Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 79

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 8
Chunk 79
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    Furniture Station Limited 
     99,851  
     37.09%  
     45,934 
  
    Total: 
    $234,122  
     86.97%  
    $90,667 

These customers are located in
Hong Kong.

 39 

Cost of Revenues

Cost of revenues of $319,004
for the three months ended March 31, 2025, consisted primarily of the direct wages, telemarketing service charges, depreciation and amortization
of right-of-use assets. Cost of revenues increased by $174,147, as compared to $144,857 in the same period of 2024, which was mainly due
to the increase in direct operating costs in logistics services. Cost of revenues of $144,857 for the three months ended March 31, 2024
consisted primarily of the direct wages for logistic service and depreciation and amortization of right-of-use assets.

For the three months ended
March 31, 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:

    Three months ended March 31, 2025  
    March 31, 2025 
  
    Vendor 
    Cost of revenues  
    Percentage cost of revenues  
    Expenses payable 
  
    Ten Month Limited 
    $82,862  
     25.98%  
    $35,548 
  
    Giant Winner Limited 
     44,259  
     13.87%  
     – 
  
    Total: 
    $127,121  
     39.85%  
    $35,548 

    Three months ended March 31, 2024  
    March 31, 2024 
  
    Vendor 
    Cost of revenues  
    Percentage cost of revenues  
    Expenses payable 
  
    Giant Winner Limited 
    $45,167  
     31.18%  
    $– 

These vendors are located in
Hong Kong and China.

Gross Profit

We achieved a gross profit of
$322,019 and $124,352 for the three months ended March 31, 2025 and 2024, respectively. The increase in gross profit is attributable to
an increase in new business in