Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 240

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 19
Chunk 240
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 Company’s business segments.

The Company’s chief operating decision
maker is the director, who reviews the financial information of each separate operating segment when making decisions about allocating
resources and assessing the performance of the segment. The Company has determined that it has a single operating segment for purposes
of allocating resources and evaluating financial performance; accordingly, the Company does not provide additional segment reporting
in these accompanying notes.

Government Grant

In 2022 and 2023, the Company successfully
applied for funding support from the Employment Support Scheme (“ ESS”), set up by the Hong Kong Government, to provide financial
support to enterprises to retain their employees who may otherwise be made redundant.

For the years ended September 30, 2022,
2023 and 2024, government grants in the amounts of $47,428, $1,859and nilwere recognized as other income in the consolidated statements
of operation and comprehensive income, respectively.

Recently Issued Accounting Pronouncements

The Company is an “emerging growth
company” (“ EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “ JOBS Act”). Under
the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such
time as those standards apply to private companies.

Other accounting standards that have
been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial
statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated
to its consolidated financial condition, results of operations, cash flows or disclosures.

NOTE 3 - ACCOUNTS RECEIVABLE

Accounts receivable is presented net of allowance for credit
loss:

SCHEDULE OF ACCOUNTS RECEIVABLE NET OF ALLOWANCE FOR CREDIT LOSS

                                                2023                                    2024                 
                                                As of September 30,                                          
                                                2023                                    2024                 
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Accounts receivable                           $                        1,467,833      $         1,727,576  
  Less: allowance for expected credit loss                                ( 38,534                 ( 42,932  
  Total                                         $                        1,429,299      $         1,684,644  

The movement of allowances for credit loss is as follow:

SCHEDULE
OF ALLOWANCES