Company: NIVFW
Filing Date: 2025-05-01
Form Type: F-1/A
Source: 0001213900-25-038045
Chunk: 116

Company: NewGenIvf Group Ltd
Filing Date: 2025-05-01
Form: F-1/A
Chunk 116
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 cost are not segregated. 73 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. 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, and deemed to be the accounting acquirer. As SPAC I did not meet the definition of a business under ASC 805, the transaction was not treated as a business combination. Instead, it was accounted for as a recapitalization. Accordingly, the consolidated assets, liabilities and results of operations of the accounting acquirer will become the historical financial statements of the Company, and the accounting acquirer’s assets, liabilities and results of operations will be consolidated with the Company beginning on the acquisition date. The Legacy NewGenIvf was the legal acquiree but deemed to be the accounting acquirer. The Company was the legal acquirer but deemed to be the accounting acquiree in the reverse merger. The historical financial statements prior to the acquisition are those of the accounting acquirer (Legacy NewGenivf). After completion of the Merger Transaction, the Company’s consolidated financial statements include the assets and liabilities, the operations and cash flow of the accounting acquirer. Any excess of the value of shares issued by the Company over the net book value of the accounting acquirer will be recognized as a reduction to equity (APIC). Revenue recognition The Company adopted ASC Topic 606, Revenue from Contracts with Customers. The Company derives revenue principally from provision of In vitro fertilization (“IVF”) treatment and surrogacy and ancillary caring services. Revenue from contracts with customers is recognized using the following five steps:

| (1) | identify its contracts with customers; |

| (2) | identify its performance obligations under those contracts; |

| (3) | determine the transaction prices of those contracts; |

| (4) | allocate the transaction prices to its performance obligations 
 in those contracts; and                                        |

| (5) | recognize revenue when each performance obligation under                                                                                
 those contracts is satisfied. Revenue is recognized when promised services are transferred to the client in an amount that reflects the 
 consideration expected in exchange for those services.                                                                                  |

The Company enters into verbal agreements with its customers that outline the rights, responsibilities, and obligations of each party. The agreements also identify the scope of services, service fees