Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 1245

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 13
Chunk 1245
---
 portion or all of a deferred tax asset will not be realized. The ultimate
realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities
during the period in which the related temporary difference becomes deductible. The Company includes interest and penalties related to
uncertain tax positions as part of income tax expense, if any. No such interest or penalties were recognized during the years ended December
31, 2024 and 2023, and the Company had no accruals for interest and penalties at December 31, 2024 or 2023.

    F-10

Segment
Information

The Company is organized in two operating segments, Diagnostic Research and
Development (“R&D”) and Laboratory Services, whereby its chief operating decision maker (“CODM”) uses operating
income as the primary measure of segment profit or loss to assess performance and make resource allocation decisions, in addition to monitoring
revenue growth and research and development progress. The CODM is the Chief Executive Officer.

Diagnostic
R&D includes research and development and clinical development of diagnostic tests. Any revenues assigned to Diagnostic R&D are
proceeds received from observational studies. Laboratory services include all the operations from Village Oaks and PPLS in addition to
sales and marketing costs of CyPath® Lung from bioAffinity.

SCHEDULE
OF SEGMENT INFORMATION

    As
    of December 31, 

    2024  
    2023 
  
    Net revenues: 

    Diagnostic
    R&D 
    $8,654  
    $19,442 
  
    Laboratory
    services 
     9,353,368  
     2,513,057 
  
    Total
    net revenues 
     9,362,022  
     2,532,499 

    Operating expenses: 

    Diagnostic R&D 
     (1,782,882) 
     (1,724,597)
  
    Laboratory services 
     (9,946,452) 
     (3,769,783)
  
    General
    corporate activities 
     (6,586,133) 
     (5,011,347)
  
    Total operating loss 
     (8,953,445) 
     (7,973,228)

    Non-operating
    income (expense), net 
     (74,736) 
     57,210