Company: NIVFW
Filing Date: 2025-10-31
Form Type: 424B3
Source: 0001213900-25-104469
Chunk: 276

Company: NewGenIvf Group Ltd
Filing Date: 2025-10-31
Form: 424B3
Chunk 276
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 June 30, 
     2025 |   |     |   | December 31, 
         2024 |   |
|:---------------------------------|:----|:--|---------:|:--|:----|:--|-------------:|:--|
| Balance at beginning of the year |     | $ |  648,232 |   |     | $ |            - |   |
| Add: capitalized during the year |     |   |  155,556 |   |     |   |      929,500 |   |
| Less: amortized during the year  |     |   | (648,232 | ) |     |   |     (281,268 | ) |
| Ending balance                   |     | $ |  155,556 |   |     | $ |      648,232 |   |

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 June 30, 2025, 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 1,292,306 series A warrant, 609,554 series C warrant, allowing the warrant holders to purchase
additional Class A ordinary shares at an exercise price of $1.76 and $1.76, respectively.

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 June 30, 2025, the threshold has been met, and accordingly the derivative is assessed to have no value.

<div align='center'>F-54</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