Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 232

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 19
Chunk 232
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 within the fair value hierarchy.

  Level 1—defined as observable inputs such as quoted prices in                      
  Level 2—defined as inputs other than quoted prices in active                       
  Level 3—defined as unobservable inputs in which little or no                       

The Company’s financial instruments
primarily consist of cash and cash equivalents, accounts receivable, contract assets, deposit, accounts payable, other payables, lease
liabilities and accrued liabilities and due to a director.

The carrying value of cash and cash equivalents,
accounts receivable, contract assets, deposit, accounts payable, other payables and accrued liabilities and due to a director approximate
fair value because of the short-term nature of these items. For lease liabilities, fair value approximates their carrying value at the
year-end, as the interest rates used to discount the host contracts approximate market rates.

The Company noted no transfers between
levels during any of the periods presented. The Company did not have any instruments that were measured at fair value on a recurring
nor non-recurring basis as of September 30, 2024 and 2023.

Cash and Cash Equivalents

Cash and cash equivalents consist of
cash held in banks, which are highly liquid and have original maturities of three months or less and are unrestricted as to withdrawal
or use. The Company maintains all bank accounts in Hong Kong. Cash balances in bank accounts in Hong Kong are protected under Deposit
Protection Scheme in accordance with the Deposit Protection Scheme Ordinance. The maximum protection is up to HKD500,000per depositor
per Scheme member, including both principal and interest.

Accounts Receivable, net

Accounts receivables are carried at net
realizable value. The Company reviews its accounts receivable on a periodic basis and makes general and specific allowances when there
is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company
considers many factors, including the age of the balance, customer’s historical payment history, its current creditworthiness and
current or future economic trends. Accounts are written off after exhaustive efforts at collection. The Company only grants credit terms
to established customers who are deemed to be financially responsible. Credit periods to customers are normally within 7 to 90 days after
customers received services provided by the Company. If accounts receivables are to be provided for, or written off, they would be recognized
in the consolidated statements of operations and comprehensive income within operating expenses. The Company used loss