Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 117

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 117
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 airlines to secure the purchases
of cargo spaces. IATA shall have the right from time to time by giving notice in writing to require us to increase the amount of guarantee
if the cargo spaces purchased by us were greater than the existing guaranteed sum. Bank guarantees are provided by the principal bank
of the Company, which in return required personal guarantee from a director of the Company and collateral such as mortgage over a property
of the director to be pledged in favor of the bank. For the year ended September 30, 2023, the bank guarantee requirement has been released
and the Company is required to provide bank deposit of $320,513 (equivalent to HK$2.5 million) directly to the associated
airlines of IATA to secure the purchases of cargo spaces. As of September 30, 2022, 2023 and 2024, a bank provided guarantee of $232,051,
nil and nil, respectively, for covering the performance of obligations of the Company.

Except the disclosures
mentioned above, we have no off-balance sheet arrangements, including arrangements that would affect its liquidity, capital resources,
market risk support, credit risk support, or other benefits.

Contractual Obligations

As of September 30,
2024, we have operating lease commitment with lease liability of $41,019
with a related party and we have prepayment and deposits of $1,147,436 for financial services and deferred offering costs of $374,286
for ELOC.

  Liquidity and Capital Resources  
 ───────────────────────────────────

For
the years ended September 30, 2022, 2023 and 2024, we have financed our operations primarily through cash generated from our business
operation and capital contributions by our shareholder.

As of September 30,
2022, we had working capital of $499,500 as compared to working capital of $128,745 as of September 30, 2023. The total current assets
increased 90.0%, from $2,116,028 on September 30, 2022 to $4,021,110 in September 30, 2023, mainly because of an increase in deferred
costs which represented the professional listing fees settled and accrued for the year ended September 30, 2023. The total current liabilities
increased 140.8%, from $1,616,528 on September 30, 2022 to $ 3,892,365 as of