Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 566

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 566
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 (2,209,399)
  
    Net cash provided by (used in) financing activities 
     5,627,599  
     (344,984)
  
    Cash and cash equivalents at end of year 
    $1,105,291  
    $2,821,570 

Net
Cash Used in Operating Activities

Net
cash used in operating activities was approximately $7.3 million and $6.0 million for the years ended December 31, 2024 and 2023, respectively. The increase of approximately $1.3 million
in cash used by operations was primarily attributable to the laboratory operations
of PPLS being owned for the full fiscal year 2024, compared to approximately 3.5 months in fiscal year 2023. Additionally, the increase
was due to the expansion of sales efforts for CyPath® Lung.

 59 

Net
Cash Used in Investing Activities

We used approximately $79,000 in investing activities for the year ended December
31, 2024, compared to $2.2 million used for the year ended December 31, 2023. The significant decrease of $1.4 million in cash used in
investing activities was primarily due to equipment purchases in the current year, and the investing activities in the prior year related
to the acquisition of PPLS.

Net
Cash Provided by Financing Activities

During
the year ended December 31, 2024, net cash provided by financing activities was $5.5 million as compared to net cash
used in financing activities of $0.3 million during 2023, representing an increase of approximately $5.9 million. During the year ended December 31, 2024, net cash provided by financing activities
was primarily due to net proceeds of approximately $5.8 million from issuance of Common Stock and, option and warrant exercises,
partially offset by financing payments.

Critical
Accounting Estimates

The
preparation of financial statements in conformity with GAAP in the U.S. requires management to make significant judgments and
estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases these significant
judgments and estimates on historical experience and other assumptions it believes to be reasonable based upon information presently
available. Actual results could differ from those estimates under different assumptions, judgments, or conditions