Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 174

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 5
Chunk 174
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3 to $351,155 for the year ended September 30, 2024. This was mainly due to the reduction in the one-off discretionary bonus and the decrease in the director’s salary upon listing. This decline was partially offset by increases in the salaries of other employees and the independent directors of the Company.
 
Our travel expenses increased by $146,964, or 326.2%, from $45,056 for the year ended September 30, 2023 to $192,020 for the year ended September 30, 2024 mainly due to increase in travelling activities in 2024 comparing to the prior year, in order to maintain better business relationship and investor relationship for the Listing.
 
Our legal and professional fees increased by $158,937, or 489.2%, from $32,491 for the year ended September 30, 2023 to $191,428 for the year ended September 30, 2024, mainly due to the increase in legal consulting and advisory service fees incurred after the Listing.
 
Our amortization of right-of-use assets mainly represented our operating lease of our Hong Kong office and warehouse on 9th, 18th and 24th floors of Tsuen Wan Industrial Centre. During the year ended September 30, 2023, the operating lease of 24th of Tsuen Wan Industrial Centre has been early terminated in order to centralize the warehouse operation for better management. During the year ended September 30, 2024, the operating lease of 18th of Tsuen Wan Industrial Centre has been early terminated and the warehouse and office have been moved to 9th floor of Tsuen Wan Industrial Centre with lower monthly rental, which leads to a decrease of 4.4% in amortization of right-of-use assets comparing the same period of 2023 and 2024. Our depreciation charge mainly represented depreciation of our fixture, furniture, office equipment and leasehold improvements. Our depreciation charge increased by 413.1% for the year ended September 30, 2024, which was mainly due to the additional logistics equipment and leasehold improvements.
 
Other Income/Expenses
 
Our other income mainly consists of interest income, interest expenses and foreign exchange gain/loss. Our net other income was $222,765 for the year ended September 30, 2024, as compared to net other income of $122,782 for the year ended September 30, 2023, primarily due to increase in interest income and foreign