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BIO-key (NASDAQ: BKYI) appoints M&K CPAS as new independent auditor

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

BIO-key International reported a change in its independent auditor. On July 2, 2026, the audit committee approved the engagement of M&K CPAS, PLLC, and on July 7, 2026, it dismissed Bush & Associates CPA LLC as the company’s independent registered public accounting firm.

Bush & Associates’ audit reports on the 2024 and 2025 financial statements contained an explanatory paragraph raising substantial doubt about BIO-key’s ability to continue as a going concern, but otherwise were not adverse or qualified. The company states there were no disagreements or reportable events with Bush & Associates, and it has requested a confirming letter filed as an exhibit to this report.

Positive

  • None.

Negative

  • None.

Insights

BIO-key switches auditors with no reported disputes, but going concern doubt remains highlighted.

The company’s audit committee replaced Bush & Associates with M&K CPAS as independent auditor. The filing emphasizes that prior audit opinions were clean apart from an explanatory paragraph about substantial doubt regarding BIO-key’s ability to continue as a going concern.

The explicit statement of no disagreements or reportable events suggests the change is not driven by disclosed accounting disputes. However, the reiterated going concern language underscores existing financial risk flagged in the 2024 and 2025 audits. Investors may focus on how future M&K audit opinions address this going concern issue for periods ending after December 31, 2025.

Item 4.01 Changes in Registrant's Certifying Accountant Governance
The company changed its independent auditing firm, which may involve disagreements on accounting matters.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
New auditor approval date July 2, 2026 Audit committee approved engagement of M&K CPAS, PLLC
Former auditor dismissal date July 7, 2026 Bush & Associates CPA LLC dismissed as independent auditor
Fiscal year end December 31, 2024 Bush & Associates audit report included going concern explanatory paragraph
Fiscal year end December 31, 2025 Bush & Associates audit report included going concern explanatory paragraph
independent registered public accounting firm regulatory
"approved the engagement of M&K CPAS, PLLC as the Company’s independent registered public accounting firm"
An independent registered public accounting firm is an outside accounting company officially registered with the government regulator to examine and report on a public company's financial records and controls. Investors treat its reports like an impartial inspector’s certificate — they add credibility to financial statements, help spot errors or misleading claims, and reduce the risk that shareholders are relying on unchecked or biased numbers.
going concern financial
"reports included an explanatory paragraph raising substantial doubt about the Company’s ability to continue as a going concern"
Going concern is the accounting assumption that a company will keep operating and meeting its obligations for the foreseeable future. The phrase matters most when a company or its auditors disclose substantial doubt about it, a formal warning that the business may not have enough resources to continue without raising money, restructuring, or selling assets. That language in a filing or press release signals elevated financial risk.
reportable events regulatory
"no “reportable events” as such term is defined in Item 304(a)(1)(v) of Regulation S-K"
Reportable events are significant incidents or changes a company is legally required to disclose to regulators and the public, such as major safety problems, legal actions, financial irregularities, or management changes. They matter to investors because these events can alter a company’s risk profile or future performance, much like a dashboard warning light signals a problem that could affect a car’s safety or reliability. Timely disclosure helps investors make informed decisions and maintain market fairness.
Item 304(a)(1)(iv) of Regulation S-K regulatory
"no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions)"
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FAQ

What auditor change did BIO-key (BKYI) disclose in this 8-K?

BIO-key’s audit committee approved M&K CPAS, PLLC as its new independent registered public accounting firm and dismissed Bush & Associates CPA LLC. The change was approved on July 2, 2026, with Bush & Associates dismissed effective July 7, 2026.

Did BIO-key (BKYI) report any disagreements with its former auditor?

BIO-key stated there were no disagreements with Bush & Associates on accounting principles, financial disclosure, or audit scope and no reportable events. This covers the company’s two most recent fiscal years and the interim period through early July 2026.

What did Bush & Associates say about BIO-key’s going concern status?

Bush & Associates’ audit reports for 2024 and 2025 included an explanatory paragraph raising substantial doubt about BIO-key’s ability to continue as a going concern. The reports otherwise contained no adverse opinion, disclaimer, or qualification on accounting principles or scope.

How did BIO-key (BKYI) involve Bush & Associates in this disclosure?

BIO-key provided Bush & Associates a copy of the disclosure and requested a letter stating whether it agrees with the company’s statements. The response letter from Bush & Associates is filed as Exhibit 16.1 to this current report.

Did BIO-key consult M&K CPAS before appointing them as auditor?

BIO-key states it did not consult M&K CPAS on specific accounting transactions, potential audit opinions, or issues involving disagreements or reportable events during 2024, 2025, or the interim period through July 2, 2026, before their engagement.
false 0001019034 0001019034 2026-07-02 2026-07-02


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): July 2, 2026
 
BIO-key International, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
(State or other jurisdiction of incorporation)
1-13463
(Commission File Number)
41-1741861
(I.R.S. Employer Identification No.)
 
101 Crawfords Corner Road
Suite 4116
HolmdelNJ 07733
(Address of principal executive offices) (Zip Code)
 
(732) 359-1100
(Registrant’s telephone number, including area code)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
BKYI
Nasdaq Capital Market
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
 
Emerging growth company 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 

 
Item 4.01.
 Changes in Registrants Certifying Accountant.
 
On July 2, 2026, the Audit Committee of the Board of Directors (the “Audit Committee”) of BIO-key International, Inc. (the “Company”) approved the engagement of M&K CPAS, PLLC (“M&K”) as the Company’s independent registered public accounting firm and on July 7, 2026, dismissed Bush & Associates CPA LLC (“Bush & Associates”) as the Company’s independent registered public accounting firm.
 
Bush & Associates was retained to serve as the Company’s independent registered public accounting firm on April 24, 2024. The audit report of Bush & Associates on the Company’s consolidated financial statements as of and for the fiscal years ended December 31, 2024 and December 31, 2025 did not contain an adverse opinion or a disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles except that the reports included an explanatory paragraph raising substantial doubt about the Company’s ability to continue as a going concern.
 
During the Company’s two most recent fiscal years ended December 31, 2024 and 2025, and the subsequent interim period through July 7, 2026, there were (i) no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) between the Company and Bush & Associates on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Bush & Associates, would have caused Bush & Associates to make reference thereto in its reports on the Company’s consolidated financial statements for the years ended December 31, 2024 and December 31, 2025, and (ii) no “reportable events” as such term is defined in Item 304(a)(1)(v) of Regulation S-K.
 
The Company has provided Bush & Associates with a copy of the disclosures set forth in this Current Report on Form 8-K and requested that Bush & Associates furnish the Company with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not Bush & Associates agrees with the statements related to Bush & Associates made by the Company in this Current Report on Form 8-K and, if not, stating the respects in which it does not agree. A copy of the response letter from Bush & Associates is filed as Exhibit 16.1 to this Current Report on Form 8-K.
 
During the Company’s two most recent fiscal years ended December 31, 2024 and December 31, 2025, and the subsequent interim period through July 2, 2026, neither the Company, nor anyone on its behalf, consulted M&K regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered with respect to the consolidated financial statements of the Company, and no written report or oral advice was provided to the Company by M&K that M&K concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue; or (ii) any matter that was the subject of a “disagreement” (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a “reportable event” (as that term is defined in Item 304(a)(1)(v) of Regulation S-K).
 
Item 9.01
 Financial Statements and Exhibits.
 
16.1
Letter dated July 7, 2026 from Bush & Associates CPA LLC to the U.S. Securities and Exchange Commission (filed herewith)
 
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
BIO-KEY INTERNATIONAL, INC. 
 
Date: July 9, 2026 
 
 
 
 
By:
/s/ Cecilia C. Welch
 
 
 
Cecilia C. Welch 
Chief Financial Officer
 
 

Filing Exhibits & Attachments

5 documents