Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 829

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7A
Chunk 829
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    2024  
    2023 
  
    Patient service
    fees1 
    $8,175,670  
    $2,199,558 
  
    Histology service fees 
     1,103,751  
     272,660 
  
    Medical director fees 
     66,576  
     19,324 
  
    Department of Defense observational studies 
     8,654  
     19,442 
  
    Other revenues 
     7,371  
     21,515 
  
    Total
    net revenue 
    $9,362,022  
    $2,532,499 

    1
    Patient
    services fees include direct billing for CyPath® Lung diagnostic test of approximately $516,000 and $35,000 for the years
    ended December 31, 2024 and 2023.

Reclassifications

Certain
prior year balances have been reclassified to conform to current year presentation. Any reclassifications had an immaterial effect on the Company’s consolidated financial statements and had no
effect on prior periods net income or stockholders’ equity.

Property
and Equipment, Net

In
accordance with ASC 360-10, Accounting for the Impairment of Long-Lived
Assets (“ASC 360”), the Company periodically reviews the carrying value of its long-lived assets, such as property,
equipment, and definite lived intangible assets, to test whether current events or circumstances indicate that such carrying value may
not be recoverable. When evaluating assets for potential impairment, the Company compares the carrying value of the asset to its estimated
undiscounted future cash flows. If an asset’s carrying value exceeds such estimated cash flows (undiscounted and with interest charges),
the Company records an impairment charge for the difference. The Company did not record any impairment for the years ended December 31,
2024 or 2023.

Property
and equipment are carried at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the
estimated useful life of the asset. Amortization of leasehold improvements is computed using the shorter of the lease term or estimated
useful life of the asset. Additions and improvements are capitalized, while repairs and maintenance are expensed as incurred. Useful
lives of each asset class are as follows:

SCHEDULE
OF PROPERTY AND EQUIPMENT USEFUL LIFE