Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 16

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 7
Chunk 16
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.4 million, management concludes that there is substantial doubt about our ability to continue as a going concern for a period of
at least twelve (12) months subsequent to the issuance of the accompanying unaudited condensed consolidated financial statements contained
in this Quarterly Report. Our future is dependent upon our ability to obtain financing and upon future profitable operations from the
development of new business opportunities. There can be no assurance that we will be successful in accomplishing these objectives. Without
such additional capital, we may be required to curtail or cease operations and be required to realize our assets and discharge our liabilities
other than in the normal course of business which could cause investors to suffer the loss of all or a substantial portion of their investment.
WithumSmith+Brown, PC, our independent registered public accounting firm for the fiscal year ended December 31, 2024, has included an
explanatory paragraph in its opinion that accompanies our audited consolidated financial statements as of and for the year ended December
31, 2024, indicating that our current liquidity position raises substantial doubt about our ability to continue as a going concern.

We are unable to precisely estimate when we
will begin to generate significant profit from revenue, if ever, from PPLS’ services, the amount of profit or revenue that will
be generated, or the expenses that will be incurred.

We do not expect to immediately derive profit from
revenue from PPLS’ services. Since its acquisition in September 2023, we have generated $13.7 million in revenue from PPLS. Once
we begin to generate such profit, there is no guarantee that it will be sufficient to realize the expected financial benefits of the acquisition.
In addition, since we have limited experience operating a clinical laboratory, we may not accurately estimate the expenses we will incur.

25

Risks Related
to Ownership of Our Common Stock and Warrants

Our failure to meet
the continued listing requirements of The Nasdaq Capital Market could result in a de-listing of our Common Stock.

The shares of our Common
Stock are listed for trading on The Nasdaq Capital Market under the symbol “BIAF” and our Tradeable Warrants are listed under
the symbol “BIAFW.” On February 7, 2025, we received written notice from the Listing Qualifications Department of The Nasdaq
Stock Market LLC (“Nasdaq”) notifying us that for the preceding 30 consecutive business days (December 23, 2024, through February
6,