Company: GINT
Filing Date: 2025-03-12
Form Type: DRS/A
Source: 0001213900-25-022887
Chunk: 225

Company: Gifts International Holdings Ltd
Filing Date: 2025-03-12
Form: DRS/A
Chunk 225
---
 September 30, 
          2024 |     |     | September 30, 
          2024 |
|:-------------------------------------------|:----|:------|----------:|:----|:----|--------------:|:----|:----|--------------:|
|                                            |     | HKD   |           |     | HKD |               |     | USD |               |
| Accounts receivable, at cost:              |     |       |           |     |     |               |     |     |               |
| Corporate clients                          |     | $     |   580,504 |     | $   |     3,581,654 |     | $   |       461,001 |
| Payment gateway providers                  |     |       |   575,146 |     |     |       409,236 |     |     |        52,673 |
|                                            |     |       | 1,155,650 |     |     |     3,990,890 |     |     |       513,674 |
| Less: allowance for expected credit losses |     |       |         — |     |     |             — |     |     |             — |
| Accounts receivable, net                   |     | $     | 1,155,650 |     | $   |     3,990,890 |     | $   |       513,674 |

For the six months ended September 30, 2023 and 2024, no allowance of expected credit losses was recognized, respectively. The Company has not experienced any significant bad debt or write -offsof accounts receivable in the past.

F-16

GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND
COMBINED FINANCIAL STATEMENTS NOTE 3 — ACCOUNTS RECEIVABLE (CONT.) The Company generally conducts its business with creditworthy third parties. The Company determines, on a continuing basis, the probable losses and an allowance for expected credit losses, based on several factors including internal risk ratings, customer credit quality, payment history, historical bad debt/write -offexperience and forecasted economic and market conditions. Accounts receivable are written off after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on an ongoing basis and its exposure to bad debts is not significant. Up to the date of the report,