# EDGAR Filing Document

**Accession Number:** 0001978527
**File Stem:** 0001213900-25-086141
**Filing Date:** 2025-9
**Character Count:** 125078
**Document Hash:** 728f70e26a8f628d37981f7ca024329e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-086141.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001213900-25-086141

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 82

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250909

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Globavend Holdings Ltd
- **CENTRAL INDEX KEY:** 0001978527
- **STANDARD INDUSTRIAL CLASSIFICATION:** ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41831
- **FILM NUMBER:** 251303282

**BUSINESS ADDRESS:**
- **STREET 1:** OFFICE 1401, LEVEL 14
- **STREET 2:** 197 ST GEORGES TCE
- **CITY:** PERTH, WA
- **STATE:** C3
- **ZIP:** 6000
- **BUSINESS PHONE:** 61 08 6141 3263

**MAIL ADDRESS:**
- **STREET 1:** OFFICE 1401, LEVEL 14
- **STREET 2:** 197 ST GEORGES TCE
- **CITY:** PERTH, WA
- **STATE:** C3
- **ZIP:** 6000

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16**

**OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

For the month of September 2025

Commission File Number 001-41831

**Globavend Holdings Limited**

(Registrant's Name)

**Office 1401, Level 14, 197 St Georges Tce, Perth, WA 6000, Australia**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒&nbsp;&nbsp;&nbsp;&nbsp; Form 40-F ☐

On September 9, 2025, Globavend Holdings Limited, a Cayman Island exempted company (the "**Company**") announced its unaudited financial results as of and for the six months ended March 31, 2025. The Company's Management's Discussion and Analysis of Financial Condition and Results of Operations, Unaudited Condensed Consolidated Financial Statements and the related notes thereto and earning release, in each case as of and for the six months ended March 31, 2025, are attached to this Report as Exhibit 99.1, 99.2 and 99.3 respectively, which are incorporated herein by reference.

**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Management's Discussion and Analysis of Financial Condition and Results of Operations for the six months ended March 31, 2025](ea025549201ex99-1_globavend.htm) |
| 99.2 | [Unaudited Condensed Consolidated Financial Statements and the related notes thereof as of and for the six months ended March 31, 2025](ea025549201ex99-2_globavend.htm) |
| 99.3 | [Earning Release, dated as of September 9, 2025](ea025549201ex99-3_globavend.htm) |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **GLOBAVEND HOLDINGS LIMITED** | **GLOBAVEND HOLDINGS LIMITED** |
| By: | */s/ Wai Yiu Yau* |
| Name: | Wai Yiu Yau |
| Title: | Chairman of the Board and Chief Executive Officer |

---

Date: September 9, 2025

## Exhibit 99.1

**Exhibit 99.1**

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF<br> FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following management discussion and analysis of financial condition and results of operations contains forward-looking statements which involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth under "Risk Factors" and elsewhere in this prospectus. We assume no obligation to update forward-looking statements or the risk factors. You should read the following discussion in conjunction with our consolidated financial statements and related notes included elsewhere in this prospectus.*

**OVERVIEW**

We are a holding company incorporated in the Cayman Islands with operations conducted by our Hong Kong subsidiary Globavend HK.

We are an established emerging e-commerce logistics provider providing end-to-end supply chain solution in Hong Kong, Australia and New Zealand. We provide integrated cross-border logistics services between Hong Kong, Australia and New Zealand, where we provide customers with a one-stop solution, from parcel consolidation to air-freight forwarding, customs clearance, on-carriage parcel transportation and delivery. Our customers are primarily enterprise customers, being e-commerce merchants, or operators of e-commerce platforms, in providing business-to-consumer (B2C) transactions.

**MAJOR FACTORS AFFECTING OUR FINANCIAL RESULTS**

The directors believe that the following major factors may affect our revenues and results of operations:

**Economic conditions in Hong Kong**

During the six months ended March 31, 2024 and 2025, a large portion of our revenues was generated in Hong Kong. Accordingly, if Hong Kong experiences any adverse economic, political or regulatory conditions due to events beyond our control, such as local economic downturn, natural disasters, contagious disease outbreaks, terrorist attacks, or if the government adopts regulations that place restrictions or burdens on us or on our industry in general, our business, financial condition, results of operations and prospects may be materially and adversely affected.

**Fluctuations in foreign exchange rates**

We are a global provider of integrated cross-border logistics services and air freight forwarding services and our functional currency is the Hong Kong dollars. Most of our transactions during the periods presented in this prospectus are denominated in Hong Kong dollars, Australian dollars and New Zealand dollars. Historically, our principal exposure to foreign currency fluctuations is mainly with respect to our expenses incurred denominated in Australian dollars and New Zealand dollars. For the six months ended March 31, 2024 and 2025, we incurred approximately 58.1% and 73.6% of our cost of revenue, respectively, denominated in foreign currencies for customs clearance fees and local courier expenses. We do not use currency exchange contracts to reduce the risk of adverse foreign currency movements, but we believe that our exposure from foreign currency fluctuations is unlikely to be material. Foreign currency fluctuations had a negative impact on net income for the six months ended March 31, 2024 and 2025. For the six months ended March 31, 2024 and 2025, the foreign exchange loss was 142,194 and $239,574, respectively.

**Impact of COVID-19**

Since late December 2019, the outbreak of COVID-19 spread rapidly throughout China and later to the rest of the world. On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization declared the outbreak a PHEIC, and later on March 11, 2020, a global pandemic. The COVID-19 outbreak has led governments across the globe to impose a series of measures intended to contain its spread, including border closures, travel bans, quarantine measures, social distancing, and restrictions on business operations and large gatherings. From 2020 to the middle of 2021, COVID-19 vaccination programs had been greatly promoted around the globe, however several types of COVID-19 variants emerged in different parts of the world.

Supply chain disruptions have become a major challenge for the global economy since the start of the COVID-19 pandemic. These shortages and supply-chain disruptions are significant and widespread. Lockdowns in several countries across the world, labor shortages, robust demand for tradable goods, disruptions to logistics networks, and capacity constraints have resulted in increases in freight costs and delivery times. Companies that are reliant on the transportation of goods and materials, such as our Company, which relies on transportation services from our suppliers, may suffer from plant closures and supply shortages across the extended supply network.

Furthermore, our business may be adversely affected if concerns relating to COVID-19 continue to restrict travel, or result in the Company's personnel, vendors, and services providers being unavailable to pursue their business objectives free of COVID-19 related restrictions. The extent to which COVID-19 impacts our business in the future will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact, among others. If the disruptions posed by COVID-19 or other matters of global concerns continue for an extended period of time, our ability to pursue our business objectives may be materially adversely affected. In addition, our ability to raise equity and debt financing, which may be adversely impacted by COVID-19 and other events, including as a result of increased market volatility, decreased market liquidity and third-party financing became unavailable on terms acceptable to us or at all.

Any future impact on our results of operations will depend on, to a large extent, future developments and new information that may emerge regarding the duration and severity of the COVID-19 pandemic and the actions taken by government authorities and other entities to contain the spread or treat its impact, almost all of which are beyond our control. Given the general slowdown in economic conditions globally and volatility in the capital markets, as well as the general negative impact of the COVID-19 outbreak on the logistics and freight forwarding industry, we cannot assure you that we will be able to maintain the growth rate we have experienced or projected. However, we note that the government authorities have gradually uplifted the preventive measures in relation to the COVID-19. For instance, on January 30, 2023, the Hong Kong government has ceased to issue any isolation orders to COVID-19 infectants. On May 5, 2023, the World Health Organization (WHO) announced that COVID-19 no longer constitutes a public health emergency of international concern (PHEIC). On May 30, 2023, the Hong Kong government has lowered the response level of COVID-19 from emergency level to alert level. The adverse effects of COVID-19 started to diminish in 2023. There was no significant impact on the Company's business for the six months ended March 31, 2024 and 2025.

**RESULTS OF OPERATIONS**

The following table summarizes our consolidated statements of operations for the periods indicated. This information should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus. The operating results in any period are not necessarily indicative of the results that may be expected for any future period.

**Comparison of Six Months Ended March 31, 2024 and 2025**

---

| | | |
|:---|:---|:---|
|  | **Six months ended <br> March 31,** | **Six months ended <br> March 31,** |
|  | **2024** | **2025** |
|  | US$ | US$ |
| Revenue |  |  |
| Integrated cross-border logistics services | 7659537 | 12751847 |
| Air freight forwarding services | 725253 | 971631 |
|  | 8384790 | 13723478 |
| Cost of revenue |  |  |
| Cost of revenue - third party | 4007266 | 4550026 |
| Cost of revenue - related party | 2719028 | 7725902 |
|  | 6726294 | 12275928 |
| Gross profit | 1658496 | 1447550 |
| General and administrative expenses | 505105 | 658292 |
| Income from operation | 1153391 | 789258 |
| Other expense, net |  |  |
| Interest income | 29323 | 11299 |
| Interest expense | (1612) | (550) |
| Other expense | (142178) | (239574) |
| Total other expense, net | (114467) | (228825) |
| Income before income taxes | 1038924 | 560433 |
| Income tax expenses | 140129 | 110177 |
| Net income | $898795 | $450256 |

---

**Revenues**

Our revenue increased by $5,338,688 or 63.7%, from $8,384,790 for the six months ended March 31, 2024 to $13,723,478 for the six months ended March 31, 2025, primarily due to the increase in the integrated cross-border logistics services in 2025. Our revenue from integrated cross-border logistics services increased by $5,092,310, or 66.5%, from $7,659,537 for the six months ended March 31, 2024 to $12,751,847 for the six months ended March 31, 2025. The increase in revenue from integrated cross-border logistics services was attributed primarily driven by higher sales volumes, as reflected in the increased average daily number of packages, together with improved average sales price per freight weight.

The following table set forth the breakdown of our revenue analysis for integrated cross-border logistics services for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **Six months ended <br> March 31,** | **Six months ended <br> March 31,** |
|  | **2024** | **2025** |
| Average daily number of packages | 5513 | 11656 |
| Average daily freight weight (kilogram) | 1939 | 2276 |
| Average daily number of shipments | 2.74 | 3.39 |
| Average daily revenue per freight weight | $23.63 | $30.8 |

---

Our revenue from air freight forwarding services increased by $246,378, or 34.0%, from $725,253 for the six months ended March 31, 2024 to $971,631 for the six months ended March 31, 2025. The Company sells cargo spaces obtained from air freight forwarders and air freight carriers under the block space agreements to other air freight forwarders by leveraging the price differences to earn revenue. Such revenue is recognized upon the completion of the transaction as air freight forwarding service revenue.

The increase of the air freight forwarding services for the six months ended March 31, 2025 is primarily due to the increase of revenue derived from such resale of cargo space, as the overall supply of the air freight cargo spaces in the market has been increased leading to the increased flight frequency and additional air freight routes, and eventually to a decrease in airfare prices compared to the respective period in last year.

**Cost of Revenue**

The following table set forth the breakdown of our cost of revenue for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **Six months ended <br> March 31,** | **Six months ended <br> March 31,** |
|  | **2024** | **2025** |
| Air freight charges | $2563811 | $3110753 |
| Last mile carriage and alliance costs | 4062977 | 9032575 |
| Warehouse labor costs | 82450 | 117333 |
| Packing costs | 17056 | 15267 |
|  | $6726294 | $12275928 |

---

Our cost of revenue mainly represented air freight charges, last mile carriage and alliance costs, packaging costs and labor costs. Our cost of revenue increased by $5,549,634, or 82.5%, from $6,726,294 for the six months ended March 31, 2024 to $12,275,928 for the six months ended March 31, 2025, mainly due to increase in air freight and last mile carriage expenses which in line with the rise of the air freight costs and boost in revenue from integrated cross-border logistics services.

Our air freight charges mainly represented costs of air freight services. Our air freight charges increased by $546,942, or 21.3%, from $2,563,811 for the six months ended March 31, 2024 to $3,110,753 for the six months ended March 31, 2025, mainly due to the increase in air freight costs from suppliers and increase in sales orders from integrated cross-border logistics services.

Our last mile carriage and alliance costs mainly represented courier service charges, customs clearance fees and other alliance service charges. Our last mile carriage and alliance costs increased by $4,969,598, or 122.3%, from $4,062,977 for the six months ended March 31, 2024 to $9,032,575 for the six months ended March 31, 2025, mainly due to the increased sales from integrated cross-border logistics services and were further driven up by the increment in market logistic cost during the six months ended March 31, 2025.

Our warehouse labor costs mainly represented salaries and wages of warehouse staff. Our warehouse labor costs increased by $34,883, or 42.3%, from $82,450 for the six months ended March 31, 2024 to $117,333 for the six months ended March 31, 2025, mainly due to more part-time workers hired.

Our packing costs mainly represented packing materials, including boxes and labels, for repacking customers' products. Our packing costs decreased by $1,789, or 10.5%, from $17,056 for the six months ended March 31, 2024 to $15,267 for the six months ended March 31, 2025, mainly due to the decrease in packaging material costs for the integrated cross-border logistics services.

**Gross Profit**

Our gross profit decreased by $210,946, or 12.7%, from $1,658,496 for the six months ended March 31, 2024 to $1,447,550 for the six months ended March 31, 2025. As higher air freight and last mile carriage costs outpaced revenue growth, resulting in a lower gross margin of 10.5% for the six months ended March 31, 2025 compared to 19.8% for the six months ended March 31, 2024.

**General and Administrative Expenses**

The following table set forth the breakdown of our general and administrative expenses for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **Six months ended <br> March 31,** | **Six months ended <br> March 31,** |
|  | **2024** | **2025** |
| Staff costs | $134965 | $256789 |
| Travel expenses | 131818 | 58761 |
| Audit fees | 85833 | 123006 |
| Legal and professional fees | 115600 | 119362 |
| Depreciation charge and amortization of right-of-use assets | 25508 | 57644 |
| Reversal of allowance of expected credit loss | (24012) | (26226) |
| Others | 35392 | 68956 |
|  | $505105 | $658292 |

---

Our general and administrative expenses mainly represented staff costs, traveling expenses, audit fees, legal and professional fees, depreciation charge, amortization of right-of-use assets, allowance for expected credit loss and other administrative expenses. Our general and administrative expenses increased by $153,187, or 30.3%, from $505,105 for the six months ended March 31, 2024 to $658,292 for the six months ended March 31, 2025, mainly due to increase in staff costs, audit fees, depreciation charge and amortization of ROU during the six months ended March 31, 2025.

**Other Expenses, net**

Our other expense, net mainly consists of interest income, interest expenses and foreign exchange gain/loss. Our net other expense was $114,467 for the six months ended March 31, 2024, as compared to net other expenses of $228,825 for the six months ended March 31, 2025, primarily due to foreign exchange loss.

Our foreign exchange loss significantly increased by $97,380, or 68.5%, from $142,194 for the six months ended March 31, 2024 to $239,574 for the six months ended March 31 2025, 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 six months ended March 31, 2024 and 2025, 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 Cayman Islands and the BVI, these entities are not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the Cayman Islands and the BVI.

*Hong Kong*

The Company generated substantially all of its taxable income in the Hong Kong for the six months ended March 31, 2024 and 2025. Accordingly, tax expenses records in the Company's result of operations are almost entirely attributable to income earned in the Hong Kong.

The Hong Kong profits tax is calculated at 8.25% on the first HK$2 million of the estimated assessable profits and at 16.5% on the estimated assessable profits above HK$2 million.

The effective tax rates on income before income taxes for the six months ended March 31, 2024 and 2025 were approximately 13.5% and 19.7%, respectively.

*Australia*

Australian companies are subject to a corporate income tax rate of 30% on their taxable income, other than those classified as a "base rate company", which are businesses with revenue of less than A$50 million (US$78 million) that are subject to a reduced corporate income tax rate of 25%. For the six months ended March 31, 2024 and 2025, the Company was not considered a taxable Australian company.

*New Zealand*

New Zealand companies are subject to a corporate income tax rate of 28% on their taxable income. For the six months ended March 31, 2024 and 2025, the Company was not considered a taxable New Zealand company.

**Net Income**

Our net income decreased by $448,539 or 49.9% to $450,256 for the six months ended March 31, 2025, as compared to $898,795 for six months ended March 31, 2024. The decrease in net income was predominantly due to combined effect of decreased gross profit from the integrated cross-border logistics services and increased audit and professional fees, staff costs and foreign exchange loss during the six months ended March 31, 2025.

**Liquidity and Capital Resources**

For the years ended September 30, 2024 and the six months ended March 31, 2025, we have financed our operations primarily through cash generated from our business operation in previous years.

As of March 31, 2025, we have working capital of $4,768,505 as compared to working capital of $2,670,291 as of September 30, 2024. The total current assets remained stable between September 30, 2024 and March 31, 2025. The total current liabilities decreased 75.0%, from $2,785,688 as of September 30, 2024 to $696,990 as of March 31, 2025. The decrease in our current liabilities is mainly due to a decrease in accounts payable and accruals.

Saved for the proceeds received from issuance of Ordinary Shares in the IPO, we also received capital injections by our shareholder of nil, nil and nil for the years ended September 30, 2024 and for the six months March 31, 2025, respectively.

We did not experience or identify any material trends or any known demands, commitments, events or uncertainties, in our liquidity, capital resources and results of operations, such as material commitments for capital expenditures and deposit on a short-term basis. Based on our total cash and cash equivalents as of March 31, 2025, we believe that our current cash and cash equivalents will be sufficient to meet our working capital needs in the next 12 months following this offering.

As of September 30, 2024 and March 31, 2025, the Company had a banking facility arrangement for a bank guarantee line with maximum amount of HK$3,690,000, which guaranteed by Mr. Wai Yiu Yau, the director of the Company, and secured by bank deposit from time to time charged in the bank's favor. The outstanding principal as of September 30, 2024 and March 31, 2025 is nil and nil, respectively.

In the long run, if we need additional capital in the future to fund our continued operations and our cash requirements exceed the amount of cash and cash equivalents we have on hand at that time, we may seek to issue equity or debt securities or obtain credit facilities. The issuance and sale of additional equity or convertible loans would result in dilution to our shareholders. The occurrence of indebtedness would result in increased fixed obligations and could result in operating covenants that might restrict our operations. We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all.

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

---

| | | |
|:---|:---|:---|
|  | **As of<br> September 30,**<br>**2024** | **As of <br> March 31,**<br>**2025<br> **(Unaudited)** |
| **Current assets** |  |  |
| Cash and cash equivalents | $2296462 | $915151 |
| Accounts receivable, net | 1684644 | 1151308 |
| Interest receivable from a director |  | 10659 |
| Deposits and prepayment | 203178 | 13699 |
| Deposits – related party |  | 897436 |
| Deferred costs | 374286 | 1684316 |
| Contract assets | 897409 | 697232 |
| Taxes recoverable | - | 95694 |
| **Total current assets** | **5455979** | **5465495** |
| **Current liabilities** |  |  |
| Accounts payables | 649183 | 520942 |
| Accounts payables – related party | 1627269 |  |
| Amount due to a director | 8586 |  |
| Other payables and accrued liabilities | 235193 | 155248 |
| Taxes payables | 224438 |  |
| Lease liabilities - current | 41019 | 20800 |
| **Total current liabilities** | **2785688** | **696990** |
| **Net current assets** | $**2670291** | $**4768505** |

---

*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 $2.3 million as of September 30, 2024 to $0.9 million as of March 31, 2025. The decrease in the balance of cash and cash equivalents was mainly due to repayment of trade payables, payment of tax and purchase of property, plant and equipment, while offset by the collection of trade receivables and contract assets during the six months ended March 31, 2025.

*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 decreased by $533,336, or 31.7% from $1,684,644 as of September 30, 2024 to $1,151,308 as of March 31, 2025. The decrease was mainly attributable to the decrease in revenue near the period end.

An impairment analysis is performed at the end of each Period. There was an allowance for expected credit loss amounting to $42,932 and $19,067 made in the year ended September 30, 2024 and the six months ended March 31, 2025, respectively.

*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 decreased by $1,559,936, or 66.6% from $2,343,423 as of September 30, 2024 to $783,487 as of March 31, 2025. This reduction was primarily due to the reclassification of certain amounts to current assets and deferred costs.

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 and prepayment increased significantly by $707,957 or 348.4% from $203,178 as of September 30, 2024 to $911,135 as of March 31, 2025. This increase was primarily due to a deposit paid to a related party, which was reclassified from long-term deposits.

*Contract assets*

Contract assets include billed and unbilled amounts resulting from in-transit shipments, as the Company has an unconditional right to payment only when services have been completed (i.e., shipments have been delivered). Upon completion of the performance obligations, which can vary in duration based upon the method of transport, these amounts become classified within accounts receivable.

Contract assets decreased by $200,177 or 22.3% from $897,409 as of September 30, 2024 to $697,232 as of March 31, 2025. The decrease was mainly due to less in-transit deliveries that have not yet delivered to the customers near the six months ended March 31, 2025.

An impairment analysis is performed at the end of each Period. There was an allowance for expected credit loss amounting to $14,940 and $8,680 made in the year ended September 30, 2024 and six months ended March 31, 2025.

*Deferred costs*

Pursuant to ASC 340-10-S99-1, incremental offering costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. These costs include legal fees related to the registration drafting and counsel, consulting fees related to the registration preparation, SEC filing and print related costs, exchange uplisting costs, and road show related costs. In the event the offering is unsuccessful or aborted, the costs will be expensed.

The deferred costs increased significantly by $1,310,030, or 350.0% from $374,286 as of September 30, 2024 to $1,684,316 as of March 31, 2025. The increase was mainly due to the reclassified from long-term deposits and prepayment for financial services in relation to the fund raising of $15 million, before deducting placement agent fees and other estimated expenses payable by the Company, via public offering which has been completed subsequently after the reporting period.

*Accounts payable*

The accounts payable are derived from logistics and air freight service providers. The accounts payable decreased by $128,241, or 19.8% from $649,183 as of September 30, 2024 to $520,942 as of March 31, 2025. The decrease was mainly due to the Company kept better payment management with suppliers for the period ended March 31, 2025.

*Accounts payable – related party*

Accounts payable – related party amounted to 1,627,269 and nil as of September 30, 2024 and March 31, 2025, respectively.

*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 by $79,945, or 34.0% from $235,193 as of September 30, 2024 to $155,248, as of March 31, 2025. The decrease was mainly due to the decrease of accrued professional fee 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 March 31, 2025, the operating lease arrangement of the office and warehouse on 9<sup>th</sup> floor 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%.

**Cash Flow**

Our use of cash is primarily related to operating activities, investing activities and payment of IPO cost. We have historically financed our operations primarily through our cash flow generated from our operations and the net proceeds from the IPO. The following table sets forth a summary of our cash flows information for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br> March 31,** | **Six months ended<br> March 31,** |
|  | **2024** | **2025** |
| Net cash used in operating activities | $(256581) | $(906285) |
| Net cash used in investing activities | (473409) | (303846) |
| Net cash provided by (used in) financing activities | 2725624 | (171180) |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1995634 | (1381311) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 554132 | 2296462 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $2549766 | $915151 |

---

*<u>Operating Activities</u>*

Our cash inflow from operating activities was principally from the receipt of revenue. Our cash outflow used in operating activities was principally for payment of supplier costs and operating expenses.

Net cash used in operating activities was $906,285 for the six months ended March 31, 2025, compared to net cash used in operating activities of $256,581 for the six months ended March 31, 2024, representing an increase of approximately $650,000 in the net cash outflow in operating activities. The increase in net cash used in operating activities was primarily due to the following major working capital changes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Change in accounts receivable
resulted in a cash inflow of $553,302 for the six months ended March 31, 2025 compared to a cash inflow of $724,706 for the same period
of 2024, which led to an approximately $171,000 decrease in net cash inflow in operating activities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Change in contract assets resulted
in a cash inflow of $206,437 for the six months ended March 31, 2025 compared to a cash inflow of $94,029 for the same period of 2024,
which led to an approximately $112,000 increase in net cash inflow in operating activities.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Change in accounts payable
resulted in a cash outflow of $128,241 for the six months ended March 31, 2025 compared to a cash outflow of $2,080,638 for the same
period of 2024, which led to an approximately $1,952,000 decrease in net cash outflow in operating activities.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Change in accounts payable
– related parties resulted in a cash outflow of $1,627,269 for the six months ended March 31, 2025 compared to a cash inflow of
$261,770 for the same period of 2024, which led to an approximately $1,889,000 increase in net cash outflow in operating activities.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in tax payables resulted
in a cash outflow of $320,132 for the six months ended March 31, 2025 compared to a cash outflow of $14,454 for the same period of 2024,
which led to an approximately $306,000 increase in net cash outflow in operating activities.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Net income of $450,256 in
the six months ended March 31, 2025 compared net income of $898,795 to the same period of 2024, which led to an approximately $449,000
decrease in net cash inflow in operating activities.

*<u>Investing Activities</u>*

For the six months ended March 31, 2025 and 2024, our cash outflow used in investing activities was principally derived from the purchases of fixtures, furniture and equipment, leasehold improvement and purchase for Office 0914.

*<u>Financing Activities</u>*

For the six months ended March 31, 2025, our cash used in financing activities was principally derived from the payment of offering costs of $162,594 and the net repayment to director of $8,586. For the six months ended March 31, 2024 our cash used in financing activities was principally derived from the proceeds from the issuance of Ordinary Shares, net off with the payment of offering costs and upfront payment for services to bring in external financing.

The Company believes that, taking into consideration the financial resources presently available, including the current levels of cash and cash flows from operations, our cash and cash equivalent will be sufficient to meet its anticipated cash needs for at least the next twelve months from the date of this report.

*<u>Capital Expenditures</u>*

For the six months ended March 31, 2024, the Company has paid a deposit of $462,974 for purchase of property, plant and equipment. For the six months ended March 31, 2025, the Company has paid an additional deposit of $297,436 to a related party for operating lease arrangement .

*<u>Off-Balance Sheet Arrangements</u>*

We have no off-balance sheet arrangements, including arrangements that would affect its liquidity, capital resources, market risk support, credit risk support, or other benefits.

**Contractual Obligations**

The following tables summarized the contractual obligations of the Company as of September 30, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  | **Less than<br> 1 year** | **1 to 3 years** | **3 to 5 years** | **More than<br> 5 years** | **Total** |
|  | **US$** | **US$** | **US$** | **US$** | **US$** |
| **Contractual Obligations:** | | | | | |
| Operating lease obligation | 41538 |  |  |  | 41538 |
| Total contractual obligation | 41538 |  |  |  | 41538 |

---

The following tables summarized the contractual obligations of the Company as of March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  | **Less than<br> 1 year** | **1 to 3 years** | **3 to 5 years** | **More than<br> 5 years** | **Total** |
|  | **US$** | **US$** | **US$** | **US$** | **US$** |
| **Contractual Obligations:** | | | | | |
| Operating lease obligation | 20769 |  |  |  | 20769 |
| Total contractual obligation | 20769 |  |  |  | 20769 |

---

As of September 30, 2024, we have operating lease commitment with lease liability of $41,019 with a related party, prepayment and deposits of $1,147,436 for financial services and deferred offering costs of $374,286 for ELOC.

As of March 31, 2025, we have operating lease commitment with lease liability of $20,800 with a related party, purchase deposits of 897,436 with a related party and deferred offering costs of 1,684,316 of ELOC and the Offering in June 2025.

**Critical Accounting Policies and Estimates**

Our significant accounting policies and their effect on our financial condition and results of operations are fully disclosed in our consolidated financial statements included elsewhere in this prospectus. We have prepared our consolidated financial statements in conformity with U.S. GAAP, which requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. These estimates are prepared using our best judgment, after considering past and current events and economic conditions. While management believes the factors evaluated provide a meaningful basis for establishing and applying sound accounting policies, management cannot guarantee that the estimates will always be consistent with actual results. In addition, certain information relied upon by us in preparing such estimates includes internally generated financial and operating information and external market information. Actual results may differ from these estimates.

We consider an accounting estimate to be critical if: (1) it requires us to make assumptions because the information was not available at the time or it included matters that were highly uncertain at the time we were making our estimate and (2) changes in the estimate could have a material impact on our financial condition or results of operations. Despite the fact that the management determines there are no critical accounting estimates, the most significant estimates relate to allowance for credit losses, for which we are required to estimate the collectability of accounts receivable. The estimates were based on a number of factors including historical loss rates and expectations of future conditions, and other factors that may affect our ability to collect from customers.

**Quantitative and Qualitative Disclosure About Market Risk**

*Credit Risk*

On October 1, 2020, the Company adopted ASC 326. The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. Assets that potentially subject the Company to a significant concentration of credit risk primarily consist of cash, accounts receivable, amounts due from a director and contract assets. The Company has designed their credit policies with an objective to minimize their exposure to credit risk.

Our exposure to credit risk, which will cause a financial loss to us due to failure to discharge an obligation by the counterparties, relates primarily to our bank deposits (including our own cash at banks), accounts receivable, contract assets and amount due from related parties. We consider the maximum exposure to credit risk equals to the carrying amount of these financial assets in the consolidated statement of financial position. As of March 31 2025, the cash balance of $915,151 was substantially maintained at financial institutions in Hong Kong.

We believe that there is no significant credit risk associated with cash, which was held by reputable financial institutions in the jurisdictions where the Company and its subsidiaries are located.

Credit risks associated with account receivables and contract assets are typically accounted for by creating an allowance for expected credit losses. Credit risks are mitigated by performing ongoing credit evaluations of customers' financial condition. We have adopted a credit policy of dealing with creditworthy counterparties to mitigate the credit risk from defaults. We estimate the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current risk characteristics.

*Foreign Currency Risk*

We are a global provider of integrated cross-border logistics services and air freight forwarding services and our functional currency is the Hong Kong dollars. Most of our transactions during the periods presented in this prospectus are denominated in Hong Kong dollars, Australian dollars and New Zealand dollars. Historically, our principal exposure to foreign currency fluctuations is mainly with respect to our expenses incurred denominated in Australian dollars and New Zealand dollars. For the six months ended March 31, 2024 and 2025, we incurred approximately 58.1% and 73.6% of our cost of revenue, respectively, denominated in foreign currencies for customs clearance fees and local courier expenses. We do not use currency exchange contract to reduce the risk of adverse foreign currency movements, but we believe that our exposure from foreign currency fluctuations is unlikely to be material. Foreign currency fluctuations had a negative impact on net income for the six months ended March 31, 2024.and 2025. For the six months ended March 31, 2024 and 2025, the foreign exchange loss was $142,194 and $239,574, respectively.

*Liquidity Risk*

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 60 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

## Exhibit 99.2

?xml version='1.0' encoding='ASCII'?

**Exhibit 99.2**

**GLOBAVEND HOLDINGS LIMITED**

**INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS**

Unaudited Condensed Consolidated Financial Statements

---

| | |
|:---|:---|
| [Condensed Consolidated Balance Sheets as of March 31 2025 (unaudited) and September 30, 2024](#f_001) | F-2 |
| [Condensed Consolidated Statements of Operations and Comprehensive Income for the six months ended March 31, 2024 and 2025 (unaudited)](#f_002) | F-3 |
| [Condensed Consolidated Statements of Changes in Shareholders' Equity for the six months ended March 31, 2024 and 2025 (unaudited)](#f_003) | F-4 |
| [Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 2024 and 2025 (unaudited)](#f_004) | F-5 |
| [Notes to the Condensed Consolidated Financial Statements (unaudited)](#f_005) | F-6 |

---

**GLOBAVEND HOLDINGS LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

**AS OF SEPTEMBER 30, 2024 AND MARCH 31, 2025**

**(US$, except share data, or otherwise note)**

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2024** | **March 31,<br> 2025** |
|  | **US$** | **US$** |
|  | | **(unaudited)** |
| **ASSETS** | | |
| **CURRENT ASSETS** | | |
| Cash and cash equivalents | $2296462 | $915151 |
| Accounts receivable, net | 1684644 | 1151308 |
| Interest receivable from a director | - | 10659 |
| Deposits and prepayment | 203178 | 13699 |
| Deposits – related party | - | 897436 |
| Deferred costs | 374286 | 1684316 |
| Contract assets | 897409 | 697232 |
| Taxes recoverable | - | 95694 |
| **Total current assets** | $**5455979** | $**5465495** |
| **NON-CURRENT ASSETS** |  |  |
| Property, plant, equipment, net | $123101 | $87932 |
| Right-of-use assets, operating lease | 32711 | 16646 |
| Deposits and prepayment | 1743423 | 783487 |
| Deposits – related party | 600000 | - |
| **Total non-current assets** | $**2499235** | $**888065** |
| **TOTAL ASSETS** | $**7955214** | $**6353560** |
| **LIABILITIES AND EQUITY** |  |  |
| **Current Liabilities** |  |  |
| Accounts payable | $649183 | $520942 |
| Accounts payable – related party | 1627269 | - |
| Amount due to a director | 8586 | - |
| Other payables and accrued liabilities | 235193 | 155248 |
| Taxes payables | 224438 | - |
| Operating lease liabilities - current | $41019 | 20800 |
| **Total current liabilities** | $**2785688** | $**696990** |
| **TOTAL LIABILITIES** | $**2785688** | $**696990** |
| **Commitments** | - |  |
| **EQUITY** |  |  |
| Ordinary shares, $0.001 par value, 2,000,000,000 shares authorized, 74,656 and 74,895 shares issued and outstanding as of September 30, 2024 and March 31, 2025, respectively\* | 14931 | 14979 |
| Subscription receivable | (13125) | (13125) |
| Additional paid-in capital | 3454741 | 3491481 |
| Retained earnings | 1712979 | 2163235 |
| **Total shareholders' equity** | $**5169526** | $**5656570** |
| **TOTAL LIABILITIES AND EQUITY** | $**7955214** | $**6353560** |

---

*\** *Retrospectively applied for effect of reverse stock split on July 21, 2025*

See accompanying notes to the condensed consolidated financial statements.

**GLOBAVEND HOLDINGS LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

**FOR THE SIX MONTHS ENDED MARCH 31, 2024 AND 2025**

**(US$, except share data, or otherwise note)**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> March 31,** | **For the six months ended<br> March 31,** |
|  | **2024** | **2025** |
|  | **US$(unaudited)** | **US$(unaudited)** |
| Revenue – third parties | $8384790 | $13723478 |
| **Revenue** | **8384790** | **13723478** |
| Cost of revenue - third parties | 4007266 | 4550026 |
| Cost of revenue – related party | 2719028 | 7725902 |
| **Cost of revenue** | **6726294** | **12275928** |
| **Gross Profit** | **1658496** | **1447550** |
| **Operating expenses:** |  |  |
| General and administrative expenses | 505105 | 658292 |
| **Total operating expenses** | $**505105** | $**658292** |
| **Income from operations** | $**1153391** | $**789258** |
| **Other expense, net:** |  |  |
| Interest income | 29323 | 11299 |
| Interest expense | (1612) | (550) |
| Other expense | (142178) | (239574) |
| **Total other expense, net** | **(114467)** | **(228825)** |
| **Income before income taxes** | $**1038924** | $**560433** |
| Income taxes provision | **140129** | **110177** |
| **Net income attributable to Globavend Holdings Limited** | $**898795** | $**450256** |
| **Comprehensive income** | $**898795** | $**450256** |
| Earnings per share - Basic and diluted | $12.57 | $6.01 |
| Weighted Average Basic and Diluted Number of Ordinary Shares Outstanding\* | 71486 | 74895 |

---

*\** *Retrospectively applied for effect of reverse stock split on July 21, 2025*

See accompanying notes to the condensed consolidated financial statements.

**GLOBAVEND HOLDINGS LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY**

**FOR THE SIX MONTHS ENDED MARCH 31, 2024 AND 2025**

**(US$, except share data, or otherwise note)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares\*** | **Ordinary Shares\*** | | | | |
|  | **Shares** | **Amount** | **Subscription**<br>**Receivable** | **Additional paid-in**<br>**capital** | **Retained**<br>**Earnings** |<br>**Total** |
| Balance as of September 30, 2023 | 65625 | $**13125** | $**(13125)** | $**128205** | $**373971** | $**502176** |
| Issuance of ordinary share upon the completion of IPO, net of issuance cost | 7500 | **1500** | **-**  | 2962556 | **-**  | 2964056 |
| Net income for the period |  | - | - | - | 898795 | 898795 |
| Balance as of March 31, 2024 (unaudited) | 73125 | $**14625** | $**(13125)** | $**3090761** | $**1272766** | $**4365027** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares\*** | **Ordinary Shares\*** | | | | |
|  | **Shares** | **Amount** | **Subscription**<br>**Receivable** | **Additional paid-in**<br>**capital** | **Retained**<br>**Earnings** |<br>**Total** |
| Balance as of September 30, 2024 | 74656 | $**14931** | $**(13125)** | $**3454741** | $**1712979** | $**5169526** |
| Issuance of ordinary share to Square Gate as compensation | 239 | **48** |  | **36740** |  | **36788** |
| Net income for the period |  |  |  |  | 450256 | 450256 |
| Balance as of March 31, 2025 (unaudited) | 74895 | $**14979** | $**(13125)** | $**3491481** | **2163235** | **5656570** |

---

*\** *Retrospectively applied for effect of reverse stock split on July 21, 2025*

See accompanying notes to the condensed consolidated financial statements.

**GLOBAVEND HOLDINGS LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE SIX MONTHS ENDED MARCH 31, 2024 AND 2025**

**(US$, except share data, or otherwise note)**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> March 31,** | **For the six months ended<br> March 31,** |
|  | **2024** | **2025** |
|  | **US$**<br> **(unaudited)** | **US$**<br> **(unaudited)** |
| **Cash flows used in operating activities:** |  |  |
| Net income | $898795 | $450256 |
| &nbsp;&nbsp;&nbsp;Non-cash adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment | 5666 | 41579 |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | 19842 | 16065 |
| &nbsp;&nbsp;&nbsp;Reversal of allowance for expected credit loss | (24012) | (26226) |
| &nbsp;&nbsp;&nbsp;Compensation to Square Gate | - | 36788 |
| &nbsp;&nbsp;&nbsp;Interest income from Director | - | (10659) |
| &nbsp;&nbsp;&nbsp;**Changes in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Increase) Decrease In:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 724706 | 553302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other current assets | (20233) | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets | 94029 | 206437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase (Decrease) In:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (2080638) | (128241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable – related party | 261770 | (1627269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables and accrued liabilities | (102382) | (79945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax payables | (14454) | (320132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | (19670) | (20219) |
| **Net cash used in operating activities** | $**(256581)** | $**(906285)** |
| **Cash flows used in investing activities:** |  |  |
| Payment for purchases of property, plant and equipment | (473409) | (303846) |
| **Net cash used in investing activities** | $(473409) | $(303846) |
| **Cash flows used in financing activities:** |  |  |
| Payment for proposed financing transactions | $(897436) | $- |
| Net payment to a director |  | (8586) |
| Proceeds from issuance of common stock, net of issuance costs | 5379500 | - |
| Payment of offering costs | (1756440) | (162594) |
| **Net cash provided by (used in) financing activities** | $**2725624** | $**(171180)** |
| **Net increase (decrease) in cash and cash equivalents** | $**1995634** | $**(1381311)** |
| Cash and cash equivalents at beginning of year | 554132 | 2296462 |
| **Cash and cash equivalents at end of year** | $**2549766** | $**915151** |
| **Supplemental Disclosure of Cash Flow Information** |  |  |
| Interest received | 29323 | 11299 |
| Income tax paid | (154582) | (430308) |
| **Non-cash Financing Activities** |  |  |
| Shares issued as compensation for Square Gate | - | 36788 |
| Deferred cost within other payables and accrued liabilities | 300000 | - |

---

**GLOBAVEND HOLDINGS LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Organization

Globavend Holdings Limited (the "Company") was incorporated under the laws of the Cayman Islands on May 22, 2023, which is a holding company with operations conducted by the operating subsidiary in Hong Kong.

On May 24, 2023, Globavend Associates Limited ("Globavend BVI") was incorporated under the laws of the British Virgin Islands. Globavend BVI is a wholly owned subsidiary of the Company, which was incorporated for the purposes of acting as intermediary holding companies of the Company's operating entity.

Globavend (HK) Limited ("Globavend HK"), was incorporated under laws of Hong Kong and commenced its operations since June 2016. Globavend HK provides integrated cross-border logistics services and air freight forwarding services with business spans Hong Kong, Australia and New Zealand.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Principal activities

The Company and its subsidiaries engage in provision of integrated cross-border logistics services and air freight forwarding services with networks across Hong Kong, Australia and New Zealand. The Company conduct its operations through its subsidiary in Hong Kong (the "operating subsidiary").

The operating subsidiary mainly provides air freight forwarding services and integrated cross-border logistics services, which is one-stop logistics services including the provision of supporting transportation for freight forwarding purpose, storage of consignment, labelling of consignments, other related logistic services for freight forwarding purpose, freight management services, and delivery at destination.

Generally, the Company's services are divided into integrated cross-border logistics services and air freight forwarding services.

The followings are the consolidated entities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Date of Incorporation** | **Place of Incorporation** | **Percentage of effective ownership** | **Principal activities** |
| **Parent company** |  |  |  |  |
| Globavend Holdings Limited | May, 2023 | Cayman Islands | 100% | Investment holding company |
| Wholly-owned subsidiaries |  |  |  |  |
| Globavend Associates Limited | May, 2023 | British Virgin Islands | 100% | Intermediate holding company |
| Globavend (HK) Limited | June, 2016 | Hong Kong | 100% | Provision of integrated cross-border logistics services and air freight forwarding services |

---

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Reorganization**

On May 22, 2023, Globavend Holdings Limited ("Globavend Holdings" or the "Company") was incorporated in the Cayman Islands having an authorized share capital of US$50,000 divided into 50,000,000 ordinary shares of par value of US$0.001 each (the "Ordinary Shares"), and 13,125,000 ordinary shares were issued to Globavend Investments Limited ("Globavend Investments"), which is wholly owned by Mr. Wai Yiu Yau.

Pursuant to the Company's reorganization ("Reorganization") that took place on May 29, 2023, the former shareholder of Globavend HK, namely Mr. Wai Yiu Yau transferred all the shares of, inter alia, Globavend HK to Globavend BVI in consideration of Globavend BVI allotting and issuing 1 share to the Company credited as fully paid.

Following such share swap, Globavend HK became the Company's indirectly owned subsidiaries through Globavend BVI, whereas Globavend Investments Limited became the controlling shareholders of the Company holding 100% of the issued share capital of the Company respectively.

The combination has been treated as a corporate restructuring ("Reorganization") of entities under common control and thus the current capital structure has been retroactively presented in prior periods as if such structure existed at that time and in accordance with ASC 805-50-45-5, the entities under common control are presented on a combined basis for all periods to which such entities were under common control. Since all of the subsidiaries were under common control for the entirety of the six months ended March 31, 2024 and 2025, the results of these subsidiaries are included in the financial statements for both periods. After the Restructuring ("Reorganization"), the Company has 13,125,000 ordinary shares issued and outstanding.

On November 10, 2023, the Company completed its IPO and listed its Ordinary Shares on the Nasdaq Capital Market under the symbol "GVH". With the above IPO, the Company received total gross proceeds of US$5.3 million from the issuance of 1,500,000 new ordinary shares from the initial public offering after deducting underwriting discounts, commissions and expenses.

On April 28, 2025, the authorized share capital of the Company increased from US$50,000 divided into 50,000,000 shares of US$0.001 par value each to US$2,000,000 divided into 2,000,000,000 shares of US$0.001 par value each. The designation of existing issued shares of US$0.001 par value each of the Company as Ordinary Shares shall remain unchanged.

On June 26, 2025, the Company raised an aggregate gross proceed of $15 million, before deducting placement agent fees and other estimated expenses payable by the Company, via the public offering for (the "Offering"). The Offering was comprised of: (i) 5,645,997 units (the "Ordinary Units"), each consisting of one Ordinary Share of the Company, par value $0.001 per share, one series A warrant to purchase one Ordinary Share and one series B warrant initially to purchase one Ordinary Share, and (ii) 16,093,133 pre-funded units, each consisting of one pre-funded warrant to purchase one Ordinary Share, one Series A Warrant and one Series B Warrant.

On July 2, 2025, the board of directors of the Company, approved a reverse stock split that would consolidate every 200 issued and unissued shares of US$0.001 par value each in the share capital of the Company into one share of US$0.20 par value each, with an effective date of July 21, 2025.

**Basis of Presentation and Principles of Consolidation**

The accompanying unaudited condensed consolidated financial statements of the Company and its wholly owned subsidiaries (Collectively, the "Company") have been prepared in accordance with U.S. generally accepted accounting principles ("US GAAP") for interim financial reporting. These unaudited condensed consolidated financial statements do not include certain information and footnote disclosures as required by the U.S. GAAP for complete annual financial statements. Accordingly, these statements should be read in conjunction with the Company's audited consolidated financial statements for the years ended September 30, 2023 and 2024.

In the opinion of the management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which are necessary for a fair presentation of financial results for the interim periods presented. The Company believes that the disclosures are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements have been prepared using the same accounting policies as used in the preparation of the Company's consolidated financial statements for the years ended September 30, 2023 and 2024. The results of operations for the six-month periods ended March 31, 2024 and 2025 are not necessarily indicative of the results for the full years.

The financial information as of September 30, 2024 presented in the unaudited consolidated financial statements is derived from the audited consolidated financial statements for the year ended September 30, 2024.

**Use of Estimates**

&nbsp;&nbsp;&nbsp;&nbsp;The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Actual amounts could differ from those estimates and differences could be material. Changes in estimates are recorded in the period they are identified.

Judgments, estimates and underlying assumptions are evaluated on an ongoing basis by management and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. However, existing circumstances and assumptions about future developments may change due to market changes or circumstances and such changes are reflected in the assumptions when they occur.

Significant estimates required to be made by management include, but are not limited to, allowance of expected credit losses. Actual results could differ from those estimates.

The measurement of the expected credit loss allowance for financial assets measured at amortized cost is an area that requires the use of significant assumptions about future economic conditions and credit behavior (e.g. the likelihood of customers defaulting and the resulting losses). A number of significant judgements are also required in applying the accounting requirements for measuring expected credit loss, such as:

● Assessing relevant historical and forward-looking quantitative and qualitative information;

● Choosing appropriate models and assumptions for the measurement of expected credit loss.

The Company reviews its accounts receivable and contract assets on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. The loss-rate method is used to estimate the expected credit loss for accounts receivable and contract assets. The loss-rates are estimated based on the age of the balances of accounts receivable, historical experience, current general economic conditions, future expectations and customer specific quantitative and qualitative factors that may affect the customers' ability to pay. The assessment of the correlation among historical observed default rates, forecast economic conditions and expected credit losses is a significant estimate. The amount of expected credit loss is sensitive to changes in circumstances and forecast economic conditions. The historical credit loss experience and forecast of economic conditions may also not be representative of a customer's actual default in the future. As of September 30, 2024 and March 31, 2025, balance of allowance for expected credit loss was $57,872 and $27,747, respectively.

**Risks and uncertainties**

The main operations of the Company are located in Hong Kong. Accordingly, the Company's business, financial condition, and results of operations may be influenced by political, economic, and legal environments in Hong Kong, as well as by the general state of the economy in Hong Kong. The Company's results may be adversely affected by changes in the political, regulatory and social conditions in Hong Kong. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, such experience may not be indicative of future results.

The Company's business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company's operations.

Following the Outbreak of COVID-19 (the "Outbreak"), a series of precautionary and control measures have been and will continue to be implemented in Hong Kong. The directors of the Company will keep continuous attention on monitoring the development of the Outbreak. Based on the currently available information, the directors of the Company consider that the Outbreak would not have a material financial impact on the Company's overall operation and sales performance.

As an infectious disease, the Outbreak was first reported in late December 2019 and has since spread to various countries all over the world. On 11 March 2020, the World Health Organization announced that COVID-19 be characterized as a pandemic based on its assessment and the governments of different countries have taken drastic measures to curb the spread of the Epidemic. The Epidemic has not only endangered the health of citizens but has also disrupted the business operations of various enterprises. While the Company's business operations are primarily based in Hong Kong, there was no significant impact on the Company's business in 2024 and for the six months ended March 31, 2025.

**Concentration risk**

The risk is mitigated by the Company's assessment of the level of concentration on its major customers and its ongoing monitoring of outstanding balances.

Concentration of major customers and suppliers:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
| Major customers representing more than 10% of the Company's revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer A | $- | 0.0% | $3007516 | 21.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer B | 1434490 | 17.1% | 2454365 | 17.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer C | 1242771 | 14.8% | 1011782 | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer D | 1864655 | 22.2% | 634619 | 4.6% |
| &nbsp;&nbsp;&nbsp;**Total Revenues** | $4541916 | 54.1% | $7108282 | 51.8% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **September 30,**<br> **2024**  | **September 30,**<br> **2024**  | **March 31,**<br> **2025** | **March 31,**<br> **2025** |
| Major customers of the Company's accounts receivable, net |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company A | $155790 | 9.3% | $358970 | 31.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company B | 135041 | 8.0% | 168111 | 14.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company C | 40032 | 2.4% | 35538 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer D | 226332 | 13.4% | 127723 | 11.1% |
| &nbsp;&nbsp;&nbsp;**Total** | $557195 | 33.1% | $690342 | 60.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
| Major suppliers representing more than 10% of the Company's cost of revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panaicia Pty Ltd (note) | $2414279 | 35.9% | $7594925 | 61.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplier A | 1047585 | 15.6% | 796051 | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplier B | 804452 | 12.0% | 554135 | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplier C | - | -% | 1562403 | 12.7% |
| &nbsp;&nbsp;&nbsp;**Total Cost of Revenue** | $4266316 | 63.5% | $10507514 | 85.6% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **September 30,**<br> **2024** | | **March 31,**<br> **2025** | |
| Major suppliers of the Company's accounts payables, net |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panaicia Pty Ltd (note) | $1563137 | 68.7% | $- | -% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplier A | 284872 | 12.5% | 259552 | 49.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplier B | 78224 | 3.4% | 17928 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplier C | 48762 | 2.1% | 25010 | 4.8% |
| &nbsp;&nbsp;&nbsp;Total | $1974995 | 86.7% | $302490 | 58.0% |

---

Note: Panaicia Pty Ltd is a related party of the Company, in which its sole director and sole shareholder is one of the shareholders of the Company, Mr. Wai Yiu Yau.

**Foreign Currency Translation**

The Company uses United State Dollar ("US$") as its reporting currency. The Company's operations are principally conducted in Hong Kong where Hong Kong dollar is the functional currency.

Transactions denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currency at the prevailing rates of exchange at the balance date. The resulting exchange differences are reported in the consolidated statements of operation and comprehensive income.

The exchanges rates used for translation from Hong Kong dollar to USD was 7.8000, a pegged rate determined by the linked exchange rate system in Hong Kong. This pegged rate was used to translate Company's balance sheets, income statement items and cash flow items for six months ended March 31, 2024 and 2025.

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> March 31,** | **For the six months ended<br> March 31,** |
|  | **2024** | **2025** |
| Year end HKD: US$ exchange rate | 7.8000 | 7.8000 |
| Year average HKD: US$ exchange rate | 7.8000 | 7.8000 |

---

**Credit Risk**

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. Assets that potentially subject the Company to a significant concentration of credit risk primarily consist of cash and cash equivalents, accounts receivable and contract assets. The Company has designed their credit policies with an objective to minimize their exposure to credit risk.

The exposure to credit risk, which will cause a financial loss to us due to failure to discharge an obligation by the counterparties, relates primarily to our bank deposits (including our own cash at banks), accounts receivable and contract assets. The Company considers the maximum exposure to credit risk equals to the carrying amount of these financial assets in the consolidated statement of financial position. As of September 30, 2024 and March 31, 2025, the cash balances of $2,296,462 and $915,151, respectively, were substantially maintained at financial institutions in Hong Kong, respectively.

The Company believes that there is no significant credit risk associated with cash, which was held by reputable financial institutions in the jurisdictions where the Company and its subsidiaries are located.

The Company has adopted a credit policy of dealing with creditworthy counterparties to mitigate the credit risk from defaults. The credit exposure is controlled by counterparty limits that are reviewed and approved by the senior management of the Company periodically. The management team periodically evaluates the creditworthiness of the existing customers in determining an allowance for expected credit loss primarily based on many factors, including the age of the balance, customer's historical payment history, its current creditworthiness and current or future economic trends.

**Liquidity Risk**

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 60 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

**Foreign Exchange Risk**

The reporting currency of the Company is U.S. Dollar. To date the majority of the revenues and costs are denominated in Hong Kong Dollar and a significant portion of the assets and liabilities are denominated in Hong Kong Dollars. There was no significant exposure to foreign exchange rate fluctuations and the Company has not maintained any hedging policy against foreign currency risk. The management will consider hedging significant currency exposure should the need arise.

**Fair Value of Financial Instruments**

The Company applies the provisions of ASC 820, *Fair Value Measurements and Disclosures*, to the financial instruments that are required to be carried at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company uses a three-tier fair value hierarchy based upon observable and non-observable inputs that prioritizes the information used to develop our assumptions regarding fair value. Fair value measurements are separately disclosed by level within the fair value hierarchy.

● Level 1—defined as observable inputs such as quoted prices in active markets for identical assets or liabilities;

● Level 2—defined as inputs other than quoted prices in active markets, that are either directly or indirectly observable; and

● Level 3—defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

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

The carrying value of cash and cash equivalents, accounts receivable, deposit, accounts payable, other payables and accrued liabilities, interest receivable from a director 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 March 31, 2025.

**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 HKD800,000 per depositor per Scheme member, including both principal and interest.

**Accounts Receivable, net**

Accounts receivables are carried at net realizable value net expected credit loss. 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-rate methods to estimate allowance for credit loss. For those past due balances over 1 year and other higher risk receivables identified by management are reviewed individually for collectability. In establishing an allowance for credit losses, the Company use reasonable and supportable information, which is based on historical collection experience, the financial condition of its customers and assumptions for the future movement of different economic drivers and how these drivers will affect each other. Loss-rate approach is based on the historical loss rates and expectations of future conditions. The Company writes off potentially uncollectible accounts receivable against the allowance for credit losses if it is determined that the amounts will not be collected or if a settlement with respect to a disputed receivable is reached for an amount that is less than the carrying value. Balance of allowance for expected credit loss for accounts receivables was $42,932 and $19,067 as of September 30, 2024 and March 31, 2025, respectively.

**Related Party** 

In general, related parties exist when there is a relationship that offers the potential for transactions at less than arm's-length, favorable treatment, or the ability to influence the outcome of events different from that which might result in the absence of that relationship. A related party may be any of the following: a) an affiliate, which is a party that directly or indirectly controls, is controlled by, or is under common control with another party; b) a principle owner, owner of record or known beneficial owner of more than 10% of the voting interest of an entity; c) management, which are persons having responsibility for achieving objectives of the entity and requisite authority to make decision; d) immediate family of management or principal owners; e) a parent Company and its subsidiaries; and f) other parties that have ability to significant influence the management or operating policies of the entity. The Company discloses all significant related party transactions.

**Contract Assets**

Contract assets include billed and unbilled amounts resulting from in-transit shipments, as the Company has an unconditional right to payment only when services have been completed (i.e., shipments have been delivered). Amounts do not exceed their net realizable value. Contract assets are generally classified as current and the full balance is converted within 90 days based on the short-term nature of the transactions.

Contract assets were $897,409 and $697,232 as of September 30, 2024 and March 31, 2025, respectively. Balance of allowance for expected credit loss for contract assets was $14,940 and $8,680 as of September 30, 2024 and March 31, 2025, respectively.

**Deferred costs**

Pursuant to ASC 340-10-S99-1, incremental offering costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. These costs include legal fees related to the registration drafting and counsel, consulting fees related to the registration preparation, SEC filing and print related costs, exchange uplisting costs, and road show related costs. In the event the offering is unsuccessful or aborted, the costs will be expensed. As of September 30, 2024 and March 31, 2025, deferred costs were $374,286 and $1,684,316, respectively.

**Property, Plant, and Equipment** 

Property, plant, and equipment are stated at cost less accumulated depreciation and impairment charges, and include expenditure that substantially increases the useful lives of existing assets. Expenditures for repairs and maintenance, which do not extend the useful life of the assets, are expensed as incurred, whereas significant renewals and betterments are capitalized.

Depreciation is provided over their estimated useful lives with an estimated residual value of the assets, using the straight-line method. Estimated useful lives are as follows:

Motor vehicles 3.3 years <br> Fixtures, furniture and equipment 5 years <br> Leasehold improvements 15 months

When assets are sold or retired, their costs and accumulated depreciation are eliminated from the consolidated financial statements and any gain or loss resulting from their disposal is recognized in the period of disposition as an element of other income.

**Impairment of Long-Lived Assets**

Long-lived assets are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying amounts may not be recoverable in accordance with FASB ASC 360, "Property, Plant and Equipment".

In evaluating long-lived assets for recoverability, the Company uses its best estimate of future cash flows expected to result from the use of the asset and eventual disposition in accordance with FASB ASC 360-10-15. To the extent that estimated future, undiscounted cash inflows attributable to the asset, less estimated future, undiscounted cash outflows, are less than the carrying amount, an impairment loss is recognized in an amount equal to the difference between the carrying value of such asset and its fair value. Assets to be disposed of and for which there is a committed plan of disposal, whether through sale or abandonment, are reported at the lower of carrying value or fair value less costs to sell.

There was no impairment loss recognized for the six months ended March 31, 2024 and 2025.

**Lease**

The Company makes an accounting policy election not to separate non-lease components to measure the lease liability and lease asset. For operating leases with a term of one year or less, we have elected not to recognize a lease liability or ROU asset on our consolidated balance sheets. Instead, we recognize the lease payments as expenses on a straight-line basis over the lease term.

*<u>Operating leases</u>*

Upon adoption of ASC 842, the lease liabilities are recognized upon lease commencement for operating leases based on the present value of lease payments over the lease term, operating leases are recognized as right-of-use assets ("ROU") and lease liabilities in the consolidated balance sheets if the initial lease term is greater than 12 months. For leases with an initial term of 12 months or less the Company recognizes those lease payments on a straight-line basis over the lease term.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, management uses the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Management uses the implicit rate when readily determinable. Lease expense is recognized on a straight-line basis over the lease term and are included in general and administrative ("G&A") expenses.

**Revenue Recognition**

The Company considers revenue realized or realizable and earned when all the five following criteria are met: (1) Identify the Contract with a Customer, (2) Identify the Performance Obligations in the Contract, (3) Determine the Transaction Price, (4) Allocate the Transaction Price to the Performance Obligations in the Contract, and (5) Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation. The Company has assessed the impact of the guidance by reviewing its existing customer contracts and current accounting policies and practices to identify differences that will result from applying the new requirements, including the evaluation of its performance obligations, transaction price, customer payments, transfer of control and principal versus agent considerations. Based on the assessment, the Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of Topic 606 and therefore there was no material changes to the Company's consolidated financial statements upon adoption of ASC 606.

Revenue may be recognized at a point in time or over time following the timing of satisfaction of the performance obligation. If a performance obligation is satisfied over time, revenue is recognized based on the percentage of completion reflecting the progress towards complete satisfaction of that performance obligation.

The Company's revenues are primarily from the provision of (i) integrated cross-border logistics services, which including supporting transportation for freight forwarding purpose, storage of consignment, labelling of consignments, other related logistic services for freight forwarding purpose, freight management services, and delivery at destination, and (ii) air freight forwarding services.

*Integrated cross-border logistics services* 

In general, each logistics order constitutes a separate contract with the customer. A performance obligation is created once a customer agreement with an agreed upon transaction price exists. The transaction price is typically fixed and not contingent upon the occurrence or non-occurrence of any other event. The transaction price is generally due 7 to 90 days from the date of invoice. The Company's logistics services provide for the arrangement of the movement of shipments to a customer's destination. The logistics services, including certain ancillary services, such as loading/unloading and customs clearance, that are provided to the customer represent a single performance obligation as these promises aren't distinct in the context of the contract. This performance obligation is satisfied over time and recognized in revenue upon the transfer of control of the services over the requisite transit period as the customer's goods move from origin to destination. The Company determines the period to recognize revenue in transit based upon the departure date and the delivery date, which may be estimated if delivery has not occurred as of the reporting date. Determination of the transit period and the percentage of completion of the transportation as of the reporting date requires management to make judgments that affect the timing of revenue recognition. The Company has determined that revenue recognition over the transit period provides a reasonable estimate of the transfer of services to its customers as it depicts the pattern of the Company's performance under the contracts with its customers.

*Air freight forwarding services*

The Company also provides air freight forwarding services by purchasing transportation services from direct carriers or other freight forwarders and reselling those services to its customers. The contracts with customers generally contain a single performance obligation. The Company recognizes revenue from this performance obligation at a point in time, which is the completion of the services.

The Company uses independent contractors and third-party carriers in the performance of its logistics and air freight forwarding services. The Company evaluates who controls the logistics and air freight forwarding services to determine whether its performance obligation is to transfer services to the customer or to arrange for services to be provided by another party. The Company determined it acts as the principal for its logistics and air freight forwarding services performance obligation since it is in control of establishing the prices for the specified services, managing all aspects of the logistics and air freight forwarding process, and assuming the risk of loss for delivery and collection. Such logistics and air freight forwarding services revenue is presented on a gross basis in the consolidated statements of operations and comprehensive income.

A summary of the Company's gross revenues disaggregated by major service lines and timing of revenue recognition for the six months ended March 31, 2024 and 2025, respectively, are as follow:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> March 31,** | **For the six months ended<br> March 31,** |
|  | **2024** | **2025** |
| Integrated cross-border logistics services | $7659537 | $12751847 |
| Air freight forwarding services | 725253 | 971631 |
| Total | $8384790 | $13723478 |

---

**Cost of revenue**

Cost of revenue consists primarily of cargo space charged by airlines or other freight forwarders and ancillary logistics services fee including costs of custom handling services, last mile carriage, warehouse packaging and labor cost.

**General and Administrative Expenses**

General and administrative expenses include salaries and employee benefits, depreciation for fixture, furniture and office equipment and ROU assets, staff salaries, travel and entertainment, audit fees, legal and professional fees, bank charges, credit loss expense and other office expenses.

**Income Taxes**

The Company accounts for income taxes following the liability method pursuant to FASB ASC 740 "Income Taxes". Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized in income in the period that includes the enactment date.

The Company also follows FASB ASC 740, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance on recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of September 30, 2024 and March 31, 2025, the Company did not have a liability for unrecognized tax benefits. It is the Company's policy to include penalties and interest expense related to income taxes as a component of other expense and interest expense, respectively, as necessary. The Company's historical tax years will remain open for examination by the local authorities until the statute of limitations has passed.

**Earnings per share**

The Company calculates earnings per share in accordance with ASC Topic 260 "Earnings per Share." Basic earnings per share is computed by dividing the net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential ordinary shares equivalents had been issued and if the additional common shares were dilutive. As of September 30, 2024 and March 31, 2025, there were no dilution impact.

**Commitments and Contingencies**

In the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

If the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Company's financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

As of September 30, 2024 and March 31, 2025, the Company had a banking facility arrangement for a bank guarantee line with maximum amount of HK$3,690,000 and HK$3,690,000, respectively, which guaranteed by Mr. Wai Yiu Yau, the director of the Company, and secured by bank deposit from time to time charged in the bank's favor. There was no outstanding principal or pledged bank deposit as at September 30, 2024 and March 31, 2025.

**Segment Reporting**

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for detailing the Company's business segments.

The Company's chief operating decision maker is the director, who reviews the financial information of each separate operating segment when making decisions about allocating resources and assessing the performance of the segment. The Company has determined that it has a single operating segment for purposes of allocating resources and evaluating financial performance; accordingly, the Company does not provide additional segment reporting in these accompanying notes.

**Recently Issued Accounting Pronouncements**

The Company is an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.

**NOTE 3 – ACCOUNTS RECEIVABLE**

Accounts receivable is presented net of allowance for credit loss:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30,<br> 2024** | **March 31,<br> 2025** |
| Accounts receivable | $1727576 | 1170375 |
| Less: allowance for expected credit loss | (42932) | (19067) |
| **Total** | $1684644 | 1151308 |

---

The movement of allowances for credit loss is as follow:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30,<br> 2024** | **March 31,<br> 2025** |
| Balance at beginning of the year | $(38534) | $(42932) |
| (Addition) reversal | (4398) | 23865 |
| **Total** | $(42932) | $(19067) |

---

**NOTE 4 – DEPOSITS AND PREPAYMENT**

Deposits and prepayment are summarized as follow:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30,**<br> **2024** | **March 31,** <br> **2025** |
| **Deposits and prepayment classified as non-current assets:** | | |
| Trade deposit | $320513 | $320513 |
| Financial service deposit (note) | 897436 | - |
| Prepaid financial service fee (note) | 62500 | - |
| Deposits paid for purchase of property, plant and equipment | 462974 | 462974 |
| **Total deposits and prepayment classified as non-current assets** | $1743423 | $783487 |
| **Deposits – related party classified as non-current assets:** |  |  |
| Deposit for operating lease arrangement | $600000 | $- |
| **Total deposits – related party classified as non-current assets** | $600000 | $- |
| **Deposits and prepayment classified as current assets:** |  |  |
| Prepaid service fee | $11127 | $11712 |
| Financial service deposit (note) | 187500 | - |
| Utility and other deposit | 4551 | 1987 |
| **Total deposits and prepayment classified as current assets** | $203178 | $13699 |
| **Deposits – related party classified as current assets:** |  |  |
| Deposit for operating lease arrangement | $- | $897436 |
| **Total deposits – related party classified as current assets** | $- | $897436 |

---

Note: As of September 30, 2024, the Company has both long-term and short-term deposit and prepayment for financial services. During the six months ended March 31, 2025, such balances were reclassified from long-term and short-term deposits and prepayment to deferred costs for financial services in relation to the fund raising of $15 million, before deducting placement agent fees and other estimated expenses payable by the Company, via public offering which has been completed subsequently after the reporting period.

**NOTE 5 – PROPERTY, PLANT AND EQUIPMENT, NET**

As of September 30, 2024 and March 31, 2025, property, plant and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30,<br> 2024** | **March 31,<br> 2025** |
| Furniture | $63101 | $63101 |
| Leasehold improvements | 87172 | 93582 |
| Total property plant and equipment, at cost | 150273 | 156683 |
| Less: accumulated depreciation | (27172) | (68751) |
| **Total property, plant and equipment, net** | $123101 | $87932 |

---

Depreciation expenses for the six months ended March 31, 2024 and 2025 were $5,666 and $41,579, respectively.

**NOTE 6 – OPERATING LEASES**

The Company has various operating leases for office space and warehouse with lease terms of two years. The Company adopted Leases (Topic 842), using the modified-retrospective approach. No cumulative-effect adjustment to retained earnings was required upon adoption of Topic 842 because payments made under operating leases are also recognized as an expense on a straight-line basis over the lease term prior to the adoption of ASC 842. The lease agreements do not specify an explicit interest rate. 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, 2024 and March 31, 2025, operating lease consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30,<br> 2024** | **March 31,<br> 2025** |
| Right-of-use assets, costs | $163592 | $40789 |
| Accumulated amortization | (47596) | (24143) |
| Disposal due to early termination | (83285) | - |
| **Right-of-use assets, net** | $**32711** | $**16646** |

---

As of September 30, 2024 and March 31, 2025, operating lease liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30,<br> 2024** | **March 31,<br> 2025** |
| Operating lease liabilities - current portion | $41019 | $20800 |
| **Total** | $**41019** | $**20800** |

---

Leases with an initial term of 12 months or less are short-term leases and not recognized as operating lease right-of-use assets and operating lease liabilities on the consolidated balance sheet. The Company recognizes lease expense for short-term leases on a straight-line basis over the lease term.

During the six months ended March 31, 2024 and 2025, the Company incurred total operating lease expenses of $21,453 and $16,615, respectively.

Other lease information is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> March 31,** | **For the six months ended<br> March 31,** |
|  | **2024** | **2025** |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| Operating cash flows used in operating leases | $19670 | $20219 |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $- | $- |
| Weighted-average remaining lease term - operating leases | 2.4 years | 0.5 years |
| Weighted-average discount rate - operating leases | 3.375% | 3.375% |

---

The following is a schedule of future minimum payments under operating leases as of September 30, 2024:

---

| | |
|:---|:---|
|  | **As of September 30,<br> 2024** |
| 2025 | 41538 |
| 2026 | - |
| Total lease payments | $41538 |
| Less: imputed interest | (519) |
| Total operating lease liabilities, net of interest | $41019 |

---

The following is a schedule of future minimum payments under operating leases as of March 31, 2025:

---

| | |
|:---|:---|
|  | **As of<br> March 31, <br> 2025** |
| 2025 | $20831 |
| Total lease payments | $20831 |
| Less: imputed interest | (31) |
| Total operating lease liabilities, net of interest | $20800 |

---

**NOTE 7 – OTHER PAYABLES AND ACCRUED LIABILITIES**

Other payables and accrued liabilities are summarized as follow:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30,<br> 2024** | **March 31,<br> 2025** |
| Accrued staff salaries | $47087 | $67367 |
| Accrued administrative expenses | 182176 | 83961 |
| Accrued offering fees | 2564 | 2564 |
| Other payables | 3366 | 1356 |
| **Total** | $235193 | $155248 |

---

**NOTE 8 – SEGMENT INFORMATION**

The Company follows FASB ASC Topic 280, Segment Reporting, which requires that companies disclose segment data based on how management makes decision about allocating resources to segments and evaluating their performance. Reportable operating segments include components of an entity about which separate financial information is available and which operating results are regularly reviewed by the chief operating decision maker ("CODM"), Mr. Wai Yiu Yau, to make decisions about resources to be allocated to the segment and assess each operating segment's performance.

Based on the management's assessment, the Company determined that it has only one operating segment which is the provision of forwarding services and therefore one reportable segment as defined by ASC 280. For the six months ended March 31, 2024 and 2025, revenue and assets within Hong Kong contributed over 90% of the Company's total revenue and assets. The single segment represents the Company's core business of providing (i) integrated cross-border logistics services; and (ii) air freight forwarding services.

Information for the Company's breakdown of integrated cross-border logistics revenue destination for the six months ended March 31, 2024 and 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months ended<br> March 31,** | **For the six months ended<br> March 31,** | **For the six months ended<br> March 31,** | **For the six months ended<br> March 31,** |
|  | **2024** | | **2025** | |
| Australia | $6586518 | 86.0% | $11449918 | 89.8% |
| New Zealand | 1073019 | 14.0% | 1301929 | 10.2% |
| **Total integrated cross-border logistics revenue** | $**7659537** | **100.0%** | $**12751847** | **100.0%** |

---

**NOTE 9 – OTHER EXPENSE, NET**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> March 31,** | **For the six months ended<br> March 31,** |
|  | **2024** | **2025** |
| Foreign exchange loss | (142194) | (239574) |
| Miscellaneous income | 16 | - |
| **Total** | $(142178) | $(239574) |

---

**NOTE 10 – GENERAL AND ADMINISTRATIVE EXPENSES**

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br> March 31,** | **Six months ended<br> March 31,** |
|  | **2024** | **2025** |
| Staff costs | $134965 | $256789 |
| Travel expenses | 131818 | 58761 |
| Audit fees | 85833 | 123006 |
| Legal and professional fees | 115600 | 119362 |
| Depreciation charge and amortization of right-of-use assets | 25508 | 57644 |
| Reversal of allowance of expected credit loss | (24012) | (26226) |
| Others | 35392 | 68956 |
|  | $505105 | $658292 |

---

**NOTE 11 – INCOME TAXES**

*Cayman Islands and British Virgin Islands ("BVI")*

The Company is incorporated in the Cayman Islands and several of its wholly-own subsidiaries are incorporated in BVI. Under the current laws of the Cayman Islands and the BVI, these entities are not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the Cayman Islands and the BVI.

*Hong Kong*

On March 21, 2018, the Hong Kong Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017 (the "Bill") which introduces the two-tiered profits tax rates regime. The Bill was signed into law on March 28, 2018 and was gazetted on the following day. Under the two-tiered profits tax rates regime, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%.

For the six months ended March 31, 2024 and 2025, Hong Kong Government allowed tax reduction of 100% of the profits tax payable, subject to a ceiling of HK$3,000 (US$385), and HK$1,500 (US$192), respectively.

For the six months ended March 31, 2024 and 2025, the Company generated substantially all of its taxable income in the Hong Kong. The tax expenses records in the Company's result of operations are almost entirely attributable to income earned in the Hong Kong. Should the Company's operations expand or change in the future, where the Company generates taxable income in other jurisdictions, the Company's effective tax rates may substantially change.

Significant components of the provision for income taxes are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> March 31,** | **For the six months ended<br> March 31,** |
|  | **2024** | **2025** |
| Hong Kong profit tax: |  |  |
| &nbsp;&nbsp;&nbsp;- Current year | $140514 | $110369 |
| &nbsp;&nbsp;&nbsp;- Tax Concession | (385) | (192) |
| **Income tax expenses** | $**140129** | $**110177** |

---

The effective tax rates on income before income taxes for the six months ended March 31, 2024 and 2025 was 13.5% and 19.7%, respectively.

No provision for deferred taxation has been made as there were no material temporary difference at reporting period end date.

Reconciliation between the income tax expenses computed by applying the Cayman Islands and BVI statutory tax rate to income before income taxes and actual provision were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended** <br> **March 31,** | **For the six months ended** <br> **March 31,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
| Loss from Cayman Islands and BVI entities | $(85000) | $(233454) |
| Profit from Hong Kong entities | 1123924 | 793887 |
| Income before income tax | $1038924 | $560433 |
| Tax expenses at the Cayman Islands and BVI statutory income tax rate | - | - |
| Tax effect of rate differences in various jurisdictions | 171422 | 92471 |
| Tax effect of non-taxable income | (4838) | - |
| Tax effect of deductible temporary difference | (4917) | 532 |
| Tax effect of non-deductible expenditure | - | 38520 |
| Tax concession | (385) | (192) |
| Additional tax reduction related to two-tiered profits tax regime | (21154) | (21154) |
| Income tax expense | 140129 | 110177 |

---

**NOTE 12 – RELATED PARTY TRANSACTIONS**

**(a) Names and Relationship of Related Parties:**

---

| | |
|:---|:---|
|  | **Existing Relationship with the Company** |
| Panaicia Pty Ltd | Sole director and sole shareholder is one of the shareholders Mr. Wai Yiu Yau. |
| Prezario UNO Pty Ltd | Sole shareholder is the spouse of one of the shareholders Mr. Wai Yiu Yau. |
| Mr. Wai Yiu Yau | Director of the Company |
| Ms. San Man Leng | Director of the Company |
| Mr. Ho Chuen Shin | Director of the Company |
| Mr. Fan Cheung | Director of the Company |

---

**(b) Summary of Balances with Related Parties:**

---

| | | | |
|:---|:---|:---|:---|
| | | **As of** | **As of** |
| <br>**Deposit– related parties:** | <br>**Note** | **September 30,<br> 2024** | **March 31,<br> 2025** |
| Mr. Wai Yiu Yau | (1) | $600000 | $897436 |
| **Total** |  | $**600000** | $**897436** |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **As of** | **As of** |
| <br>**Interest receivable from a director:** | <br>**Note** | **September 30,**<br> **2024** | **March 31,** <br> **2025** |
| Mr. Wai Yiu Yau | (3) | $&nbsp;&nbsp;&nbsp;&nbsp; - | $10659 |
| **Total** |  | $**-**  | $**10659** |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **As of** | **As of** |
| <br>**Accounts payable – related party:** | <br>**Note** | **September 30,**<br> **2024** | **March 31,** <br> **2025** |
| Panaicia Pty Ltd | (2) | $1563136 | $&nbsp;&nbsp;&nbsp;&nbsp; - |
| Prezario UNO Pty Ltd | (2) | 64133 | - |
| **Total** |  | $**1627269** | $**-**  |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **As of** | **As of** |
| <br>**Amount due to a director:** | <br>**Note** | **September 30,**<br> **2024** | **March 31,** <br> **2025** |
| Mr. Wai Yiu Yau | (3) | $8586 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| **Total** |  | $**8586** | $**-**  |

---

Note:

---

| | |
|:---|:---|
| 1 | Deposit – related party was paid to Mr. Wai Yiu Yau, a director of the Company, for the operating lease arrangement related to the rental of a warehouse and office on 9<sup>th</sup> floor of Tsuen Wan Industrial Centre, with a purchase option. The deposit was refundable upon the termination of arrangement. Imputed interest was calculated by interest rate of 3.375% over the lease term of 15 months. |
| 2 | Accounts payable – related party are trade in nature, unsecured and non-interest bearing. |
| 3 | Amount due from/to a director is non-trade in nature, unsecured, non-interest bearing and repayable on demand. |

---

**(c) Summary of Related Party Transactions:**

A summary of trade transactions with related parties for six months ended March 31, 2024 and 2025 are listed below:

---

| | | |
|:---|:---|:---|
| | **For the six months ended<br> March 31,** | **For the six months ended<br> March 31,** |
| <br>**Last-mile delivery charged by related parties:** | **2024** | **2025** |
| Panaicia Pty Ltd | $2414279 | $7594925 |
| Prezario UNO Pty Ltd | 304749 | 130977 |
| **Total** | $2719028 | $7725902 |

---

---

| | | |
|:---|:---|:---|
| | **For the six months ended<br> March 31,** | **For the six months ended<br> March 31,** |
| <br>**Salaries paid to related parties:** | **2024** | **2025** |
| Mr. Wai Yiu Yau | $5000 | $5000 |
| Ms. San Man Leng | 5637 | 11400 |
| Mr. Ho Chuen Shin | 5637 | 11400 |
| Mr. Fan Cheung | 5637 | 11400 |
| **Total** | $21911 | $39200 |

---

---

| | | |
|:---|:---|:---|
| | **For the six months ended<br> March 31,** | **For the six months ended<br> March 31,** |
| <br>**Interest income from related parties:** | **2024** | **2025** |
| Mr. Wai Yiu Yau | $- | $10659 |
| **Total** | $- | $10659 |

---

---

| | | |
|:---|:---|:---|
| | **For the six months ended<br> March 31,** | **For the six months ended<br> March 31,** |
| <br>**Operating lease expenses paid to related parties:** | **2024** | **2025** |
| Mr. Wai Yiu Yau | $&nbsp;&nbsp;&nbsp;&nbsp; - | $16065 |
| **Total** | $- | $16065 |

---

**NOTE 13 – COMMITMENTS AND CONTINGENCIES**

**Contingencies**

The Company accounts for loss contingencies in accordance with ASC Topic 450 and other related guidelines.

We have confirmed that as of September 30, 2024 and March 31, 2025 and as at the date of the prospectus, no enforcement of bank guarantees was made by our suppliers against us. The Company's management is of the opinion that there are no contingencies to account for.

**Commitments**

As at September 30, 2024 and March 31, 2025, save as disclosed in note 6 in the consolidated financial statements, the Company did not have any significant capital and other commitments.

**NOTE 14 – ORDINARY SHARES AND STRUCTURE SECTION**

Globavend Holdings Limited was incorporated under the laws of the Cayman Islands on May 22, 2023. As of September 30, 2023, the Company was authorized to issue up to 50,000,000 ordinary shares and 13,125,000 ordinary shares were issued and outstanding at par value of $0.001 per share.

On November 10, 2023, the Company completed its IPO and listed its Ordinary Shares on the Nasdaq Capital Market under the symbol "GVH". With the above IPO, the Company received the proceeds from the issuance of 1,500,000 ordinary Shares, net of issuance cost, of $5,379,500 and net off with the payment of offering costs of $1,756,440.

As a result of the Reverse Stock Split, each 200 pre-split ordinary shares outstanding were automatically combined and converted to one issued and outstanding ordinary share without any action on the part of the shareholder. The Reverse Stock Split has been retrospectively applied to the consolidated financial statements for the fiscal years ended September 30, 2024 and the condensed unaudited financial statements for the six months ended March 31, 2025 and 2024.

**NOTE 15 – SUBSEQUENT EVENTS**

On April 28, 2025, the authorized share capital of the Company increased from US$50,000 divided into 50,000,000 shares of US$0.001 par value each to US$2,000,000 divided into 2,000,000,000 shares of US$0.001 par value each. The designation of existing issued shares of US$0.001 par value each of the Company as ordinary shares shall remain unchanged.

On June 26, 2025, the Company raised an aggregate gross proceed of $15 million, before deducting placement agent fees and other estimated expenses payable by the Company, via the Offering. The Offering was comprised of: (i) 5,645,997 Ordinary Units, each consisting of one Ordinary Share of the Company, par value $0.001 per share, one series A warrant to purchase one Ordinary Share and one series B warrant initially to purchase one Ordinary Share, and (ii) 16,093,133 pre-funded units, each consisting of one pre-funded warrant to purchase one Ordinary Share, one Series A Warrant and one Series B Warrant.

On July 2, 2025, the board of directors of the Company, approved a reverse stock split that would consolidate every 200 issued and unissued shares of US$0.001 par value each in the share capital of the Company into one share of US$0.20 par value each, with an effective date of July 21, 2025.

The Company has assessed all events from March 31, 2025, up through September 9, 2024, which is the date that these condensed consolidated financial statements are available to be issued, unless as disclosed below, there are not any material subsequent events that require disclosure in these condensed consolidated financial statements.

## Exhibit 99.3

**Exhibit 99.3**

![](ex99-3_001.jpg)

**Globavend Presents First Half 2025 Financial Results**

**63.7% Revenue Increase**

PERTH, Australia, Sept. 09, 2025 (GLOBE NEWSWIRE) -- Globavend Holdings Limited ("Globavend" or the "Company") (NASDAQ: GVH), an emerging e-commerce logistics services provider, today announced its unaudited financial results for the six months ended March 31, 2025.

"We are thrilled to report a 63.7% increase in revenue for the first half 2025," said Frank Yau, CEO at Globavend. "The continued increase in revenue marked an accelerated growth of our business".

**About Globavend Holdings Limited**

Globavend Holdings Limited, an emerging e-commerce logistics provider, offers end-to-end logistics solutions in Hong Kong, Australia, and New Zealand. The Company primarily serves enterprise customers, including e-commerce merchants and operators of e-commerce platforms, facilitating business-to-consumer (B2C) transactions. As an e-commerce logistics provider, Globavend delivers integrated cross-border logistics services from Hong Kong to Australia and New Zealand. It provides customers with a comprehensive solution, encompassing pre-carriage parcel drop-off, parcel consolidation, air-freight forwarding, customs clearance, on-carriage parcel transportation, and final delivery.

**Forward-Looking Statement**

*This press release may contain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on the beliefs and assumptions and on information currently available to management of the Company. All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements regarding the improvement of the liquidity of our ordinary shares, the positive change in our public float and the strengthening of our balance sheet. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties related to global economic or market conditions, changes in our operating plans or funding requirements, changes in customer demands, changes to our supplier relationships, changes in the availability of labor and other employment needs, changes in the price of necessary expenses required to operate our business and the risks and uncertainties set forth in the "Risk Factors" section of the Company's Annual Report on Form 20-F for the year ended September 30, 2024, and subsequent reports that the Company files with the SEC. Forward-looking statements represent the Company's beliefs and assumptions only as of the date of this press release. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, the Company assumes no obligation to publicly update any forward-looking statements for any reason after the date of this press release to conform any of the forward-looking statements to actual results or to changes in its expectations.*

For investor and media inquiries, please contact:<br> Globavend Holdings Limited<br> Wai Yiu Yau, Chairman and CEO<br> project@globavend.com (61) 8 6141 3263

**GLOBAVEND HOLDINGS LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

**AS OF SEPTEMBER 30, 2024 AND MARCH 31, 2025**

**(US$, except share data, or otherwise note)**

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2024** | **March 31,<br> 2025** |
|  | **US$** | **US$** |
|  | | **(unaudited)** |
| **ASSETS** | | |
| **CURRENT ASSETS** | | |
| Cash and cash equivalents | $2296462 | $915151 |
| Accounts receivable, net | 1684644 | 1151308 |
| Interest receivable from a director |  | 10659 |
| Deposits and prepayment | 203178 | 13699 |
| Deposits – related party |  | 897436 |
| Deferred costs | 374286 | 1684316 |
| Contract assets | 897409 | 697232 |
| Taxes recoverable | - | 95694 |
| **Total current assets** | $**5455979** | $**5465495** |
| **NON-CURRENT ASSETS** |  |  |
| Property, plant, equipment, net | $123101 | $87932 |
| Right-of-use assets, operating lease | 32711 | 16646 |
| Deposits and prepayment | 1743423 | 783487 |
| Deposits – related party | 600000 | - |
| **Total non-current assets** | $**2499235** | $**888065** |
| **TOTAL ASSETS** | $**7955214** | $**6353560** |
| **LIABILITIES AND EQUITY** |  |  |
| **Current Liabilities** |  |  |
| Accounts payable | $649183 | $520942 |
| Accounts payable – related party | 1627269 |  |
| Amount due to a director | 8586 |  |
| Other payables and accrued liabilities | 235193 | 155248 |
| Taxes payables | 224438 |  |
| Operating lease liabilities - current | $41019 | 20800 |
| **Total current liabilities** | $**2785688** | $**696990** |
| **TOTAL LIABILITIES** | $**2785688** | $**696990** |
| **Commitments** |  |  |
| **EQUITY** |  |  |
| Ordinary shares, $0.001 par value, 2,000,000,000 shares authorized, 74,656 and 74,895 shares issued and outstanding as of September 30, 2024 and March 31, 2025, respectively\* | 14931 | 14979 |
| Subscription receivable | (13125) | (13125) |
| Additional paid-in capital | 3454741 | 3491481 |
| Retained earnings | 1712979 | 2163235 |
| **Total shareholders' equity** | $**5169526** | $**5656570** |
| **TOTAL LIABILITIES AND EQUITY** | $**7955214** | $**6353560** |

---

*\** *Retrospectively applied for effect of reverse stock split on July 21, 2025*

**GLOBAVEND HOLDINGS LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

**FOR THE SIX MONTHS ENDED MARCH 31, 2024 AND 2025**

**(US$, except share data, or otherwise note)**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> March 31,** | **For the six months ended<br> March 31,** |
|  | **2024** | **2025** |
|  | **US$(unaudited)** | **US$(unaudited)** |
| Revenue – third parties | $8384790 | $13723478 |
| **Revenue** | **8384790** | **13723478** |
| Cost of revenue - third parties | 4007266 | 4550026 |
| Cost of revenue – related party | 2719028 | 7725902 |
| **Cost of revenue** | **6726294** | **12275928** |
| **Gross Profit** | **1658496** | **1447550** |
| **Operating expenses:** |  |  |
| General and administrative expenses | 505105 | 658292 |
| **Total operating expenses** | $**505105** | $**658292** |
| **Income from operations** | $**1153391** | $**789258** |
| **Other expense, net:** |  |  |
| Interest income | 29323 | 11299 |
| Interest expense | (1612) | (550) |
| Other expense | (142178) | (239574) |
| **Total other expense, net** | **(114467)** | **(228825)** |
| **Income before income taxes** | $**1038924** | $**560433** |
| Income taxes provision | **140129** | **110177** |
| **Net income attributable to Globavend Holdings Limited** | $**898795** | $**450256** |
| **Comprehensive income** | $**898795** | $**450256** |
| Earnings per share - Basic and diluted | $12.57 | $6.01 |
| Weighted Average Basic and Diluted Number of Ordinary Shares Outstanding\* | 71486 | 74895 |

---

*\** *Retrospectively applied for effect of reverse stock split on July 21, 2025*