Company: BIAF
Filing Date: 2025-06-27
Form Type: POS AM
Source: 0001641172-25-016927
Chunk: 207

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-06-27
Form: POS AM
Chunk 207
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   (10,694 | ) |     |      |    (2,361 | ) |
| Customer relationships     |     |              |   (64,167 | ) |     |      |   (14,167 | ) |
| Accumulated amortization   |     |              |   (74,861 | ) |     |      |   (16,528 | ) |
| Intangible assets, net     |     | $            | 2,179,625 |   |     | $    | 2,237,958 |   |

For the year ended December 31, 2024, amortization of intangible assets totaled $ 58,333 compared to $ 16,528 in the prior year comparative period.

Goodwill is reviewed annually for impairment in
accordance with ASC 350 - Intangibles – Goodwill and Other, and intangible assets are reviewed annually for impairment in
accordance with ASC 360 unless circumstances dictate the need for more frequent assessment. The Company elected to perform a quantitative
impairment analysis as of December 31, 2024. The annual quantitative assessment of the intangible assets was performed utilizing a discounted
cash flow analysis (“income approach”).The income approach measures the fair
value of an interest in a business by discounting expected future cash flows to present value. The results of the annual quantitative
impairment analysis indicated that the fair value exceeded the carrying value of the reporting unit and therefore resulted in no impairment
needed.

Recent Accounting Pronouncements

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

The Company adopted FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosureson December 31, 2024, on a retrospective basis. The Company used the five steps to ASC 280 to evaluate what, if any, segment reporting would be beneficial for shareholders. These five steps included: 1) evaluate operating segments for aggregation, 2) perform quantitative threshold tests, 3) evaluate remaining operating segments for aggregation, 4) ensure that 75% of revenue is reported, and 5) consider practical limit. Based on the analysis above against those five steps, management concludes that segment reporting is required for