Company: NIVFW
Filing Date: 2025-08-22
Form Type: DRS
Source: 0001213900-25-079717
Chunk: 203

Company: NewGenIvf Group Ltd
Filing Date: 2025-08-22
Form: DRS
Chunk 203
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-month period, with the potential to increase to
$300.0 million upon substantial M&A or merger activity, and further to $500.0 million after $250.0 million has been drawn.

On November 29, 2024, the
Company appointed Tam, Chun Wa to the Company’s Board of Directors (the “Board”). Mr. Tam will serve as an independent
director. In addition, Mr. Tam has been named to the Audit Committee of the Board. Following the appointment of Mr. Tam, the Board consists
of five 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