Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 182

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 5
Chunk 182
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5,379,500 and the net cash generated from operation of $326,089 which offset with the payment of offering costs and financial services deposits of $2,769,260, payment of deposit to director for operating lease arrangement of $600,000 and payment for purchase of property, plant and equipment of $592,585 for the year ended September 30, 2024. 
 
Accounts Receivable, net
 
Our accounts receivable represented receivables from customers of our logistics and air freight forwarding services. Credit periods for customers are normally within 7 to 90 days after customers have received the services provided by the Company.
 
Our accounts receivable, net increased by $255,345, or 17.9% from $1,429,299 as of September 30, 2023 to $1,684,644 as of September 30, 2024. The increase was mainly attributable to the increase in revenue near the year end.
 
An impairment analysis is performed at the end of each year. There was an allowance for expected credit loss amounting to $38,534 made in the year ended September 30, 2023. There was an allowance for expected credit loss amounting to $42,932 made in the year ended September 30, 2024.
 
Deposits and prepayment
 
Long-term deposits and prepayment consist of trade deposits, deposit paid to a related party for operating lease arrangement and prepaid financing service fee, which are classified as non-current assets.
 
Long-term deposits and prepayment increased by $2,022,910, or 631.1% from $320,513 as of September 30, 2023 to $2,343,423 as of September 30, 2024. The increase was mainly due to the increase in payment for operating lease deposit, prepayment and deposit for financial services related to ELOC arrangement.
 
Deposits and prepayment consist of prepayment paid to suppliers, utility and other deposits and prepaid financing service fee, which are classified as current assets.
 
Deposits and prepayment increased by $15,778, or 8.4% from $187,400 as of September 30, 2023 to $203,178 as of September 30, 2024. The increase was mainly due to the increase in prepayment with financial service providers related to ELOC arrangement.
 
Contract assets
 
Contract assets include billed and unbilled amounts resulting from in-transit shipments, as the