Company: BIAF
Filing Date: 2025-05-02
Form Type: S-1
Source: 0001641172-25-008170
Chunk: 217

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-02
Form: S-1
Chunk 217
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,782 |     |                  | 1.50 |     |                    | —          |   |     |                      |  2,662,782 |
| Placement agent direct                    
 offering October 21, 2024                 |     |                 |     61,448 |     |                  | 1.50 |     |                    | —          |   |     |                      |     61,448 |
| Balance at December                       
 31, 2024                                  |     |                 | 14,401,377 |     | $                | 2.95 |     |                    | (2,103,253 | ) |     |                      | 12,298,124 |

| F-15 |

Note 15. INCOME TAXES

Deferred tax assets and valuation allowance

The Company had, subject to limitation, approximately $ 31million of net operating loss carryforwards at December 31, 2024, of which approximately $ 0.67million will begin expiring in 2034. The remaining balance of approximately $ 30million will carry forward indefinitely. A 100% valuation allowance has been provided for the deferred tax benefits resulting from the net operating loss carryover due to a lack of earnings history. In addressing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences are deductible. The valuation allowance increased by approximately $ 2.0million and $ 3.0million for the years ended December 31, 2024 and 2023, respectively. Significant components of deferred tax assets are as follows:

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

| Deferred tax assets:          |     | December 
 31,      
 2024     |            |   |     | 2023 |            |   |
|:------------------------------|:----|:---------|-----------:|:--|:----|:-----|-----------:|:--|
| Net operating                 
 loss carryover                |     | $        |  8,185,845 |   |     | $    |  6,479,696 |   |
| Stock compensation            |     |          |    247,574 |   |     |      |    325,320 |   |
| Capitalized R