Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 1160

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 11
Chunk 1160
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 is reasonable certainty that the Company will exercise a contractual renewal option. For leases with renewal options that
are reasonably certain to be exercised, the Company included the renewal term in the total lease term used in calculating the right-of-use
asset and lease liability.

The
components of lease expense, which are included in selling, general and administrative expense and depreciation and amortization for
the year ended December 31, 2024, and 2023 are as follows:

SCHEDULE OF COMPONENTS OF LEASE EXPENSE

    Components
    of lease expense: 
    2024  
    2023 
  
    Amortization of right-of-use assets
    - finance lease 
    $384,971  
    $128,324 
  
    Interest on lease liabilities - finance lease 
     83,041  
     33,838 
  
    Operating lease cost 
     93,029  
     39,887 
  
    Total lease cost 
    $561,041  
    $202,049 

    Cash paid for amounts included in the measurement
    of lease liabilities: 

    Operating cash flows from finance leases 
    $361,181  
    $93,238 
  
    Operating cash flows from operating leases 
     133,605  
     32,489 

SCHEDULE OF BALANCE SHEET INFORMATION RELATING TO LEASES

    Operating
    leases: 
    2024  
    2023 
  
    Operating
    lease right-of-use, assets 
    $463,011  
    $370,312 
  
    Operating lease liability, current 
     127,498  
     94,708 
  
    Operating lease liability,
    non-current 
     342,098  
     283,001 
  
    Total operating lease
    liabilities 
    $469,596  
    $377,709 

    Financing
    leases: 
    2024  
    2023 
  
    Financing lease right-of-use assets,
    gross 
    $1,294,168  
    $1,294,168 
  
    Accumulated amortization 
     (513,296) 
     (128,324)
  
    Finance lease right-of-use
    assets, net 
    $780,872  
    $1,165,844 
  
    Financing lease liability, current 
     395,301