Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 971

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9A
Chunk 971
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 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 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 December 31, 2024 and 2023:

SCHEDULE
OF INTANGIBLE ASSETS

    2024  
    2023 

    December 31, 

    2024  
    2023 
  
    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 

    Goodwill 
     —  
     — 
  
    Trade names and trademarks 
     (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