Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 69

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 69
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 general and administrative expenses totaled
approximately $2.4 million and $2.2 million for the three months ended March 31, 2025 and 2024, respectively. The increase of approximately
267,000, or 12%, for the three months ended March 31, 2025, compared to the same period in 2024 was primarily attributable an increase
in employee compensation related to administrative and sales due to additional personnel and support services to support the growth of
sales of our diagnostic test, CyPath® Lung.

Depreciation and Amortization

Depreciation and amortization expenses totaled $154,588
and $149,637 for the three months ended March 31, 2025 and 2024, respectively. The depreciation and amortization remained relatively consistent
compared to the prior year period as the assets have remained consistent.

Other Income (Expense)

    Three Months Ended  
    Change in 2025 

    March 31,  
    Versus 2024 

    2025  
    2024  
    $  
    % 
  
    Interest (expense) income, net 
    $(14,493) 
    $(17,423) 
    $2,480  
     (14)%
  
    Other income (expense), net 
     (9,640) 
     4,510  
     (14,150) 
     (314)%
  
    Total other (expense) income 
    $(24,583) 
    $(12,913) 
    $(11,670) 
     90%

Interest income (expense)

Interest expense of approximately
$14,000 and $17,000 for the three months ended March 31, 2025 and 2024, respectively, increased in the current year due to the
interest recognized related to the financing lease for laboratory equipment compared to the same period in the prior year, partially offset by a decrease in interest income earned on cash balances.

Other income (expense)

Other income (expense), net totaled
($9,640) and $4,510 for the three months ended March 31, 2025 and 2024, respectively. The decrease in the other income (expense) of
$14,150 is primarily attributable to property taxes.

Liquidity, Capital Resources, and Going Concern

To date, we have funded our operations primarily through
our IPO, exercise of stock