Company: BIAF
Filing Date: 2025-05-02
Form Type: S-1
Source: 0001641172-25-008170
Chunk: 204

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-02
Form: S-1
Chunk 204
---
|:--|:----|:-----|----------:|:--|
| 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 $ 58,333compared to $ 16,528in 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