Company: NIVFW
Filing Date: 2025-05-29
Form Type: F-1/A
Source: 0001213900-25-048554
Chunk: 218

Company: NewGenIvf Group Ltd
Filing Date: 2025-05-29
Form: F-1/A
Chunk 218
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 pursuant to which the Legacy NewGenIvf agreed to provide non-interest bearing loans in an aggregate principal amount of up to $ 560,000(the “Loan”) to A SPAC I to fund amounts required to further extend the period of time available for A SPAC I to consummate a business combination, and for working capital and payment of professional, administrative and operational expenses, and other purposes as mutually agreed by A SPAC I and the Legacy NewGenIvf. The Loan will only become repayable upon the closing of the Acquisition Merger. As of December 31, 2023, $ 140,000was outstanding under the loan. The Legacy NewGenIvf completed the business combination with A SPAC I Acquisition Corp on April 3, 2024. After the combination, the balance of loan to ACSA was eliminated in the subsequent period. NOTE 19 — COMMITMENTS & CONTINGENCIES As of December 31, 2024 and 2023, the Company was not a party to any legal or administrative proceedings. As of December 31, 2024, the Company had commitment as described in Notes 10 and 11 to the financial statements. The Company is also committed to honor its obligations pursuant to the convertible note agreements as described in Note 10 F-30

NOTE 20 — DISPOSAL OF SUBSIDIARY

On December 18, 2024, the
Company completed the sale of its First Fertility Bishkek LLC to an unrelated third party for total consideration of US$, consisting
of cash.

As part of the disposal,
all the outstanding account payables and receivables as well as all outstanding balances between the First Fertility Bishkek LLC and Harcourt,
FFPGS, and the Director were transferred to the Seller. Any tax liabilities in Kyrgyzstan arising from the transfer of these balances
shall be borne by the Buyer.

The following table summarizes the financial impact
of the disposal:

| ● | Consideration received: Cash of $11 |

| ● | Net assets acquired of $486,706 |

| ● | Reversal of excess tax of $486,706 |

The disposal was accounted for in accordance with ASC 810, Consolidation.
As a result, the Company deconsolidated First Fertility Bishkek LLC and recognized a write back of tax (after netting against the cash
consideration received) in the amount of US$ in the consolidated statements of operations for the year ended December 31,