Company: NIVFW
Filing Date: 2025-08-21
Form Type: DRS
Source: 0001213900-25-079301
Chunk: 195

Company: NewGenIvf Group Ltd
Filing Date: 2025-08-21
Form: DRS
Chunk 195
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 the Company in accordance with U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards
of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform,
an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal
control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal
control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ J&S Associate PLT

Certified Public Accountants

Firm ID: 6743

We have served as the Company’s auditor since 2024.

Kuala Lumpur, Malaysia

May 20, 2025,

(reissued for 2024 for effects of Reverse Stock Split effected on May
5, 2025)

<div align='center'>F-4

NEWGENIVF GROUP LIMITED
CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2024 AND 2023
(Stated in US Dollars)</div>

| ASSETS                                                                                            
 Current assets                                                                                    |     | December 31, 
 2024         |            |   |     | December 31, 
 2023**       |           |   |
|:--------------------------------------------------------------------------------------------------|:----|:-------------|-----------:|:--|:----|:-------------|----------:|:--|
| Cash and cash equivalents                                                                         |     | $            |    457,740 |   |     | $            |    54,104 |   |
| Accounts receivable, net                                                                          |     |              |     49,245 |   |     |              |     9,374 |   |
|