Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 504

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 504
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 ability to continue as a going concern is dependent upon our ability to generate revenue
and raise capital from financing transactions. There can be no assurance that we will be successful in accomplishing these objectives.

Cash
Flows

The
following information reflects cash flows for the years presented:

    Year Ended 

    December 31, 

    2024  
    2023 
  
    Cash and cash equivalents at beginning of year 
    $2,821,570  
    $11,413,749 
  
    Net cash used in operating activities 
     (7,264,795) 
     (6,037,806)
  
    Net cash used in investing activities 
     (79,083) 
     (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, 202