Company: NIVFW
Filing Date: 2025-10-31
Form Type: 424B3
Source: 0001213900-25-104469
Chunk: 228

Company: NewGenIvf Group Ltd
Filing Date: 2025-10-31
Form: 424B3
Chunk 228
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0.913, $0.001 and $0.924 respectively, subject
to adjustments arising from the Reverse Stock Split.

The exercise of these warrants
is subject to a 9.99% beneficial cap, as revised, which restricts the holder from exceeding shareholdings in excess of the cap in the
Company. As of December 31, 2024, the threshold has been met, and accordingly the derivative is assessed to have no value.

<div align='center'>F-23</div>

NOTE 11 — 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 6.6% and 5.5% was the most indicative rate of the Company’s borrowing cost for the calculation
of the present value of the lease payments.

As of December 31, 2024 and 2023, the right-of-use assets
totaled $98,570, and $283,847, respectively.

As of December 31, 2024 and 2023, lease liabilities
consist of the following:

|                                         | Operating lease | December 31, |    2024 |     |   |    2023 |
|:----------------------------------------|:----------------|:-------------|--------:|:----|:--|--------:|
| Lease liabilities – current portion     |                 | $            | 108,526 |     | $ | 207,128 |
| Lease liabilities – non-current portion |                 |              |  10,231 |     |   | 118,979 |
| Total                                   |                 | $            | 118,757 |     | $ | 326,107 |

| Finance lease                       |     | December 31, 
 2024         |   |     | 2023 |       |
|:------------------------------------|:----|:-------------|:--|:----|:-----|------:|
| Lease liabilities – current portion |     | $            | - |     | $    | 6,446 |

The following is a schedule of future minimum
payments under operating leases as of December 31, 2024:

|                                                    |     | December 31, 
 2024         |         |   |
|:---------------------------------------------------|:----|:-------------|--------:|:--|
| Not later than 1 year                              |     |