Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 55

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 55
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 Operating leases 
     7.38% 
     7.41%
  
    Finance leases 
     8.04% 
     8.03%

Future minimum lease payments under non-cancellable
lease as of March 31, 2025, are as follows:

SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT UNDER NON-CANCELLABLE 

    Operating Leases  
    Finance Leases

    Remaining for 2025 
    $118,497  
    $
    336,379

    2026 
     159,282  
     
    270,395

    2027 
     110,063  
     
    202,970

    2028 
     40,616  
     
    —

    2029 
     42,252  
     
    —

    2030 and thereafter 
     28,919  
     
    —

    Total undiscounted cash flows 
     499,629  
     
    809,744

    Less discounting 
     (60,872) 
     
    (70,261
    )
  
    Present value of lease liabilities 
    $438,757  
    $
    739,483

    15

Note 10. NOTES PAYABLE

Vehicles Notes Payable

On January 10, 2025, the Company entered into a second
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 March 31, 2025, was $32,882. The current portion of the balance of this loan
as of March 31, 2025 was $4,247.

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.