Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 74

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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 of deferred tax assets is dependent upon the generation of future taxable income and the reversal of
deferred tax liabilities during the period in which the related temporary difference becomes deductible.

22

Going Concern

Our evaluation of our ability to continue as a going
concern requires us to evaluate our future sources and uses of cash sufficient to fund our currently expected operations and research
and development activities one year from the date our consolidated financial statements are issued. We evaluate the probability associated
with each source and use of cash resources in making our going concern determination. The research and development of our diagnostic tests
and therapeutic products are inherently subject to uncertainty.

Off-Balance Sheet Arrangements

We do not engage in transactions that generate relationships
with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities,
as a part of our ongoing business. Accordingly, we did not have any off-balance sheet arrangements during any of the periods presented.

Emerging Growth Company Status

We are both an “emerging growth company”
and a “smaller reporting company” as defined by Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) and are therefore subject to reduced public company reporting requirements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK.

As a smaller reporting company, pursuant to Item 305(e)
of Regulation S-K promulgated under the Securities Act, we are not required to provide the information required by this Item 3.

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

The Company has adopted and maintains disclosure controls
and procedures that are designed to provide reasonable assurance that information required to be disclosed in the reports filed under
the Exchange Act, such as this Quarterly Report, is collected, recorded, processed, summarized, and reported within the time periods specified
under the rules of the SEC. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under
the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed
by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the
time periods specified in the rules and forms of the SEC. Disclosure controls and procedures include, without limitation, controls and
procedures designed