Company: NIVFW
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001213900-25-033966
Chunk: 172

Company: NewGenIvf Group Ltd
Filing Date: 2025-04-22
Form: 20-F
Item: Item 19
Chunk 172
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 instruments                                       785,776                    844,809  
  Motor vehicle                                             142,936                    142,936  
  Office equipment                                          361,385                    150,688  
                                                          1,512,416                  1,481,364  
  Less: accumulated depreciation                        ( 1,239,320                ( 1,319,207  
  Total                               $                     273,096      $             162,157  

Depreciation expenses for
the years ended December 31, 2024 and 2023 were $19,502and $31,173, respectively.

Noimpairment loss was recorded for the years
ended December 31, 2024, and 2023.

NOTE 8 - ACCRUED LIABILTIES AND OTHER
PAYABLES

Accrued liabilities and other payables consist
of the following:

                                        December 31,                                      
                                        2024                           2023               
 ──────────────────────────────────────────────────────────────────────────────────────────
  Accrued expenses                      $                 201,455      $          43,633  
  Customer deposit                                          6,349                      -  
  Withholding tax payable                                   4,361                  7,349  
  Independent director fee payable                         20,000                      -  
  Compensation payable (Note 1)                           100,802                144,015  
  Other payables                                          167,762                 46,616  
                                        $                 500,729      $         241,613  

  Note 1:      Compensation payable represents a claim relating to an employee of                                                                           
               the subsidiary. On April 23, 2023, a settlement agreement was entered into with the employee, with compensation payable over 12 instalments  
               commencing April 2023.                                                                                                                       
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

F-20

NOTE 9 - CONTRACT LIABILITIES

Contract liabilities consist of the following:

                                             December 31,                                           
                                             2024                            2023                   
 ────────────────────────────────────────────────────────────────────────────────────────────────────
  Balance at beginning of year               $                    7,937      $           1,360,168  
  Additions                                                      75,340                    112,006  
  Recognized to revenue during the year                        ( 19,