Company: NIVFW
Filing Date: 2025-03-07
Form Type: F-1
Source: 0001213900-25-021404
Chunk: 220

Company: NewGenIvf Group Ltd
Filing Date: 2025-03-07
Form: F-1
Chunk 220
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 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Use of estimates

The preparation of the consolidated
financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements
and the reported amounts of revenues and expenses during the periods presented. Significant estimates required to be made by management
include, but are not limited to, contingent tax liability for Kyrgyzstan. Actual results could differ from those estimates, and as such,
differences may be material to the consolidated financial statements.

Foreign currency translation

The accompanying consolidated
financial statements are presented in United States dollar (“$”), which is the reporting currency of the Company. The
functional currency of the Company and its subsidiaries, FFPGS (HK) Limited and Well Image Limited, are Hong Kong dollar (“HK$”).
Med Holdings and FFC use Thai baht (“THB”) as their functional currencies. First Fertility Phnom Penh Limited uses Cambodian
riel (“KHR”) as its functional currency and First Fertility Bishkek LLC uses United States dollar (“USD”)
as its functional currency.

Assets and liabilities denominated
in currencies other than the reporting currency are translated into the reporting currency at the rates of exchange prevailing at the
balance sheet date. Translation gains and losses are recognized in the consolidated statements of operations and comprehensive income
as other comprehensive income or loss.

Transactions in currencies
other than the reporting currency are measured and recorded in the reporting currency at the exchange rate prevailing on the transaction
date. The cumulative gain or loss from foreign currency transactions is reflected in the consolidated statements of operations and comprehensive
income as other income (other expenses).

The value of foreign currencies
including, the HK$, THB, KHR and RMB, may fluctuate against the United States dollar. Any significant variations of the aforementioned
currencies relative to the United States dollar may materially affect the Company’s financial condition in terms of reporting
in USD.

|                |     |        |     |     | September 30, 
          2024 |     |     | September 30, 
          2023 |     |     | December 31, 
         2023 |
|:---------------|:----|:-------|:----|:----|--------------:|:----|:----|--------------:|:----|:----|-------------:|
| Period-end     |     | $