Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 109

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 109
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 are unrestricted as to withdrawal or use.

The total balance
of cash and cash equivalents increased from $554,132 as of September 30, 2023 to $2,296,462 as of September 30, 2024. The increase
in the balance of cash and cash equivalents was mainly due to the net proceeds of the share issuance after deduction of
transaction cost of $5,379,500 and the net cash generated from operation of $326,089 which offset with the payment of offering
costs and financial services deposits of $2,769,260, payment of deposit to director for operating lease arrangement of $600,000 and
payment for purchase of property, plant and equipment of $592,585 for the year ended September 30, 2024.

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 $255,345, or 17.9% from $1,429,299 as of September 30, 2023 to $1,684,644 as of September 30, 2024. 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. There was an allowance for expected credit loss amounting to $38,534 made in the year ended
September 30, 2023. There was an allowance for expected credit loss amounting to $42,932 made in the year ended September 30,
2024.

Deposits and prepayment

Long-term deposits
and prepayment consist of trade deposits, deposit paid to a related party for operating lease arrangement and prepaid financing
service fee, which are classified as non-current assets.

Long-term deposits
and prepayment increased by $2,022,910, or 631.1% from $320,513 as of September 30, 2023 to $2,343,423 as of September 30, 2024. The
increase was mainly due to the increase in payment for operating lease deposit, prepayment and deposit for financial services related to ELOC arrangement.

Deposits and prepayment
consist of prepayment paid to suppliers, utility and other deposits and prepaid financing service fee, which are classified as current
assets.

Deposits