Company: NIVFW
Filing Date: 2025-03-07
Form Type: F-1
Source: 0001213900-25-021404
Chunk: 115

Company: NewGenIvf Group Ltd
Filing Date: 2025-03-07
Form: F-1
Chunk 115
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). The value of foreign currencies including, the HK$, THB, KHR and RMB, may fluctuate against the United States dollar. Any significant variations of the aforementioned currencies relative to the United States dollar may materially affect NewGenIvf’s financial condition in terms of reporting in USD. See “ Note 2 — Summary of Significant Accounting Policies” for details. Revenue recognition NewGenIvf adopted ASC Topic 606, Revenue from Contracts with Customers, and all subsequent ASUs that modified ASC 606 on April 1, 2017 using the full retrospective method which requires it to present the financial statements for all periods as if Topic 606 had been applied to all prior periods. NewGenIvf derives revenue principally from provision of IVF treatment and surrogacy and ancillary caring services. Revenue from contracts with customers is recognized using the following five steps:

| (1) | identify                      
 its contracts with customers; |

| (2) | identify                                           
 its performance obligations under those contracts; |

| (3) | determine                                  
 the transaction prices of those contracts; |

| (4) | allocate                                                                      
 the transaction prices to its performance obligations in those contracts; and |

| (5) | recognize                                                                                          
 revenue when each performance obligation under those contracts is satisfied. Revenue is recognized 
 when promised services are transferred to the client in an amount that reflects the consideration  
 expected in exchange for those services.                                                           |

82 NewGenIvf enters into service agreements with its customers that outline the rights, responsibilities, and obligations of each party. The agreements also identify the scope of services, service fees and payment terms. Agreements are acknowledged and signed by both parties. All the contracts have commercial substance, and it is probable that NewGenIvf will collect considerations from its customers for service component. NewGenIvf derives its revenues from two types of services: (1) IVF treatment services, and (2) surrogacy and ancillary caring services. Revenue from IVF treatment services IVF treatment is an assisted reproductive technique where eggs and sperm are collected and fertilized in laboratory to become embryo. Fertilized embryo is then implanted in the customer or a surrogate mother. IVF treatment involves the performance of a series of medical treatment and procedures that are not separately distinct and only brings benefits to customer when embryo is successfully implanted, therefore revenue from IVF treatment is recognized at a point in time when it is completed in clinic. The completion of this treatment is evidenced by a written IVF report indicating successful embryo implantation