Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 285

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 285
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 estimated costs of research and development activities based upon the estimated
amount of services provided but not yet invoiced and includes these costs in accrued expenses in the accompanying consolidated
balance sheets and within research and development expense in the accompanying consolidated statements of operations.

The
Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established
with service providers. The Company makes significant judgments and estimates in determining the accrued expenses balance in each reporting
period. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences
between accrued costs and actual costs incurred since its inception.

Regulatory
Matters

Regulations
imposed by federal, state, and local authorities in the U.S. are a significant factor in providing medical care. In the U.S., drugs,
biological products, and medical devices are regulated by the federal Food, Drug and Cosmetic Act, which is administered by the FDA and
CMS. The Company has not yet obtained marketing authorization from the FDA but is able to market its CyPath® Lung test
as a laboratory developed test sold by Precision Pathology Laboratory Services, a CAP-accredited, CLIA-certified clinical pathology laboratory
and wholly owned subsidiary.

    F-11

Note
3. ACCOUNTS AND OTHER RECEIVABLES, NET

Accounts
and other receivables at December 31, 2024 and 2023, are summarized below:

SCHEDULE
OF ACCOUNTS AND OTHER RECEIVABLES

    December
    31, 

    2024  
    2023 
  
    Patient service fees 
    $915,488  
    $657,717 
  
    Histology service fees 
     190,648  
     121,301 
  
    Medical director fees 
     5,194  
     3,103 
  
    Other receivables 
     27,874  
     29,553 
  
    Total
    accounts and other receivables, net 
    $1,139,204  
    $811,674 

Note
4. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid
expenses and other current assets at December 31, 2024 and 2023, are summarized below:

SCHEDULE
OF PREPAID EXPENSES AND OTHER CURRENT ASSETS

    December
    31, 

    2024