Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 105

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 105
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 September 30, 2023, mainly due
to less packing materials used for declined sales from integrated cross-border logistics services.

Gross Profit

Our gross profit increased
by 35.5% to $1,905,587 for the year ended September 30, 2023, from $1,405,878 for the year ended September 30, 2022. Our gross profit
margin increased to 10.3% for the year ended September 30, 2023, from 5.9% for the year ended September 30, 2022. The increase in gross
profit margin could be attributed to the lower freight costs and higher sales unit prices.

General and Administrative Expenses

The following table
set forth the breakdown of our general and administrative expenses for the periods indicated:

                                                                   Years ended September 30,                                      
                                                                   2022                                        2023               
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Staff costs                                                      $                              383,959      $         370,826  
  Audit fees                                                                                        1,667                171,667  
  Travel expenses                                                                                  69,383                 45,056  
  Depreciation Charge and Amortization of right-of-use assets                                      61,484                 50,834  
  Allowance for expected credit loss                                                                  335                 44,765  
  Others                                                                                           71,904                 75,578  
                                                                   $                              588,732      $         758,726  

Our general and administrative
expenses mainly represented staff costs, audit fees, traveling expenses, depreciation charge, amortization of right-of-use assets, allowance
for expected credit loss and other administrative expenses. Our general and administrative expenses increased by $169,994, or 28.9%,
from $588,732 for the year ended September 30, 2022 to $758,726 for the year ended September 30, 2023, mainly due to audit fees expensed
off and increase in allowance for expected credit loss.

Our audit fees mainly
represent annual audit fees incurred by the Company and its subsidiary. Audit fees increased by $170,000, or 10,198.0%, from $1,667 for
the year ended September 30, 2022 to $171,667 for the year ended September 30, 2023. This was mainly due to the professional services
fees on the annual audit