Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 235

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 19
Chunk 235
---
 26,453                   ( 164,499         ( 20,955  
  Cash and restricted cash, end of the year                                          $                          17,449,250      $           10,855,128      $           32,188,711        4,100,525  
  Reconciliation of cash and restricted cash to the consolidated balance sheets                                                                                                                      
  Cash                                                                               $                          16,436,490      $           10,855,128      $           32,188,711        4,100,525  
  Restricted cash                                                                                                1,012,760                           -                           -                -  
  Cash and restricted cash, end of the year                                          $                          17,449,250      $           10,855,128      $           32,188,711        4,100,525  
  Supplemental cash flow information                                                                                                                                                                 
  Cash paid for income tax                                                           $                         ( 1,705,403      $          ( 2,126,331      $          ( 1,115,690        ( 142,885  
  Cash paid for interest expense                                                     $                           ( 123,269      $             ( 34,674      $                 ( 46              ( 6  
  Non-cash transaction in investing and financing activities                                                                                                                                         
  Right-of-use assets obtained in exchange of lease liabilities                      $                                   -      $            2,543,244      $                    -                -  
  Unpaid dividend                                                                    $                           5,942,365      $            5,865,364      $                    -                -  
  Unpaid deferred IPO costs                                                          $                                   -      $              573,636      $                    -                -  
  Deferred IPO costs recognized as additional paid-in capital                        $                                   -      $                    -      $            7,334,123          934,295  

The accompany notes are an integral part of these
consolidated financial statements.

F-6

GALAXY PAYROLL GROUP LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Nature of business and organization

Galaxy Payroll Group Limited
(“ Galaxy Payroll BVI”) was incorporated in the British Virgin Islands with limited liability on August 26, 2021. Galaxy Payroll
BVI has no substantial operations other than holding all of the outstanding share capital of Melkweg Holdings Limited (“ Melkweg
Cayman”). Melk