Company: NIVFW
Filing Date: 2025-05-20
Form Type: F-1/A
Source: 0001213900-25-045737
Chunk: 201

Company: NewGenIvf Group Ltd
Filing Date: 2025-05-20
Form: F-1/A
Chunk 201
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   507,250 |
| 2029               |     |      | 3,269,625 |
| Total              |     |      | 5,207,625 |

Promissory Notes

|                                  |     | December 31, 
 2024         |           |     | 2023 |   |
|:---------------------------------|:----|:-------------|----------:|:----|:-----|:--|
| Balance at beginning of the year |     | $            |         - |     | $    | - |
| Issued during the year           |     |              | 1,453,861 |     |      | - |
| Waiver of liability              |     |              |   953,861 |     |      | - |
| Ending balance                   |     | $            |   500,000 |     | $    | - |

As of December 31, 2024,
the Company has outstanding non-interest-bearing unsecured promissory notes with a total principal balance of US$, which was settled
fully in February 2025.

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 %, as revised. As of December 31, 2024, 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 6,174,690series A warrant, 180,722series B warrant and 3,253,012series C warrant, allowing the warrant holders to purchase additional Class A ordinary shares at an exercise price of $ 0.913, $ 0.001and $ 0.924respectively, subject to adjustments arising from the Reverse Stock Split.

. 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