Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 894

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 894
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 tax positions related to the current year 
     31,691  
     28,391 
  
    Ending balance 
    $281,207  
    $249,516 

Note
16. SUBSEQUENT EVENTS

On
March 7, 2025, the Company announced targeted strategic actions to improve financial performance and accelerate the commercial
growth of CyPath® Lung, taking steps to deliver approximately $4 million in annual cost savings at its subsidiary
Precision Pathology Laboratory Services (PPLS), while increasing resources to expand CyPath® Lung sales in
high-potential national markets. Specifically, cost savings are a result of labor cost reductions, operational efficiency
enhancements, and discontinuing certain pathology services with suboptimal profit margins to focus on high-margin services such as
CyPath® Lung and by discontinuing certain pathology services with suboptimal profit margins. 

On
February 26, 2025, pursuant to the terms of a warrant inducement agreement (the “February Inducement Agreement”), dated
February 25, 2025 that the Company entered into with certain holders of existing warrants, such holders exercised for cash (i)
warrants to purchase an aggregate of up to 1,302,082
shares of Common Stock issued on October 21, 2024 (the “October Warrants”), at the reduced exercise price of $0.58
per share, and (ii) warrants to purchase an aggregate of up to 1,136,391
shares of Common Stock issued on August 5, 2024 (the “August Warrants”), at the reduced exercise price of $0.58
per share. The Company received aggregate gross proceeds of approximately $1.4
million, before deducting advisory fees and other expenses payable by it. In consideration of the immediate exercise of the October
Warrants and August Warrants by the holders thereof in accordance with the February Inducement Agreement, the Company issued unregistered
common warrants to purchase an aggregate of up to 2,926,166
shares of Common Stock (120%
of the number of shares of Common Stock issuable upon exercise of the October Warrants and August Warrants) to such
holders.

F-16