Company: NIVFW
Filing Date: 2025-08-22
Form Type: DRS
Source: 0001213900-25-079717
Chunk: 188

Company: NewGenIvf Group Ltd
Filing Date: 2025-08-22
Form: DRS
Chunk 188
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     | F-8 |
| Notes to the Consolidated Financial Statements                                                                             |     | F-9 |

<div align='center'>F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

| To: | The Board of Directors and Shareholders of NewGenIvf Limited |

Opinion on the Financial Statements

We have audited the accompanying
consolidated balance sheets of NewGenIvf Limited and its subsidiaries (collectively the “Company”) as of December 31,
2021 and 2022, and the related consolidated statements of operations and comprehensive income (loss), changes in shareholders’ equity
(deficit), and cash flows in each of the years for the two-year period ended December 31, 2022, and the related notes (collectively
referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2021 and 2022, and the results of its operations and its cash flows for each of the years
in the two-year period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States
of America.

Restatement of Previously Issued Financial Statements

As discussed in Note 2,
the Company has restated its consolidated financial statements as of December 31, 2021 and 2022, and for the years then ended.

Correction of errors in the classification of subscription receivable

The Company had previously
erroneously presented subscription receivable as an asset; that classification was incorrect. According to Article 5-02.29 of Regulation
S-X, subscription receivable should be presented as a deduction from equity rather than an asset. The Company has reassessed the classification
of subscription receivable and has determined that it should be deducted from equity.

Recognition of directors’ remuneration for principal shareholders

The Company has previously
recorded no directors’ remuneration to Mr. Siu Wing Fung, Alfred and Ms. Fong Hei Yue, Tina, who are concurrently directors
and principal shareholders of the Company. The absent of cost recognition was incorrect. According to SAB Topics 1:B and 5.T., principal
shareholders not receiving compensation for their time and effort serving as directors are making a capital contribution to the Company.
The Company has reassessed the fair value of services rendered by these directors and has determined that it should be recorded as an