bioAffinity Technologies, Inc. General form of registration statement for all companies including face-amount certificate companies

General form of registration statement for all companies including face-amount certificate companies

LEASES (Tables)

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

The components of lease expense, which are included in selling, general and administrative expense and depreciation and amortization for the year ended December 31, 2023, and 2022 are as follows:

SCHEDULE OF COMPONENTS OF LEASE EXPENSE

Components of lease expense:	2023		2022
Amortization of right-of-use assets - finance lease	$	128,324	$	—
Interest on lease liabilities - finance lease		33,838		—
Operating lease cost		39,887		—
Total lease cost	$	202,049	$	—

SCHEDULE OF BALANCE SHEET INFORMATION RELATING TO LEASES

Operating leases:	2023		2022
Operating lease right-of-use, assets	$	370,312	$	—
Operating lease liability, current		94,708		—
Operating lease liability, non-current		283,001		—
Total operating lease liabilities	$	377,709	$	—

Financing leases:	2023			2022
Financing lease right-of-use assets, gross	$	1,294,168		$	—
Accumulated amortization		(128,324	)
Finance lease right-of-use assets, net	$	1,165,844		$	—
Financing lease liability, current		365,463			—
Financing lease liability, non-current		835,467			—
Financing lease liability, long-term	$	1,200,930		$	—

Weighted-average remaining lease term:	2023		2022
Operating leases (in years)		3.58		—
Finance leases (in years)		3.25		—

Weighted-average discount rate:	2023			2022
Operating leases		8.07	%		—
Finance leases		8.01	%		—

SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT UNDER NON-CANCELLABLE

	Operating Leases			Finance Leases
2024	$	121,726		$	448,505
2025		121,726			448,505
2026		121,726			270,395
2027 and thereafter		71,007			202,970
Total undiscounted cash flows		436,185			1,370,375
Less discounting		(58,476	)		(169,445	)
Present value of lease liabilities	$	377,709		$	1,200,930