Company: GINT
Filing Date: 2025-08-15
Form Type: F-1/A
Source: 0001213900-25-077286
Chunk: 207

Company: Gifts International Holdings Ltd
Filing Date: 2025-08-15
Form: F-1/A
Chunk 207
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ial 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 or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right -of -use(“ROU”) assets and operating lease liabilities in the consolidated and combined balance sheets. Finance leases are included in finance lease ROU assets and finance lease liabilities in the consolidated and combined balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease and finance lease ROU assets and liabilities are recognized, based on the present value of lease payments over the lease term discounted using the rate implicit in the lease. In cases where the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term. The Company depreciated the ROU assets on a straight -linebasis from the lease commencement date to the earlier of the end of the useful life of the ROU assets or the end of the lease term. Lease expense for lease payments is recognized on a straight -linebasis over the lease term. Leases for which the Company is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards incidental to ownership of an underlying asset to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. All of the Company’s real estate leases are classified as operating leases and there was no lease with a duration of twelve months or less. •Income Taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, Income Taxes(“ASC