Company: NIVFW
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001213900-25-033966
Chunk: 173

Company: NewGenIvf Group Ltd
Filing Date: 2025-04-22
Form: 20-F
Item: Item 19
Chunk 173
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 14.75      August 30, 2024        March 1, 2029     
  JAK & affiliated holders                     1,500,000                      0.686      14.75      November 11, 2024      May 10, 2029      
  Total                                        3,150,000                                                                                     

During the year ended December 31, 2024, a total
of $5,800,000of convertible promissory notes were issued with a discount of7%. These Notes are to be settled by way of cash or may be
converted to Class A ordinary shares. The conversion of these notes are subject to certain criterions as mentioned in the Convertible
Note Agreements, which include a beneficiary cap of9.9% of shareholdings in the Company by JAK.

F-21

As of December 31, 2024,
$2,650,000of convertible notes were converted into7,020,975ordinary shares by the note holder, thereby increasing our shareholder equity
by the same amount.

The effective interest expense calculated at16.96% amounted to $765,177and $ nilfor the year ended December 31, 2024 and December 31, 2023 respectively.

The transaction costs incurred
on issuance of the Notes are capitalized and amortised over the term of the Notes as follows:

  Transaction costs on issuance of Notes      December 31,                           
                                              2024                             2023  
  Balance at beginning of the year            $                         -      $     
 ─────────────────────────────────────────────────────────────────────────────────────
  Add: capitalized during the year                                929,500            
  Less: amortized during the year                               ( 281,268            
  Ending balance                              $                   648,232      $     

The following table sets
forth the Company’s contractual obligations as of December 31, 2024 relating to the convertible notes:

  Convertible bonds-                 
                2025        516,250  
                2026        457,250  
                2027        457,250  
                2028        507,250  
                2029      3,269,625  
               Total      5,207,625  

Promissory Notes

                                        December 31,                           
                                        2024                             2023  
  Balance at beginning of the year      $                         -      $     
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