Company: NIVFW
Filing Date: 2025-10-31
Form Type: 424B3
Source: 0001213900-25-104469
Chunk: 238

Company: NewGenIvf Group Ltd
Filing Date: 2025-10-31
Form: 424B3
Chunk 238
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 considerations and significant risks. These include risks associated with,
among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely
affected by changes in the political and social conditions in Thailand, Cambodia and Kyrgyzstan, and by changes in governmental policies
with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods
of taxation, among other things including natural disasters and wars.

D. Inflation risk

Management monitors changes
in prices levels. Historically inflation has not materially impacted the Company’s consolidated financial statements; however,
significant increases in the price of labor that cannot be passed to the Company’s customers could adversely impact the Company’s
results of operations.

NOTE 17 — RELATED PARTY BALANCES AND TRANSACTIONS

The summary of amount due from and due to related
parties as the following:

| Due from shareholders consist of the following:  |     | Relationship                        |     | December 31, 
 2024         |          |   |     | 2023 |         |
|:-------------------------------------------------|:----|:------------------------------------|:----|:-------------|---------:|:--|:----|:-----|--------:|
| Mr. Siu Wing Fung,                               
 Alfred (“Mr. Siu”)                               |     | Shareholders and directors          |     | $            |  404,549 |   |     | $    | 354,285 |
| Due to a related party consist of the following: |     |                                     |     |              |          |   |     |      |         |
| Ms. Fong Hei Yue, Tina (“Ms. Fong”)              |     | Shareholders and directors (note 1) |     |              | (497,200 | ) |     |      |         |
| Harcourt Limited                                 |     | A related party (note 2)            |     | $            |  (61,802 | ) |     | $    |       — |

Note:

| (1) | Ms. Fong is the spouse                                                                                                        
 of Mr. Siu. The due to shareholders balance as of December 31, 2024 was $92,651 while the due from shareholders balance as of 
 December 31, 2023 was $354,285.                                                                                               |

| (2) | The directors and shareholders                                                                                              
 of Harcourt Limited are Mr. Siu and Ms.