Company: NIVFW
Filing Date: 2025-03-07
Form Type: F-1
Source: 0001213900-25-021404
Chunk: 247

Company: NewGenIvf Group Ltd
Filing Date: 2025-03-07
Form: F-1
Chunk 247
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Stated in US Dollars) NOTE 15 — RELATED PARTY BALANCES AND TRANSACTIONS (cont.)

The movement of allowances for expected credit
loss is as follow:

|                                    |     | September 30, 
 2024          |         |   |     | December 31, 
 2023         |         |   |
|:-----------------------------------|:----|:--------------|--------:|:--|:----|:-------------|:--------|:--|
| Balance at beginning of the period |     | $             | (17,818 | ) |     | $            | (17,059 | ) |
| Provision                          |     |               |       — |   |     |              | (759    | ) |
| Revised                            |     |               |  17,818 |   |     |              | —       |   |
| Ending balance                     |     | $             |       — |   |     | $            | (17,818 | ) |

In addition to the transactions
and balances detailed elsewhere in these consolidated financial statements, the Company had the following transactions with related parties:

|                                                   |     | September 30, |   2024 |     |   |   2023 |
|:--------------------------------------------------|:----|:--------------|-------:|:----|:--|-------:|
| Directors’ remuneration to Mr. Siu Wing           
 Fung, Alfred                                      |     | $             | 93,750 |     | $ | 90,000 |
| Directors’ remuneration to Ms. Fong Hei Yue, Tina |     |               | 93,750 |     |   | 90,000 |

F-65 NEWGENIVF GROUP LIMITED
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2024 AND 2023
(Stated in US Dollars) NOTE 16 — CONTINGENCIES As of September 30, 2024 and 2023, the Company was not a party to any legal or administrative proceedings. First Fertility Bishkek LLC (“FFB”), the Company incorporated in Kyrgyzstan, did not report the current year tax to the tax authority till the reporting date since 2023. The late tax filing may lead to contingent tax penalty as of September 30, 2024. The tax return is not yet filed so it is not possible to give the Company evaluation