Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 986

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9A
Chunk 986
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 approximately $31 million of net operating loss carryforwards at December 31, 2024, of which approximately
$0.67 million will begin expiring in 2034. The remaining balance of approximately $30 million will carry forward indefinitely. A 100%
valuation allowance has been provided for the deferred tax benefits resulting from the net operating loss carryover due to a lack of
earnings history. In addressing the realizability of deferred tax assets, management considers whether it is more likely than not that
some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon
the generation of future taxable income during the periods in which those temporary differences are deductible. The valuation allowance
increased by approximately $2.0 million and $3.0 million for the years ended December 31, 2024 and 2023, respectively. Significant components
of deferred tax assets are as follows:

SCHEDULE
OF DEFERRED TAX ASSETS AND LIABILITIES

    December
    31, 

    2024  
    2023 
  
    Deferred tax assets: 

    Net operating
    loss carryover 
    $8,185,845  
    $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)