Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 663

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 663
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 and the Company had no accruals for interest and penalties at December 31, 2024 or 2023.

    F-10

Segment
Information

The Company is organized in two operating segments, Diagnostic Research and
Development (“R&D”) and Laboratory Services, whereby its chief operating decision maker (“CODM”) uses operating
income as the primary measure of segment profit or loss to assess performance and make resource allocation decisions, in addition to monitoring
revenue growth and research and development progress. The CODM is the Chief Executive Officer.

Diagnostic
R&D includes research and development and clinical development of diagnostic tests. Any revenues assigned to Diagnostic R&D are
proceeds received from observational studies. Laboratory services include all the operations from Village Oaks and PPLS in addition to
sales and marketing costs of CyPath® Lung from bioAffinity.

SCHEDULE
OF SEGMENT INFORMATION

    As
    of December 31, 

    2024  
    2023 
  
    Net revenues: 

    Diagnostic
    R&D 
    $8,654  
    $19,442 
  
    Laboratory
    services 
     9,353,368  
     2,513,057 
  
    Total
    net revenues 
     9,362,022  
     2,532,499 

    Operating expenses: 

    Diagnostic R&D 
     (1,782,882) 
     (1,724,597)
  
    Laboratory services 
     (9,946,452) 
     (3,769,783)
  
    General
    corporate activities 
     (6,586,133) 
     (5,011,347)
  
    Total operating loss 
     (8,953,445) 
     (7,973,228)

    Non-operating
    income (expense), net 
     (74,736) 
     57,210 
  
    Net loss before income taxes 
     (9,028,181) 
     (7,916,018)
  
    Income
    tax expense 
     (11,650) 
     (20,993)
  
    Net loss 
    $(9,039,831) 
    $(7,937,011)

Research
and Development

Research
and development costs are charged to expense as incurred. The Company’s research and development expenses consist primarily of