Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 118

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 118
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 September 30, 2023. The increase in our current liabilities
is mainly due to an increase in accounts payables and unpaid offering cost.

As of September
30, 2024, we had working capital of $2,670,291 as compared to working capital of $128,745 as of September 30, 2023. The total
current assets increased 35.7%, from $4,021,110 on September 30, 2023 to $5,455,979 in September 30, 2024, mainly because of an
increase in cash primarily due to net proceeds from share issuance after transaction cost
for the year ended September 30, 2024. The total current liabilities decreased 28.4%, from $3,892,365 on September 30, 2023 to $
2,785,688 as of September 30, 2024. The decrease in our current liabilities is mainly due to a decrease in accounts payable, other
payables and accrued liabilities.

We also received capital
injections by our shareholder of $126,923, nil and nil for the years ended September 30, 2022, 2023 and 2024, respectively.

While our accounts
receivable increased from $1,429,299 as of September 30, 2023 to $1,684,644 as of September 30, 2024, our working capital increased from
$128,745 as of September 30, 2023 to $2,670,291 as of September 30, 2024. The increase of working capital was mainly due to a
proceed from issuance of ordinary shares during the year ended September 30, 2024.

Based on our total
cash and cash equivalents as of September 30, 2024, the cash inflows from operating activities, we did not experience or identify any
material trends or any known demands, commitments, events or uncertainties, in our liquidity, capital resources and results of operations,
such as material commitments for capital expenditures and deposit on a short-term basis. We believe that our current cash and cash equivalents
and cash flows provided by operating activities will be sufficient to meet our working capital needs in the next 12 months.

As of September 30,
2022, 2023 and 2024, the Company had a banking facility arrangement for a bank guarantee line with maximum amount of HK$3,690,000, which
guaranteed by