Company: NIVFW
Filing Date: 2025-08-22
Form Type: DRS
Source: 0001213900-25-079717
Chunk: 189

Company: NewGenIvf Group Ltd
Filing Date: 2025-08-22
Form: DRS
Chunk 189
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operating expense and additional paid-in capital.

Emphasis of Matter — Going Concern

The accompanying financial
statements have been prepared assuming that the Company will continue as a going concern. As of December 31, 2021, the Company had
a working capital deficit and shareholders’ deficit, accordingly, these factors gave rise to substantial doubt that the Company
would continue as a going concern. As of December 31, 2022, the Company had an improvement in its capital position where the Company
had net positive shareholders’ equity position, but the Company still had a working capital deficit; accordingly, the Company had
not alleviated the substantial doubt that it would continue as a going concern. Management closely monitors the Company’s financial
position and result of operations and has prepared a plan that includes raising additional capital and implementing improvements to increase
profitability to address this substantial doubt. Details of this plan are also found in Note 1. These financial statements do not include
any adjustments that might result from the outcome of this uncertainly.

<div align='center'>F-2</div>

Basis for Opinion

These consolidated financial
statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits 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 consolidated 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 audits, 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 audits included performing
procedures to assess the risks of material misstatement of the consolidated 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