Company: MVNC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001683168-25-008388
Chunk: 96

Company: Marvion Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 96
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 same period of 2024, which
was mainly due to the increase in direct operating costs in logistics services. Cost of revenues of $517,252 for the nine months ended
September 30, 2024 consisted primarily of the direct wages for logistic service and depreciation and amortization of right-of-use assets.

For the nine months ended
September 30, 2025 and 2024, the individual vendor who accounted for 10% or more of the Company’s direct operating cost and its
outstanding payable balances at period-end dates, are presented as follows:

    Nine Months ended September 30,  
    September 30, 2025 
  
    Vendor 
    2025  
    2024  
    Accounts  payable 
  
    Ching Fung E-Commerce Logistics Limited 
     32.23%  
     –  
    $78,922 
  
    Ten Month Limited 
     21.67%  
     –  
     31,102 
  
    Giant Winner Limited 
     –  
     26.06%  
     – 
  
    Ip Ming 
     –  
     11.20%  
    $– 

These vendors are located
in Hong Kong.

 40 

Gross Profit

We achieved a gross profit
of $1,019,269 and $502,341 for the nine months ended September 30, 2025 and 2024, respectively. The increase in gross profit is attributable
to an increase in new business in rendering logistics and warehousing services.

Operating Expenses

General and Administrative
Expenses (“G&A”): General and administrative expenses of $870,363 and $732,377 for the nine months ended September 30,
2025, and 2024, respectively. These expenses primarily include payroll, office operating costs, as well as professional fees.

Income Tax Expense

We incurred income tax expense
of $29,657 and $36,045 during the nine months ended September 30, 2025 and 2024, respectively.

Liquidity and Capital Resources

Working Capital

As of September 30, 2025,
we had cash and cash equivalents of $397,864, account receivables of $568,099 and prepaid expenses and other current assets of 19,315.

As of December 31, 2024,
we had cash and cash equivalents of $322,426