Company: NIVFW
Filing Date: 2025-08-21
Form Type: DRS
Source: 0001213900-25-079301
Chunk: 206

Company: NewGenIvf Group Ltd
Filing Date: 2025-08-21
Form: DRS
Chunk 206
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 members.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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.

Management has prepared
the accompanying consolidated financial statements and these notes in accordance with accounting principles generally accepted in the
United States of America (“U.S. GAAP”). The Company maintains its general ledger and journals with the accrual
method accounting.

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 Share Exchange 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).

<div align='center'>F-12</div>

The preparation of the consolidated
financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements
and the reported amounts of revenues and expenses during the periods presented. Actual results could differ from those estimates.

The accompanying consolidated
financial statements are presented in United States dollar (“$”), which is the reporting currency of the Company. The
functional currency of the Company and its subsidiaries, FFPGS (HK) Limited and Well Image Limited, are Hong Kong dollar (“HK