Company: NIVFW
Filing Date: 2025-10-10
Form Type: F-1/A
Source: 0001213900-25-098135
Chunk: 209

Company: NewGenIvf Group Ltd
Filing Date: 2025-10-10
Form: F-1/A
Chunk 209
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 exceeds %, as revised. As of December 31, 2024, the threshold has
been met, and accordingly the derivative is assessed to have no value.

Free standing instruments – warrants

The convertible bond agreements
as mentioned above granted the note holders series A warrant, series B warrant and series C warrant, allowing
the warrant holders to purchase additional Class A ordinary shares at an exercise price of $, $ and $ respectively, subject
to adjustments arising from the Reverse Stock Split.

The exercise of these warrants
is subject to a % beneficial cap, as revised, which restricts the holder from exceeding shareholdings in excess of the cap in the
Company. As of December 31, 2024, the threshold has been met, and accordingly the derivative is assessed to have no value.

F-23

NOTE 11 — LEASES

The Company has various operating
leases for clinics and office spaces. The lease agreements do not specify an explicit interest rate. The Company’s management believes
that the interest rate of % and % was the most indicative rate of the Company’s borrowing cost for the calculation of the
present value of the lease payments.

As of December 31, 2024 and 2023, the right-of-use assets
totaled $, and $, respectively.

As of December 31, 2024 and 2023, lease liabilities
consist of the following:

|                                         | Operating lease | December 31, |    2024 |     |   |    2023 |
|:----------------------------------------|:----------------|:-------------|--------:|:----|:--|--------:|
| Lease liabilities – current portion     |                 | $            | 108,526 |     | $ | 207,128 |
| Lease liabilities – non-current portion |                 |              |  10,231 |     |   | 118,979 |
| Total                                   |                 | $            | 118,757 |     | $ | 326,107 |

| Finance lease                       |     | December 31, 
 2024         |   |     | 2023 |       |
|:------------------------------------|:----|:-------------|:--|:----|:-----|------:|
| Lease liabilities – current portion |     | $            | - |     | $    | 6,446 |

The following is a schedule of future minimum
payments under operating leases as of December 31, 2024:

|