Globavend Holdings Ltd Files 20-F for Fiscal Year Ended September 30, 2023

TL;DR

<b>Globavend Holdings Ltd submitted its 20-F filing for the fiscal year ending September 30, 2023, detailing its financial performance and business operations.</b>

AI Summary

Globavend Holdings Ltd (GVH) filed a Foreign Annual Report (20-F) with the SEC on January 30, 2024. Globavend Holdings Ltd filed its annual report on Form 20-F for the period ending September 30, 2023. The filing covers the fiscal year from October 1, 2022, to September 30, 2023. The company's principal business is 'Arrangement of Transportation of Freight & Cargo' (SIC 4731). The filing includes financial data for the fiscal years 2020, 2021, and 2022. Key entities mentioned include Globavend Holdings Limited, Globavend Associates Limited, and Globavend HK Limited.

Why It Matters

For investors and stakeholders tracking Globavend Holdings Ltd, this filing contains several important signals. This 20-F filing provides investors and stakeholders with a comprehensive overview of Globavend's financial health and strategic direction for the past fiscal year. The report is crucial for understanding the company's performance in the freight and cargo arrangement sector and its compliance with SEC regulations.

Risk Assessment

Risk Level: low — Globavend Holdings Ltd shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate red flags or significant negative financial disclosures, indicating a routine compliance filing.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to assess Globavend's operational performance and future outlook.

Key Numbers

• 2023-09-30 — Period of Report (Fiscal year end date)
• 2024-01-30 — Filing Date (Date the 20-F was submitted)
• 2022-10-01 — Fiscal Year Start (Beginning of the reporting period)
• 001-41831 — SEC File Number (SEC registration number)

Key Players & Entities

• Globavend Holdings Ltd (company) — Filer of the 20-F report
• 0001978527 (company) — Central Index Key for Globavend Holdings Ltd
• 4731 (company) — Standard Industrial Classification for Arrangement of Transportation of Freight & Cargo
• Globavend Holdings Limited (company) — Subsidiary or parent entity
• Globavend Associates Limited (company) — Subsidiary entity
• Globavend HK Limited (company) — Subsidiary entity
• Mr Wai Yiu Yau (person) — Mentioned in relation to financial data points
• Customer A (company) — Mentioned in relation to financial data points

Forward-Looking Statements

• Globavend Holdings Ltd will continue to disclose detailed related party transactions in future filings. (Globavend Holdings Ltd) — high confidence, target: 2025-01-30

FAQ

Key Dates

• 2024-01-30: Filing Date — Submission of the annual 20-F report
• 2023-09-30: Period End Date — End of the fiscal year covered by the report

Glossary

20-F

An annual report required for foreign private issuers with the U.S. Securities and Exchange Commission. (Provides comprehensive financial and operational information for investors.)

Key Financial Figures

• $0.001 — gistered Ordinary Shares, par value US$0.001 per share GVH The Nasdaq Stock Mark

Filing Documents

• form20-f.htm (20-F) — 2174KB
• ex4-6.htm (EX-4.6) — 3KB
• ex12-1.htm (EX-12.1) — 15KB
• ex12-2.htm (EX-12.2) — 15KB
• ex13-1.htm (EX-13.1) — 6KB
• ex13-2.htm (EX-13.2) — 6KB
• form20-f_001.jpg (GRAPHIC) — 140KB
• form20-f_002.jpg (GRAPHIC) — 7KB
• form20-f_003.jpg (GRAPHIC) — 3KB
• form20-f_004.jpg (GRAPHIC) — 7KB
• form20-f_005.jpg (GRAPHIC) — 3KB
• form20-f_006.jpg (GRAPHIC) — 7KB
• form20-f_007.jpg (GRAPHIC) — 3KB
• form20-f_008.jpg (GRAPHIC) — 7KB
• form20-f_009.jpg (GRAPHIC) — 3KB
• form20-f_010.jpg (GRAPHIC) — 12KB
• form20-f_011.jpg (GRAPHIC) — 4KB
• form20-f_013.jpg (GRAPHIC) — 8KB
• form20-f_020.jpg (GRAPHIC) — 65KB
• ex4-6_001.jpg (GRAPHIC) — 240KB
• ex4-6_002.jpg (GRAPHIC) — 1043KB
• ex4-6_003.jpg (GRAPHIC) — 526KB
• audit_001.jpg (GRAPHIC) — 9KB
• 0001493152-24-004309.txt (&nbsp;) — 10346KB
• gvh-20230930.xsd (EX-101.SCH) — 45KB
• gvh-20230930_cal.xml (EX-101.CAL) — 68KB
• gvh-20230930_def.xml (EX-101.DEF) — 165KB
• gvh-20230930_lab.xml (EX-101.LAB) — 312KB
• gvh-20230930_pre.xml (EX-101.PRE) — 251KB
• form20-f_htm.xml (XML) — 1096KB

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 6

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 6

KEY INFORMATION

ITEM 3. KEY INFORMATION 6

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 51

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 83

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 83

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 109

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 120

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 122

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 124

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 124

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 151

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 153 PART II 154

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 154

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 154

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 154

[RESERVED]

ITEM 16. [RESERVED] 156

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 156

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS 156

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 157

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 157

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 157

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 158

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE 158

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE 158

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 158 PART III 158

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 158

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 158

EXHIBITS

ITEM 19. EXHIBITS 159

SIGNATURES

SIGNATURES 160 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F-1 2 Table of Contents INTRODUCTION Unless otherwise indicated or the context otherwise requires, all information in this annual report reflects the following: "Articles" or "Articles of Association" are to the amended and restated articles of association of our Company (as amended from time to time) adopted on August 18, 2023, which took effect on November 8, 2023, and as amended, supplemented and/or otherwise modified from time to time; "AUD" or "A$" are to Australian dollar(s), the lawful currency of Australia; "BVI" are to the British Virgin Islands; "Companies Act" are to the Companies Act (as revised) of the Cayman Islands, as amended, supplemented or otherwise modified from time to time; "Company," "we," "us," and "Globavend Holdings" are to Globavend Holdings Limited, an exempted company incorporated in the Cayman Islands with limited liability on May 22, 2023; "Controlling Shareholder" are to Mr. Wai Yiu Yau, the ultimate beneficial owner of Ordinary Shares representing approximately 78.25% of the issued capital of the Company as of the date of this annual report. See " Item 6. Directors, Senior Management and Employees—E. Share Ownership" and "Item 7. Major Shareholders and Related Party Transactions – A. Major Shareholders" for more information; "COVID-19" are to the Coronavirus Disease 2019; "Exchange Act" are to the US Securities Exchange Act of 1934, as amended; "Globavend HK" are to Globavend (HK) Limited, a company incorporated under the laws of Hong Kong with limited liability, an indirect wholly owned subsidiary of Globavend Holdings and our sole operating subsidiary in Hong Kong; 3 Table of Contents "Globavend BVI" are to Globavend Associates Limited, a BVI business company limited by shares incorporated in the BVI, a direct wholly owned subsidiary of Globavend Holdings; "HKD" or "HK$" are to Hong Kong dollar(s), the lawful currency of Hong Kong; "Ho

Selected Financial Data

Selected Financial Data The following table presents the selected consolidated financial information for our Company. Our historical results do not necessarily indicate results expected for any future periods. The selected consolidated financial data should be read in conjunction with, and are qualified in their entirety by reference to, our audited consolidated financial statements and related notes and "Item 5. Operating and Financial Review and Prospects" below. Our audited consolidated financial statements are prepared and presented in accordance with U.S. GAAP. The summary consolidated statements of operations and cash flow For the years ended September 30, 2021 2022 2023 Net cash provided by operating activities $ 875,086 $ 783,045 $ 2,021,831 Net cash used in investing activities (1,192 ) (9,247 ) (7,455 ) Net cash used in financing activities (222,753 ) (1,244,502 ) (2,017,979 ) NET CHANGE IN CASH AND CASH EQUIVALENTS 651,141 (470,704 ) (3,603 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 377,298 1,028,439 557,735 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 1,028,439 $ 557,735 $ 554,132 The summary consolidated balance sheet as at As of September 30, 2022 2023 Total Assets $ 2,520,508 $ 4,474,778 Total Liabilities $ (1,621,365 ) $ (3,972,602 ) Total shareholders' equity $ 899,143 $ 502,176 Our management believes that the assumptions underlying our financial statements and the above allocations are reasonable. Our financial a separate, stand-alone company during the periods presented. You should not view our historical results as an indicator of our future performance. The following table presents our summary consolidated statements of operations and comprehensive income for the fiscal years ended September 30, 2022 and 2023: Years ended September 30, 2021

Risk factors

Risk factors An investment in our Ordinary Shares involves a high degree of risk. You should carefully consider the following information about these risks together with the other information appearing elsewhere in this annual report before deciding to invest in our Ordinary Shares. The occurrence of any of the following risks could have a material adverse effect on our business, financial condition, results of operations, and future growth prospects. In these circumstances, the market price of our Ordinary Shares could decline, and you may lose all or part of your investment. Risks Related to Our Business and Industry We may be unable to obtain exact amount of cargo space to facilitate our customers' needs, and the termination or non-renewal of our block space agreements could have adverse effect on our results of operations. In the course of business, our operating subsidiary Globavend HK obtains cargo space from air freight carriers through block space arrangements and direct booking. The block space agreements guarantee us a predetermined allocation of air cargo space at a discounted rate compared to prevailing market rates for a term of nearly 12 months. Shall we wish to obtain more cargo space than the allocated volume under the block space agreements, the additional cargo space will be subject to the latest market price. There is no guarantee that we will be awarded such additional cargo space. Further, if the prevailing market rates of air cargo space we source fall below the predetermined rates under the block space arrangements, we may have to offer cargo space to our customers at rates lower than the predetermined rates; otherwise, our customers may turn to other freight forwarders that are able to offer cargo space at a lower price. Further, save for the cargo space that we procured from air freight carriers that were under the block space agreement, the other cargo spaces offered by our suppliers are on a first-come, first-served basis with no

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View this 20-F filing on SEC EDGAR