Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 183

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 5
Chunk 183
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 Company has an unconditional right to payment only when services have been completed (i.e., shipments have been delivered). Upon completion of the performance obligations, which can vary in duration based upon the method of transport, these amounts become classified within accounts receivable. Contract assets increased by 353,571 or 65.0% from $543,838 as of September 30, 2023 to $ 897,409 as of September 30, 2024. The increase was mainly due to more in-transit deliveries that has not yet delivered to the customers near the year end 2024.
 
An impairment analysis is performed at the end of each year. There was an allowance for expected credit loss amounting to $12,401 and $14,940 made in the year ended September 30, 2023 and 2024.
 

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Deferred costs
 
Deferred offering costs consist principally of all direct offering costs incurred by the Company, such as underwriting, legal, consulting, printing, and other registration related costs in connection with the offering of the Company’s ordinary shares. Such costs are deferred until the closing of the offering, at which time the deferred costs are offset against the offering proceeds. In the event the offering is unsuccessful or aborted, the costs will be expensed. The deferred costs decreased by $932,155, or 71.4% from $1,306,441 as of September 30, 2023 to $374,286 as of September 30, 2024. The balance decreased as the deferred costs as of September 30, 2023 have been fully offset against the offering proceeds upon listing in November 2023. The balance as of September 30, 2024 was related to the Equity Line of Credit offering.
 
Accounts payable
 
The accounts payable are derived from logistics and air freight service providers. The accounts payable decreased by $1,952,070, or 75.0% from $2,601,253 as of September 30, 2023 to $649,183 as of September 30, 2024. The balances arise from logistics service providers were settled within 7 to 30 days. The decrease was mainly due to outstanding supplier invoices related to the air freight costs for the year ended September 30, 2024.
 
Accounts payable – related party
 
The accounts payable – related party amounted to nil and $1,627,269 as of September 30, 2023 and September 30, 2024