Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 246

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 246
---
) income of approximately $(74,865) and $85,006 for the years ended December 31, 2024 and 2023,
respectively. The prior year amount related to approximately $120,000 interest earned from money market account partially offset by
interest paid in financing lease for laboratory equipment. The current year amount related to approximately $18,000 interest earned
from money market account offset by interest paid in financing lease for laboratory equipment.

 58 

Liquidity
and Capital Resources

To
date, we have funded our operations primarily through our IPO, exercise of warrants,
and the sale of our equity and debt securities, resulting in gross proceeds of approximately $42.7 million. We have evaluated whether
there are conditions and events that raise substantial doubt about our ability to continue as a going concern for at least one year after
the date the consolidated financial statements are issued.

Recent
Financings

February
2025 Warrant Inducement

On
February 26, 2025, pursuant to the terms of the February Inducement Agreement certain holders of existing warrants exercised for cash
(i) October Warrants to purchase an aggregate of up to 1,302,082 shares of Common Stock, at the reduced exercise price of $0.58 per share,
and (ii) August Warrants to purchase an aggregate of up to 1,136,391 shares of Common Stock, at the reduced exercise price of $0.58 per
share. We received aggregate gross proceeds of approximately $1.4 million, before deducting advisory fees and other expenses payable
by us. In consideration of the immediate exercise of the October Warrants and August Warrants by the holders thereof in accordance with
the February Inducement Agreement, we 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.

October
2024 Registered Direct Offering and Concurrent Private Placement

On
October 21, 2024, we issued to certain institutional investors (i) in a registered direct offering, 2,048,294 shares of our Common Stock,
and (ii) in a concurrent private placement, common warrants to purchase an aggregate of 2,662,782 shares of Common Stock, with an exercise
price of $1.50, pursuant to a securities purchase agreement, dated October 18