Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 261

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 19
Chunk 261
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 141,269  

F-23

Non-cancellable Operating Lease

The Group’s commitment
for minimum lease payment under its operating lease for its office facility as of June 30, 2025 was as follows:

  Years ending June 30,                 Amount                     Amount               
                                        (HKD)                      (US$)                
 ────────────────────────────────────────────────────────────────────────────────────────
  2026                                  $             980,663      $           124,927  
  2027                                                299,984                   38,215  
  Total future lease payments                       1,280,647                  163,142  
  Amount representing interest                       ( 43,695                  ( 5,566  
  Present value of future payments                  1,236,952                  157,576  
  Less: current portion                               945,801                  120,486  
  Non-current portion                   $             291,151      $            37,090  

Total operating lease expense
for the Group’s office facilities for the years ended June 30, 2025, 2024 and 2023 was HKD1,120,629(US$142,757), HKD1,156,024and
HKD1,177,995, respectively.

The total short term
operating lease expense for the Group’s office facilities for the years ended June 30, 2025, 2024 and 2023 was nil, HKD27,467and
HKD86,395, respectively.

Note 11 - Equity

Ordinary shares

As of June 30, 2024 and
2025, the ordinary shares issued were16,000,000and21,615,000with US$0.000625par value per share respectively, with18,012,500ordinary shares outstanding as of June 30, 2025 before giving the retroactive effect of the reverse shares split on September 8, 2025. Each share confers upon the shareholders (a) the right toonevote at a meeting of
the shareholders or on any resolution of shareholders; (b) the right to an equal share in any dividend paid by the Group; and (c)
the right to an equal share in the distribution of the surplus assets of the Group on its liquidation. If at any time the shares are
divided into different classes, the rights attached to any class may only be varied, whether or