Company: GINT
Filing Date: 2025-05-16
Form Type: DRS/A
Source: 0001213900-25-044839
Chunk: 236

Company: Gifts International Holdings Ltd
Filing Date: 2025-05-16
Form: DRS/A
Chunk 236
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 currency. The functional currency of the Company and its subsidiary in British Virgin Islands is United States Dollar (“US$”), its subsidiary in Hong Kong is HKD and VIE in Macau is Macanese Pataca (“MOP”), which is its respective local currency based on the criteria of ASC Topic 830, Foreign Currency Matters. F-34 GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO THE COMBINED FINANCIAL STATEMENTS NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.) In the combined financial statements of the Company, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the income statements during the year in which they occur. •Convenience Translation Translations of amounts in the combined balance sheets, combined statements of operations, and combined statements of cash flows from HK$ into US$ as of and for the year ended March 31, 2024 are solely for the convenience of the readers and were calculated at the rate of US$ = HK$7.80. No representation is made that the HK$ 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 due from payment gateway providers and credit card processors, as the cash proceeds from accounts receivables are received within the next 3 -5working days, which are recorded at the gross billing amounts, net of the fee charges by payment gateway providers and credit card processors. The Company also offers credit terms to certain customers with prolonging business history and current market creditworthiness. These accounts receivable are recorded at the gross billing amount less an allowance for expected credit losses. Accounts receivable do not bear interest and are considered overdue after 30 -60days