Company: NIVFW
Filing Date: 2025-09-18
Form Type: F-1
Source: 0001213900-25-088927
Chunk: 212

Company: NewGenIvf Group Ltd
Filing Date: 2025-09-18
Form: F-1
Chunk 212
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, and deemed to be the accounting acquirer. As SPAC I did not meet the definition of a business under ASC
805, the transaction was not treated as a business combination. Instead, it was accounted for as a recapitalization.

Accordingly, the consolidated
assets, liabilities and results of operations of the accounting acquirer will become the historical financial statements of the Company,
and the accounting acquirer’s assets, liabilities and results of operations will be consolidated with the Company beginning on
the acquisition date. The Legacy NewGenIvf was the legal acquiree but deemed to be the accounting acquirer. The Company was the legal
acquirer but deemed to be the accounting acquiree in the reverse merger. The historical financial statements prior to the acquisition
are those of the accounting acquirer (Legacy NewGenivf). After completion of the Share Exchange Transaction, the Company’s consolidated
financial statements include the assets and liabilities, the operations and cash flow of the accounting acquirer. Any excess of the value
of shares issued by the Company over the net book value of the accounting acquirer will be recognized as a reduction to equity (APIC).

<div align='center'>F-12</div>

Use of estimates

The preparation of the consolidated
financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements
and the reported amounts of revenues and expenses during the periods presented. Actual results could differ from those estimates.

Foreign currency translation

The accompanying consolidated
financial statements are presented in United States dollar (“$”), which is the reporting currency of the Company. The
functional currency of the Company and its subsidiaries, FFPGS (HK) Limited and Well Image Limited, are Hong Kong dollar (“HK$”).
Med Holdings and FFC use Thai baht (“THB”) as their functional currencies. First Fertility Phnom Penh Limited and Bi Clinic
Ltd (“FFBi”) uses United States dollar (“USD”) as their functional currencies. Shenzhen Qianhai Fengtai
Renhui Health Technology Co., Ltd. (“SZ QianHai”) uses Chinese Renminbi (“CNY”) as its functional currency.

Assets and liabilities denominated in currencies other than the reporting currency are translated into the reporting currency at the rates of exchange prevailing at the balance sheet date. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the