Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 188

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 5
Chunk 188
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 deposit paid to a related party for the operating lease arrangement.
 
The Company believes that, taking into consideration the financial resources presently available, including the current levels of cash and cash flows from operations, our cash and cash equivalent will be sufficient to meet its anticipated cash needs for at least the next twelve months from the date of this report.
 
Capital Expenditures
 
The Company did not incur any significant capital expenditure for the years ended September 30, 2022 and 2023. For the year ended September 30, 2024, the Company has paid a deposit of $462,974 for purchase of property, plant and equipment.
 

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Off-Balance Sheet Arrangements
 
For the year ended September 30, 2022, the Company is required to provide bank guarantee to IATA in favor of its associated airlines to secure the purchases of cargo spaces. IATA shall have the right from time to time by giving notice in writing to require us to increase the amount of guarantee if the cargo spaces purchased by us were greater than the existing guaranteed sum. Bank guarantees are provided by the principal bank of the Company, which in return required personal guarantee from a director of the Company and collateral such as mortgage over a property of the director to be pledged in favor of the bank. For the year ended September 30, 2023, the bank guarantee requirement has been released and the Company is required to provide bank deposit of $320,513 (equivalent to HK$2.5 million) directly to the associated airlines of IATA to secure the purchases of cargo spaces. As of September 30, 2022, 2023 and 2024, a bank provided guarantee of $232,051, nil and nil, respectively, for covering the performance of obligations of the Company.
 
Except the disclosures mentioned above, we have no off-balance sheet arrangements, including arrangements that would affect its liquidity, capital resources, market risk support, credit risk support, or other benefits.
 
Contractual Obligations
 
As of September 30, 2024, we have operating lease commitment with lease liability of $41,019 with a related party and we have prepayment and deposits of $1,147,436 for financial services and deferred offering costs of $374,286 for ELOC.
 

B.   Liquidity and Capital Resources
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For the years ended September 30, 2022, 2023 and 2024, we have financed our operations primarily through cash generated from