Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 157

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 157
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 and other current assets 
    $422,995  
    $321,017 

Note
5. PROPERTY AND EQUIPMENT, NET

Property
and equipment at December 31, 2024 and 2023, are summarized below:

SCHEDULE OF PROPERTY AND EQUIPMENT

    December
    31, 

    2024  
    2023 

    Lab equipment 
    $662,747  
    $647,214 
  
    Computers and software 
     81,433  
     68,682 
  
    Leasehold improvements 
     19,353  
     9,941 
  
    Vehicles 
     148,103  
     105,919 
  
    Property
    and equipment, gross 
     911,636  
     831,756 
  
    Less: accumulated depreciation
    and amortization 
     (536,251) 
     (373,123)
  
    Total
    property and equipment, net 
    $375,385  
    $458,633 

Total
property and equipment depreciation and amortization expense was $162,332 and $233,064 for the years ended December 31, 2024 and 2023,
respectively.

Note
6. ACCRUED EXPENSES

Accrued
expenses at December 31, 2024 and 2023, are summarized below:

SCHEDULE OF ACCRUED EXPENSES

    December
    31, 

    2024  
    2023 

    Compensation 
    $1,079,839  
    $857,037 
  
    Legal and professional 
     98,477  
     257,926 
  
    Clinical 
     160,371  
     15,350 
  
    Other 
     60,035  
     19,498 
  
    Total
    accrued expenses 
    $1,398,722  
    $1,149,811 

Note
7. UNEARNED REVENUE

The
Company engaged in an observational study of CyPath® Lung with the 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 December
31, 2024. The performance obligation is deemed complete after