Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 411

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 411
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 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

    F-9

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 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