Company: NIVFW
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001213900-25-033966
Chunk: 180

Company: NewGenIvf Group Ltd
Filing Date: 2025-04-22
Form: 20-F
Item: Item 19
Chunk 180
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                10,732                  ( 124,591  
  Tax effect on non-taxable income                                        ( 81,323                ( 39,173                        —  
  Tax effect on non-deductible expenses                                    129,814                —                         369,101  
  Change in valuation allowance                                            131,991                28,441                          —  
  Tax effect on utilization of tax losses                                ( 127,521                —                        ( 36,369  
  Tax losses unable to be utilized                                         126,902                                                   
  Over provision of tax in prior year                                    ( 486,706                                                   
  Tax (income) expense                                 $                 ( 486,706      $         —             $           208,141  

F-25

Deferred tax asset, net

Significant components of deferred tax assets,
net were as follows:

                                          December 31,                     December 31,                
                                          USD                              USD                         
  Deferred tax assets:                                                                                 
  – Net operating loss carry forward                        160,432                          28,441    
  Less: valuation allowance                                 ( 160,432                        ( 28,441  
  Deferred tax assets, net                                  —                                —         

As of December 31, 2024 and
2023, the Company had net operating loss carry forward of $972,316and $164,721. The Company believes it is less likely than not that
its operations will be able to fully utilize its deferred tax assets related to the net operating loss carry forward. As a result, the
Company provided100% allowance on deferred tax assets on net operating loss.

NOTE 15 - DISAGGREGATED REVENUES

The Company’s main business operations are
to provide: (i) IVF treatment service; and (ii) surrogacy and ancillary caring services.

                                                      For the year ended                                                                   
                                                      December 31,                                                                         
  Revenue from external customers                     2024                                   2023                     2022                 
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  IVF treatment service                               $                       5,433,375      $         4,021,696      $         2,819,163  
  Surrogacy, ancillary caring and other services                              —                        1,114,457                3,125,027  
  Total revenues                                      $                       5,433,375      $         5,136,