Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 184

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 5
Chunk 184
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, respectively. For the year ended September 30, 2024, this balance consists of accounts payable to a related company arising from unsettled courier service fees.
 
Other payables and accrued liabilities
 
The line item consists of accrued payroll expenses, audit fees, other administrative expenses and accrued offering costs. The balance decreased significantly by $860,823, or 78.5% from $1,096,016 as of September 30, 2023 to $235,194 as of September 30, 2024, the decrease was mainly due to the decrease of accrued offering costs and audit expenses.
 
Lease liabilities – current
 
Our lease liabilities represented the current portion of the operating lease of our Hong Kong office and warehouse. As of September 30, 2024, the operating lease arrangement of the office and warehouse on 9th floor of Tsuen Wan Industrial Centre was a related party transaction with Mr. Wai Yiu Yau, a director of the Company. 
 
The Company’s management believes that the Hong Kong Dollar Best Lending Rate (“BLR”) was the most indicative rate of the Company’s borrowing cost for the calculation of the present value of the lease payments; the rate used by the Company as quoted by the BLR minus 2.5%.
 
As of September 30, 2023 Compared to September 30, 2022
 
The following table set forth our current assets and current liabilities as of the dates indicated:
 

                                                                      As of September 30,                              
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                                         2022                       2023                           Changes             
Current assets                                                                                                         
Cash and cash equivalents                            $557,735                   $554,132           $(3,603            )
Accounts receivable, net                            1,111,998                  1,429,299                    317,301    
Deposits and prepayment                                11,538                    187,400                    175,862    
Deferred costs                                              -                  1,306,441                  1,306,441    
Contract assets                                       434,757                    543,838                    109,081    
Total current assets                                2,116,028                  4,021,110                  1,905,082    
Current liabilities                                                                                                    
Accounts payables                                   1,311,067                  2,601,253                  1,290,186    
Accounts payables – related party                     175,479                          -                   (175,479   )
Other payables and accrued liabilities