Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 108

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 108
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0% to $1,077,392 for the year ended September 30, 2023, as compared to $810,227 for the year ended September 30, 2022. The increase
in net income was predominantly due to increased gross profit.

  64  

  Table of Contents  

As of September 30, 2024 Compared
to September 30, 2023

The following table
set forth our current assets and current liabilities as of the dates indicated:

                                              As of September 30,                                                                       
                                              2023                                    2024                     Changes                  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Current assets                                                                                                                        
  Cash and cash equivalents                   $                          554,132      $         2,296,462      $             1,742,330  
  Accounts receivable, net                                             1,429,299                1,684,644                      255,345  
  Deposits and prepayment                                                187,400                  203,178                       15,778  
  Deferred costs                                                       1,306,441                  374,286                     (932,155  
  Contract assets                                                        543,838                  897,409                      353,571  
  Total current assets                                                 4,021,110                5,455,979                    1,434,869  
  Current liabilities                                                                                                                   
  Accounts payables                                                    2,601,253                  649,183                   (1,952,070  
  Accounts payables – related party                                            -                1,627,269                    1,627,269  
  Amount due to a director                                                     -                    8,586                        8,586  
  Other payables and accrued liabilities                               1,096,016                  235,193                     (860,823  
  Taxes payables                                                         155,210                  224,438                       69,228  
  Lease liabilities – current                                             39,886                   41,019                        1,133  
  Total current liabilities                                            3,892,365                2,785,688                   (1,106,677  
  Net current assets                          $                          128,745      $         2,670,291      $             2,541,546  

Cash and cash equivalents

Cash and cash equivalents
consist of funds deposited with banks, which are highly liquid and