Company: BIAF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023405
Chunk: 25

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 25
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 Present value of lease liabilities 
    $375,139  
    $125,755 

    15

Note
10. NOTES PAYABLE

Vehicles
Notes Payable

On
January 10, 2025, the Company entered into a finance agreement to purchase a 2024 Toyota Corolla for $33,517 with a maturity date of
January 18, 2031. The loan bears fixed interest at a rate of 11.65% per annum, with monthly payments of $651, which is comprised of principal
and interest. This loan is collateralized by the underlying vehicle. The balance of this loan as of September 30, 2025, was $30,840.
The current portion of the balance of this loan as of September 30, 2025 was $4,457.

On
March 18, 2024, the Company entered into a finance agreement to purchase a 2024 Toyota Corolla for $33,620 with a maturity date of February
18, 2030. The loan bears fixed interest at a rate of 5.99% per annum, with monthly payments of $467, which is comprised of principal
and interest. This loan is collateralized by the underlying vehicle. The balance of this loan as of September 30, 2025, and December
31, 2024, was $21,700 and $24,849, respectively. The current portion of the balance of this loan as of September 30, 2025, and December
31, 2024, was $4,425 and $5,603, respectively.

Directors
and Officers Insurance Policy – 2025

In
September 2025, the Company obtained short-term financing of approximately $127,500 with 10 monthly payments of approximately $13,000
and interest at a 11.64% fixed annual rate for director and officer insurance policies. The current portion of the balance of the Company’s
Directors and Insurance short-term financing as of September 30, 2025, was $128,000 and $167,000 as of December 31, 2024, for the 2024
Directors and Officers Insurance Policy.

Note
11. COMMITMENTS AND CONTINGENCIES

Legal
Matters

From
time to time, the Company is involved in various disputes and litigation matters that arise in the ordinary course of business. To date,
the Company has no material pending legal proceedings