Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 48

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 48
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 the difference. The Company did not record
any impairment for the three months ended March 31, 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, 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 March 31, 2025 and December 31,
2024:

SCHEDULE OF INTANGIBLE ASSETS 

    March 31,  
    December 31, 

    2025  
    2024 
  
    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 

    Trade names and trademarks 
     (12,777) 
     (10,694)
  
    Customer relationships 
     (76,667) 
     (64