Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 375

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 375
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 31, 2024 and 2023, respectively. The increase of approximately $3.1 million, or 46% was
primarily attributable to the laboratory operations of PPLS being owned for the full fiscal year 2024, compared to approximately 3.5 months
in fiscal year 2023. Additionally, the increase was due to the expansion of sales efforts for CyPath® Lung, partially offset
by a reduction in legal and professional fees.

Other
Income (Expense)

    Year Ended  
    Change in 2024 

    December 31,  
    Versus 2023 

    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.

 58 

Liquidity
and Capital Resources

To
date, we have funded our operations primarily through our IPO, exercise of warrants,
and the sale