Company: BIAF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023405
Chunk: 16

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 16
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hold improvements 
     
    Lesser of lease term or useful life

    11

Intangible
Assets

The
Company’s acquisition of PPLS on September 18, 2023, identified goodwill and intangible assets. Goodwill represents the purchase
price in excess of fair values assigned to the underlying identifiable net assets of the acquired business. The Company tests goodwill
for impairment annually and, therefore, does not record amortization. The intangible assets and their respective useful lives are as
follows: trade names and trademarks (18 years) and customer relationships (14 years). Intangible assets, net of accumulated amortization,
are summarized as follows as of September 30, 2025, and December 31, 2024:

SCHEDULE OF INTANGIBLE ASSETS

    September 30,  
    December 31, 

    2025  
    2024 
  
    Cost 

    Goodwill 
    $1,404,486  
    $1,404,486 
  
    Trade names and trademarks 
     150,000  
     150,000 
  
    Customer relationships 
     700,000  
     700,000 
  
    Cost 
     2,254,486  
     2,254,486 
  
    Accumulated amortization 

    Trade names and trademarks 
     (16,944) 
     (10,694)
  
    Customer relationships 
     (101,667) 
     (64,167)
  
    Accumulated amortization 
     (118,611) 
     (74,861)
  
    Intangible assets, net 
    $2,135,875  
    $2,179,625 

The
Company incurred amortization of intangible assets of $43,750 for each of the nine months ended September 30, 2025 and 2024, and $14,583
for each of the three months ended September 30, 2025 and 2024.

Recent
Accounting Pronouncements

In
November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures
(Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires disclosure about the types
of costs and expenses included in certain expense captions presented on the income