Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 886

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 886
---
. This loan is collateralized by the underlying vehicle. The balance of this loan as of December 31, 2024, and 2023 was $24,849 and $0, respectively. The current portion of the balance of this loan as of December 31, 2024, and 2023
was $5,603 and $0, respectively.

Directors
and Officers Insurance Policy – 2024

In
September 2024, the Company obtained short-term financing of approximately $0.26 million with 11 monthly payments of approximately $24,000
and interest at a 6.7% fixed annual rate for director and officer insurance policies. The current portion of the balance of this loan
as of December 31, 2024, and December 31, 2023, was $167,000 and $0, respectively.

Note
11. COMMITMENTS AND CONTINGENCIES

Legal
Matters

From
time to time, the Company is involved in various disputes and litigation matters that arise in the ordinary course of business. To date,
the Company has no material pending legal proceedings.

Note
12. COMMON STOCK

The
Company has authorized a total of 100,000,000 shares of Common Stock, $0.007 par value per share. On June 4, 2024, the Company received
stockholder approval to increase the number of authorized shares of Common Stock from 25,000,000 shares to 100,000,000 shares, and on
June 5, 2024, the Company filed an amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware
to effect the increase. The Company has issued 15,576,674 shares of Common Stock, of which 349,057 are unvested restricted stock awards
as of December 31, 2024, and 9,505,255 shares of Common Stock, of which 110,645 are unvested restricted stock awards as of December 31,
2023.

Note
13. STOCK-BASED COMPENSATION

The
Company granted options and restricted stock awards under its 2014 Equity Incentive Plan (the “2014 Plan”). Under the 2014
Plan, the Company was authorized to grant options or restricted stock for up to 2,000,000 shares of Common Stock. On June 6, 2023, the
Company received stockholder approval to increase the number of