Company: GINT
Filing Date: 2025-05-19
Form Type: DRS/A
Source: 0001213900-25-045183
Chunk: 225

Company: Gifts International Holdings Ltd
Filing Date: 2025-05-19
Form: DRS/A
Chunk 225
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 $    |  47,742 |   |

F-22

GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND
COMBINED FINANCIAL STATEMENTS NOTE 11 — INCOME TAX EXPENSE (CONT.) Uncertain tax positions The Company evaluates the uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of March 31, 2024 and September 30, 2024, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income tax expenses for the six months ended September 30, 2023 and 2024 and also did not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from September 30, 2024. NOTE 12 — RELATED PARTY BALANCES AND TRANSACTIONS Nature of relationships with related parties

| Name of related party |     | Relationship with the Company                                     |
| Mr. Wong              |     | Director and major shareholder of the Company                     |
| Tutti Digital Limited |     | Entity 12.5% owned and controlled by common shareholder, Mr. Wong |
| iMHKB Group Ltd       |     | Entity 100% owned and controlled by common shareholder, Mr. Wong  |

Related party balances consisted of the following:

|          | Name |                               | Nature | As of | March 31, 
      2024 |     |     | September 30, 
          2024 |     |     | September 30, 
          2024 |
|:---------|:-----|:------------------------------|:-------|:------|----------:|:----|:----|--------------:|:----|:----|--------------:|
|          |      |                               |        | HKD   |           |     | HKD |               |     | USD |               |
| Mr. Wong |      | Amount due from a shareholder |        | $     |   165,505 |     | $   |     1,436,064 |     | $   |       184,838 |

The amount due from a shareholder represented the temporary advances by the Company. The amount is unsecured, interest -freeand due on demand. The balance was subsequently settled in full by offsetting against the special dividend of HK$