Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 1236

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 13
Chunk 1236
---
,189)

    Cash and cash equivalents
    at beginning of year 
     2,821,570  
     11,413,759 

    Cash
    and cash equivalents at end of year 
    $1,105,291  
    $2,821,570 

    Supplemental disclosures
    of cash flow information: 

    Income taxes paid in
    cash 
    $11,650  
    $20,993 
  
    Interest paid 
     17,610  
     37,125 
  
    Noncash investing activities: 

    Stock issuance in connection
    with the acquisition 
    $—  
    $1,000,000 
  
    Noncash financing activities: 

    Fair value of warrants
    issued to placement agents 
    $74,281  
     — 

The
accompanying notes are an integral part of these consolidated financial statements.

F-6

bioAffinity
Technologies, Inc.

Notes
to Consolidated Financial Statements

For
the Years Ended December 31, 2024 and 2023

Note
1. BASIS OF PRESENTATION, ORGANIZATION AND NATURE OF OPERATIONS

Description
of Business

bioAffinity Technologies, Inc., a Delaware corporation (the “Company,” or “bioAffinity Technologies”),
addresses the need for noninvasive diagnosis of lung cancer at early stage and other diseases of the lung. bioAffinity Technologies’
proprietary platform uses flow cytometry and automated data analysis built by machine learning, a form of artificial intelligence, to
preferentially target cancer cell populations and other cell populations indicative of a diseased state. The Company’s first diagnostic
test, CyPath® Lung, is a noninvasive test for early detection of lung cancer, the leading cause of cancer-related deaths.
CyPath® Lung is offered for sale to physicians by the Company’s subsidiary, Precision Pathology Laboratory Services,
LLC (“PPLS”). The Company also conducted and intends to seek strategic partners to advance therapeutic discoveries that could
in the future result in broad-spectrum cancer treatments. Research and optimization of the Company’s proprietary platform technologies
are conducted in laboratories at PPLS and laboratory space leased at The University of Texas at San Antonio.

Organization

The
Company was formed on March 26, 2014, as a Delaware corporation with its corporate offices located in San Antonio, Texas. On June 15,
201