Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 242

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 19
Chunk 242
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 2023 and 2024 were $1,377, $3,855and $19,784, respectively.

NOTE
7 - OPERATING LEASES

The Company has various
operating leases for office space and warehouse with lease terms of two years. The Company adopted Leases (Topic 842), using the modified-retrospective
approach. No cumulative-effect adjustment to retained earnings was required upon adoption of Topic 842 because payments made under operating
leases are also recognized as an expense on a straight-line basis over the lease term prior to the adoption of ASC 842. The lease agreements
do not specify an explicit interest rate. The Company’s management believes that the Hong Kong Dollar Best Lending Rate (“ BLR”)
was the most indicative rate of the Company’s borrowing cost for the calculation of the present value of the lease payments; the
rate used by the Company as quoted by the BLR minus 2.5%.

As of September 30,
2024, the operating lease arrangement of the office and warehouse on 9thfloor of Tsuen Wan Industrial Centre was a related
party transaction with Mr. Wai Yiu Yau, a director of the Company.

As of September 30, 2023 and 2024, operating lease consist
of the following:

SCHEDULE OF OPERATING LEASE

                                         2023                                    2024                
                                         As of September 30,                                         
                                         2023                                    2024                
 ─────────────────────────────────────────────────────────────────────────────────────────────────────
  Right-of-use assets, costs             $                          268,140      $          163,592  
  Accumulated amortization                                        ( 117,664                ( 47,596  
  Disposal due to early termination                                ( 30,595                ( 83,285  
  Right-of-use assets, net               $                          119,881      $           32,711  

As of September 30, 2023 and 2024, operating lease liabilities
consist of the following:

SCHEDULE OF OPERATING LEASE LIABILITIES

                                                         2023                                  2024              
                                                         As of September 30,                                     
                                                         2023                                  2024              
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Operating lease liabilities - current portion          $                         39,886      $         41,019  
  Operating lease liabilities - non-current portion                                80