Company: GINT
Filing Date: 2025-06-27
Form Type: F-1/A
Source: 0001213900-25-058872
Chunk: 121

Company: Gifts International Holdings Ltd
Filing Date: 2025-06-27
Form: F-1/A
Chunk 121
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 deferred revenue prior to shipment or rendering of product or services. Deferred revenue primarily relates to e -commerceorders placed, but not shipped, prior to the end of the fiscal period. Deferred revenue as of March 31, 2023 was HK$295,313, of which, HK$135,356 was recognized as revenue during the year ended March 31, 2024. The deferred revenue balance as of March 31, 2024 was HK$159,957 (equal to US$20,507). Deferred revenue as of March31, 2024 was HK$159,957, which was fully recognized as revenue during the six months ended September30, 2024. The deferred revenue balance as of September30, 2024 was HK$269,925 (US$34,606). Principal vs Agent Considerations When another party is involved in providing goods to the customer, the Company will apply the principal versus agent guidance in ASC 606 to determine if the Company is acting as the principal or an agent to the transaction. This evaluation determined that the Company is in control of establishing the transaction price, managing all aspects of the shipment term, and taking the risk of loss for delivery, collection, and returns. Based on the Company’s evaluation of the control model, it determined that all the Company’s major businesses act as the principal rather than the agent within their revenue arrangements and such revenues are reported on a gross basis. Disaggregation of Revenue The Company has disaggregated its revenue from contracts with customers into categories based on the business operation of the revenue as follows:

| Type of revenue      
 2023                 
 Sale of products     |     | Point of           
 recognition        | 2024 | For the six months ended September 30, 
 HKD                                    |            | 2024 | HKD |            |     | USD |           |
|:---------------------|:----|:-------------------|:-----|:---------------------------------------|-----------:|:-----|:----|-----------:|:----|:----|----------:|
| Corporate clients    |     | At a point in time |      | $                                      | 27,059,817 |      | $   | 27,646,238 |     | $   | 3,558,395 |
| Individual customers |     | At a point in time |      |                                        | 14,048,791 |      |     | 14,052,462 |     |     | 1,808,717 |