Company: NIVFW
Filing Date: 2025-09-18
Form Type: F-1
Source: 0001213900-25-088927
Chunk: 211

Company: NewGenIvf Group Ltd
Filing Date: 2025-09-18
Form: F-1
Chunk 211
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 party to the SPA shall
be required to purchases, subject to certain conditions, an additional note (“Second Additional Mandatory Note”) in the principal
amount of $, after the effective date of the Registration Statement (as defined in the SPA). The sale of the Second Additional
Mandatory Note resulted in $ of gross proceeds to the company before fees and expenses. The Notes bears an interest rate of
% per annum and may be adjustable from time to time pursuant to its terms, with maturity at the years anniversary of the date
of issuance, subject to extension at the option of the holders in certain circumstances. The Second Additional Note are convertible at
any time, at an initial conversion price of $.

On November. 18, 2024, the
Company entered into a binding term sheet (the “Term Sheet”) with White Lion Capital, LLC, (“White Lion”) a California-based
institutional investor focused on high-growth, early-stage public companies, setting out the principal terms and conditions for a $
million equity line of credit, expandable to $ million. Pursuant to the Term Sheet, NewGen will have the option, but not the obligation,
to sell to White Lion up to $ million in shares of common stock over an initial 36-month period, with the potential to increase
to $ million upon substantial M&A or merger activity, and further to $ million after $ million 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