Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 70

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 70
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,051, nil and nil, respectively, with IATA.

  (ii)      Block Space Arrangements  
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We have established
a block space agreement with an air freight carrier to secure a committed amount of air cargo spaces for a predetermined period, typically
one year, at pre-agreed costs. The agreement is terminable by either party upon 60-days’ notice without any penalty. We are fully
committed to obtaining the agreed volume of air cargo space as specified under the block space agreements. Such block space agreements
typically contain clauses requiring us to make payments to air freight carriers for the agreed volume of cargo spaces, irrespective of
whether the air cargo spaces have been fully utilized, except when the volume of air cargo spaces available for use on the particular
aircraft is less than the agreed volume of cargo space.

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  Table of Contents  

During the years
ended September 30, 2022, 2023 and 2024, we paid an aggregate cost of approximately US$1,340,658, US$1,219,343 and US$1,286,457, respectively,
under our block space agreements.

The following sets
forth the salient terms of the block space agreement we enter into with an air freight carrier for procurement of cargo spaces:

  Parties:                                       (1) Qantas Airways Limited and (2) Globavend HK                                                                                    
  Term:                                          Typically one year.                                                                                                                
  Committed volume of cargo space and rates      Generally an agreed level of cargo space (in                                                                                       
  Termination                                    Either party to the block space agreement                                                                                          
  Credit term                                    Generally within 14 days after the issuance                                                                                        

Information Technology Infrastructure

As an essential part
of our integrated cross-border logistics services, we have developed our own proprietary all-in-one shipping solution, which was modified
by us internally on a shipping software purchased by us in 2019. Our proprietary all-in-one shipping solution has been or can be connected
to the customer’s own IT systems (such as enterprise resource planning (ERP) systems, customer relationship management (CRM) systems,
booking management systems, or point-of-sale (POS) systems) on one end and the transportation management systems (TMS) of our ground
transportation service providers on the other end, to facilitate effective logistics management.

Our all-in-one shipping
solution performs two major functions: (i) a booking management function (BMS), and (ii)