Company: GINT
Filing Date: 2025-08-21
Form Type: F-1/A
Source: 0001213900-25-079257
Chunk: 207

Company: Gifts International Holdings Ltd
Filing Date: 2025-08-21
Form: F-1/A
Chunk 207
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 on segment assets to determine whether to reinvest profits into the business, such as, through acquisitions or to distribute earnings via dividends. The CODM also reviews function expenses, including cost of revenues, sales and marketing, technology and development, personnel and benefit, and general and administrative, at the consolidated level to manage and make decision to allocate resources for the Company’s operations. Other segment items reflected in consolidated net income, such as interest income, interest expense, and income tax expense, are presented in the consolidated statements of operations. Refer to the Company’s consolidated statements of operations for the details of significant segment expenses and net income in the years presented. The Company substantially generates its revenues from customers in Hong Kong. Accordingly, no geographical segments are presented. Substantially, all of the Company’s long -livedassets are located in Hong Kong. F-13 GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.) •Pension Costs Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying statements of operations as the related employee service are provided. The Company also recognizes long service payments to be made by the Company to its employees upon the termination of services as a defined benefit plan under post -employmentbenefits. The cost of providing benefits is measured using projected unit credit method with actuarial valuations to determine its present value and service cost. When the calculation results in a benefit to the Company, the recognized assets are limited to lower of the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan and the asset ceiling. The net defined benefit liabilities recognized in the consolidated and combined balance sheets represent the present value of the obligation under defined benefit plan minus the fair value of plan assets. The Company carried out a comprehensive actuarial valuation at the end of reporting period. The remeasurement of the net defined benefit liabilities during a period are recognized as cost of defined benefit plan during the period. •Leases The Company adopts the ASU No. 2016 -02“ Leases (Topic 842).” for all periods presented. This standard requires lessees to recognize lease assets (“right -of -use”) and related lease obligations (“lease liabilities”) on the balance sheet for leases with terms in excess of twelve months. For lease terms of twelve months