Company: NIVFW
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001213900-25-033966
Chunk: 158

Company: NewGenIvf Group Ltd
Filing Date: 2025-04-22
Form: 20-F
Item: Item 19
Chunk 158
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companying consolidated financial statements and these notes in accordance with accounting principles generally accepted in the United States
of America (“ U. S. GAAP”). The Company maintains its general ledger and journals with the accrual method accounting.

The business combination
transaction between Legacy NewGenIvf and SPAC I was accounted for as a reverse recapitalization under ASC 805, Business Combinations,
with NewGenIvf Group Limited, and deemed to be the accounting acquirer. As SPAC I did not meet the definition of a business under ASC
805, the transaction was not treated as a business combination. Instead, it was accounted for as a recapitalization.

Accordingly, the consolidated assets, liabilities
and results of operations of the accounting acquirer will become the historical financial statements of the Company, and the accounting
acquirer’s assets, liabilities and results of operations will be consolidated with the Company beginning on the acquisition date.
The Legacy NewGenIvf was the legal acquiree but deemed to be the accounting acquirer. The Company was the legal acquirer but deemed to
be the accounting acquiree in the reverse merger. The historical financial statements prior to the acquisition are those of the accounting
acquirer (Legacy NewGenivf). After completion of the Share Exchange Transaction, the Company’s consolidated financial statements
include the assets and liabilities, the operations and cash flow of the accounting acquirer. Any excess of the value of shares issued
by the Company over the net book value of the accounting acquirer will be recognized as a reduction to equity (APIC).

F-11

Use of estimates

The preparation of the consolidated
financial statements in conformity with U. S. GAAP requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements
and the reported amounts of revenues and expenses during the periods presented. Actual results could differ from those estimates.

Foreign currency translation

The accompanying consolidated
financial statements are presented in United States dollar (“$”), which is the reporting currency of the Company. The
functional currency of the Company and its subsidiaries, FFPGS (HK) Limited and Well Image Limited, are Hong Kong dollar (“ HK$”).
Med Holdings and FFC use Thai baht (“ THB”) as their functional currencies. First Fertility Phnom Penh Limited and Bi Clinic
Ltd (“ FFBi”) uses United States dollar (“ USD”) as their functional currencies. Shenzhen Qianhai Feng