Company: NIVFW
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001213900-25-033966
Chunk: 157

Company: NewGenIvf Group Ltd
Filing Date: 2025-04-22
Form: 20-F
Item: Item 19
Chunk 157
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 The Form 6-K filed with the
SEC on August 16, 2024 is incorporated by reference herein. Pursuant to the terms of the SPA, the Company may elect at the second additional
mandatory closing to sell and the institutional investor party to the SPA shall be required to purchases, subject to certain conditions,
an additional note (“ Second Additional Mandatory Note”) in the principal amount of $1,500,000, after the effective date of
the Registration Statement (as defined in the SPA). The sale of the Second Additional Mandatory Note resulted in $1,395,000of gross proceeds
to the company before fees and expenses. The Notes bears an interest rate of14.75% per annum and may be adjustable from time to time
pursuant to its terms, with maturity at the4.5years anniversary of the date of issuance, subject to extension at the option of the holders
in certain circumstances. The Second Additional Note are convertible at any time, at an initial conversion price of $0.658.

On November. 18, 2024, the
Company entered into a binding term sheet (the “ Term Sheet”) with White Lion Capital, LLC, (“ White Lion”) a California-based
institutional investor focused on high-growth, early-stage public companies, setting out the principal terms and conditions for a $100million equity line of credit, expandable to $500million. Pursuant to the Term Sheet, NewGen will have the option, but not the obligation,
to sell to White Lion up to $100.0million in shares of common stock over an initial 36-month period, with the potential to increase to
$300.0million upon substantial M& A or merger activity, and further to $500.0million after $250.0million 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

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.

Management has prepared the
ac