Company: BIAF
Filing Date: 2025-04-22
Form Type: 424B3
Source: 0001641172-25-005598
Chunk: 191

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-22
Form: 424B3
Chunk 191
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 There are no material residual guarantees associated with any of the Company’s leases, and there are no significant restrictions or covenants included in the Company’s lease agreements. Certain leases include variable payments related to common area maintenance and property taxes, which are billed by the landlord, as is customary with these types of charges for office space. The Company has not entered into any lease arrangements with related parties, and the Company is not the sublessor in any arrangement.

The Company’s existing leases contain escalation clauses and renewal options. The Company has evaluated several factors in assessing whether there 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 |
|:-----------------------------------|:----------|:--