Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 185

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 5
Chunk 185
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                 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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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, 2023. The increase was mainly attributable to the increase in revenue near the year end.
 
An impairment analysis is performed at the end of each year. For the year ended September 30, 2022, there was a reversal of allowance for expected credit loss for $522 was made of the year ended September 30, 2022. There was an allowance for expected credit loss amounting to $33,466 made in the year ended September 30, 2023.
 
Deposits and prepayment
 
Deposits and prepayment consist of trade deposits, deposits of rental and utility and prepayment paid to suppliers.
 
Deposits and prepayment increased significantly by $175,862, or 1524.2% from $11,538 as of September 30, 2022 to $187,400