Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 110

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 110
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 and prepayment
increased by $15,778, or 8.4% from $187,400 as of September 30, 2023 to $203,178 as of September 30, 2024. The increase was mainly due
to the increase in prepayment with financial service providers related to ELOC arrangement.

Contract assets

Contract assets include
billed and unbilled amounts resulting from in-transit shipments, as the Company has an unconditional right to payment only when services
have been completed (i. e., shipments have been delivered). Upon completion of the performance obligations, which can vary in duration
based upon the method of transport, these amounts become classified within accounts receivable. Contract assets increased by 353,571
or 65.0% from $543,838 as of September 30, 2023 to $ 897,409 as of September 30, 2024. The increase was mainly due to more in-transit
deliveries that has not yet delivered to the customers near the year end 2024.

An impairment analysis
is performed at the end of each year. There was an allowance for expected credit loss amounting to $12,401 and $14,940 made in the year
ended September 30, 2023 and 2024.

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  Table of Contents  

Deferred costs

Deferred offering
costs consist principally of all direct offering costs incurred by the Company, such as underwriting, legal, 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. The deferred costs decreased by $932,155, or 71.4% from $1,306,441 as of September
30, 2023 to $374,286 as of September 30, 2024. The balance decreased as the deferred costs as of September 30, 2023 have been fully offset
against the offering proceeds upon listing in November 2023. The balance as of September 30, 2024 was related to the Equity Line of Credit
offering.

Accounts payable

The accounts payable
are derived from logistics and air freight service providers. The accounts payable decreased by $1,952,070, or 75.0% from $2