Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 111

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 111
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,601,253
as of September 30, 2023 to $649,183 as of September 30, 2024. The balances arise from logistics service providers were settled within
7 to 30 days. The decrease was mainly due to outstanding supplier invoices related to the air freight costs for the year ended September
30, 2024.

Accounts payable - related party

The accounts payable
 - related party amounted to nil and $1,627,269 as of September 30, 2023 and September 30, 2024, respectively. For the year ended
September 30, 2024, this balance consists of accounts payable to a related company arising from unsettled courier service fees.

Other payables and accrued liabilities

The line item consists
of accrued payroll expenses, audit fees, other administrative expenses and accrued offering costs. The balance decreased significantly
by $860,823, or 78.5% from $1,096,016 as of September 30, 2023 to $235,194 as of September 30, 2024, the decrease was mainly due to the
decrease of accrued offering costs and audit expenses.

Lease liabilities - current

Our lease liabilities
represented the current portion of the operating lease of our Hong Kong office and warehouse. 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.

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, 2023 Compared
to September 30, 2022

The following table
set forth our current assets and current liabilities as of the dates indicated:

                                              As of September 30,                                                                      
                                              2022                                    2023                     Changes                 
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Current assets                                                                                                                       
  Cash and cash equivalents                   $                          557,735      $           554,132      $               (3,603  
  Accounts receivable, net                                             1,111,998                1,429