Company: GINT
Filing Date: 2025-05-16
Form Type: DRS/A
Source: 0001213900-25-044839
Chunk: 241

Company: Gifts International Holdings Ltd
Filing Date: 2025-05-16
Form: DRS/A
Chunk 241
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IFICANT ACCOUNTING POLICIES (CONT.) •Technology and Development Technology and development expense consists primarily of outsourced support and operating expenses of the Company’s information technology group, costs associated with its websites, including hosting, content development and maintenance and support costs related to the Company’s order entry, customer service, fulfillment and database systems. Costs associated with repair maintenance, or the development of website content are expensed as incurred. •Government Assistance Government assistance is not recognized until there is reasonable assurance that: (a) the enterprise will comply with the conditions attached to the grant; and (b) the grant will be received. When the Company receives government assistance but the conditions attached to the grants have not been fulfilled, such government assistance is deferred and recorded under other payables and accrued expenses, and other long -termliability. The classification of short -termor long -termliabilities is depended on the management’s expectation of when the conditions attached to the grant can be fulfilled. For the years ended March 31, 2023 and 2024, the Company received aggregated government assistances of HK$1,033,600 and HK$0 (US$0), respectively from government grants in Hong Kong. The government assistances are recognized as government subsidy income in the combined statements of operations. •Segment Reporting ASC Topic 280, Segment Reporting(“ASC 280”), establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for detailing the Company’s business segments. For the years ended March31, 2023 and 2024, the Company operates and manages its business as one single business segment, in accordance with ASC 280. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The Company’s CODM assesses the Company’s performance and results of operations on a consolidated basis. The Company generates substantially all of 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. •Retirement Plan 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