Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

 

 

 

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 2024

 

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 ☒ Form 40-F ☐

 

 

 

 

Information Contained in This Report

 

Set forth in this report are the registrant’s Unaudited Condensed Consolidated Financial Statements and the related notes thereto, in each case as of and for the six months ended March 31, 2024. The earning release attached as Exhibit 99.1 includes additional information regarding the foregoing and is incorporated by reference.

 

Unregistered Sales of Equity Securities.

 

On June 4, 2024, the registrant issued 306,123 ordinary shares to Square Gate Capital Master Fund, LLC (the “Investor”), as commitment shares, pursuant to an Equity Purchase Agreement between the registrant and the Investor, dated as of March 15, 2024, as more fully described in the Report of Foreign Private Issuer filed on March 25, 2024.

 

Exhibits

 

99.1	Earning Release, dated as of September 19, 2024.

 

 

SIGNATURES

 

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
	By:	/s/ Wai Yiu Yau
	Name:	Wai Yiu Yau
	Title:	Chairman of the Board and Chief Executive Officer

 

Date: September 19, 2024

 

 

GLOBAVEND HOLDINGS LIMITED

 

Unaudited Condensed Consolidated Financial Statements

FOR the SIX MONTHS ENDED MARCH 31, 2024

 

INDEX

 

Condensed Consolidated Balance Sheets as of March 31 2024 (unaudited) and September 30, 2023	F-2
Condensed Consolidated Statements of Operations and Comprehensive Income for the six months ended March 31, 2023 and 2024 (unaudited)	F-3
Condensed Consolidated Statements of Changes in Shareholders’ Equity for the six months ended March 31, 2023 and 2024 (unaudited)	F-4
Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 2023 and 2024 (unaudited)	F-5
Notes to the Unaudited Consolidated Financial Statements	F-6

 

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GLOBAVEND HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2023 AND MARCH 31, 2024

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

 

		September 30, 2023				March 31, 2024
			US$				US$
							(unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	554,132			$	2,549,766
Accounts receivable, net			1,429,299				726,383
Deposits and prepayment			17,566				1,072,348
Prepayment – related party			169,834				32,721
Deferred costs			1,306,441				300,000
Contract assets			543,838				452,031
Total current assets		$	4,021,110			$	5,133,249
NON-CURRENT ASSETS
Property, plant, equipment, net		$	13,274			$	18,043
Right-of-use assets, operating lease			119,881				100,039
Deposits and prepayment			320,513				783,487
Total non-current assets		$	453,668			$	901,569
TOTAL ASSETS		$	4,474,778			$	6,034,818
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable		$	2,601,253			$	520,615
Accounts payable – related party			-				261,770
Other payables and accrued liabilities			1,096,016				646,197
Taxes payables			155,210				140,756
Operating lease liabilities - current		$	39,886				40,723
Total current liabilities		$	3,892,365			$	1,610,061
Non-current liabilities
Operating lease liabilities – non-current			80,237				59,730
Total non-current liabilities		$	80,237			$	59,730
TOTAL LIABILITIES		$	3,972,602			$	1,669,791
Commitments			-
EQUITY
Ordinary shares, $0.001 par value, 50,000,000 shares authorized, 13,125,000 and 14,625,000 shares issued and outstanding as of September 30, 2023 and March 31, 2024, respectively			13,125				14,625
Subscription receivable			(13,125	)			(13,125	)
Additional paid-in capital			128,205				3,090,761
Retained earnings			373,971				1,272,766
Total shareholders’ equity		$	502,176			$	4,365,027
TOTAL LIABILITIES AND EQUITY		$	4,474,778			$	6,034,818

 

See accompanying notes to the consolidated financial statements.

 

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GLOBAVEND HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED MARCH 31, 2023 AND 2024

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

 

		For the six months ended March 31,
		2023				2024
		US$ (unaudited)				US$ (unaudited)
Revenue – third parties		$	9,400,570			$	8,384,790
Revenue			9,400,570				8,384,790
Cost of revenue - third parties			5,297,399				4,007,266
Cost of revenue – related party			3,387,398				2,719,028
Cost of revenue			8,684,797				6,726,294
Gross Profit			715,773				1,658,496
Operating expenses:
General and administrative expenses			272,113				505,105
Total operating expenses		$	272,113			$	505,105
Income from operations		$	443,660			$	1,153,391
Other income (expense):
Interest income			745				29,323
Interest expense			(557	)			(1,612	)
Other income (expense)			73,158				(142,178	)
Total other income (expense)			73,346				(114,467	)
Income before income taxes		$	517,006			$	1,038,924
Income taxes provision			66,198				140,129
Net income attributable to Globavend Holdings Limited		$	450,808			$	898,795
Comprehensive income		$	450,808			$	898,795
Earnings per share - Basic and diluted		$	0.03			$	0.06
Weighted Average Basic and Diluted Number of Ordinary Shares Outstanding*			13,125,000				14,295,330

 

See accompanying notes to the consolidated financial statements.

 

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GLOBAVEND HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

FOR THE SIX MONTHS ENDED MARCH 31, 2023 AND 2024

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

 

		Ordinary Shares*								Subscription				Additional paid-in				Retained
		Shares				Amount				Receivable				capital				Earnings				Total
Balance as of September 30, 2022			13,125,000			$	13,125			$	(13,125	)		$	128,205			$	770,938			$	899,143
Net income for the period			-				-								-				450,808				450,808
Balance as of March 31, 2023 (unaudited)			13,125,000			$	13,125			$	(13,125	)		$	128,205			$	1,221,746			$	1,349,951

 

		Ordinary Shares*								Subscription				Additional paid-in				Retained
		Shares				Amount				Receivable				capital				Earnings				Total
Balance as of September 30, 2023			13,125,000			$	13,125			$	(13,125	)		$	128,205			$	373,971			$	502,176
Issuance of ordinary share upon the completion of IPO, net of issuance cost			1,500,000				1,500				-				2,962,556				-				2,964,056
Net income for the period			-				-				-				-				898,795				898,795
Balance as of March 31, 2024 (unaudited)			14,625,000			$	14,625			$	(13,125	)		$	3,090,761			$	1,272,766			$	4,365,027

 

See accompanying notes to the consolidated financial statements.

 

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GLOBAVEND HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED MARCH 31, 2023 AND 2024

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

 

		For the six months ended March 31,
		2023				2024
		US$ (unaudited)				US$ (unaudited)
Cash flows from operating activities:
Net income		$	450,808			$	898,795
Non-cash adjustments:
Depreciation of property, plant and equipment			1,603				5,666
Amortization of right-of-use assets			24,872				19,842
Allowance (Reversal) for expected credit loss			21,974				(24,012	)
Changes in operating assets and liabilities:
(Increase) Decrease In:
Accounts receivable			281,612				724,706
Prepayments and other current assets			(64,424	)			(20,233	)
Contract assets			(94,320	)			94,029
Increase (Decrease) In:
Accounts payable			412,926				(2,080,638	)
Accounts payable – related party			133,604				261,770
Other payables and accrued liabilities			34,538				(102,382	)
Tax payables			(23,157	)			(14,454	)
Lease liabilities			(22,415	)			(19,670	)
Net cash provided by (used in) operating activities		$	1,157,621			$	(256,581	)
Cash flows used in investing activities:
Payment for purchases of property, plant and equipment			(2,824	)			(473,409	)
Net cash used in investing activities		$	(2,824	)		$	(473,409	)
Cash flows used in financing activities:
Upfront payment for services to bring in external financings		$	-			$	(897,436	)
Proceeds from issuance of common stock, net of issuance costs			-				5,379,500
Payment of offering costs			(110,000	)			(1,756,440	)
Net cash used in financing activities		$	(110,000	)		$	2,725,624
Net (decrease) increase in cash and cash equivalents		$	1,044,797			$	1,995,634
Cash and cash equivalents at beginning of year			557,735				554,132
Cash and cash equivalents at end of year		$	1,602,532			$	2,549,766
Supplemental Disclosure of Cash Flow Information
Interest received			745				29,323
Income tax paid			(89,355	)			(154,582	)
Non-cash financing activity
Deferred costs within other payables and accrued liabilities			-				300,000

 

See accompanying notes to the consolidated financial statements.

 

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GLOBAVEND HOLDINGS LIMITED

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES

 

(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.

 

(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, 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.

 

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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, 2023 and 2024, 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.

 

As of March 31, 2024, the authorized number of ordinary shares is 50,000,000 with a par value of $0.001 and the issued number of ordinary shares is 14,625,000.

 

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, 2022 and 2023.

 

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, 2022 and 2023. The results of operations for the six-month periods ended March 31, 2023 and 2024 are not necessarily indicative of the results for the full years.

 

The financial information as of September 30, 2023 presented in the unaudited condensed consolidated financial statements is derived from the audited consolidated financial statements for the year ended September 30, 2023.

 

Use of Estimates

 

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, 2023 and March 31, 2024, balance of allowance for expected credit loss was $50,935 and $26,924, respectively.

 

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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 2023 and for the six months ended March 31, 2024.

 

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,
		2023								2024
Major customers representing more than 10% of the Company’s revenues
Customer A		$	2,099,354				22.3	%		$	1,864,655				22.2	%
Customer B			1,797,766				19.1	%			1,434,490				17.1	%
Customer C			1,252,095				13.3	%			1,242,771				14.8	%
Total Revenues		$	5,149,215				54.7	%		$	4,541,916				54.2	%

 

		As of
		September 30, 2023								March 31, 2024
Major customers of the Company’s accounts receivable, net
Company A		$	437,898				29.8	%		$	259,406				34.9	%
Company B			-				-				143,392				19.3	%
Company C			459,954				31.3	%			617				0.1	%
Total		$	897,852				61.1	%		$	403,415				54.3	%

 

		For the six months ended March 31,
		2023								2024
Major suppliers representing more than 10% of the Company’s cost of revenue
Panaicia Pty Ltd (note)		$	3,004,054				34.6	%		$	2,414,279				35.9	%
Supplier A			1,725,911				19.9	%			1,047,585				15.6	%
Supplier B			1,194,857				13.8	%			804,452				12.0	%
Supplier C			1,127,423				13.0	%			-				-
Total Cost of Revenue		$	7,052,245				81.3	%		$	4,266,316				63.5	%

 

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		As of
		September 30, 2023								March 31, 2024
Major suppliers of the Company’s accounts payables, net
Panaicia Pty Ltd (note)		$	-				-			$	261,770				33.5	%
Supplier A			2,301,224				88.5	%			240,468				30.7	%
Supplier B			54,188				2.1	%			-				-
Supplier C			108,743				4.1	%			19,089				2.4	%
Total		$	2,464,155				94.7	%		$	521,327				66.6	%

 

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, 2023 and 2024.

 

		For the six months ended March 31,
		2023				2024
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, deposits 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, deposits 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, 2023 and March 31, 2024, the cash balances of $554,132 and $2,549,766, 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.

 

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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, deposit, accounts payable, other payables, lease liabilities and accrued liabilities and tax payable.

 

The carrying value of cash and cash equivalents, accounts receivable, deposit, accounts payable, other payables and accrued liabilities and tax payable 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.

 

Cash and Cash Equivalents

 

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

 

Accounts Receivable, net

 

Accounts receivables are carried at the original invoiced amount less an estimated allowance for expected credit losses based on the probability of future collection. 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 $38,534 and $16,745 as of September 30, 2023 and March 31, 2024, 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.

 

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Contract Assets and Contract Liabilities

 

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 $543,838 and $ 452,031 as of September 30, 2023 and March 31, 2024, respectively. Balance of allowance for expected credit loss for contract assets was $12,401 and $10,179 as of September 30, 2023 and March 31, 2024, respectively.

 

Contract liabilities are recognized when the Company receives prepayments from customers resulting from in-transit logistics. Contract liabilities will be recognized as revenue when promised services are provided. Contract liabilities were nil as of September 30, 2023 and March 31, 2024.

 

Deferred costs

 

Deferred offering costs consist principally of all direct offering costs incurred by the Company, such as underwriting, legal, accounting, consulting, printing, and other registration related costs in connection with the offering of the Company’s ordinary shares. Such costs are deferred until the closing of the offering, at which time the deferred costs are offset against the offering proceeds. In the event the offering is unsuccessful or aborted, the costs will be expensed. As of September 30, 2023 and March 31, 2024, deferred costs were $1,306,441 and $300,000, respectively.

 

Property, Plant, and Equipment

 

Property, plant, and equipment are stated at cost less accumulated depreciation, 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
Fixtures, furniture and equipment			5 years

 

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, 2023 and 2024.

 

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.

 

Operating leases

 

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.

 

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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, 2023 and 2024, respectively, are as follow:

 

 

		For the six months ended March 31,
		2023				2024
Integrated cross-border logistics services		$	8,923,224			$	7,659,537
Air freight forwarding services			477,346				725,253
Total		$	9,400,570			$	8,384,790

 

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, labor costs and warehouse packaging.

 

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, bank charges, credit loss expense and other office expenses.

 

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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, 2023 and March 31, 2024, 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, 2023 and March 31, 2024, 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, 2023 and March 31, 2024, the Company had a banking facility arrangement for a bank guarantee line with maximum amount of HK$3,690,000 and HK$1,040,000, 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, 2023 and March 31, 2024.

 

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.

 

Government Grant

 

For the six months ended March 31, 2023 and 2024, government grants in the amounts of $1,859 and nil were recognized as other income in the consolidated statements of operation and comprehensive income, respectively.

 

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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
		September 30, 2023				March 31, 2024
Accounts receivable		$	1,467,833				743,128
Less: allowance for expected credit loss			(38,534	)			(16,745	)
Total		$	1,429,299				726,383

 

The movement of allowances for credit loss is as follow:

 

 

		As of
		September 30, 2023				March 31, 2024
Balance at beginning of the year		$	(5,068	)		$	(38,534	)
Reversal (addition)			(33,466	)			21,789
Total		$	(38,534	)		$	(16,745	)

 

NOTE 4 – DEPOSITS AND PREPAYMENT

 

Deposits and prepayment are summarized as follow:

 

		As of
		September 30, 2023				March 31, 2024
Prepaid insurance costs		$	10,899			$	4,366
Prepaid costs for proposed financing transactions			-				932,469
Prepaid air freight charges			-				128,205
Total prepayment			10,899				1,065,040
Rental and other deposits			6,667				7,308
Total deposits and prepayment – current		$	17,566				1,072,348

 

		As of
		September 30, 2023				March 31, 2024
Prepaid system development costs		$	-			$	100,000
Prepaid equipment costs			-				362,974
Total prepayment			-				462,974
Rental and other deposits			320,513				320,513
Total deposits and prepayment – non-current		$	320,513				783,487

 

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NOTE 5 – PROPERTY, PLANT AND EQUIPMENT, NET

 

As of September 30, 2023 and March 31, 2024, property, plant and equipment, net consisted of the following:

 

		As of
		September 30, 2023				March 31, 2024
Fixture, Furniture and Equipment		$	20,662			$	31,097
Total property plant and equipment, at cost			20,662				31,097
Less: accumulated depreciation			(7,388	)			(13,054	)
Total property, plant and equipment, net		$	13,274			$	18,043

 

Depreciation expenses for the six months ended March 31, 2023 and 2024 were $1,603 and $5,666, 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, 2023 and March 31, 2024, operating lease consist of the following:

 

		As of
		September 30, 2023				March 31, 2024
Right-of-use assets, costs		$	268,140			$	123,162
Accumulated amortization			(117,664	)			(23,123	)
Disposal due to early termination			(30,595	)			-
Right-of-use assets, net		$	119,881			$	100,039

 

As of September 30, 2023 and March 31, 2024, operating lease liabilities consist of the following:

 

		As of
		September 30, 2023				March 31, 2024
Operating lease liabilities - current portion		$	39,886			$	40,723
Operating lease liabilities - non-current portion			80,237				59,730
Total		$	120,123			$	100,453

 

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, 2023 and 2024, the Company incurred total operating lease expenses of $24,872 and $19,842, respectively.

 

Other lease information is as follows:

 

		For the six months ended March 31,
		2023				2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases		$	24,872			$	19,842
Right-of-use assets obtained in exchange for new operating lease liabilities		$	-			$	-
Weighted-average remaining lease term - operating leases			0.4 years				2.4 years
Weighted-average discount rate - operating leases			2.875	%			3.375	%

 

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The following is a schedule of future minimum payments under operating leases as of September 30, 2023:

 

		As of September 30, 2023
2024		$	42,821
2025			43,076
2026			39,487
Total lease payments		$	125,384
Less: imputed interest			(5,261	)
Total operating lease liabilities, net of interest		$	120,123

 

The following is a schedule of future minimum payments under operating leases as of March 31, 2024:

 

		As of March 31, 2024
2025		$	43,076
2026			43,077
2027			17,950
Total lease payments		$	104,103
Less: imputed interest			(3,650	)
Total operating lease liabilities, net of interest		$	100,453

 

NOTE 7 – OTHER PAYABLES AND ACCRUED LIABILITIES

 

Other payables and accrued liabilities are summarized as follow:

 

		As of
		September 30, 2023				March 31, 2024
Accrued staff salaries		$	133,799			$	91,591
Accrued administrative expenses			191,603				130,568
Accrued offering costs			762,821				415,385
Other payables			7,793				8,653
Total		$	1,096,016			$	646,197

 

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, 2023 and 2024, 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, 2023 and 2024 are as follows:

 

		For the six months ended March 31,
		2023								2024
Australia		$	7,901,347				89.1	%		$	6,586,518				86.0	%
New Zealand			1,021,877				10.9	%			1,073,019				14.0	%
Total integrated cross-border logistics revenue		$	8,923,224				100.0	%		$	7,659,537				100.0	%

 

NOTE 9 – OTHER INCOME

 

		For the six months ended March 31,
		2023				2024
Foreign exchange gains/(loss)			71,299				(142,194	)
Miscellaneous income			1,859				16
Total		$	73,158			$	(142,178	)

 

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NOTE 10 – 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, 2023 and 2024, Hong Kong Government allowed tax reduction of 100% of the profits tax payable, subject to a ceiling of HK$6,000 (US$769), and HK$3,000 (US$385), respectively.

 

For the six months ended March 31, 2023 and 2024, 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 March 31,
		2023				2024
Hong Kong profit tax:
- Current year		$	66,967			$	140,514
- Tax Concession			(769	)			(385	)
Income tax expenses		$	66,198			$	140,129

 

The effective tax rates on income before income taxes for the six months ended March 31, 2023 and 2024 was 12.8% and 13.49%, 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 BVI statutory tax rate to income before income taxes and actual provision were as follows:

 

		For the six months ended March 31,
		2023				2024
		US$				US$
Income before income tax		$	517,006			$	1,038,924
Tax expenses at the BVI statutory income tax rate			-				-
Tax effect of rate differences in various jurisdictions			85,306				171,422
Tax effect of non-taxable income			(430	)			(4,838	)
Tax effect of deductible temporary difference			(381	)			(4,917	)
Tax effect of non-deductible expenditure			3,626				-
Tax concession			(769	)			(385	)
Additional tax reduction related to two-tiered profits tax regime			(21,154	)			(21,154	)
Income tax expense			66,198				140,129

 

NOTE 11 – 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.
FC Output Limited		One of the directors and shareholders is one of the shareholders Mr. Wai Yiu Yau.
Mr. Chun Lin Yau		Father of one of the shareholders, Mr. Wai Yiu Yau
Ms. Lai Ching Ng		Mother of one of the shareholders, Mr. Wai Yiu Yau

 

(b) Summary of Balances with Related Parties:

 

Accounts payable – related party:		Note		As of
				September 30, 2023				March 31, 2024
Panaicia Pty Ltd		(1)		$	-				261,770
Total				$	-				261,770

 

Note:

 

1	Accounts payable – related party are trade in nature, unsecured and non-interest bearing.

 

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(c) Summary of Related Party Transactions:

 

A summary of trade transactions with related parties for six months ended March 31, 2023 and 2024 are listed below:

 

Freight charges charged by related parties:		For the six months ended March 31,
		2023				2024
Panaicia Pty Ltd		$	3,004,054			$	2,414,279
Prezario UNO Pty Ltd			383,344				304,749
Total		$	3,387,398			$	2,719,028

 

Salaries paid to related parties:		For the six months ended March 31,
		2023				2024
Mr. Wai Yiu Yau		$	55,000			$	5,000
Ms. San Man Leng			-				5,637
Mr. Ho Chuen Shin			-				5,637
Mr. Fan Cheung			-				5,637
Total		$	55,000			$	21,911

 

NOTE 12 – 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, 2023 and March 31, 2024 and as at the date of the report, 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, 2023 and March 31, 2024, save as disclosed in note 6 in the consolidated financial statements, the Company did not have any significant capital and other commitments.

 

NOTE 13 – 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 aggregate gross proceeds of $6,000,000, prior to deducting underwriting discounts and other offering expenses and received proceeds of $5,379,500 after deducting underwriting discounts and other offering expenses of $620,500. The proceeds of $5,379,500 was recorded in additional paid in capital with total offering cost of 2,415,444 against additional paid in capital.

 

As of March 31, 2024, the authorized number of ordinary shares is 50,000,000 with a par value of $0.001 and the issued number of ordinary shares is 14,625,000.

 

NOTE 14 – SUBSEQUENT EVENTS

 

The Company has assessed all events from March 31, 2024, up through September 19, 2024, which is the date that these consolidated financial statements are available to be issued, unless as disclosed below, there are not any material subsequent events that require disclosure in these consolidated financial statements.

 

F-18

 

Exhibit 99.1

 

Globavend Holdings Limited Announces First Half 2024 Unaudited Financial Results

 

PERTH, September 19, 2024 — 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, 2024.

 

“Globavend’s strong first half year results mark the success of our business strategy,” said Frank Yau, CEO at Globavend. “We are pleased with our strategy priorities, which have driven a strong profit for the first half of 2024. We will continue our momentum in the second half of 2024 and onwards.”

 

“We achieved over a double of our gross profit, and an increase of 99.4% of our net income, compared to the same period in 2023, which were driven by execution of our strategic initiatives,” said Gordon Yu, CFO at Globavend.

 

First Half 2024 Financial Highlights:

 

	●	Gross profit was approximately US$1.7 million for the six months ended March 31, 2024, representing an increase of approximately 131.7% from approximately US$0.7 million for the same period in 2023.
	●	Net income was approximately US$0.9 million for the six months ended March 31, 2024, representing an increase of 99.4% from approximately US$0.5 million for the same period in 2023.
	●	Revenue was approximately US$8.4 million for the six months ended March 31, 2024, representing a decrease of approximately 10.8% from approximately US$9.4 million for the same period in 2023.

 

Six Month Financial Results Ended March 31, 2024

 

Revenue. Revenue decreased by approximately 10.8% from approximately US$9.4 million for the six months ended March 31, 2023 to approximately US$8.4 million for the six months ended March 31, 2024. During the six-month period ending on March 31, 2024, the Company experienced a decline in revenue for its integrated cross-border logistics services compared to the corresponding period in 2023. This decrease in revenue was attributed primarily to the implementation of relatively higher average sales prices by the Company in 2024, which subsequently led to a decrease in sales demand and volume from customers.

 

Gross profit. Gross profit increased by approximately 131.7% from approximately US$0.7 million for the six months ended March 31, 2023 to approximately US$1.7 million for the six months ended March 31, 2024, which was mainly attributed to the lower freight costs and higher sales unit prices.

 

General and administrative expenses. General and administrative expenses increased by approximately 85.6% from approximately US$0.3 million for the six months ended March 31, 2023 to approximately US$0.5 million for the six months ended March 31, 2024, which was mainly due to (i) increase in travelling, accommodation and entertainment expenses due to increase in travelling for business development following the removal of travel restriction measures; (ii) increase in audit fees and (iii) increase in legal fees and other professional expenses.

 

Other income (expense), net. Other net income (expense) decreased by approximately US$0.2 million from other income of approximately US$73,000 for the six months ended March 31, 2023 to other expense of approximately US$142,000 for the six months ended March 31, 2024, which was mainly due to the exchange loss from the depreciation of Australian dollars during the period of 2024.

 

Income tax expense. Income tax expense increased by approximately US$74,000 from approximately US$66,000 for the six months ended March 31, 2023 to approximately US$140,000 for the for the six months ended March 31, 2024 which was due to the increase in tax assessable profit.

 

Net income. Net income increased by approximately US$0.5 million from approximately US$0.5 million for the six months ended March 31, 2023 to approximately US$0.9 million for the six months ended March 31, 2024, which was mainly due to the increase in gross profit.

 

Basic and diluted EPS. Basic and diluted EPS were approximately US$0.06 per ordinary share for the six months ended March 31, 2024, as compared to US$0.03 per ordinary share for the six months ended March 31, 2023, respectively.

 

 

About Globavend Holdings Limited

 

Globavend Holdings Limited is an emerging e-commerce logistics provider offering end-to-end logistics solution in Hong Kong, Australia and New Zealand. The Company’s customers are primarily enterprise customers, being e-commerce merchants, or operators of e-commerce platforms, in providing business-to-consumer (B2C) transactions. As an e-commerce logistics provider, the Company provides integrated cross-border logistics services from Hong Kong to Australia and New Zealand, where it provides customers with a one-stop solution, from pre-carriage parcel drop off to parcel consolidation, air-freight forwarding, customs clearance, on-carriage parcel transportation and delivery.

 

Exchange Rate Information

 

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 operations 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 2023 and 2024.

 

Forward-Looking Statement

 

This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 20-F for the year ended September 30, 2023, which is on file with the SEC and are available on our investor relations website at https://ir.globavend.com/ and on the SEC website at www.sec.gov. Additional information will also be set forth in our Current Report on Form 6-K for the half year ended March 31, 2024, and may be set forth in other reports and filings we make with the SEC. All information provided in this release and in the attachments is as of September 19, 2024. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

 

Australia

 

Globavend Holdings Limited

Mr. Wai Yiu Yau

Tel: + 61 08 6141 3263

E-mail: [e-mail]

 

 

GLOBAVEND HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2023 AND MARCH 31, 2024

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

 

		September 30, 2023				March 31, 2024
		US$				US$
		(audited)				(unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	554,132			$	2,549,766
Accounts receivable, net			1,429,299				726,383
Deposits and prepayment			17,566				1,072,348
Prepayment – related party			169,834				32,721
Deferred costs			1,306,441				300,000
Contract assets			543,838				452,031
Total current assets		$	4,021,110			$	5,133,249
NON-CURRENT ASSETS
Property, plant, equipment, net		$	13,274			$	18,043
Right-of-use assets, operating lease			119,881				100,039
Deposits			320,513				783,487
Total non-current assets		$	453,668			$	901,569
TOTAL ASSETS		$	4,474,778			$	6,034,818
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable		$	2,601,253			$	520,615
Accounts payable – related party			-				261,770
Other payables and accrued liabilities			1,096,016				646,197
Taxes payables			155,210				140,756
Operating lease liabilities - current		$	39,886				40,723
Total current liabilities		$	3,892,365			$	1,610,061
Non-current liabilities
Operating lease liabilities – non-current			80,237				59,730
Total non-current liabilities		$	80,237			$	59,730
TOTAL LIABILITIES		$	3,972,602			$	1,669,791
Commitments			-				-
EQUITY
Ordinary shares, $0.001 par value, 50,000,000 shares authorized, 13,125,000 and 14,625,000 shares issued and outstanding as of September 30, 2023 and March 31, 2024, respectively			13,125				14,625
Subscription receivable			(13,125	)			(13,125	)
Additional paid-in capital			128,205				3,090,761
Retained earnings			373,971				1,272,766
Total shareholders’ equity		$	502,176			$	4,365,027
TOTAL LIABILITIES AND EQUITY		$	4,474,778			$	6,034,818

 

 

GLOBAVEND HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED MARCH 31, 2023 AND 2024

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

 

		For the six months ended March 31,
		2023				2024
		US$ (unaudited)				US$ (unaudited)
Revenue – third parties		$	9,400,570			$	8,384,790
Revenue			9,400,570				8,384,790
Cost of revenue - third parties			5,297,399				4,007,266
Cost of revenue – related party			3,387,398				2,719,028
Cost of revenue			8,684,797				6,726,294
Gross Profit			715,773				1,658,496
Operating expenses:
General and administrative expenses			272,113				505,105
Total operating expenses		$	272,113			$	505,105
Income from operations		$	443,660			$	1,153,391
Other income (expense):
Interest income			745				29,323
Interest expense			(557	)			(1,612	)
Other income (expense)			73,158				(142,178	)
Total other income (expense)			73,346				(114,467	)
Income before income taxes		$	517,006			$	1,038,924
Income taxes provision			66,198				140,129
Net income attributable to Globavend Holdings Limited		$	450,808			$	898,795
Comprehensive income		$	450,808			$	898,795
Earnings per share - Basic and diluted		$	0.03			$	0.06
Weighted Average Basic and Diluted Number of Ordinary Shares Outstanding*			13,125,000				14,295,330

 

 

Cover	6 Months Ended
	Mar. 31, 2024
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--09-30
Entity File Number	001-41831
Entity Registrant Name	Globavend Holdings Limited
Entity Central Index Key	0001978527
Entity Address, Address Line One	Office 1401
Entity Address, Address Line Two	Level 14
Entity Address, Address Line Three	197 St Georges Tce
Entity Address, City or Town	Perth
Entity Address, State or Province	WA
Entity Address, Country	AU
Entity Address, Postal Zip Code	6000

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Sep. 30, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 2,549,766	$ 554,132
Accounts receivable, net	726,383	1,429,299
Deposits and prepayment	1,072,348	17,566
Deferred costs	300,000	1,306,441
Contract assets	452,031	543,838
Total current assets	5,133,249	4,021,110
NON-CURRENT ASSETS
Property, plant, equipment, net	18,043	13,274
Right-of-use assets, operating lease	100,039	119,881
Deposits and prepayment	783,487	320,513
Total non-current assets	901,569	453,668
TOTAL ASSETS	6,034,818	4,474,778
Current Liabilities
Other payables and accrued liabilities	646,197	1,096,016
Taxes payables	140,756	155,210
Operating lease liabilities - current	40,723	39,886
Total current liabilities	1,610,061	3,892,365
Non-current liabilities
Operating lease liabilities – non-current	59,730	80,237
Total non-current liabilities	59,730	80,237
TOTAL LIABILITIES	1,669,791	3,972,602
Commitments
EQUITY
Ordinary shares, $0.001 par value, 50,000,000 shares authorized, 13,125,000 and 14,625,000 shares issued and outstanding as of September 30, 2023 and March 31, 2024, respectively	14,625	13,125
Subscription receivable	(13,125)	(13,125)
Additional paid-in capital	3,090,761	128,205
Retained earnings	1,272,766	373,971
Total shareholders’ equity	4,365,027	502,176
TOTAL LIABILITIES AND EQUITY	6,034,818	4,474,778
Related Party [Member]
CURRENT ASSETS
Prepayment – related party	32,721	169,834
Current Liabilities
Accounts payable	261,770
Nonrelated Party [Member]
Current Liabilities
Accounts payable	$ 520,615	$ 2,601,253

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Sep. 30, 2023	May 22, 2023
Statement of Financial Position [Abstract]
Ordinary shares, par value	$ 0.001	$ 0.001	$ 0.001
Ordinary shares, shares authorized	50,000,000	50,000,000	50,000,000
Ordinary shares, shares issued	14,625,000	13,125,000
Ordinary shares, shares outstanding	14,625,000	13,125,000

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Revenue	$ 8,384,790	$ 9,400,570
Cost of revenue	6,726,294	8,684,797
Gross Profit	1,658,496	715,773
Operating expenses:
General and administrative expenses	505,105	272,113
Total operating expenses	505,105	272,113
Income from operations	1,153,391	443,660
Other income (expense):
Interest income	29,323	745
Interest expense	(1,612)	(557)
Other income (expense)	(142,178)	73,158
Total other income (expense)	(114,467)	73,346
Income before income taxes	1,038,924	517,006
Income taxes provision	140,129	66,198
Net income attributable to Globavend Holdings Limited	898,795	450,808
Comprehensive income	$ 898,795	$ 450,808
Earnings per share - Basic	$ 0.06	$ 0.03
Earnings per share - Diluted	$ 0.06	$ 0.03
Weighted Average Number of Ordinary Shares Outstanding - Basic	14,295,330	13,125,000
Weighted Average Number of Ordinary Shares Outstanding - Diluted	14,295,330	13,125,000
Third Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Revenue	$ 8,384,790	$ 9,400,570
Cost of revenue	4,007,266	5,297,399
Related Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Cost of revenue	$ 2,719,028	$ 3,387,398

Condensed Consolidated Statements of Shareholders' Equity - USD ($)	Common Stock [Member]	Subscription Receivable [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Sep. 30, 2022	$ 13,125	$ (13,125)	$ 128,205	$ 770,938	$ 899,143
Balance, shares at Sep. 30, 2022	13,125,000
Net income				450,808	450,808
Balance at Mar. 31, 2023	$ 13,125	(13,125)	128,205	1,221,746	1,349,951
Balance, shares at Mar. 31, 2023	13,125,000
Balance at Sep. 30, 2023	$ 13,125	(13,125)	128,205	373,971	502,176
Balance, shares at Sep. 30, 2023	13,125,000
Net income				898,795	898,795
Issuance of ordinary share upon the completion of IPO, net of issuance cost	$ 1,500		2,962,556		2,964,056
Issuance of ordinary share upon the completion of IPO, net of issuance cost, shares	1,500,000
Balance at Mar. 31, 2024	$ 14,625	$ (13,125)	$ 3,090,761	$ 1,272,766	$ 4,365,027
Balance, shares at Mar. 31, 2024	14,625,000

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 898,795	$ 450,808
Non-cash adjustments:
Depreciation of property, plant and equipment	5,666	1,603
Amortization of right-of-use assets	19,842	24,872
Allowance (Reversal) for expected credit loss	(24,012)	21,974
Increase (Decrease) In:
Accounts receivable	724,706	281,612
Prepayments and other current assets	(20,233)	(64,424)
Contract assets	94,029	(94,320)
Accounts payable	(2,080,638)	412,926
Accounts payable – related party	261,770	133,604
Other payables and accrued liabilities	(102,382)	34,538
Tax payables	(14,454)	(23,157)
Lease liabilities	(19,670)	(22,415)
Net cash provided by (used in) operating activities	(256,581)	1,157,621
Cash flows used in investing activities:
Payment for purchases of property, plant and equipment	(473,409)	(2,824)
Net cash used in investing activities	(473,409)	(2,824)
Cash flows used in financing activities:
Upfront payment for services to bring in external financings	(897,436)
Proceeds from issuance of common stock, net of issuance costs	5,379,500
Payment of offering costs	(1,756,440)	(110,000)
Net cash used in financing activities	2,725,624	(110,000)
Net (decrease) increase in cash and cash equivalents	1,995,634	1,044,797
Cash and cash equivalents at beginning of year	554,132	557,735
Cash and cash equivalents at end of year	2,549,766	1,602,532
Supplemental Disclosure of Cash Flow Information
Interest received	29,323	745
Income tax paid	(154,582)	(89,355)
Non-cash financing activity
Deferred costs within other payables and accrued liabilities	$ 300,000

ORGANIZATION AND PRINCIPAL ACTIVITIES	6 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND PRINCIPAL ACTIVITIES	NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES     (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.     (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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	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, 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, 2023 and 2024, 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.   As of March 31, 2024, the authorized number of ordinary shares is 50,000,000 with a par value of $0.001 and the issued number of ordinary shares is 14,625,000.   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, 2022 and 2023.   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, 2022 and 2023. The results of operations for the six-month periods ended March 31, 2023 and 2024 are not necessarily indicative of the results for the full years.   The financial information as of September 30, 2023 presented in the unaudited condensed consolidated financial statements is derived from the audited consolidated financial statements for the year ended September 30, 2023.   Use of Estimates   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, 2023 and March 31, 2024, balance of allowance for expected credit loss was $50,935 and $26,924, 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 2023 and for the six months ended March 31, 2024.   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,       2023           2024         Major customers representing more than 10% of the Company’s revenues                                 Customer A   $ 2,099,354       22.3 %   $ 1,864,655       22.2 % Customer B     1,797,766       19.1 %     1,434,490       17.1 % Customer C     1,252,095       13.3 %     1,242,771       14.8 % Total Revenues   $ 5,149,215       54.7 %   $ 4,541,916       54.2 %       As of       September 30, 2023           March 31, 2024         Major customers of the Company’s accounts receivable, net                                 Company A   $ 437,898       29.8 %   $ 259,406       34.9 % Company B     -       -       143,392       19.3 % Company C     459,954       31.3 %     617       0.1 % Total   $ 897,852       61.1 %   $ 403,415       54.3 %       For the six months ended March 31,       2023           2024         Major suppliers representing more than 10% of the Company’s cost of revenue                                 Panaicia Pty Ltd (note)   $ 3,004,054       34.6 %   $ 2,414,279       35.9 % Supplier A     1,725,911       19.9 %     1,047,585       15.6 % Supplier B     1,194,857       13.8 %     804,452       12.0 % Supplier C     1,127,423       13.0 %     -       -   Total Cost of Revenue   $ 7,052,245       81.3 %   $ 4,266,316       63.5 %         As of       September 30, 2023           March 31, 2024         Major suppliers of the Company’s accounts payables, net                                 Panaicia Pty Ltd (note)   $ -       -     $ 261,770       33.5 % Supplier A     2,301,224       88.5 %     240,468       30.7 % Supplier B     54,188       2.1 %     -       -   Supplier C     108,743       4.1 %     19,089       2.4 % Total   $ 2,464,155       94.7 %   $ 521,327       66.6 %   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$”) as its reporting currency. The Company’s operations are principally conducted in Hong Kong where Hong Kong dollar is the functional currency.   Transactions denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currency at the prevailing rates of exchange at the balance date. The resulting exchange differences are reported in the consolidated statements of operation and comprehensive income.   The exchanges rates used for translation from Hong Kong dollar to USD was 7.8000, a pegged rate determined by the linked exchange rate system in Hong Kong. This pegged rate was used to translate Company’s balance sheets, income statement items and cash flow items for six months ended March 31, 2023 and 2024.       For the six months ended March 31,       2023     2024   Year end HKD: US$ 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, deposits 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, deposits 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, 2023 and March 31, 2024, the cash balances of $554,132 and $2,549,766, 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, deposit, accounts payable, other payables, lease liabilities and accrued liabilities and tax payable.   The carrying value of cash and cash equivalents, accounts receivable, deposit, accounts payable, other payables and accrued liabilities and tax payable 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.   Cash and Cash Equivalents   Cash and cash equivalents consist of cash held in banks, which are highly liquid and have original maturities of three months or less and are unrestricted as to withdrawal or use. The Company maintains all bank accounts in Hong Kong. Cash balances in bank accounts in Hong Kong are protected under Deposit Protection Scheme in accordance with the Deposit Protection Scheme Ordinance. The maximum protection is up to HKD500,000 per depositor per Scheme member, including both principal and interest.   Accounts Receivable, net   Accounts receivables are carried at the original invoiced amount less an estimated allowance for expected credit losses based on the probability of future collection. 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 $38,534 and $16,745 as of September 30, 2023 and March 31, 2024, 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 and Contract Liabilities   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 $543,838 and $ 452,031 as of September 30, 2023 and March 31, 2024, respectively. Balance of allowance for expected credit loss for contract assets was $12,401 and $10,179 as of September 30, 2023 and March 31, 2024, respectively.   Contract liabilities are recognized when the Company receives prepayments from customers resulting from in-transit logistics. Contract liabilities will be recognized as revenue when promised services are provided. Contract liabilities were nil as of September 30, 2023 and March 31, 2024.   Deferred costs   Deferred offering costs consist principally of all direct offering costs incurred by the Company, such as underwriting, legal, accounting, consulting, printing, and other registration related costs in connection with the offering of the Company’s ordinary shares. Such costs are deferred until the closing of the offering, at which time the deferred costs are offset against the offering proceeds. In the event the offering is unsuccessful or aborted, the costs will be expensed. As of September 30, 2023 and March 31, 2024, deferred costs were $1,306,441 and $300,000, respectively.   Property, Plant, and Equipment   Property, plant, and equipment are stated at cost less accumulated depreciation, 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   Fixtures, furniture and equipment     5 years     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, 2023 and 2024.   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.   Operating leases   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, 2023 and 2024, respectively, are as follow:         For the six months ended March 31,       2023     2024   Integrated cross-border logistics services   $ 8,923,224     $ 7,659,537   Air freight forwarding services     477,346       725,253   Total   $ 9,400,570     $ 8,384,790     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, labor costs and warehouse packaging.   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, 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, 2023 and March 31, 2024, 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, 2023 and March 31, 2024, 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, 2023 and March 31, 2024, the Company had a banking facility arrangement for a bank guarantee line with maximum amount of HK$3,690,000 and HK$1,040,000, 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, 2023 and March 31, 2024.   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.   Government Grant   For the six months ended March 31, 2023 and 2024, government grants in the amounts of $1,859 and nil were recognized as other income in the consolidated statements of operation and comprehensive income, respectively.     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.

ACCOUNTS RECEIVABLE	6 Months Ended
	Mar. 31, 2024
Credit Loss [Abstract]
ACCOUNTS RECEIVABLE	NOTE 3 – ACCOUNTS RECEIVABLE   Accounts receivable is presented net of allowance for credit loss:       As of       September 30, 2023     March 31, 2024   Accounts receivable   $ 1,467,833       743,128   Less: allowance for expected credit loss     (38,534 )     (16,745 ) Total   $ 1,429,299       726,383     The movement of allowances for credit loss is as follow:         As of       September 30, 2023     March 31, 2024   Balance at beginning of the year   $ (5,068 )   $ (38,534 ) Reversal (addition)     (33,466 )     21,789   Total   $ (38,534 )   $ (16,745 )

DEPOSITS AND PREPAYMENT	6 Months Ended
	Mar. 31, 2024
Deposits And Prepayment
DEPOSITS AND PREPAYMENT	NOTE 4 – DEPOSITS AND PREPAYMENT   Deposits and prepayment are summarized as follow:       As of       September 30, 2023     March 31, 2024   Prepaid insurance costs   $ 10,899     $ 4,366   Prepaid costs for proposed financing transactions     -       932,469   Prepaid air freight charges     -       128,205   Total prepayment     10,899       1,065,040   Rental and other deposits     6,667       7,308   Total deposits and prepayment – current   $ 17,566       1,072,348         As of       September 30, 2023     March 31, 2024   Prepaid system development costs   $ -     $ 100,000   Prepaid equipment costs     -       362,974   Total prepayment     -       462,974   Rental and other deposits     320,513       320,513   Total deposits and prepayment – non-current   $ 320,513       783,487

PROPERTY, PLANT AND EQUIPMENT, NET	6 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT, NET	NOTE 5 – PROPERTY, PLANT AND EQUIPMENT, NET   As of September 30, 2023 and March 31, 2024, property, plant and equipment, net consisted of the following:       As of       September 30, 2023     March 31, 2024   Fixture, Furniture and Equipment   $ 20,662     $ 31,097   Total property plant and equipment, at cost     20,662       31,097   Less: accumulated depreciation     (7,388 )     (13,054 ) Total property, plant and equipment, net   $ 13,274     $ 18,043     Depreciation expenses for the six months ended March 31, 2023 and 2024 were $1,603 and $5,666, respectively.

OPERATING LEASES	6 Months Ended
	Mar. 31, 2024
Operating Leases
OPERATING LEASES	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, 2023 and March 31, 2024, operating lease consist of the following:       As of       September 30, 2023     March 31, 2024   Right-of-use assets, costs   $ 268,140     $ 123,162   Accumulated amortization     (117,664 )     (23,123 ) Disposal due to early termination     (30,595 )     -   Right-of-use assets, net   $ 119,881     $ 100,039     As of September 30, 2023 and March 31, 2024, operating lease liabilities consist of the following:       As of       September 30, 2023     March 31, 2024   Operating lease liabilities - current portion   $ 39,886     $ 40,723   Operating lease liabilities - non-current portion     80,237       59,730   Total   $ 120,123     $ 100,453     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, 2023 and 2024, the Company incurred total operating lease expenses of $24,872 and $19,842, respectively.   Other lease information is as follows:       For the six months ended March 31,       2023     2024   Cash paid for amounts included in the measurement of lease liabilities:                 Operating cash flows used in operating leases   $ 24,872     $ 19,842   Right-of-use assets obtained in exchange for new operating lease liabilities   $ -     $ -   Weighted-average remaining lease term - operating leases     0.4 years       2.4 years   Weighted-average discount rate - operating leases     2.875 %     3.375 %     The following is a schedule of future minimum payments under operating leases as of September 30, 2023:       As of September 30, 2023   2024   $ 42,821   2025     43,076   2026     39,487   Total lease payments   $ 125,384   Less: imputed interest     (5,261 ) Total operating lease liabilities, net of interest   $ 120,123     The following is a schedule of future minimum payments under operating leases as of March 31, 2024:       As of March 31, 2024   2025   $ 43,076   2026     43,077   2027     17,950   Total lease payments   $ 104,103   Less: imputed interest     (3,650 ) Total operating lease liabilities, net of interest   $ 100,453

OTHER PAYABLES AND ACCRUED LIABILITIES	6 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
OTHER PAYABLES AND ACCRUED LIABILITIES	NOTE 7 – OTHER PAYABLES AND ACCRUED LIABILITIES   Other payables and accrued liabilities are summarized as follow:       As of       September 30, 2023     March 31, 2024   Accrued staff salaries   $ 133,799     $ 91,591   Accrued administrative expenses     191,603       130,568   Accrued offering costs     762,821       415,385   Other payables     7,793       8,653   Total   $ 1,096,016     $ 646,197

SEGMENT INFORMATION	6 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	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, 2023 and 2024, 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, 2023 and 2024 are as follows:       For the six months ended March 31,       2023           2024         Australia   $ 7,901,347       89.1 %   $ 6,586,518       86.0 % New Zealand     1,021,877       10.9 %     1,073,019       14.0 % Total integrated cross-border logistics revenue   $ 8,923,224       100.0 %   $ 7,659,537       100.0 %

OTHER INCOME	6 Months Ended
	Mar. 31, 2024
Other Income and Expenses [Abstract]
OTHER INCOME	NOTE 9 – OTHER INCOME       For the six months ended March 31,       2023     2024   Foreign exchange gains/(loss)     71,299       (142,194 ) Miscellaneous income     1,859       16   Total   $ 73,158     $ (142,178 )

INCOME TAXES	6 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 10 – 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, 2023 and 2024, Hong Kong Government allowed tax reduction of 100% of the profits tax payable, subject to a ceiling of HK$6,000 (US$769), and HK$3,000 (US$385), respectively.   For the six months ended March 31, 2023 and 2024, 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 March 31,       2023     2024   Hong Kong profit tax:                 - Current year   $ 66,967     $ 140,514   - Tax Concession     (769 )     (385 ) Income tax expenses   $ 66,198     $ 140,129     The effective tax rates on income before income taxes for the six months ended March 31, 2023 and 2024 was 12.8% and 13.49%, 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 BVI statutory tax rate to income before income taxes and actual provision were as follows:       For the six months ended March 31,       2023     2024       US$     US$   Income before income tax   $ 517,006     $ 1,038,924   Tax expenses at the BVI statutory income tax rate     -       -                     Tax effect of rate differences in various jurisdictions     85,306       171,422   Tax effect of non-taxable income     (430 )     (4,838 ) Tax effect of deductible temporary difference     (381 )     (4,917 ) Tax effect of non-deductible expenditure     3,626       -   Tax concession     (769 )     (385 ) Additional tax reduction related to two-tiered profits tax regime     (21,154 )     (21,154 )                   Income tax expense     66,198       140,129

RELATED PARTY TRANSACTIONS	6 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 11 – 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. FC Output Limited   One of the directors and shareholders is one of the shareholders Mr. Wai Yiu Yau. Mr. Chun Lin Yau   Father of one of the shareholders, Mr. Wai Yiu Yau Ms. Lai Ching Ng   Mother of one of the shareholders, Mr. Wai Yiu Yau   (b) Summary of Balances with Related Parties:   Accounts payable – related party:   Note   As of           September 30, 2023     March 31, 2024   Panaicia Pty Ltd   (1)   $               -       261,770   Total       $ -       261,770     Note:   1 Accounts payable – related party are trade in nature, unsecured and non-interest bearing.     (c) Summary of Related Party Transactions:   A summary of trade transactions with related parties for six months ended March 31, 2023 and 2024 are listed below:   Freight charges charged by related parties:   For the six months ended March 31,       2023     2024   Panaicia Pty Ltd   $ 3,004,054     $ 2,414,279   Prezario UNO Pty Ltd     383,344       304,749   Total   $ 3,387,398     $ 2,719,028     Salaries paid to related parties:   For the six months ended March 31,       2023     2024   Mr. Wai Yiu Yau   $ 55,000     $ 5,000   Ms. San Man Leng     -       5,637   Mr. Ho Chuen Shin     -       5,637   Mr. Fan Cheung     -       5,637   Total   $ 55,000     $ 21,911

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 12 – 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, 2023 and March 31, 2024 and as at the date of the report, 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, 2023 and March 31, 2024, save as disclosed in note 6 in the consolidated financial statements, the Company did not have any significant capital and other commitments.

ORDINARY SHARES AND STRUCTURE SECTION	6 Months Ended
	Mar. 31, 2024
Equity [Abstract]
ORDINARY SHARES AND STRUCTURE SECTION	NOTE 13 – 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 aggregate gross proceeds of $6,000,000, prior to deducting underwriting discounts and other offering expenses and received proceeds of $5,379,500 after deducting underwriting discounts and other offering expenses of $620,500. The proceeds of $5,379,500 was recorded in additional paid in capital with total offering cost of 2,415,444 against additional paid in capital.   As of March 31, 2024, the authorized number of ordinary shares is 50,000,000 with a par value of $0.001 and the issued number of ordinary shares is 14,625,000.

SUBSEQUENT EVENTS	6 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 14 – SUBSEQUENT EVENTS   The Company has assessed all events from March 31, 2024, up through September 19, 2024, which is the date that these consolidated financial statements are available to be issued, unless as disclosed below, there are not any material subsequent events that require disclosure in these consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Reorganization	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, 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, 2023 and 2024, 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.   As of March 31, 2024, the authorized number of ordinary shares is 50,000,000 with a par value of $0.001 and the issued number of ordinary shares is 14,625,000.
Basis of Presentation and Principles of Consolidation	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, 2022 and 2023.   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, 2022 and 2023. The results of operations for the six-month periods ended March 31, 2023 and 2024 are not necessarily indicative of the results for the full years.   The financial information as of September 30, 2023 presented in the unaudited condensed consolidated financial statements is derived from the audited consolidated financial statements for the year ended September 30, 2023.
Use of Estimates	Use of Estimates   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, 2023 and March 31, 2024, balance of allowance for expected credit loss was $50,935 and $26,924, respectively.
Risks and uncertainties	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 2023 and for the six months ended March 31, 2024.
Concentration risk	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,       2023           2024         Major customers representing more than 10% of the Company’s revenues                                 Customer A   $ 2,099,354       22.3 %   $ 1,864,655       22.2 % Customer B     1,797,766       19.1 %     1,434,490       17.1 % Customer C     1,252,095       13.3 %     1,242,771       14.8 % Total Revenues   $ 5,149,215       54.7 %   $ 4,541,916       54.2 %       As of       September 30, 2023           March 31, 2024         Major customers of the Company’s accounts receivable, net                                 Company A   $ 437,898       29.8 %   $ 259,406       34.9 % Company B     -       -       143,392       19.3 % Company C     459,954       31.3 %     617       0.1 % Total   $ 897,852       61.1 %   $ 403,415       54.3 %       For the six months ended March 31,       2023           2024         Major suppliers representing more than 10% of the Company’s cost of revenue                                 Panaicia Pty Ltd (note)   $ 3,004,054       34.6 %   $ 2,414,279       35.9 % Supplier A     1,725,911       19.9 %     1,047,585       15.6 % Supplier B     1,194,857       13.8 %     804,452       12.0 % Supplier C     1,127,423       13.0 %     -       -   Total Cost of Revenue   $ 7,052,245       81.3 %   $ 4,266,316       63.5 %         As of       September 30, 2023           March 31, 2024         Major suppliers of the Company’s accounts payables, net                                 Panaicia Pty Ltd (note)   $ -       -     $ 261,770       33.5 % Supplier A     2,301,224       88.5 %     240,468       30.7 % Supplier B     54,188       2.1 %     -       -   Supplier C     108,743       4.1 %     19,089       2.4 % Total   $ 2,464,155       94.7 %   $ 521,327       66.6 %   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	Foreign Currency Translation   The Company uses United State Dollar (“US$”) as its reporting currency. The Company’s operations are principally conducted in Hong Kong where Hong Kong dollar is the functional currency.   Transactions denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currency at the prevailing rates of exchange at the balance date. The resulting exchange differences are reported in the consolidated statements of operation and comprehensive income.   The exchanges rates used for translation from Hong Kong dollar to USD was 7.8000, a pegged rate determined by the linked exchange rate system in Hong Kong. This pegged rate was used to translate Company’s balance sheets, income statement items and cash flow items for six months ended March 31, 2023 and 2024.       For the six months ended March 31,       2023     2024   Year end HKD: US$ exchange rate     7.8000       7.8000   Year average HKD: US$ exchange rate     7.8000       7.8000
Credit Risk	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, deposits 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, deposits 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, 2023 and March 31, 2024, the cash balances of $554,132 and $2,549,766, 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   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	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	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, deposit, accounts payable, other payables, lease liabilities and accrued liabilities and tax payable.   The carrying value of cash and cash equivalents, accounts receivable, deposit, accounts payable, other payables and accrued liabilities and tax payable 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.
Cash and Cash Equivalents	Cash and Cash Equivalents   Cash and cash equivalents consist of cash held in banks, which are highly liquid and have original maturities of three months or less and are unrestricted as to withdrawal or use. The Company maintains all bank accounts in Hong Kong. Cash balances in bank accounts in Hong Kong are protected under Deposit Protection Scheme in accordance with the Deposit Protection Scheme Ordinance. The maximum protection is up to HKD500,000 per depositor per Scheme member, including both principal and interest.
Accounts Receivable, net	Accounts Receivable, net   Accounts receivables are carried at the original invoiced amount less an estimated allowance for expected credit losses based on the probability of future collection. 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 $38,534 and $16,745 as of September 30, 2023 and March 31, 2024, respectively.
Related Party	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 and Contract Liabilities	Contract Assets and Contract Liabilities   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 $543,838 and $ 452,031 as of September 30, 2023 and March 31, 2024, respectively. Balance of allowance for expected credit loss for contract assets was $12,401 and $10,179 as of September 30, 2023 and March 31, 2024, respectively.   Contract liabilities are recognized when the Company receives prepayments from customers resulting from in-transit logistics. Contract liabilities will be recognized as revenue when promised services are provided. Contract liabilities were nil as of September 30, 2023 and March 31, 2024.
Deferred costs	Deferred costs   Deferred offering costs consist principally of all direct offering costs incurred by the Company, such as underwriting, legal, accounting, consulting, printing, and other registration related costs in connection with the offering of the Company’s ordinary shares. Such costs are deferred until the closing of the offering, at which time the deferred costs are offset against the offering proceeds. In the event the offering is unsuccessful or aborted, the costs will be expensed. As of September 30, 2023 and March 31, 2024, deferred costs were $1,306,441 and $300,000, respectively.
Property, Plant, and Equipment	Property, Plant, and Equipment   Property, plant, and equipment are stated at cost less accumulated depreciation, 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   Fixtures, furniture and equipment     5 years     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	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, 2023 and 2024.
Lease	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.   Operating leases   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	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, 2023 and 2024, respectively, are as follow:         For the six months ended March 31,       2023     2024   Integrated cross-border logistics services   $ 8,923,224     $ 7,659,537   Air freight forwarding services     477,346       725,253   Total   $ 9,400,570     $ 8,384,790
Cost of revenue	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, labor costs and warehouse packaging.
General and Administrative Expenses	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, bank charges, credit loss expense and other office expenses.
Income Taxes	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, 2023 and March 31, 2024, 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	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, 2023 and March 31, 2024, there were no dilution impact.
Commitments and Contingencies	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, 2023 and March 31, 2024, the Company had a banking facility arrangement for a bank guarantee line with maximum amount of HK$3,690,000 and HK$1,040,000, 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, 2023 and March 31, 2024.
Segment Reporting	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.
Government Grant	Government Grant   For the six months ended March 31, 2023 and 2024, government grants in the amounts of $1,859 and nil were recognized as other income in the consolidated statements of operation and comprehensive income, respectively.
Recently Issued Accounting Pronouncements	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.

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)	6 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SCHEDULE OF CONSOLIDATED MAJOR SUBSIDIARIES	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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SCHEDULES OF CONCENTRATION OF RISK BY RISK FACTOR	Concentration of major customers and suppliers:       For the six months ended March 31,       2023           2024         Major customers representing more than 10% of the Company’s revenues                                 Customer A   $ 2,099,354       22.3 %   $ 1,864,655       22.2 % Customer B     1,797,766       19.1 %     1,434,490       17.1 % Customer C     1,252,095       13.3 %     1,242,771       14.8 % Total Revenues   $ 5,149,215       54.7 %   $ 4,541,916       54.2 %       As of       September 30, 2023           March 31, 2024         Major customers of the Company’s accounts receivable, net                                 Company A   $ 437,898       29.8 %   $ 259,406       34.9 % Company B     -       -       143,392       19.3 % Company C     459,954       31.3 %     617       0.1 % Total   $ 897,852       61.1 %   $ 403,415       54.3 %       For the six months ended March 31,       2023           2024         Major suppliers representing more than 10% of the Company’s cost of revenue                                 Panaicia Pty Ltd (note)   $ 3,004,054       34.6 %   $ 2,414,279       35.9 % Supplier A     1,725,911       19.9 %     1,047,585       15.6 % Supplier B     1,194,857       13.8 %     804,452       12.0 % Supplier C     1,127,423       13.0 %     -       -   Total Cost of Revenue   $ 7,052,245       81.3 %   $ 4,266,316       63.5 %         As of       September 30, 2023           March 31, 2024         Major suppliers of the Company’s accounts payables, net                                 Panaicia Pty Ltd (note)   $ -       -     $ 261,770       33.5 % Supplier A     2,301,224       88.5 %     240,468       30.7 % Supplier B     54,188       2.1 %     -       -   Supplier C     108,743       4.1 %     19,089       2.4 % Total   $ 2,464,155       94.7 %   $ 521,327       66.6 %
SCHEDULE OF FOREIGN CURRENCY TRANSLATION	For the six months ended March 31,       2023     2024   Year end HKD: US$ exchange rate     7.8000       7.8000   Year average HKD: US$ exchange rate     7.8000       7.8000
SCHEDULE OF ESTIMATED USEFUL LIVES	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   Fixtures, furniture and equipment     5 years
SCHEDULE OF DISAGGREGATED BY MAJOR SERVICE	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, 2023 and 2024, respectively, are as follow:         For the six months ended March 31,       2023     2024   Integrated cross-border logistics services   $ 8,923,224     $ 7,659,537   Air freight forwarding services     477,346       725,253   Total   $ 9,400,570     $ 8,384,790

ACCOUNTS RECEIVABLE (Tables)	6 Months Ended
	Mar. 31, 2024
Credit Loss [Abstract]
SCHEDULE OF ACCOUNTS RECEIVABLE NET OF ALLOWANCE FOR CREDIT LOSS	Accounts receivable is presented net of allowance for credit loss:       As of       September 30, 2023     March 31, 2024   Accounts receivable   $ 1,467,833       743,128   Less: allowance for expected credit loss     (38,534 )     (16,745 ) Total   $ 1,429,299       726,383
SCHEDULE OF ALLOWANCES FOR CREDIT LOSS	The movement of allowances for credit loss is as follow:         As of       September 30, 2023     March 31, 2024   Balance at beginning of the year   $ (5,068 )   $ (38,534 ) Reversal (addition)     (33,466 )     21,789   Total   $ (38,534 )   $ (16,745 )

DEPOSITS AND PREPAYMENT (Tables)	6 Months Ended
	Mar. 31, 2024
Deposits And Prepayment
SCHEDULE OF DEPOSITS AND PREPAYMENT	Deposits and prepayment are summarized as follow:       As of       September 30, 2023     March 31, 2024   Prepaid insurance costs   $ 10,899     $ 4,366   Prepaid costs for proposed financing transactions     -       932,469   Prepaid air freight charges     -       128,205   Total prepayment     10,899       1,065,040   Rental and other deposits     6,667       7,308   Total deposits and prepayment – current   $ 17,566       1,072,348         As of       September 30, 2023     March 31, 2024   Prepaid system development costs   $ -     $ 100,000   Prepaid equipment costs     -       362,974   Total prepayment     -       462,974   Rental and other deposits     320,513       320,513   Total deposits and prepayment – non-current   $ 320,513       783,487

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	6 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY, PLANT, AND EQUIPMENT	As of September 30, 2023 and March 31, 2024, property, plant and equipment, net consisted of the following:       As of       September 30, 2023     March 31, 2024   Fixture, Furniture and Equipment   $ 20,662     $ 31,097   Total property plant and equipment, at cost     20,662       31,097   Less: accumulated depreciation     (7,388 )     (13,054 ) Total property, plant and equipment, net   $ 13,274     $ 18,043

OPERATING LEASES (Tables)	6 Months Ended
	Mar. 31, 2024
Operating Leases
SCHEDULE OF OPERATING LEASE	As of September 30, 2023 and March 31, 2024, operating lease consist of the following:       As of       September 30, 2023     March 31, 2024   Right-of-use assets, costs   $ 268,140     $ 123,162   Accumulated amortization     (117,664 )     (23,123 ) Disposal due to early termination     (30,595 )     -   Right-of-use assets, net   $ 119,881     $ 100,039
SCHEDULE OF OPERATING LEASE LIABILITIES	As of September 30, 2023 and March 31, 2024, operating lease liabilities consist of the following:       As of       September 30, 2023     March 31, 2024   Operating lease liabilities - current portion   $ 39,886     $ 40,723   Operating lease liabilities - non-current portion     80,237       59,730   Total   $ 120,123     $ 100,453
SCHEDULE OF OTHER LEASE INFORMATION	Other lease information is as follows:       For the six months ended March 31,       2023     2024   Cash paid for amounts included in the measurement of lease liabilities:                 Operating cash flows used in operating leases   $ 24,872     $ 19,842   Right-of-use assets obtained in exchange for new operating lease liabilities   $ -     $ -   Weighted-average remaining lease term - operating leases     0.4 years       2.4 years   Weighted-average discount rate - operating leases     2.875 %     3.375 %
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS	The following is a schedule of future minimum payments under operating leases as of September 30, 2023:       As of September 30, 2023   2024   $ 42,821   2025     43,076   2026     39,487   Total lease payments   $ 125,384   Less: imputed interest     (5,261 ) Total operating lease liabilities, net of interest   $ 120,123     The following is a schedule of future minimum payments under operating leases as of March 31, 2024:       As of March 31, 2024   2025   $ 43,076   2026     43,077   2027     17,950   Total lease payments   $ 104,103   Less: imputed interest     (3,650 ) Total operating lease liabilities, net of interest   $ 100,453

OTHER PAYABLES AND ACCRUED LIABILITIES (Tables)	6 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES	Other payables and accrued liabilities are summarized as follow:       As of       September 30, 2023     March 31, 2024   Accrued staff salaries   $ 133,799     $ 91,591   Accrued administrative expenses     191,603       130,568   Accrued offering costs     762,821       415,385   Other payables     7,793       8,653   Total   $ 1,096,016     $ 646,197

SEGMENT INFORMATION (Tables)	6 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SCHEDULE OF INTEGRATED CROSS BORDER LOGISTICS REVENUE	For the six months ended March 31,       2023           2024         Australia   $ 7,901,347       89.1 %   $ 6,586,518       86.0 % New Zealand     1,021,877       10.9 %     1,073,019       14.0 % Total integrated cross-border logistics revenue   $ 8,923,224       100.0 %   $ 7,659,537       100.0 %

OTHER INCOME (Tables)	6 Months Ended
	Mar. 31, 2024
Other Income and Expenses [Abstract]
SCHEDULE OF OTHER INCOME	For the six months ended March 31,       2023     2024   Foreign exchange gains/(loss)     71,299       (142,194 ) Miscellaneous income     1,859       16   Total   $ 73,158     $ (142,178 )

INCOME TAXES (Tables)	6 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
SCHEDULE OF PROVISION FOR INCOME TAXES	Significant components of the provision for income taxes are as follows:       For the six months ended March 31,       2023     2024   Hong Kong profit tax:                 - Current year   $ 66,967     $ 140,514   - Tax Concession     (769 )     (385 ) Income tax expenses   $ 66,198     $ 140,129
SCHEDULE OF INCOME TAX AND ACTUAL PROVISION	Reconciliation between the income tax expenses computed by applying the BVI statutory tax rate to income before income taxes and actual provision were as follows:       For the six months ended March 31,       2023     2024       US$     US$   Income before income tax   $ 517,006     $ 1,038,924   Tax expenses at the BVI statutory income tax rate     -       -                     Tax effect of rate differences in various jurisdictions     85,306       171,422   Tax effect of non-taxable income     (430 )     (4,838 ) Tax effect of deductible temporary difference     (381 )     (4,917 ) Tax effect of non-deductible expenditure     3,626       -   Tax concession     (769 )     (385 ) Additional tax reduction related to two-tiered profits tax regime     (21,154 )     (21,154 )                   Income tax expense     66,198       140,129

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
SCHEDULE OF NAMES AND RELATIONSHIP OF RELATED PARTIES	(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. FC Output Limited   One of the directors and shareholders is one of the shareholders Mr. Wai Yiu Yau. Mr. Chun Lin Yau   Father of one of the shareholders, Mr. Wai Yiu Yau Ms. Lai Ching Ng   Mother of one of the shareholders, Mr. Wai Yiu Yau
SCHEDULE OF BALANCES WITH RELATED PARTIES	Accounts payable – related party:   Note   As of           September 30, 2023     March 31, 2024   Panaicia Pty Ltd   (1)   $               -       261,770   Total       $ -       261,770     Note:   1 Accounts payable – related party are trade in nature, unsecured and non-interest bearing.
SCHEDULE OF TRADE TRANSACTION	A summary of trade transactions with related parties for six months ended March 31, 2023 and 2024 are listed below:   Freight charges charged by related parties:   For the six months ended March 31,       2023     2024   Panaicia Pty Ltd   $ 3,004,054     $ 2,414,279   Prezario UNO Pty Ltd     383,344       304,749   Total   $ 3,387,398     $ 2,719,028     Salaries paid to related parties:   For the six months ended March 31,       2023     2024   Mr. Wai Yiu Yau   $ 55,000     $ 5,000   Ms. San Man Leng     -       5,637   Mr. Ho Chuen Shin     -       5,637   Mr. Fan Cheung     -       5,637   Total   $ 55,000     $ 21,911

SCHEDULE OF CONSOLIDATED MAJOR SUBSIDIARIES (Details)	6 Months Ended
	Mar. 31, 2024
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Date of incorporation	May, 2023
Place of incorporation	Cayman Islands
Principal activities	Investment holding company
Globavend Associates Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Date of incorporation	May, 2023
Place of incorporation	British Virgin Islands
Principal activities	Intermediate holding company
Globavend H K Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Date of incorporation	June, 2016
Place of incorporation	Hong Kong
Principal activities	Provision of integrated cross-border logistics services and air freight forwarding services
Globavend Holdings Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of effective ownership	100.00%
Globavend Associates Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of effective ownership	100.00%
Globavend H K Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of effective ownership	100.00%

ORGANIZATION AND PRINCIPAL ACTIVITIES (Details Narrative)	6 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of incorporation	May 22, 2023

SCHEDULES OF CONCENTRATION OF RISK BY RISK FACTOR (Details) - USD ($)	6 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
Product Information [Line Items]
Revenue	$ 7,659,537	$ 8,923,224
Accounts receivable net	726,383		$ 1,429,299
Cost of revenue	6,726,294	8,684,797
Customer A [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Revenue	$ 1,864,655	$ 2,099,354
Concentration risk, percentage	22.20%	22.30%
Customer B [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Revenue	$ 1,434,490	$ 1,797,766
Concentration risk, percentage	17.10%	19.10%
Customer C [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Revenue	$ 1,242,771	$ 1,252,095
Concentration risk, percentage	14.80%	13.30%
Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Revenue	$ 4,541,916	$ 5,149,215
Concentration risk, percentage	54.20%	54.70%
A Customer [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration risk, percentage	34.90%		29.80%
Accounts receivable net	$ 259,406		$ 437,898
B Customer [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration risk, percentage	19.30%
Accounts receivable net	$ 143,392
C Customer [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration risk, percentage	0.10%		31.30%
Accounts receivable net	$ 617		$ 459,954
Customers [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration risk, percentage	54.30%		61.10%
Accounts receivable net	$ 403,415		$ 897,852
Panaicia Pty Ltd [Member] | Cost of Sales [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Cost of revenue	$ 2,414,279	$ 3,004,054
Concentration risk, percentage	35.90%	34.60%
Panaicia Pty Ltd [Member] | Accounts Payable [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration risk, percentage	33.50%
Cost of revenue	$ 261,770
Supplier A [Member] | Cost of Sales [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Cost of revenue	$ 1,047,585	$ 1,725,911
Concentration risk, percentage	15.60%	19.90%
Supplier A [Member] | Accounts Payable [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration risk, percentage	30.70%		88.50%
Cost of revenue	$ 240,468		$ 2,301,224
Supplier B [Member] | Cost of Sales [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Cost of revenue	$ 804,452	$ 1,194,857
Concentration risk, percentage	12.00%	13.80%
Supplier B [Member] | Accounts Payable [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration risk, percentage			2.10%
Cost of revenue			$ 54,188
Supplier C [Member] | Cost of Sales [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Cost of revenue		$ 1,127,423
Concentration risk, percentage		13.00%
Supplier C [Member] | Accounts Payable [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration risk, percentage	2.40%		4.10%
Cost of revenue	$ 19,089		$ 108,743
Supplier [Member] | Cost of Sales [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Cost of revenue	$ 4,266,316	$ 7,052,245
Concentration risk, percentage	63.50%	81.30%
Supplier [Member] | Accounts Payable [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration risk, percentage	66.60%		94.70%
Cost of revenue	$ 521,327		$ 2,464,155

SCHEDULE OF FOREIGN CURRENCY TRANSLATION (Details)	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Year end exchange rate	7.8000	7.8000
Year average exchange rate	7.8000	7.8000

SCHEDULE OF ESTIMATED USEFUL LIVES (Details)	Mar. 31, 2024
Motor Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipmment useful life	3 years 3 months 18 days
Fixtures Furniture And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipmment useful life	5 years

SCHEDULE OF DISAGGREGATED BY MAJOR SERVICE (Details) - USD ($)	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Product Information [Line Items]
Total	$ 8,384,790	$ 9,400,570
Integrated Cross Border Logistics Services [Member]
Product Information [Line Items]
Total	7,659,537	8,923,224
Air Freight Forwarding Services [Member]
Product Information [Line Items]
Total	$ 725,253	$ 477,346

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)		6 Months Ended
	Nov. 10, 2023 USD ($) shares	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Mar. 31, 2024 HKD ($) shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2023 HKD ($) shares	May 29, 2023	May 22, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)
Authorized share capital								$ 50,000
Ordinary shares | shares		50,000,000		50,000,000	50,000,000	50,000,000		50,000,000
Common stock, par or stated value per share | $ / shares		$ 0.001			$ 0.001			$ 0.001
Common stock, shares issued | shares		14,625,000		14,625,000	13,125,000	13,125,000
Common stock, shares outstanding | shares		14,625,000		14,625,000	13,125,000	13,125,000
Allowance for expected credit loss		$ 26,924			$ 50,935
Year end exchange rate		7.8000	7.8000	7.8000
Cash and cash equivalents		$ 2,549,766			554,132
Deposits				$ 500,000
Allowance for expected credit loss for accounts receivables		16,745			38,534				$ 5,068
Contract assets		452,031			543,838
Allowance for expected credit loss		10,179			12,401
Contract liabilities
Deferred Costs, Current		300,000			$ 1,306,441
Impairment of loss		0	$ 0
Government grants			$ 1,859
Mr Wai Yiu Yau [Member]
Bank guarantee line maximum amount				$ 1,040,000		$ 3,690,000
IPO [Member]
Proceeds from Issuance Initial Public Offering	$ 5,300,000
Stock Issued During Period, Shares, New Issues | shares	1,500,000
Reorganization [Member]
Common stock, shares issued | shares		13,125,000		13,125,000
Common stock, shares outstanding | shares		13,125,000		13,125,000
Globavend Investments Limited [Member]
Equity Method Investment, Ownership Percentage							100.00%
Globavend Investments Limited [Member]
Common stock, shares issued | shares								13,125,000

SCHEDULE OF ACCOUNTS RECEIVABLE NET OF ALLOWANCE FOR CREDIT LOSS (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2022
Credit Loss [Abstract]
Accounts receivable	$ 743,128	$ 1,467,833
Less: allowance for expected credit loss	(16,745)	(38,534)	$ (5,068)
Total	$ 726,383	$ 1,429,299

SCHEDULE OF ALLOWANCES FOR CREDIT LOSS (Details) - USD ($)	6 Months Ended	12 Months Ended
	Mar. 31, 2024	Sep. 30, 2023
Credit Loss [Abstract]
Balance at beginning of the year	$ (38,534)	$ (5,068)
Increase / Reversal (addition)	21,789	(33,466)
Total	$ (16,745)	$ (38,534)

SCHEDULE OF DEPOSITS AND PREPAYMENT (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Deposits And Prepayment
Prepaid insurance costs	$ 4,366	$ 10,899
Prepaid costs for proposed financing transactions	932,469
Prepaid air freight charges	128,205
Total prepayment	1,065,040	10,899
Rental and other deposits	7,308	6,667
Total deposits and prepayment – current	1,072,348	17,566
Prepaid system development costs	100,000
Prepaid equipment costs	362,974
Total prepayment	462,974
Rental and other deposits	320,513	320,513
Total deposits and prepayment – non-current	$ 783,487	$ 320,513

SCHEDULE OF PROPERTY, PLANT, AND EQUIPMENT (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Total property plant and equipment, at cost	$ 31,097	$ 20,662
Less: accumulated depreciation	(13,054)	(7,388)
Total property, plant and equipment, net	18,043	13,274
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property plant and equipment, at cost	$ 31,097	$ 20,662

PROPERTY, PLANT AND EQUIPMENT, NET (Details Narrative) - USD ($)	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expenses	$ 5,666	$ 1,603

SCHEDULE OF OPERATING LEASE (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Operating Leases
Right-of-use assets, costs	$ 123,162	$ 268,140
Accumulated amortization	(23,123)	(117,664)
Disposal due to early termination		(30,595)
Right-of-use assets, net	$ 100,039	$ 119,881

SCHEDULE OF OPERATING LEASE LIABILITIES (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Operating Leases
Operating lease liabilities - current portion	$ 40,723	$ 39,886
Operating lease liabilities - non-current portion	59,730	80,237
Total	$ 100,453	$ 120,123

SCHEDULE OF OTHER LEASE INFORMATION (Details) - USD ($)	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Leases
Operating cash flows used in operating leases	$ 19,842	$ 24,872
Right-of-use assets obtained in exchange for new operating lease liabilities
Weighted-average remaining lease term - operating leases	2 years 4 months 24 days	4 months 24 days
Weighted-average discount rate - operating leases	3.375%	2.875%

SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Operating Leases
Year three	$ 17,950	$ 42,821
Year four		43,076
Year five		39,487
Total lease payments	104,103	125,384
Less: imputed interest	(3,650)	(5,261)
Total	100,453	$ 120,123
Year one	43,076
Year two	$ 43,077

OPERATING LEASES (Details Narrative) - USD ($)	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Leases
Operating lease expense	$ 19,842	$ 24,872

SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Payables and Accruals [Abstract]
Accrued staff salaries	$ 91,591	$ 133,799
Accrued administrative expenses	130,568	191,603
Accrued offering costs	415,385	762,821
Other payables	8,653	7,793
Total	$ 646,197	$ 1,096,016

SCHEDULE OF INTEGRATED CROSS BORDER LOGISTICS REVENUE (Details) - USD ($)	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue, Major Customer [Line Items]
Revenues	$ 7,659,537	$ 8,923,224
Geographic Concentration Risk [Member] | Revenue Benchmark [Member]
Revenue, Major Customer [Line Items]
Concentration Risk Percentage	100.00%	100.00%
AUSTRALIA
Revenue, Major Customer [Line Items]
Revenues	$ 6,586,518	$ 7,901,347
AUSTRALIA | Geographic Concentration Risk [Member] | Revenue Benchmark [Member]
Revenue, Major Customer [Line Items]
Concentration Risk Percentage	86.00%	89.10%
NEW ZEALAND
Revenue, Major Customer [Line Items]
Revenues	$ 1,073,019	$ 1,021,877
NEW ZEALAND | Geographic Concentration Risk [Member] | Revenue Benchmark [Member]
Revenue, Major Customer [Line Items]
Concentration Risk Percentage	14.00%	10.90%

SCHEDULE OF OTHER INCOME (Details) - USD ($)	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Foreign exchange gains/(loss)	$ (142,194)	$ 71,299
Miscellaneous income	16	1,859
Total	$ (142,178)	$ 73,158

SCHEDULE OF PROVISION FOR INCOME TAXES (Details)	6 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 HKD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 HKD ($)
Income Tax Disclosure [Abstract]
- Current year	$ 140,514		$ 66,967
- Tax Concession	(385)	$ (3,000)	(769)	$ (6,000)
Income tax expenses	$ 140,129		$ 66,198

SCHEDULE OF INCOME TAX AND ACTUAL PROVISION (Details) - USD ($)	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income before income tax	$ 1,038,924	$ 517,006
Tax expenses at the BVI statutory income tax rate
Tax effect of rate differences in various jurisdictions	171,422	85,306
Tax effect of non-taxable income	(4,838)	(430)
Tax effect of deductible temporary difference	(4,917)	(381)
Tax effect of non-deductible expenditure		3,626
Tax concession	(385)	(769)
Additional tax reduction related to two-tiered profits tax regime	(21,154)	(21,154)
Income tax expenses	$ 140,129	$ 66,198

INCOME TAXES (Details Narrative)		6 Months Ended
	Mar. 21, 2018	Mar. 31, 2024 USD ($)	Mar. 31, 2024 HKD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 HKD ($)
Operating Loss Carryforwards [Line Items]
Effective income tax rate reconciliation, deduction		100.00%	100.00%	100.00%	100.00%
Tax concession		$ 385	$ 3,000	$ 769	$ 6,000
Effective tax rates on income before income taxes		13.49%	13.49%	12.80%	12.80%
Inland Revenue, Hong Kong [Member]
Operating Loss Carryforwards [Line Items]
Significant change in unrecognized tax benefits, nature of event	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%

SCHEDULE OF NAMES AND RELATIONSHIP OF RELATED PARTIES (Details)	6 Months Ended
	Mar. 31, 2024
Panaicia Pty Ltd [Member]
Related Party Transaction [Line Items]
Existing Relationship with the Company	Sole director and sole shareholder is one of the shareholders Mr. Wai Yiu Yau.
Prezario U N O Pty Ltd [Member]
Related Party Transaction [Line Items]
Existing Relationship with the Company	Sole shareholder is the spouse of one of the shareholders Mr. Wai Yiu Yau.
F C Output Limited [Member]
Related Party Transaction [Line Items]
Existing Relationship with the Company	One of the directors and shareholders is one of the shareholders Mr. Wai Yiu Yau.
Mr Chun Lin Yau [Member]
Related Party Transaction [Line Items]
Existing Relationship with the Company	Father of one of the shareholders, Mr. Wai Yiu Yau
Ms Lai Ching Ng [Member]
Related Party Transaction [Line Items]
Existing Relationship with the Company	Mother of one of the shareholders, Mr. Wai Yiu Yau

SCHEDULE OF BALANCES WITH RELATED PARTIES (Details) - USD ($)		Mar. 31, 2024	Sep. 30, 2023
Panaicia Pty Ltd [Member]
Accounts payable – related party:
Total	[1]	$ 261,770
Related Party [Member]
Accounts payable – related party:
Total		$ 261,770
[1] Accounts payable – related party are trade in nature, unsecured and non-interest bearing.

SCHEDULE OF TRADE TRANSACTION (Details) - USD ($)	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Freight charges charged by related parties:
Total	$ 6,726,294	$ 8,684,797
Panaicia Pty Ltd [Member]
Freight charges charged by related parties:
Total	2,414,279	3,004,054
Prezario U N O Pty Ltd [Member]
Freight charges charged by related parties:
Total	304,749	383,344
Related Party [Member]
Freight charges charged by related parties:
Total	2,719,028	3,387,398
Salaries paid to related parties:
Total	21,911	55,000
Mr. Wai Yiu Yau [Member]
Salaries paid to related parties:
Total	5,000	55,000
Mr. San Man Leng [Member]
Salaries paid to related parties:
Total	5,637
Mr. Ho Chuen Shin [Member]
Salaries paid to related parties:
Total	5,637
Mr. Fan Cheung [Member]
Salaries paid to related parties:
Total	$ 5,637

ORDINARY SHARES AND STRUCTURE SECTION (Details Narrative) - USD ($)	Nov. 10, 2023	Nov. 10, 2023	Mar. 31, 2024	Sep. 30, 2023	May 22, 2023
Subsidiary, Sale of Stock [Line Items]
Shares authorized			50,000,000	50,000,000	50,000,000
Shares issued			14,625,000	13,125,000
Shares outstanding			14,625,000	13,125,000
Par value			$ 0.001	$ 0.001	$ 0.001
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Gross proceeds	$ 5,300,000
IPO [Member] | Underwriting Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Gross proceeds		$ 6,000,000
Proceeds prior to deducting underwriting discounts and other offering expenses		5,379,500
Proceeds after to deducting underwriting discounts and other offering expenses		$ 620,500

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