Company: BIAF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023405
Chunk: 20

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 20
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 and software 
     81,433  
     81,433 
  
    Leasehold improvements 
     32,781  
     19,353 
  
    Vehicles 
     175,630  
     148,103 
  
    Property and equipment, gross 
     969,839  
     911,636 
  
    Accumulated depreciation 
     (666,717) 
     (536,251)
  
    Total property and equipment, net 
    $303,122  
    $375,385 

Depreciation
expense was $132,830 and $119,526 for the nine months ended September 30, 2025 and 2024, respectively, and $44,599 and $40,472 for the
three months ended September 30, 2025 and 2024, respectively.

    13

Note
6. ACCRUED EXPENSES

Accrued
expenses are summarized below:

SCHEDULE OF ACCRUED EXPENSES 

    September 30,
                                                                                2025  
    December 31,
                                                                                2024 

    Compensation 
    $717,762  
    $1,079,839 
  
    Legal and professional 
     141,714  
     98,477 
  
    Clinical 
     96,413  
     160,371 
  
    Other 
     28,658  
     60,035 
  
    Total accrued expenses 
    $984,547  
    $1,398,722 

Note
7. UNEARNED REVENUE

The
Company engaged in an observational study of CyPath® Lung with the U.S. Department of Defense (“DOD”). A total
of 70 CyPath® Lung units were ordered and shipped. However, in compliance with FASB ASC 606, the performance obligation
was complete for only 40 units as of September 30, 2025. The performance obligation is deemed complete after samples have been collected,
processed, and analyzed and results communicated to patients. The unearned revenue balance amounted to $24,404 as of September 30, 2025,
and December 31, 2024.

During
third quarter 2025, the Company engaged with Veteran Administration (“VA”) medical centers to purchase CyPath® Lung
tests. A total of 20 tests were ordered and shipped. However, in compliance