Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 149

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 4A
Chunk 149
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 For the year ended June 30, 2024, the Group incurred other
expenses in an amount of HKD655,290 (US$83,922) which consisted of donation, HKD12,000 (US$1,536), advertising, HKD107,238 (US$13,734)
and sundry expense, HKD197,565 (US$25,302). For the same period in 2023, the Group incurred other expenses in an amount of HKD649,458
which consisted of donation, HKD12,000, advertising, HKD68,17 and sundry expense, HKD141,498.

Provision for credit losses

We carry accounts receivable at the original invoice amount less a
provision for estimated credit losses. As of June 30, 2023 we recorded a provision for credit losses related to accounts receivable of
HKD19,022. We estimated our provision for credit losses using relevant available information from internal and external sources relating
to past events, current conditions and reasonable and supportable forward-looking factors. Consequently, to reflect the cumulative effects
of the adoption of ASC 326, we recorded the balance of the provision for credit losses was HKD19,022 as of July 1, 2023. During the year
ended June 30, 2024, we recorded HKD101,598 (US$13,012) provision for credit losses on the consolidated financial statement related to
accounts receivable. As of June 30, 2024, the provision for credit losses was HKD120,620 (US$15,448).

The table below sets forth the age analysis of
the Group’ gross accounts receivable at the end of each period:

  Year Ended June 30            0-30                                                                        
                                days                                                                        
  2024 (US$)                $248,938        69,361         4,245         3,176       17,081        342,801  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────
  2024 (HKD)              $1,943,780       541,592        33,148        24,800      133,373      2,676,693  
  2023 (HKD)              $1,131,416       705,332       260,689       133,704       13,970