Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 816

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7A
Chunk 816
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 Operations for the years ended December 31, 2024 and 2023
    F-4

    Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders’ Equity for the years ended December 31, 2024 and 2023
    F-5

    Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023
    F-6

    Notes to Consolidated Financial Statements
    F-7

F-1

Report
of Independent Registered Public Accounting Firm

To
the Board of Directors and Stockholders of

bioAffinity
Technologies, Inc.:

Opinion
on the Consolidated Financial Statements

We
have audited the accompanying consolidated balance sheets of bioAffinity Technologies, Inc. (the “Company”) as of
December 31, 2024 and 2023, and the related consolidated statements of operations, changes in stockholders’ equity, and cash
flows, for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the
“consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all
material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results
of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with principles generally accepted in the United States of America.

Substantial Doubt Regarding the Company’s
Ability to Continue as a Going Concern

The accompanying consolidated financial statements
have been prepared assuming the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements,
the Company has incurred significant losses and negative cash flows from operations since inception, has an accumulated deficit, and needs
to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company’s
ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The consolidated
financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis
for Opinion

These
consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion
on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board