Company: NIVFW
Filing Date: 2025-03-07
Form Type: F-1
Source: 0001213900-25-021404
Chunk: 235

Company: NewGenIvf Group Ltd
Filing Date: 2025-03-07
Form: F-1
Chunk 235
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 1) |     |      |        19,322 |     |      |      144,015 |
| Other payables                |     |      |       121,469 |     |      |       46,616 |
|                               |     | $    |       398,208 |     | $    |      241,613 |

NOTE 8 — CONTRACT LIABILITIES

Contract liabilities consist of the following:

|                                         |     | 2024 | September 30, |   |     | 2023 | December 31, |   |
|:----------------------------------------|:----|:-----|--------------:|:--|:----|:-----|-------------:|:--|
| Balance at beginning of period          |     | $    |         7,937 |   |     | $    |    1,360,168 |   |
| Additions                               |     |      |        37,592 |   |     |      |      112,006 |   |
| Recognized to revenue during the period |     |      |       (37,129 | ) |     |      |     (122,662 | ) |
| Refund to customers (Note 1)            |     |      |             — |   |     |      |   (1,341,575 | ) |
| Balance at end of period                |     | $    |         8,400 |   |     | $    |        7,937 |   |

| Note 1: | Refund of the deposits received from customer for services not rendered during 2023. China-based clients who prepaid for surrogacy and ancillary caring services requested refund of fees so such clients can appoint their own surrogate mothers in countries in which the Company does not conduct business. The Company sent the funds to accounts dictated by the clients and terminated service contract with those clients. |

F-55 NEWGENIVF GROUP LIMITED
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2024 AND 2023 (Stated in US Dollars)

NOTE 9 — LEASES

The Company has various
operating leases for clinics and office spaces. The lease agreements do not specify an explicit interest rate. The Company’s management
believes that the interest rate of % and % was the most indicative rate of the Company’s borrowing cost for the calculation
of the