Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 100

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 100
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 to the increase in legal consulting and advisory service fees incurred after the Listing.

Our amortization of
right-of-use assets mainly represented our operating lease of our Hong Kong office and warehouse on 9th, 18thand
24thfloors of Tsuen Wan Industrial Centre. During the year ended September 30, 2023, the operating lease of 24thof Tsuen Wan Industrial Centre has been early terminated in order to centralize the warehouse operation for better management. During
the year ended September 30, 2024, the operating lease of 18thof Tsuen Wan Industrial Centre has been early terminated and
the warehouse and office have been moved to 9thfloor of Tsuen Wan Industrial Centre with lower monthly rental, which leads
to a decrease of 4.4% in amortization of right-of-use assets comparing the same period of 2023 and 2024. Our depreciation charge mainly
represented depreciation of our fixture, furniture, office equipment and leasehold improvements. Our depreciation charge increased by
413.1% for the year ended September 30, 2024, which was mainly due to the additional logistics equipment and leasehold improvements.

Other Income/Expenses

Our other income mainly
consists of interest income, interest expenses and foreign exchange gain/loss. Our net other income was $222,765 for the year ended September
30, 2024, as compared to net other income of $122,782 for the year ended September 30, 2023, primarily due to increase in interest income
and foreign exchange gain.

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  Table of Contents  

The foreign exchange
gains of $118,508 and $156,937 for the years ended September 30, 2023 and 2024, respectively, primarily as a result of net variances
of the exchange rate between the Australian dollars and Hong Kong dollars on Australian dollar-denominated transactions. During the years
ended September 30, 2023 and 2024, the foreign currency fluctuations on the Company are not hedged by any currency borrowings or other
hedging instruments.

Income Tax Expense

The Company is subject
to income taxes on an entity basis on income arising in or derived from the tax jurisdiction in which each entity is domiciled.

Cayman Islands
and British Virgin Islands (“ BVI”)

The Company is incorporated
in the Cayman Islands and its wholly-owned subsidiary is incorporated in BVI. Under the current laws of the Cay