Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 234

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 19
Chunk 234
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 contract assets was $12,401and $14,940as of September 30, 2023 and 2024, respectively.

Deferred costs

Deferred offering costs consist
principally of incremental cost directly attributable to the Company’s share offering incurred by the Company, such as
underwriting, legal, accounting, consulting, printing, and other registration related costs in connection with the offering of the
Company’s ordinary shares. Such costs are deferred until the closing of the offering, at which time the deferred costs are
offset against the offering proceeds. In the event the offering is unsuccessful or aborted, the costs will be expensed. As of
September 30, 2023 and September 30, 2024, deferred costs were $1,306,441and $374,286,
respectively.

Property, Plant, and Equipment

Property, plant, and equipment are
stated at cost less accumulated depreciation and impairment, and include expenditure that substantially increases the useful lives of existing
assets. Expenditures for repairs and maintenance, which do not extend the useful life of the assets, are expensed as incurred,
whereas significant renewals and betterments are capitalized.

Depreciation is provided over their estimated
useful lives with an estimated residual value of the assets, using the straight-line method. Estimated useful lives are as follows:

SCHEDULE
OF ESTIMATED USEFUL LIVES

  Fixtures, furniture, equipment      5 years              
  Leasehold improvements              Over the lease term  

When assets are sold or retired, their
costs and accumulated depreciation are eliminated from the consolidated financial statements and any gain or loss resulting from their
disposal is recognized in the period of disposition as an element of other income.

Impairment of Long-Lived Assets

Long-lived assets are evaluated for impairment
periodically whenever events or changes in circumstances indicate that their related carrying amounts may not be recoverable in accordance
with FASB ASC 360, “ Property, Plant and Equipment”.

In evaluating long-lived assets for recoverability,
the Company uses its best estimate of future cash flows expected to result from the use of the asset and eventual disposition in accordance
with FASB ASC 360-10-15. To the extent that estimated future, undiscounted cash inflows attributable to the asset, less estimated future,
undiscounted cash outflows, are less than the carrying amount, an impairment loss is recognized in an amount equal to the difference
between the carrying value of such asset