Revenue Performance - Revenue decreased by $5,434,668, or 22.6%, from $24,021,196 in 2022 to $18,586,528 in 2023, primarily due to declines in integrated cross-border logistics and air freight forwarding services [390]. - Revenue from integrated cross-border logistics services decreased by $2,571,643, or 13.2%, from $19,444,182 in 2022 to $16,872,539 in 2023, attributed to higher average sales prices reducing demand [391]. - Revenue from air freight forwarding services decreased by $2,863,025, or 62.6%, from $4,577,014 in 2022 to $1,713,989 in 2023, due to a focus on high unit price sales reducing volume [392]. - Revenue increased by $10,765,116, or 81.2%, from $13,256,080 for the year ended September 30, 2021 to $24,021,196 for the year ended September 30, 2022 [419]. - Revenue from integrated cross-border logistics services increased by $7,450,850, or 62.1%, from $11,993,332 for the year ended September 30, 2021 to $19,444,182 for the year ended September 30, 2022 [420]. Cost and Expenses - Cost of revenue decreased by $5,934,377, or 26.2%, from $22,615,318 in 2022 to $16,680,941 in 2023, mainly due to reduced air freight and courier expenses [394]. - Cost of revenue increased by $10,344,204, or 84.3%, from $12,271,114 for the year ended September 30, 2021 to $22,615,318 for the year ended September 30, 2022 [422]. - General and administrative expenses increased by $169,994, or 28.9%, from $588,732 in 2022 to $758,726 in 2023, primarily due to increased audit fees and allowance for expected credit loss [402]. - Audit fees surged by $170,000, or 10,198.0%, from $1,667 in 2022 to $171,667 in 2023, reflecting professional service costs for the annual audit [403]. - Staff costs decreased by $13,133, or 3.4%, from $383,959 for the year ended September 30, 2022 to $370,826 for the year ended September 30, 2023 [404]. - Travel expenses decreased by $24,327, or 35.1%, from $69,383 for the year ended September 30, 2022 to $45,056 for the year ended September 30, 2023 [405]. Profitability - Gross profit increased by 35.5% to $1,905,587 in 2023 from $1,405,878 in 2022, with gross profit margin rising to 10.3% from 5.9% [400]. - Net income increased by 33.0% to $1,077,392 for the year ended September 30, 2023, compared to $810,227 for the year ended September 30, 2022 [416]. - Net income grew by 43.5% to $810,227 for the year ended September 30, 2022, compared to $564,758 in 2021, driven by increased revenue and gross profit [444]. Assets and Liabilities - Current assets surged by $1,905,082, from $2,116,028 in 2022 to $4,021,110 in 2023, reflecting significant growth in accounts receivable and deferred costs [446]. - Accounts receivable increased by $317,301, or 28.5%, from $1,111,998 in 2022 to $1,429,299 in 2023, mainly due to higher revenue [450]. - Accounts payable increased by $1,290,186, or 98.4%, from $1,311,067 in 2022 to $2,601,253 in 2023, mainly due to outstanding supplier invoices [456]. - Total current liabilities rose by 140.8%, from $1,616,528 on September 30, 2022, to $3,892,365 on September 30, 2023, driven by an increase in accounts payables and unpaid offering costs [495]. - Working capital decreased to $128,745 from $499,500 as of September 30, 2022, primarily due to a dividend payment of $1,474,359 [496]. Cash Flow and Liquidity - Net cash provided by operating activities was $2,021,831 for the year ended September 30, 2023, an increase of approximately $1.2 million from $783,045 in 2022 [481]. - The company believes that current cash and cash equivalents, along with cash flows from operating activities, will be sufficient to meet working capital needs for the next 12 months following the initial public offering in November 2023 [497]. - As of September 30, 2023, the company's cash balance was $554,132, maintained at financial institutions in Hong Kong, reflecting a stable liquidity position [734]. Foreign Exchange and Credit Risk - Foreign exchange gains were $30,173, $72,974, and $118,508 for the years ended September 30, 2021, 2022, and 2023, respectively, indicating a positive impact on net income [382]. - The company has adopted a credit policy to mitigate credit risk by dealing with creditworthy counterparties and performing ongoing credit evaluations [736]. - The company estimates expected credit losses based on historical credit loss experience and current risk characteristics, ensuring a proactive approach to credit risk management [736]. - Approximately 54.3% of the company's cost of revenue for the year ended September 30, 2023, was denominated in foreign currencies, primarily for customs clearance fees and local courier expenses [737]. Employment and Governance - The board of directors consists of four members, including one female and three male directors, reflecting a commitment to diversity [519]. - As of September 30, 2023, the company had seven full-time employees, a decrease from nine in 2022 and eight in 2021 [551]. - For the year ended September 30, 2023, the total compensation paid to directors was US$85,000 [520]. - The company has entered into employment agreements with its Chief Executive Officer and Chief Financial Officer, each with an annual cash compensation of $10,000 [541][545]. - The company has not experienced significant labor disputes or difficulties in recruitment and retention of staff over the past three years [552].