Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 56

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 56
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 The balance of this loan as of March 31, 2025, and December 31, 2024, was $23,815 and $24,849, respectively. The current
portion of the balance of this loan as of March 31, 2025, and December 31, 2024, was $4,294 and $5,603, respectively.

Directors and Officers Insurance Policy –
2024

In September 2024, the Company obtained short-term
financing of approximately $260,000 with 11 monthly payments of approximately $24,000 and interest at a 6.7% fixed annual rate for
director and officer insurance policies The current portion of the balance of this loan as of March 31, 2025, and December 31, 2024, was
$96,225 and $167,000, respectively.

Note 11. COMMITMENTS AND CONTINGENCIES

Legal Matters

From time to time, the Company is involved in various
disputes and litigation matters that arise in the ordinary course of business. To date, the Company has no material pending legal proceedings.

Note 12. COMMON STOCK

Common Stock

The Company has authorized a total of 100,000,000
shares of Common Stock, $0.007 par value per share. On June 4, 2024, the Company received stockholder approval to increase the number
of authorized shares of Common Stock from 25,000,000 shares to 100,000,000 shares, and on June 5, 2024, the Company filed an amendment
to its Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the increase. The Company has issued
18,255,825 shares of Common Stock, of which 430,474 are unvested restricted stock awards as of March 31, 2025, and 15,576,674 shares of
Common Stock, of which 349,057 are unvested restricted stock awards as of December 31, 2024.

Note 13. STOCK-BASED COMPENSATION

The Company granted options and restricted stock awards
under its 2014 Equity Incentive Plan (the “2014 Plan”). Under the 2014 Plan, the Company is authorized to grant options or
restricted stock for up to 2,000,000 shares of Common Stock. On June 6, 2023, the Company received stockholder approval