Company: GINT
Filing Date: 2025-05-16
Form Type: DRS/A
Source: 0001213900-25-044839
Chunk: 218

Company: Gifts International Holdings Ltd
Filing Date: 2025-05-16
Form: DRS/A
Chunk 218
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 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 2024 -02on its unaudited condensed consolidated and combined financial statements. In November 2024, the FASB issued ASU No. 2024 -03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220 -40 ): Disaggregation of Income Statement Expenses, which requires that an entity disclose, in the notes to financial statements, specified information about certain costs and expenses. The amendment in the ASU is intended to enhance the transparency and decision usefulness to better F-16

GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND
COMBINED FINANCIAL STATEMENTS NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.) understand the major components of an entity’s income statement. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of the new standard on its unaudited condensed consolidated and combined financial statements which is expected to result in enhanced disclosures. Except for the above -mentionedpronouncements, there are no new recently issued accounting standards that will have a material impact on the unaudited condensed consolidated and combined balance sheets, statements of operations and cash flows. NOTE 3 — ACCOUNTS RECEIVABLE

|                                            |     | As of | March 31, 
      2024 |     |     | September 30, 
          2024 |     |     | September 30, 
          2024 |
|:-------------------------------------------|:----|:------|----------:|:----|:----|--------------:|:----|:----|--------------:|
|                                            |     | HKD   |           |     | HKD |               |     | USD |               |
| Accounts receivable, at cost:              |     |       |           |     |     |               |     |     |               |
| Corporate clients                          |     | $     |   580,504 |     | $   |     3,581,654 |     | $   |       461,001 |
| Payment