Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 412

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 412
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 $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 Disclosures on 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 two
segment operations: 1) diagnostic R&D and 2) laboratory services (See Note 2).

The FASB issued Accounting Standards Update (“ASU”)
No. ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures which requires public business entities
to disclose annually a tabular rate reconciliation, including specific items such as state and local income tax, tax credits, nontaxable
or nondeductible