Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 685

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 685
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 and $256,661 for the years ended
December 31, 2024 and 2023, respectively. The increase of $64,994, or 25% was primarily attributable to an increase in compensation costs
and benefits as we added clinic development personnel.

Selling,
General and Administrative

Our
selling, general and administrative expenses consist primarily of expenditures related to employee compensation, legal, accounting and
tax, other professional services, and general operating expenses.

Selling, general and administrative expenses totaled approximately $9.9 million
and $6.8 million for the years ended December 31, 2024 and 2023, respectively. The increase of approximately $3.1 million, or 46% 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, partially offset
by a reduction in legal and professional fees.

Other
Income (Expense)

    Year Ended  
    Change in 2024 

    December 31,  
    Versus 2023 

    2024  
    2023  
    $  
    % 
  
    Interest  (expense) income, net 
    $(74,865) 
    $85,006  
    $159,871  
     (188)%
  
    Other income (expense), net 
     129  
     (27,796) 
     (27,925) 
     (100)%
  
    Total other  (expense) income 
    $(74,736) 
    $57,210  
    $131,946  
     231%

Other net income (expense) totaled $129 and $(27,796) for the years ended
December 31, 2024 and 2023, respectively, an increase of approximately $28,000, or 100%. The net other expense for the year ended December
31, 2023 related to the loss on the disposal of an asset and other non-operating costs. The net other income for the year ended December
31, 2024 related to approximately a $9,000 gain on a sale of an asset and offset by property taxes.

Interest
income (expense)

We
had net interest (expense) income of approximately