Company: BIAF
Filing Date: 2025-05-02
Form Type: S-1
Source: 0001641172-25-008170
Chunk: 93

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-02
Form: S-1
Chunk 93
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     |       2024 |         |   |     | 2023 |         |   |     | $         |         |   |     | % |      |    |
| Interest (expense) income, net |     |          $ | (74,865 | ) |     |    $ |  85,006 |   |     | $         | 159,871 |   |     |   | (188 | )% |
| Other income (expense),        
 net                            |     |            |     129 |   |     |      | (27,796 | ) |     |           | (27,925 | ) |     |   | (100 | )% |
| Total other (expense)          
 income                         |     |          $ | (74,736 | ) |     |    $ |  57,210 |   |     | $         | 131,946 |   |     |   |  231 | %  |

Other net income (expense) totaled $129 and $(27,796) for the years ended December 31, 2024 and 2023, respectively, an increase of approximately $28,000, or 100%. The net other expense for the year ended December 31, 2023 related to the loss on the disposal of an asset and other non-operating costs. The net other income for the year ended December 31, 2024 related to approximately a $9,000 gain on a sale of an asset and offset by property taxes.

Interest income (expense)

We had net interest (expense) income of approximately $(74,865) and $85,006 for the years ended December 31, 2024 and 2023, respectively. The prior year amount related to approximately $120,000 interest earned from money market account partially offset by interest paid in financing lease for laboratory equipment. The current year amount related to approximately $18,000 interest earned from money market account offset by interest paid in financing lease for laboratory equipment.

Liquidity and Capital Resources

To date, we have funded our operations primarily through our IPO, exercise of warrants, and the sale of our equity and debt securities, resulting in gross proceeds of approximately $42.7 million. We have evaluated whether there are conditions and events that raise substantial doubt about our ability to continue as a going concern for at least one year after the date the consolidated financial statements are issued.

| 44 |

Recent Financings

February