Company: GINT
Filing Date: 2025-01-28
Form Type: DRS/A
Source: 0001213900-25-007208
Chunk: 219

Company: Gifts International Holdings Ltd
Filing Date: 2025-01-28
Form: DRS/A
Chunk 219
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 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 gateway providers                  |     |       |   575,146 |     |     |       409,236 |     |     |        52,673 |
|                                            |     |       | 1,155,650 |     |     |     3,990,890 |     |     |       513,674 |
| Less: allowance for expected credit losses |     |       |         — |     |     |             — |     |     |             — |
| Accounts receivable, net                   |     | $     | 1,155,650 |     | $   |     3,990,890 |     | $   |       513,674 |

For the six months ended September 30, 2023 and 2024, no allowance of expected credit losses was recognized, respectively. The Company has not experienced any significant bad debt or write -offsof accounts receivable in the past.

F-16

GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND
COMBINED FINANCIAL STATEMENTS NOTE 3 — ACCOUNTS RECEIVABLE (CONT.) The Company generally conducts its business with creditworthy third parties. The Company determines,