Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 181

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 5
Chunk 181
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,227 for the year ended September 30, 2022. The increase in net income was predominantly due to increased gross profit.

64
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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,                               
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                                         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 are unrestricted as to withdrawal or use.
 
The total balance of cash and cash equivalents increased from $554,132 as of September 30, 2023 to $2,296,462 as of September 30, 2024. The increase in the balance of cash and cash equivalents was mainly due to the net proceeds of the share issuance after deduction of transaction cost of $