, Interest Rate		5%
Debt Securities, Held-to-Maturity, Allowance for Credit Loss, Noncurrent	$ 250,000

Note 12 - Commitments and Con_2

Note 12 - Commitments and Contingencies (Details Textual) - Technology Transfer Institute [Member] - Sales Incentive Agreement With TTI [Member] - USD ($)		9 Months Ended
	Mar. 25, 2020	Sep. 30, 2022
Related Party Agreement, Term (Year)	1 year
Related Party Transaction, Revenue Needed to Trigger Payment of Sales Incentive Fee	$ 5,000,000
Related Party Transaction, Revenue to Trigger Payment of Sales Incentive Fee, Percent of Net Income, Minimum	20%
Related Party Transaction, Sales Incentive Fee For Each 5 Million Revenue	$ 500,000
Stock Issuable for Sales Incentive Fee Per Each 5 Million Revenue (in shares)	62,500
Related Party Transaction, Maximum Revenue, Warrants Issuable	$ 25,000,000
Revenue from Related Parties		$ 0
Warrants Issuable for Each 1 Million Revenue in Excess of 20 Million [Member]
Warrants and Rights Outstanding, Term (Year)	5 years
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	12,500
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 12
Maximum [Member]
Related Party Transaction, Maximum Revenue to Trigger Payment of Sales Incentive Fee	$ 20,000,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	62,500
Stock Issuable for Sales Incentive Agreement (in shares)	250,000

Note 13 - Leases - Operating Le

Note 13 - Leases - Operating Lease Balance Sheet Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Operating lease cost	$ 62,619	$ 63,973	$ 163,401	$ 191,919
Total lease cost	62,619	$ 63,973	163,401	$ 191,919
Operating lease right-of-use assets	263,377		263,377		$ 254,100
Operating lease liabilities, current portion	178,277		178,277		177,188
Operating lease liabilities, non-current portion	86,874		86,874		86,974
Total operating lease liabilities	$ 265,151		$ 265,151		$ 264,162
Weighted average remaining lease term (in years) – operating leases (Year)	1 year 1 month 28 days		1 year 1 month 28 days		1 year 5 months 12 days
Weighted average discount rate – operating leases	5.50%		5.50%		5.50%
Cash paid for amounts included in the measurement of operating lease liabilities for the nine months ended September 30, 2022 and 2021:			$ 222,483		$ 191,869
2022 (3 months remaining)	$ 68,048		68,048
2023	166,160		166,160
2024	38,809		38,809
Total future lease payments	273,017		273,017
Less: imputed interest	(7,866)		(7,866)
Total	$ 265,151		$ 265,151		$ 264,162

Note 14 - Earnings Per Share _3

Note 14 - Earnings Per Share ("EPS") - Securities Excluded From the Diluted Per Share Calculation (Details) - Exercise Price Greater Than Average Market Price Of Common Shares [Member] - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive securities (in shares)	4,875,282	4,901,932	4,875,282	4,901,932
Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	203,257	212,545	203,257	212,545
Warrant [Member]
Antidilutive securities (in shares)	4,672,025	4,689,387	4,672,025	4,689,387

Note 15 - Stockholders' Equity

Note 15 - Stockholders' Equity (Details Textual) - USD ($)			3 Months Ended						6 Months Ended	9 Months Ended
	Mar. 08, 2022	Jun. 18, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Preferred Stock, Shares Authorized (in shares)			5,000,000							5,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)			$ 1							$ 1
Stock Issued During Period, Value, Acquisitions					$ 600,004
Share-based Payment Arrangement, Expense			$ 100,746			$ 58,050				$ 294,143	$ 240,321
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture, Total			$ 18,009	$ 18,006	22,020	$ 6,008	$ 5,505	$ 7,510
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)			0			0				0	0
Class of Warrant or Right, Issued During Period (in shares)			0			0				0	0
Common Stock [Member]
Stock Issued During Period, Value, Acquisitions					$ 27
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)				26,006
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares)			2,500	1,250	274,250	3,750	1,250	1,250
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited (in shares)				1,250			1,250
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares)			8,547	9,117	9,382	1,888	1,748	2,091
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture, Total			$ 1	$ 1	$ 1	$ 0	$ 0	$ 0
Common Stock [Member] | Director [Member]
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares)			8,547			1,888				27,046	5,727
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture, Total			$ 18,008			$ 6,008				$ 58,034	$ 19,023
Restricted Stock [Member]
Share-based Payment Arrangement, Expense			$ 65,836			$ 18,360				$ 156,880	$ 52,081
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares)										278,000	6,250
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)										3 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fair Value										$ 597,500	$ 18,456
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited (in shares)										1,250	1,250
Employee Stock Purchase Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		789,000
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent		85%
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)									19,484	26,006
Share-based Payment Arrangement, Expense									$ 10,680	$ 8,314
Swivel Secure Europe [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)	269,060
Business Combination, Indemnification Assets, Amount as of Acquisition Date	$ 89,687
Stock Issued During Period, Value, Acquisitions	$ 600,004
Business Acquisition, Share Price (in dollars per share)	$ 2.23

Note 17 - Major Customers and_2

Note 17 - Major Customers and Accounts Receivables (Details Textual) - Customer Concentration Risk [Member]	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenue Benchmark [Member]
Concentration Risk, Number of Major Customers	1	1	1	1
Revenue Benchmark [Member] | One Customer [Member]
Concentration Risk, Percentage	16%	28%	11%	16%
Accounts Receivable [Member]
Concentration Risk, Number of Major Customers					3
Accounts Receivable [Member] | One Customer [Member]
Concentration Risk, Number of Major Customers			1
Concentration Risk, Percentage			19%
Accounts Receivable [Member] | Three Customers [Member]
Concentration Risk, Percentage					87%

Note 18 - Income Taxes (Details

Note 18 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Expense (Benefit), Total	$ 0	$ 0	$ 0	$ 0

Note 19 - Subsequent Events (De

Note 19 - Subsequent Events (Details Textual) - $ / shares	Nov. 10, 2022	Mar. 08, 2022
Share Price (in dollars per share)		$ 2.23
Subsequent Event [Member]
Share Price (in dollars per share)	$ 1.43
Subsequent Event [Member] | Director [Member]
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture (in shares)	12,590