Company: NIVFW
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001213900-25-033966
Chunk: 164

Company: NewGenIvf Group Ltd
Filing Date: 2025-04-22
Form: 20-F
Item: Item 19
Chunk 164
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 to the Company’s result of operations
can be found in Note 8 below.

Revenue from egg freezing and storage facility

The Company provides access
the facility to its customers. Upon request for the service, which is agreed verbally and followed by signed consent form from the customer,
the Company makes available access to the facility with no further substantial involvement. Revenue is recognized at a point in time when
the facility is made available to the customer at the agreed consideration by the provision of specific address within the facility as
maintained in the patient file. The receipt of consideration is assured as payment is required upfront.

F-14

Principal versus agency considerations

The Company follows the guidance provided in ASC 606, Revenue from
Contracts with Customers, for determining whether the Company is the principal or an agent in arrangements with customers that involve
another party that contributes to the provision of services to a customer. In these instances, the Company determines whether it has promised
to provide the service itself (as principal) or to arrange for the specified service to be provided by another party (as an agent). This
determination is a matter of judgment that depends on the facts and circumstances of each arrangement. The Company recognizes revenue
from the performance of the procedures and treatment on a gross basis as the Company is responsible for the fulfillment, controls the
delivery of the promised service, and has full discretion in establishing prices and therefore is the principal in the arrangement.

Contract related assets and
liabilities are classified as current assets and current liabilities. Significant balance sheet accounts related to the revenue cycle
are as follows:

Account receivables, net

Accounts receivable, net
are stated at the original amount less an allowance for expected credit loss on such receivables. The allowance for expected credit loss
is estimated based upon the Company’s assessment of various factors including historical experience, the age of the accounts receivable
balances, current general economic conditions, future expectations and customer specific quantitative and qualitative factors that may
affect the Company’s customers’ ability to pay. An allowance is also made when there is objective evidence for the Company
to reasonably estimate the amount of probable loss.

Contract liabilities

Contract liabilities represent
considerations received from customers in advance of satisfying the Company’s performance obligations under the contract. These
amounts are expected to be earned within 12 months and are classified as current liabilities.

Expected credit loss

ASU No. 2016-13, Financial
Instruments - Credit Losses (Topic 326): Measurement of Credit Losses