BIO-key International (BKYI) 10-Q 14 Jun 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Jun. 12, 2024
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	Q1
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	101 CRAWFORDS CORNER ROAD, SUITE 4116
Entity Address, City or Town	HOLMDEL
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07733
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		1,814,228

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 690,449	$ 511,400
Accounts receivable, net	701,776	1,201,526
Due from factor	8,250	99,320
Inventory	440,194	445,740
Prepaid expenses and other	427,685	364,171
Total current assets	2,268,354	2,622,157
Equipment and leasehold improvements, net	198,238	220,177
Capitalized contract costs, net	349,145	229,806
Operating lease right-of-use assets	23,220	36,905
Intangible assets, net	1,329,985	1,407,990
Total non-current assets	1,900,588	1,894,878
TOTAL ASSETS	4,168,942	4,517,035
LIABILITIES
Accounts payable	1,212,071	1,316,014
Accrued liabilities	1,189,520	1,305,848
Government loan – BBVA Bank, current portion	135,835	138,730
Deferred revenue, current	755,405	414,968
Operating lease liabilities, current portion	23,797	37,829
Total current liabilities	3,316,628	3,213,389
Deferred revenue, long term	143,727	28,296
Deferred tax liability	22,998	22,998
Government loan – BBVA Bank – net of current portion	149,861	188,787
Total non-current liabilities	316,586	240,081
TOTAL LIABILITIES	3,633,214	3,453,470
Commitments and Contingencies
STOCKHOLDERS’ EQUITY
Common stock — authorized, 170,000,000 shares; issued and outstanding; 1,814,414 and 1,032,777 of $.0001 par value at March 31, 2024 and December 31, 2023, respectively	181	103
Additional paid-in capital	126,092,496	126,047,851
Accumulated other comprehensive loss	(39,454)	22,821
Accumulated deficit	(125,517,495)	(125,007,210)
TOTAL STOCKHOLDERS’ EQUITY	535,728	1,063,565
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 4,168,942	$ 4,517,035

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common stock, shares authorized (in shares)	170,000,000	170,000,000
Common stock, shares issued (in shares)	1,814,414	1,032,777
Common stock, shares outstanding (in shares)	1,814,414	1,032,777
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
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Revenues	$ 2,181,203	$ 2,183,767
Costs and other expenses
Costs and other expenses	299,643	1,320,274
Gross profit	1,881,560	863,493
Operating Expenses
Selling, general and administrative	1,782,973	1,931,732
Research, development and engineering	607,521	690,159
Total Operating Expenses	2,390,494	2,621,891
Operating loss	(508,934)	(1,758,398)
Other income (expense)
Interest income	5	4
Loss on foreign currency transactions	0	(15,000)
Change in fair value of convertible note	0	(141,991)
Change in fair value of convertible note	0	141,991
Interest expense	(1,356)	(56,919)
Total other income (expense), net	(1,351)	70,076
Loss before provision for income tax	(510,285)	(1,688,322)
Provision for (income tax) tax benefit	0	0
Net loss	(510,285)	(1,688,322)
Comprehensive loss:
Net loss	(510,285)	(1,688,322)
Other comprehensive income (loss) – Foreign currency translation adjustment	(62,275)	72,146
Comprehensive loss	$ (572,560)	$ (1,616,176)
Basic and Diluted Loss per Common Share (in dollars per share)	$ (0.32)	$ (3.51)
Weighted Average Common Shares Outstanding:
Basic and diluted (in shares)	1,615,323	480,833
Service [Member]
Revenues
Revenues	$ 213,122	$ 532,522
Costs and other expenses
Costs and other expenses	138,849	154,801
License [Member]
Revenues
Revenues	1,950,434	1,578,556
Costs and other expenses
Costs and other expenses	148,221	620,881
Hardware [Member]
Revenues
Revenues	17,647	72,689
Costs and other expenses
Costs and other expenses	12,573	44,592
Hardware Reserve [Member]
Costs and other expenses
Costs and other expenses	$ 0	$ 500,000

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, 2022	552,739
Balance at Dec. 31, 2022	$ 55	$ 122,029,476	$ (242,602)	$ (116,485,373)	$ 5,301,556
Issuance of common stock for directors’ fees (in shares)	855
Issuance of common stock for directors’ fees	$ 0	12,002	0		12,002
Issuance of common stock to employees	$ 0	4	0	0	4
Restricted stock forfeited (in shares)	(1,102)
Restricted stock forfeited	$ 0	3,105	0	0	3,105
Other comprehensive income (loss) – Foreign currency translation adjustment	0	0	72,146	0	72,146
Share-based compensation	0	62,474	0	0	62,474
Net loss	$ 0	0	0	(1,688,322)	(1,688,322)
Issuance of common stock to employees (in shares)	2,222
Restricted stock forfeited	$ 0	(3,105)	0	0	(3,105)
Balance (in shares) at Mar. 31, 2023	554,714
Balance at Mar. 31, 2023	$ 55	122,100,851	(170,456)	(118,173,695)	3,756,755
Balance (in shares) at Dec. 31, 2023	1,032,777
Balance at Dec. 31, 2023	$ 103	126,047,851	22,821	(125,007,210)	1,063,565
Issuance of common stock for directors’ fees (in shares)	4,287
Issuance of common stock for directors’ fees	$ 0	9,003	0		9,003
Issuance of common stock to employees	$ 0	0	0	0	0
Restricted stock forfeited (in shares)	(316)
Restricted stock forfeited	$ 0	0	0	0	0
Exercise of warrants (in shares)	777,666
Exercise of warrants	$ 78	1,322	0	0	1,400
Other comprehensive income (loss) – Foreign currency translation adjustment	0		(62,275)	0	(62,275)
Share-based compensation	0	47,790	0	0	47,790
Issuance costs	0	(13,470)	0	0	(13,470)
Net loss	0	0	0	(510,285)	(510,285)
Restricted stock forfeited	$ 0	0	0	0	0
Balance (in shares) at Mar. 31, 2024	1,814,414
Balance at Mar. 31, 2024	$ 181	$ 126,092,496	$ (39,454)	$ (125,517,495)	$ 535,728

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOW FROM OPERATING ACTIVITIES:
Net loss	$ (510,285)	$ (1,688,322)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation	23,808	13,242
Amortization of intangible assets	78,005	81,237
Change in fair value of convertible note	0	(141,991)
Amortization of capitalized contract costs	38,665	37,529
Reserve for inventory	0	500,000
Operating leases right-of-use assets	13,686	66,132
Share and warrant-based compensation for employees and consultants	47,790	59,373
Stock based directors’ fees	9,003	12,002
Bad debts	100,000	0
Change in assets and liabilities:
Accounts receivable	399,749	(898,881)
Due from factor	91,070	(33,000)
Capitalized contract costs	(158,005)	(8,739)
Inventory	5,545	6,554
Prepaid expenses and other	(63,513)	2,219
Accounts payable	(116,012)	88,040
Accrued liabilities	(104,257)	(135,417)
Deferred revenue	455,868	178,755
Operating lease liabilities	(14,033)	(67,544)
Net cash provided by (used in) operating activities	297,084	(1,928,811)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(1,869)	0
Net cash used in investing activities	(1,869)	0
CASH FLOW FROM FINANCING ACTIVITIES:
Offering costs	(13,470)	0
Proceeds for exercise of warrants	1,400	0
Repayment of government loan	(41,821)	(34,289)
Net cash used in financing activities	(53,891)	(34,289)
Effect of exchange rate changes	(62,275)	49,913
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	179,049	(1,913,187)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	511,400	2,635,522
CASH AND CASH EQUIVALENTS, END OF PERIOD	690,449	722,335
Cash paid for:
Interest	$ 1,356	$ 56,919

Note 1 - Nature of Business and

Note 1 - Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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 (“GAAP”), 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 March 31, 2024 not 10 December 31, 2023 May 31, 2024. Foreign Currencies The Company accounts for foreign currency transactions pursuant to ASC 830, Foreign Currency Matters 830” 830, Recently Issued Accounting Pronouncements Effective January 1, 2023, 2016 13, Financial Instruments-Credit Losses 326 2016 13, not 2016 13 2016 13 no not may not 2016 13. 2016 13 In August 2020, 2020 06, Debt with Conversion and Other Options (Subtopic 470 20 s Own Equity (Subtopic 815 40 2020 06” 2020 06 2020 06 2020 06 January 1, 2024 2016 13 not Management does not not

Note 2 - Going Concern

Note 2 - Going Concern	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Substantial Doubt about Going Concern [Text Block]	2. GOING CONCERN 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 Company has suffered substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations all of which 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 increase its revenue and meet its financing requirements on a continuing basis and become profitable in its future operations. The accompanying consolidated financial statements do not As of the date of this report, the Company does not twelve

Note 3 - Revenue From Contracts

Note 3 - Revenue From Contracts With Customers	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	3. REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue The following table summarizes revenue from contracts with customers for the three March 31, 2024 March 31, 2023 North March 31, America Africa EMESA* Asia 2024 License fees $ 519,244 $ 1,266,553 $ 164,637 $ - $ 1,950,434 Hardware 17,408 - 239 - 17,647 Services 191,481 20,254 1,387 - 213,122 Total Revenues $ 728,133 $ 1,286,807 $ 166,263 $ - $ 2,181,203 North March 31, America Africa EMESA* Asia 2023 License fees $ 408,530 $ 552,630 $ 546,746 $ 70,650 $ 1,578,556 Hardware 24,781 - 47,008 900 72,689 Services 263,858 23,787 239,927 4,950 532,522 Total Revenues $ 697,169 $ 576,417 $ 833,681 $ 76,500 $ 2,183,767 *EMESA – Europe, Middle East, South America Deferred Revenue Deferred revenue includes customer advances and amounts that have been paid by customer for which the contractual maintenance terms have not 12 March 31, 2024 December 31, 2023 three March 31, 2024 March 31, 2023 not

Note 4 - Accounts Receivable

Note 4 - Accounts Receivable	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	4. ACCOUNTS RECEIVABLE Accounts receivable are carried at original amount less an estimate made for credit losses based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for credit losses by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history, current economic conditions and other relevant factors, including specific reserves for certain accounts. Accounts receivable are written off when deemed uncollectible. Accounts receivable at March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 Accounts receivable $ 1,607,561 $ 2,207,311 Allowance for credit losses (905,785 ) (1,005,785 ) Accounts receivable, net of allowances for credit losses $ 701,776 $ 1,201,526 Bad debt expenses are recorded in selling, general, and administrative expense.

Note 5 - Share Based Compensati

Note 5 - Share Based Compensation	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	5. 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 March 31, 2024 2023 Selling, general and administrative $ 47,642 $ 55,453 Research, development and engineering 9,151 15,922 $ 56,793 $ 71,375

Note 6 - Inventory

Note 6 - Inventory	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023: March 31, December 31, 2024 2023 Finished goods $ 4,367,510 $ 4,373,056 Fabricated assemblies 59,184 59,184 Reserve on finished goods (3,986,500 ) (3,986,500 ) Total inventory $ 440,194 $ 445,740

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Commitments Disclosure [Text Block]	7. COMMITMENTS AND CONTINGENCIES 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 Swivel Secure fails to meet such minimum level of orders in any year, the exclusive distribution rights will terminate and Swivel Secure will serve as a non-exclusive distributer of SSL Products. The Company expects the revenue targets to continue to be met based on historical performance and increasing distribution by Swivel Secure. Litigation From time to time, the Company may March 31, 2024 not

Note 8 - Leases

Note 8 - Leases	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	8. LEASES The Company’s leases office space in New Jersey, Minnesota, New Hampshire, Madrid and Hong-Kong with lease termination dates in 2024. August 11, 2023, one September 1, 2023 3 Months ended 3 Months ended March 31, March 31, 2024 2023 Lease cost Total lease cost $ 14,553 $ 63,973 March 31, December 31, Balance sheet information 2024 2023 Operating right-of-use assets $ 23,220 $ 36,905 Operating lease liabilities, current portion $ 23,797 $ 37,829 Operating lease liabilities, non-current portion - - Total operating lease liabilities $ 23,797 $ 37,829 Weighted average remaining lease term (in years) – operating leases 0.42 0.67 Weighted average discount rate – operating leases 5.50 % 5.50 % Cash paid for amounts included in the measurement of operating lease liabilities for the three months ended March 31, 2024 and 2023: $ 22,613 $ 69,821 Maturities of operating lease liabilities were as follows as of March 31, 2024 2024 (5 months remaining) $ 24,255 2025 - Total future lease payments $ 24,255 Less: imputed interest (458 ) Total $ 23,797

Note 9 - Convertible Note Payab

Note 9 - Convertible Note Payable	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	9. CONVERTIBLE NOTE PAYABLE Securities Purchase Agreement dated December 22, 2022 On December 22, 2022, The principal amount of the Note was due six one six six seven In connection with the issuance of the Note, the Company issued to the investor 38,889 shares of Common Stock (the “Commitment Shares”) valued at $18.00 per share and a warrant (the “Warrant”) to purchase 11,112 shares of common stock (the “Warrant Shares”) at an exercise price of $54.00 per share, exercisable commencing on the date of issuance with a term of five On October 31, 2023 December 21, 2023 As of December 31, 2023

Note 10 - Earnings (Loss) Per S

Note 10 - Earnings (Loss) Per Share - Common Stock ("EPS")	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	10. 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 summarizes the weighted average securities that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive. Years ended December 31, 2023 2022 Stock options - - Warrants 126,131 - Total 126,131 - 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 March 31, 2024 2023 Stock options 9,236 11,313 Warrants 1,722,695 270,672 Total 1,731,931 281,985

Note 11 - Stockholders' Equity

Note 11 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Equity [Text Block]	11. STOCKHOLDERS’ EQUITY Issuances of Common Stock During the three March 31, 2024 2023, not Issuances to Directors, Executive Officers & Consultants 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 three March 31, 2024 2023 three During the three March 31, 2024 2023 Share based compensation for the three March 31, 2024 2023 Issuances to Directors During the three March 31, 2024 2023 $12,002, Employees ’ exercise options During the three March 31, 2024 2023 no 3. There were no three March 31, 2024 2023 777,666 three March 31, 2024.

Note 12 - Fair Values of Financ

Note 12 - Fair Values of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	12. 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 13 - Major Customers and A

Note 13 - Major Customers and Accounts Receivable	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	13. MAJOR CUSTOMERS AND ACCOUNTS RECEIVABLE During each of the three March 31, 2024 2023 one one three March 31, 2024 2023 two Three March 31, 2024 December 31, 2023 one

Note 14 - Income Taxes

Note 14 - Income Taxes	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	14. INCOME TAXES United States, Hong Kong and Nigeria The Company recorded no three March 31, 2024 2023 zero As of March 31, 2024 December 31, 2023 not not Spain Due to the current loss for the three March 31, 2024, not

Note 15 - Subsequent Events

Note 15 - Subsequent Events	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Subsequent Events [Text Block]	15 SUBSEQUENT EVENTS On May 6, 2024, The Company has reviewed subsequent events through the date of this filing.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	5. Rule 10b5 1 10b5 1 During the three March 31, 2024, none 16a 1 1934, 10b5 1 10b5 1 408
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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 (“GAAP”), 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 March 31, 2024 not 10 December 31, 2023 May 31, 2024.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currencies The Company accounts for foreign currency transactions pursuant to ASC 830, Foreign Currency Matters 830” 830,
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements Effective January 1, 2023, 2016 13, Financial Instruments-Credit Losses 326 2016 13, not 2016 13 2016 13 no not may not 2016 13. 2016 13 In August 2020, 2020 06, Debt with Conversion and Other Options (Subtopic 470 20 s Own Equity (Subtopic 815 40 2020 06” 2020 06 2020 06 2020 06 January 1, 2024 2016 13 not Management does not not

Note 3 - Revenue From Contrac_2

Note 3 - Revenue From Contracts With Customers (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	North March 31, America Africa EMESA* Asia 2024 License fees $ 519,244 $ 1,266,553 $ 164,637 $ - $ 1,950,434 Hardware 17,408 - 239 - 17,647 Services 191,481 20,254 1,387 - 213,122 Total Revenues $ 728,133 $ 1,286,807 $ 166,263 $ - $ 2,181,203 North March 31, America Africa EMESA* Asia 2023 License fees $ 408,530 $ 552,630 $ 546,746 $ 70,650 $ 1,578,556 Hardware 24,781 - 47,008 900 72,689 Services 263,858 23,787 239,927 4,950 532,522 Total Revenues $ 697,169 $ 576,417 $ 833,681 $ 76,500 $ 2,183,767

Note 4 - Accounts Receivable (T

Note 4 - Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	March 31, December 31, 2024 2023 Accounts receivable $ 1,607,561 $ 2,207,311 Allowance for credit losses (905,785 ) (1,005,785 ) Accounts receivable, net of allowances for credit losses $ 701,776 $ 1,201,526

Note 5 - Share Based Compensa_2

Note 5 - Share Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended March 31, 2024 2023 Selling, general and administrative $ 47,642 $ 55,453 Research, development and engineering 9,151 15,922 $ 56,793 $ 71,375

Note 6 - Inventory (Tables)

Note 6 - Inventory (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, December 31, 2024 2023 Finished goods $ 4,367,510 $ 4,373,056 Fabricated assemblies 59,184 59,184 Reserve on finished goods (3,986,500 ) (3,986,500 ) Total inventory $ 440,194 $ 445,740

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Lessee, Operating Lease, Costs, Assets and Liabilities [Table Text Block]	3 Months ended 3 Months ended March 31, March 31, 2024 2023 Lease cost Total lease cost $ 14,553 $ 63,973 March 31, December 31, Balance sheet information 2024 2023 Operating right-of-use assets $ 23,220 $ 36,905 Operating lease liabilities, current portion $ 23,797 $ 37,829 Operating lease liabilities, non-current portion - - Total operating lease liabilities $ 23,797 $ 37,829 Weighted average remaining lease term (in years) – operating leases 0.42 0.67 Weighted average discount rate – operating leases 5.50 % 5.50 % Cash paid for amounts included in the measurement of operating lease liabilities for the three months ended March 31, 2024 and 2023: $ 22,613 $ 69,821 2024 (5 months remaining) $ 24,255 2025 - Total future lease payments $ 24,255 Less: imputed interest (458 ) Total $ 23,797

Note 10 - Earnings (Loss) Per_2

Note 10 - Earnings (Loss) Per Share - Common Stock ("EPS") (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Years ended December 31, 2023 2022 Stock options - - Warrants 126,131 - Total 126,131 - Three Months ended March 31, 2024 2023 Stock options 9,236 11,313 Warrants 1,722,695 270,672 Total 1,731,931 281,985

Note 3 - Revenue From Contrac_3

Note 3 - Revenue From Contracts With Customers (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Contract with Customer, Liability	$ 899,000		$ 443,000
Contract with Customer, Liability, Revenue Recognized	$ 274,000	$ 223,000
Minimum [Member]
Capitalized Contract Cost, Amortization Period (Month)	12 months
Maximum [Member]
Capitalized Contract Cost, Amortization Period (Month)	60 months

Note 3 - Revenue From Contrac_4

Note 3 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($)		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Revenues		$ 2,181,203	$ 2,183,767
North America [Member]
Revenues		728,133	697,169
South America [Member]
Revenues		1,286,807	576,417
EMESA [Member]
Revenues	[1]	166,263	833,681
Asia [Member]
Revenues		0	76,500
License [Member]
Revenues		1,950,434	1,578,556
License [Member] | North America [Member]
Revenues		519,244	408,530
License [Member] | South America [Member]
Revenues		1,266,553	552,630
License [Member] | EMESA [Member]
Revenues	[1]	164,637	546,746
License [Member] | Asia [Member]
Revenues		0	70,650
Hardware [Member]
Revenues		17,647	72,689
Hardware [Member] | North America [Member]
Revenues		17,408	24,781
Hardware [Member] | South America [Member]
Revenues		0	0
Hardware [Member] | EMESA [Member]
Revenues	[1]	239	47,008
Hardware [Member] | Asia [Member]
Revenues		0	900
Service [Member]
Revenues		213,122	532,522
Service [Member] | North America [Member]
Revenues		191,481	263,858
Service [Member] | South America [Member]
Revenues		20,254	23,787
Service [Member] | EMESA [Member]
Revenues		1,387	239,927
Service [Member] | Asia [Member]
Revenues		$ 0	$ 4,950
[1]EMESA – Europe, Middle East, South America

Note 4 - Accounts Receivable -

Note 4 - Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable	$ 1,607,561	$ 2,207,311
Allowance for credit losses	(905,785)	(1,005,785)
Accounts receivable, net of allowances for credit losses	$ 701,776	$ 1,201,526

Note 5 - Share Based Compensa_3

Note 5 - Share Based Compensation - Expenses for Continuing Operations (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based compensation expense	$ 56,793	$ 71,375
Selling, General and Administrative Expenses [Member]
Share-based compensation expense	47,642	55,453
Research and Development Expense [Member]
Share-based compensation expense	$ 9,151	$ 15,922

Note 6 - Inventory (Details Tex

Note 6 - Inventory (Details Textual)	Mar. 31, 2024 USD ($)
NIGERIA
Inventory Valuation Reserves	$ 3,300,000

Note 6 - Inventory - Components

Note 6 - Inventory - Components of Inventory (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Finished goods	$ 4,367,510	$ 4,373,056
Fabricated assemblies	59,184	59,184
Reserve on finished goods	(3,986,500)	(3,986,500)
Total inventory	$ 440,194	$ 445,740

Note 8 - Leases (Details Textua

Note 8 - Leases (Details Textual)	Aug. 11, 2023
Office Space in New Jersey [Member]
Lessee, Operating Lease, Term of Contract (Year)	1 year

Note 8 - Leases - Operating Lea

Note 8 - Leases - Operating Lease Balance Sheet Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Total lease cost	$ 14,553	$ 63,973
Operating lease right-of-use assets	23,220		$ 36,905
Operating lease liabilities, current portion	23,797		37,829
Operating lease liabilities, non-current portion	0		$ 0
Total operating lease liabilities	$ 23,797
Weighted average remaining lease term (in years) – operating leases (Year)	5 months 1 day		8 months 1 day
Weighted average discount rate – operating leases	5.50%		5.50%
Cash paid for amounts included in the measurement of operating lease liabilities for the three months ended March 31, 2024 and 2023:	$ 22,613		$ 69,821
2024 (5 months remaining)	24,255
2025	0
Total future lease payments	24,255
Less: imputed interest	(458)
Total	23,797
Approximation [Member]
Operating lease right-of-use assets	23,220		36,905
Total operating lease liabilities	23,797		37,829
Total	$ 23,797		$ 37,829

Note 9 - Convertible Note Pay_2

Note 9 - Convertible Note Payable (Details Textual) - USD ($)				3 Months Ended
	Dec. 21, 2023	Oct. 31, 2023	Dec. 22, 2022	Mar. 31, 2024	Mar. 31, 2023
Class of Warrant or Right, Issued During Period (in shares)				0	0
Warrants Issued in Connection with Convertible Notes [Member]
Class of Warrant or Right, Issued During Period (in shares)			11,112
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)			$ 54
Warrants and Rights Outstanding, Term (Year)			5 years
Warrants and Rights Outstanding			$ 94,316
The Note [Member]
Repayments of Notes Payable	$ 800,000	$ 1,400,000
The Note [Member] | Senior Secured Promissory Note [Member]
Debt Instrument, Face Amount			2,200,000
Proceeds from Debt, Net of Issuance Costs			$ 2,002,000
Debt Instrument, Interest Rate, Stated Percentage			10%	12%
The Note [Member] | Senior Secured Convertible Note [Member]
Stock Issued During Period, Shares, Commitment Fees (in shares)			38,889
Shares Issued, Price Per Share (in dollars per share)			$ 18

Note 10 - Earnings (Loss) Per_3

Note 10 - Earnings (Loss) Per Share - Common Stock ("EPS") - Securities Excluded From the Diluted Per Share Calculation (Details) - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Exercise Price Less Than Average Market Price Of Common Shares [Member]
Antidilutive securities (in shares)			126,131
Exercise Price Less Than Average Market Price Of Common Shares [Member] | Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)
Exercise Price Less Than Average Market Price Of Common Shares [Member] | Warrant [Member]
Antidilutive securities (in shares)			126,131
Exercise Price Greater Than Average Market Price Of Common Shares [Member]
Antidilutive securities (in shares)	1,731,931	281,985
Exercise Price Greater Than Average Market Price Of Common Shares [Member] | Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	9,236	11,313
Exercise Price Greater Than Average Market Price Of Common Shares [Member] | Warrant [Member]
Antidilutive securities (in shares)	1,722,695	270,672

Note 11 - Stockholders' Equity

Note 11 - Stockholders' Equity (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expense	$ 56,793	$ 71,375
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	$ 9,003	$ 12,002
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)	0	0
Class of Warrant or Right, Issued During Period (in shares)	0	0
Common Stock [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares)		2,222
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited (in shares)	316	1,102
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares)	4,287	855
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	$ 0	$ 0
Common Stock [Member] | Director [Member]
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares)	4,287	855
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	$ 9,003	$ 12,002
Restricted Stock [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares)	0	2,222
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	$ 0	$ 31,200
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited (in shares)	316	1,102
Share-Based Payment Arrangement, Expense	$ 47,791	$ 62,474

Note 13 - Major Customers and_2

Note 13 - Major Customers and Accounts Receivable (Details Textual) - Customer Concentration Risk [Member]	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue Benchmark [Member] | One Customer [Member]
Concentration Risk, Number of Major Customers	1	1
Concentration Risk, Percentage	59%	19%
Revenue Benchmark [Member] | Two Customers [Member]
Concentration Risk, Number of Major Customers	2	2
Concentration Risk, Percentage	70%	56%
Accounts Receivable [Member] | One Customer [Member]
Concentration Risk, Number of Major Customers			1
Concentration Risk, Percentage			35%
Accounts Receivable [Member] | Three Customers [Member]
Concentration Risk, Number of Major Customers	3
Concentration Risk, Percentage	77%

Note 14 - Income Taxes (Details

Note 14 - Income Taxes (Details Textual) - USD ($) Pure in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Expense (Benefit)	$ 0	$ 0
Effective Income Tax Rate Reconciliation, Percent	0%	0%
SPAIN
Income Tax Expense (Benefit)	$ 0

Note 15 - Subsequent Events (De

Note 15 - Subsequent Events (Details Textual)	May 06, 2024 shares
Restricted Stock [Member] | Share-Based Payment Arrangement, Employee [Member] | Subsequent Event [Member]
Shares Issued, Shares, Share-Based Payment Arrangement, Forfeited (in shares)	186