Company: NIVFW
Filing Date: 2025-08-22
Form Type: DRS
Source: 0001213900-25-079717
Chunk: 223

Company: NewGenIvf Group Ltd
Filing Date: 2025-08-22
Form: DRS
Chunk 223
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 which was settled
fully in February 2025.

Derivative liability

Pursuant to ASC 815, a derivative
liability had arisen from the issuance of convertible bonds which have the option of being converted to or exchanged for Class A ordinary
shares at any time from date of issuance. The derivative liability is assessed to be a debt requiring to be bifurcated from the host contract
and recorded at the fair value.

However, the conversion to
ordinary shares is subject to certain terms and criteria as set within the Agreement, which includes restriction of conversion if the
shareholdings by the note holder before and after the conversion exceeds 9.99%, 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 6,174,690 series A warrant, 180,722 series B warrant and 3,253,012 series C warrant, allowing
the warrant holders to purchase additional Class A ordinary shares at an exercise price of $0.913, $0.001 and $0.924 respectively, subject
to adjustments arising from the Reverse Stock Split.

The exercise of these warrants
is subject to a 9.99% 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.

<div align='center'>F-23</div>

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 6.6% and 5.5% 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 $98,570, and $283,847, respectively.

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

|                                         | Operating lease | December 31, |    2024 |     |   |    2023 |
|:----------------------------------------|:----------------|:-------------|--------:|:----