SEC Comment Letter for BIO KEY INTERNATIONAL INC (BKYI) (CIK 0001019034) (BKYI) — Dec 19, 2013
BIO KEY INTERNATIONAL INC (BKYI) (CIK 0001019034)
Date: Dec. 19, 2013 · CIK: 0001019034 · Accession: 0000000000-13-069034
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December 19, 2013 Via Email Michael W. DePasquale Chief Executive Officer BIO-Key International, Inc. 3349 Highway 138, Building A, Suite E Wall, NJ 07719 Re: BIO-Key International, Inc. Registration Statement on Form S-1 Filed November 22, 2013 File No. 333 -192504 Form 10 -K for Fiscal Year Ended December 31, 2012 Filed April 1, 2013 File No. 001 -13463 Dear Mr. DePasquale : We have reviewed the above -referenced filings and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this letter by amending your filings and providing the requested information . If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response. After reviewing any amendment to your filings and the information you provide in response to these comment s, we may have additional comments. Form S -1 filed November 22, 2013 General 1. We note your outstanding registration statement filed July 26, 2013 . In the interest of simplified disclosure, please consider the application of Securities Act Rule 429 which permits the filing of an amendment that contains a single prospectus covering the shares in this offering and in your outstanding offering. Absent the use of Rule 429, p lease revise your prospectus cover page to concisely reference your registration statement filed July 26, 2013 and to disclose the aggregate number of shares available for resale under each offering. Michael W. DePasquale BIO-Key International, Inc. December 19, 2013 Page 2 Business, page 22 2. Note D to your Financial Statements discusses customers whose revenue individually represented 10 percent or more of the company’s total revenue. Revise this section to discuss your dependence upon your major customers or advise why this disclosure is not required. R efer to Item 101(h)(4)(vi) of Regulation S -K. Also, provide your analysis as to whether any agreements with these customers must be filed as exhibits. Refer to Item 601(b)(10) of Regulation S -K. Intellectual Property Rights, page 23 3. Please disclose the duration of any patents, trademarks or licenses held. See Item 101(h)(4)(vii) of Regulation S -K. Form 10 -K for Fiscal Year Ended December 31, 2012 General 4. Please confirm that to the extent that the above comments a re applicable to your Form 10-K you will make corresponding revisions in future filings. Item 10. Directors, Executive Officers and Corporate Governance Audit Committee, page 23 5. We note your disclosure that John Schoenherr and Jeffrey J. May may not qualify as audit committee finan cial experts. In future filings, determine whether any audit committee member is in fact an audit committee financial expert, as that term is defined by Item 407(d)(5)(ii), and disclose whether there is at least one audit committee financial expert servin g on your audit committee. See Item 407(d)(5) of Regulation S -K. We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the filing s to be certain that the filing s include the information the Securities Act of 193 3, the Securities Exchange Act of 1934 and all applicable Securities Act and Exchange Act rules require. Since the company and its management are in possession of all facts relating to a company’s disclosure, they are responsible for the accuracy and adequacy o f the disclosures they have made. Notwithstanding our comments, in the event you request acceleration of the effective date of the pending regist ration statement please provide a written statement from the company acknowledging that: Michael W. DePasquale BIO-Key International, Inc. December 19, 2013 Page 3 should the Commiss ion or the staff, acting pursuant to delegated authority, declare the filing effective, it does not foreclose the Commission from taking any action with respect to the filing; the action of the Commission or the staff, acting pursuant to delegated author ity, in declaring the filing effective, does not relieve the company from its full responsibility for the adequacy and accuracy of the disclosure in the filing; and the company may not assert staff comments and the declaration of effectiveness as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. Please refer to Rule 461 regarding requests for acceleration . We will consider a written request for acceleration of the effective date of the registration statement as confirmation of the fact that those requesting acceleration are aware of their respective responsibilities under the Securities Act of 1933 and the Securities Exchange Act of 1934 as they relate to the proposed public offering of the securities specified in the above registration statement. Please allow adequate time for us to review any amendment prior to the requested effective date of the registration statement. Please contact Mitchell Austin, Staff Attorney , at (202) 551 -3574 or me at (202) 551 - 3456 with any questions. If you require further assistance, you may contact Barbara C. Jacobs, Assis tant Director, at (202) 551 -3735 . Sincerely, /s/ Matthew Crispino Matthew Crispino Staff Attorney cc: Via Email Vincent A. Vietti, Esq. Fox Rothschild LLP