Company: GINT
Filing Date: 2025-07-18
Form Type: F-1/A
Source: 0001213900-25-065552
Chunk: 212

Company: Gifts International Holdings Ltd
Filing Date: 2025-07-18
Form: F-1/A
Chunk 212
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. In most instances, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior statements to provide guidance in certain topical areas. ASU 2025 -02is effective for F-17

GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.) public business entities for fiscal years beginning after December 15, 2025. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2025. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the potential impact of the adoption of ASU 2025 -02on its consolidated and combined financial statements. Except for the above -mentionedpronouncements, there are no new recently issued accounting standards that will have a material impact on the consolidated and combined balance sheets, statements of operations and cash flows. NOTE 3 — ACCOUNTS RECEIVABLE

| Accounts receivable, at cost:              |     | As of March 31, 
 2024            
 HKD             |           |     | 2025 
 HKD  |           |   |     | 2025 
 USD  |           |   |
|:-------------------------------------------|:----|:----------------|----------:|:----|:-----|----------:|:--|:----|:-----|----------:|:--|
| Corporate clients                          |     | $               |   580,504 |     | $    | 6,875,361 |   |     | $    |   883,734 |   |
| Individual customers                       |     |                 |         — |     |      | 1,401,454 |   |     |      |   180,138 |   |
| Payment gateway providers                  |     |                 |   575,146 |     |      |   220,140 |   |     |      |    28,296 |   |
|                                            |     |                 | 1,155,650 |     |      | 8,496,955 |   |     |      | 1,092,168 |   |
| Less: allowance for expected credit losses |     |                 |         — |     |      |   (