Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 49

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 49
---
,167)
  
    Accumulated amortization 
     (89,444) 
     (74,861)
  
    Intangible assets, net 
    $2,165,042  
    $2,179,625 

The Company incurred amortization of
intangible assets of $14,583
for each of the three months ended March 31, 2025 and 2024.

Recent Accounting Pronouncements

The Company continues to monitor new accounting pronouncements
issued by the Financial Accounting Standards Board (“FASB”) and does not believe new accounting pronouncements issued through
the date of this Quarterly Report will have a material impact on the Company’s condensed consolidated financial statements.

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”)
assesses the performance of and allocates resources. The CODM is the Chief Executive Officer. Diagnostic R&D includes research and
development and clinical development on 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 Technologies.

SCHEDULE OF SEGMENT INFORMATION 

    2025  
    2024 

    As of March 31, 

    2025  
    2024 
  
    Net revenues: 

    Diagnostic R&D 
    $—  
    $2,885 
  
    Laboratory services 
     1,853,597  
     2,403,506 
  
    Total net revenues 
     1,853,597  
     2,406,391 

    Operating expenses: 

    Diagnostic R&D 
     (505,739) 
     (442,599)
  
    Laboratory services 
     (2,267,656) 
     (2,736,999)
  
    General corporate activities 
     (1,707,341) 
     (1,172,023)
  
    Total operating loss 
     (2,627,139) 
     (1,945,230)

    Non-operating income (expense), net 
     (24,583) 
     (12,913)
  
    Net loss before income taxes 
     (2,651,722