Company: NIVFW
Filing Date: 2025-05-15
Form Type: 20-F/A
Source: 0001213900-25-043940
Chunk: 28

Company: NewGenIvf Group Ltd
Filing Date: 2025-05-15
Form: 20-F/A
Chunk 28
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 The Company adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. Commitments and contingencies In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes its liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter. Non-controlling interests Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets and net (loss) income and other comprehensive loss are attributed to controlling and non-controlling interests respectively. Concentration of risks Concentration of credit risk Financial instruments that potentially expose us to concentrations of credit risk consist primarily of cash and cash equivalents and account receivable. The Company places cash and cash equivalents with financial institutions with high credit ratings and quality. Accounts receivable primarily comprise of amounts receivable from the service customers. The Company conducts credit evaluations of customers, and generally does not require collateral or other security from its customers. The Company establishes an allowance for doubtful accounts primarily based upon the factors surrounding the credit risk of specific customers. Furthermore, the risk is mitigated by ascertaining upfront payments for services prior to their performance. F-16

Concentration of customers

As of December 31, 2024 and
2023, one and two customers respectively which individually contributed more than 10% of trade receivable, and accounted for 89% and %
of the Company’s trade receivable respectively.

None of the customers contributed
more than 10% of revenue for years ended December 31, 2024 and 2023.

Concentration of suppliers

As of December 31, 2024 and
2023, nil and one supplier respectively which individually contributed more than 10% of trade payable, accounted for nil % and % of
the Company’s trade payable respectively.

For both the years ended
December 31, 2024 and 2023, no vendor contributed more than 10% of total purchases of the Company.

Financial instruments

The Company’s financial
instruments, including cash and cash equivalents, accounts receivables, net, deposits, other receivables and deferred IPO cost, net, loan
to A SPAC I, accounts payables, accrued liabilities