Company: BIAF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024163
Chunk: 14

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 14
---
 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 three and six months ended June 30, 2025, or for the fiscal year ended December 31, 2024.

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

    Asset
    Category
     
    Useful
    Life
  
    Computer
    equipment
     
    3-5
    years
  
    Computer
    software
     
    3
    years
  
    Equipment
     
    3-5
    years
  
    Furniture
    and fixtures
     
    5-7
    years
  
    Vehicles
     
    5
    years
  
    Leasehold
    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 June 30, 2025, and December 31, 2024:

SCHEDULE OF INTANGIBLE ASSETS

    June 30,  
    December 31, 

    2025  
    2024 
  
    Cost 

    Goodwill 
    $1,404,486  
    $1,404,486 
  
    Trade names and trademarks 
     150,000  
     150,000 
  
    Customer relationships