Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 112

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 112
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,299                     317,301  
  Deposits and prepayment                                                 11,538                  187,400                     175,862  
  Deferred costs                                                               -                1,306,441                   1,306,441  
  Contract assets                                                        434,757                  543,838                     109,081  
  Total current assets                                                 2,116,028                4,021,110                   1,905,082  
  Current liabilities                                                                                                                  
  Accounts payables                                                    1,311,067                2,601,253                   1,290,186  
  Accounts payables – related party                                      175,479                        -                    (175,479  
  Other payables and accrued liabilities                                  13,043                1,096,016                   1,082,973  
  Taxes payables                                                          52,314                  155,210                     102,896  
  Lease liabilities - current                                             64,625                   39,886                     (24,739  
  Total current liabilities                                            1,616,528                3,892,365                   2,275,837  
  Net current assets                          $                          499,500      $           128,745      $             (370,755  

Cash and cash equivalents

Cash and cash equivalents
consist of funds deposited with banks, which are highly liquid and are unrestricted as to withdrawal or use.

The total balance
of cash and cash equivalents decreased from $557,735 as of September 30, 2022 to $554,132 as of September 30, 2023. The decrease in the
balance of cash and cash equivalents was mainly due to the net cash generated from operation of $2,021,831 which offset with the dividend
paid of $1,474,359 and the payment of offering costs of $543,620 for the year ended September 30, 2023.

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  Table of Contents  

Accounts Receivable, net

Our accounts receivable
represented receivables from customers of our logistics and air freight forwarding services. Credit periods for customers are normally
within 7 to 90 days after customers have received the services provided by the Company.

Our accounts receivable,
net increased by $317,301, or 28.5% from $1,111,998 as of September 30, 2022 to $1,429,299 as of September 30, 202