Company: NIVFW
Filing Date: 2025-08-21
Form Type: DRS
Source: 0001213900-25-079301
Chunk: 135

Company: NewGenIvf Group Ltd
Filing Date: 2025-08-21
Form: DRS
Chunk 135
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 shares, are recorded at fair value of the shares issued, determined based on the market price of the shares at the date of
issuance. The fair market value of the shares is recorded as APICs (since we do not have par value), and APIC – deferred cost of
financing, both of which are presented in the Statement of Equity. The APIC – deferred financing cost is amortised over the term
of the facility and credited into APIC. There is no impact nevertheless on the total equity of the Company and for purposes of presentation
in the Statement of Equity, APIC and APIC – deferred financing cost are not segregated.

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).

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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