Company: NIVFW
Filing Date: 2025-05-15
Form Type: 20-F/A
Source: 0001213900-25-043940
Chunk: 36

Company: NewGenIvf Group Ltd
Filing Date: 2025-05-15
Form: 20-F/A
Chunk 36
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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 series A warrant, series B warrant and series C warrant, allowing the warrant holders
to purchase additional Class A ordinary shares at an exercise price of $, $ and $ respectively.

The exercise of these warrants
is subject to a % beneficial cap, as revised, which restricts the holder from exceeding shareholdings in excess of the cap in the
Company. As of December 31, 2024, the threshold has been met, and accordingly the derivative is assessed to have no value.

F-22

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 Company’s management believes
that the interest rate of % and % was the most indicative rate of the Company’s borrowing cost for the calculation of the
present value of the lease payments.

As of December 31, 2024 and 2023, the right-of-use assets
totaled $, and $, respectively.

As of December 31, 2024 and 2023, lease liabilities
consist of the following:

|                                         | Operating lease | December 31, |    2024 |     |   |    2023 |
|:----------------------------------------|:----------------|:-------------|--------:|:----|:--|--------:|
| Lease liabilities – current portion     |                 | $            | 108,526 |     | $ |