Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 168

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 168
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845  
    $6,479,696 
  
    Stock compensation 
     247,574  
     325,320 
  
    Capitalized R&E
    costs 
     662,855  
     525,463 
  
    Bad debt expense 
     203,323  
     145,777 
  
    Other 
     107,538  
     58,236 
  
    Operating lease liabilities 
     274,962  
     79,319 
  
    Tax
    credits 
     480,724  
     332,690 
  
    Total deferred tax assets 
     10,162,821  
     7,946,501 
  
    Deferred tax liability: 

    Right-of-use asset tax
    liability 
    $(261,215) 
    $(77,766)
  
    Depreciation
    and amortization 
     (50,463) 
     (59,248)
  
    Total deferred tax liability 
     (311,678) 
     (137,014)
  
    Less:
    valuation allowance 
     (9,851,143) 
     (7,809,487)
  
     Deferred
    tax assets (liabilities), net 
    $—  
    $— 

The
reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2024
and 2023, was as follows:

SCHEDULE
OF RECONCILIATION OF STATUTORY FEDERAL INCOME TAX RATE

    December
    31, 

    2024  
    2023 
  
    Tax at federal statutory rate 
     -21.00% 
     -21.00%
  
    Permanent differences 
     0.1% 
     0.03%
  
    Research and development credits 
     -0.8% 
     -0.83%
  
    Deferred balance true-up 
     0.00% 
     -16.07%
  
    Change in valuation
    allowance 
     21.7% 
     37.87%
  
    Effective
    income tax rate 
     0.00% 
     0.00%

Unrecognized
tax benefits

As
of December 31, 2024, and 2023, the