Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 237

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 19
Chunk 237
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 contract. This performance obligation is satisfied over time and recognized in revenue upon
the transfer of control of the services over the requisite transit period as the customer’s goods move from origin to destination.
The Company determines the period to recognize revenue in transit based upon the departure date and the delivery date, which may be estimated
if delivery has not occurred as of the reporting date. Determination of the transit period and the percentage of completion of the transportation
as of the reporting date requires management to make judgments that affect the timing of revenue recognition. The Company has determined
that revenue recognition over the transit period provides a reasonable estimate of the transfer of services to its customers as it depicts
the pattern of the Company’s performance under the contracts with its customers.

Air freight forwarding services

The Company also provides air freight
forwarding services by purchasing transportation services from direct carriers or other freight forwarders and reselling those services
to its customers. The contracts with customers generally contain a single performance obligation. The Company recognizes revenue from
this performance obligation at a point in time, which is the completion of the services.

The Company uses independent contractors
and third-party carriers in the performance of its logistics and air freight forwarding services. The Company evaluates who controls
the logistics and air freight forwarding services to determine whether its performance obligation is to transfer services to the customer
or to arrange for services to be provided by another party. The Company determined it acts as the principal for its logistics and air
freight forwarding services performance obligation since it is in control of establishing the prices for the specified services, managing
all aspects of the logistics and air freight forwarding process, and assuming the risk of loss for delivery and collection. Such logistics
and air freight forwarding services revenue is presented on a gross basis in the consolidated statements of operations and comprehensive
income.

A summary of the Company’s gross
revenues disaggregated by major service lines and timing of revenue recognition for the years ended September 30, 2022, 2023 and 2024,
respectively, are as follow:

SCHEDULE
OF DISAGGREGATED BY MAJOR SERVICE

                                                  2022                                          2023                      2024                  
                                                  Year ended September 30,                                                                      
                                                  2022                                          2023                      2024                  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Integrated cross-border logistics services      $                             19,444,182      $         16,872,539      $