Company: GINT
Filing Date: 2025-03-12
Form Type: DRS/A
Source: 0001213900-25-022887
Chunk: 250

Company: Gifts International Holdings Ltd
Filing Date: 2025-03-12
Form: DRS/A
Chunk 250
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 income taxes paid, and modifies certain other income tax -relateddisclosures. ASU 2023 -09is effective for annual periods beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the potential impact of the adoption of ASU 2023 -09on its combined financial statements. In March 2024, the FASB issued ASU No. 2024 -02, Codification Improvements -Amendments to Remove References to the Concepts Statements (“ASU 2024 -02 ”). The amendments in this Update affect a variety of Topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance. This update contains amendments to the Codification that remove references to various Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior statements to provide guidance in certain topical areas. ASU 2024 -02is effective for public business entities for fiscal years beginning after December 15, 2024. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2025. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the potential impact of the adoption of ASU 2024 -02on its combined financial statements. Except for the above -mentionedpronouncements, there are no new recently issued accounting standards that will have a material impact on the combined balance sheets, statements of operations and cash flows. F-39

GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO THE COMBINED FINANCIAL STATEMENTS NOTE 3 — ACCOUNTS RECEIVABLE

| Accounts receivable, at cost:              |     | As of March 31, 
 2023            
 HKD             |         |     | 2024 
 HKD  |           |     | 2024 
 USD  |         |
|:-------------------------------------------|:----|:----------------|--------:|:----|:-----|----------:|:----|:-----|--------:|
| Corporate clients                          |     | $               |  91,079 |     | $    |   580,504 |     | $    |  74,424 |
| Payment gateway providers                  |     |                 | 429