Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 846

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7A
Chunk 846
---
,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 Company has unrecognized tax benefits related to tax credits of $281,207 and $249,516, respectively.
None of the unrecognized tax benefits as of December 31, 2024, if recognized, would impact the effective tax rate due to the valuation
allowance, and no interest or penalties have been recognized. A reconciliation of the beginning and ending balance of unrecognized tax
benefits is as follows:

SCHEDULE
OF UNRECOGNIZED TAX BENEFITS

    December
    31, 

    2024  
    2023 
  
    Beginning balance 
    $249