Company: GINT
Filing Date: 2025-08-15
Form Type: F-1/A
Source: 0001213900-25-077286
Chunk: 200

Company: Gifts International Holdings Ltd
Filing Date: 2025-08-15
Form: F-1/A
Chunk 200
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 high interest rate environment and other macroeconomic factors on the Company’s critical and significant accounting estimates. Actual results could differ from these estimates. •Foreign Currency Transaction Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise with the impact of subsequent changes in such rates reflected in the statement of operations. F-9 GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.) The Company uses Hong Kong Dollar (“HKD”) as its reporting currency. The functional currency of the Company and its subsidiary in British Virgin Islands is United States Dollar (“US$”), its subsidiary in Hong Kong is HKD and VIE in Macau is Macanese Pataca (“MOP”), which is its respective local currency based on the criteria of ASC Topic 830, Foreign Currency Matters. In the financial statements of the Company, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the statements of operations during the period in which they occur. •Convenience Translation Translations of amounts in the consolidated and combined balance sheets, consolidated and combined statements of operations, and consolidated and combined statements of cash flows from HK$ into US$ as of and for the year ended March 31, 2025 are solely for the convenience of the readers and were calculated at the rate of US$ = HK$7.7799, as published in the United States Federal Reserve Board on March 31, 2025. No representation is made that the HK$ amounts could have been, or could be, converted, realized, or settled into US$ at such rate or at any other rate. •Cash and Cash Equivalents Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. They consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments. The Company mainly maintains its bank accounts in Hong Kong. •Accounts Receivable Certain accounts receivables