Company: NIVFW
Filing Date: 2025-05-01
Form Type: F-1/A
Source: 0001213900-25-038045
Chunk: 188

Company: NewGenIvf Group Ltd
Filing Date: 2025-05-01
Form: F-1/A
Chunk 188
---
 focused on high-growth, early-stage public companies, setting out the principal terms and conditions for a $ 100million equity line of credit, expandable to $ 500million. Pursuant to the Term Sheet, NewGen will have the option, but not the obligation, to sell to White Lion up to $ 100.0million in shares of common stock over an initial 36-month period, with the potential to increase to $ 300.0million upon substantial M&A or merger activity, and further to $ 500.0million after $ 250.0million has been drawn. On November 29, 2024, the Company appointed Tam, Chun Wa to the Company’s Board of Directors (the “Board”). Mr. Tam will serve as an independent director. In addition, Mr. Tam has been named to the Audit Committee of the Board. Following the appointment of Mr. Tam, the Board consists of five members. NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation and basis of preparation The accompanying consolidated financial statements reflect the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained. All inter-company balances and transactions have been eliminated in consolidation. Management has prepared the accompanying consolidated financial statements and these notes in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company maintains its general ledger and journals with the accrual method accounting. The business combination transaction between Legacy NewGenIvf and SPAC I was accounted for as a reverse recapitalization under ASC 805, Business Combinations, with NewGenIvf Group Limited, and deemed to be the accounting acquirer. As SPAC I did not meet the definition of a business under ASC 805, the transaction was not treated as a business combination. Instead, it was accounted for as a recapitalization. Accordingly, the consolidated assets, liabilities and results of operations of the accounting acquirer will become the historical financial statements of the Company, and the accounting acquirer’s assets, liabilities and results of operations will be consolidated with the Company beginning on the acquisition date. The Legacy NewGenIvf was the legal acquiree but deemed to be the accounting acquirer. The Company was the legal acquirer but deemed to be the accounting acquiree in the reverse merger. The historical financial statements prior to the acquisition are those of the accounting acquirer (Legacy NewGenivf). After completion of the Share Exchange Transaction, the Company’s consolidated financial statements include the