Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 106

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 106
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 for the consolidated financial statement of the Company for the year ended September 30, 2023, as the audit
fees were recorded as deferred offering costs for the year ended September 30, 2022.

Our staff costs mainly
represent staff salaries, contribution to staff retirement benefits and staff welfare for office staff and director. Staff costs decreased
by $13,133, or 3.4%, from $383,959 for the year ended September 30, 2022 to $370,826 for the year ended September 30, 2023. This was
mainly due to the staff turnover and the Company lowered the staff salaries for the new staff replacement.

Our travel expenses
decreased by $24,327, or 35.1%, from $69,383 for the year ended September 30, 2022 to $45,056 for the year ended September 30, 2023 mainly
due to decrease in travelling activities in 2023 comparing to the prior year.

Our amortization of
right-of-use assets mainly represented our operating lease of our Hong Kong office and warehouse on 18thand 24thfloors of Tsuen Wan Industrial Centre. There was a decrease of 21.8% mainly due to the early termination of operating lease of 24thof Tsuen Wan Industrial Centre during the year ended September 30, 2023, in order to centralize the warehouse operation for better
management. Our depreciation charge mainly represented depreciation of our fixture, furniture and office equipment. Our depreciation
charge increased by 180.1% for the year ended September 30, 2023, which was mainly due to the additional computer equipment.

Other Income/Expenses

Our other income mainly
consists of interest income, interest expenses, foreign exchange gain/loss, government grants and insurance claim income. Our net other
income was $119,642 for the year ended September 30, 2022, as compared to net other income of $122,782 for the year ended September 30,
2023, primarily due to decrease in government grants from Employment Support Scheme under the Anti-epidemic Fund, and also, there was
no insurance compensation claim from the insurance company for the year ended September 30, 2023, as the Company decided to compensate
the loss of its customers directly instead of covering by an insurance policy.

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The foreign exchange
gains of $72,974