Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 52

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 8
Chunk 52
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Logistic services

Revenues from logistic solution
services to the customers, in which such local transportation, delivery and packaging services at the time the customers require packed
products to be shipped by the Company to domestic destinations designed by the customers. The Company’s performance obligation has
been satisfied when the products been delivered to the designated recipient and confirmed the completion with customer. Generally, the
Company will reconcile the delivery order with customer monthly and recognized revenue after completion of monthly reconciliation. The
Company will issue invoices to customers at each month end, and usually provide the receivable in a credit term of 30 days.

Warehousing services

Revenues from storage services
at the designated warehouse facilities are recognized ratably over the term of the contract or arrangement, as the Company performs contractual
obligations through continuous transfer of control to the customers, and they could simultaneously receive and consume the benefits of
the Company’s performance as it occurs. The Company generally invoices customers monthly at the end of each month in arrear for
services performed during the month. The performance obligation is satisfied when the services are performed. Warehousing contracts typically
consist of ongoing storage service in a term of 1-6 years, subject to renewal option. The Company recognized revenue when the Company
issued monthly invoices to customers.

Financial consulting services

The Company also provides financial
consulting services to the customers, and generally invoices customers when the performance obligation is satisfied. The duration of the
service period is short, usually within 3 months. Transaction prices of financial consulting services to be rendered are typically based
on contracted rates. The Company earns the fee arising from the facilitation of the placement of financing solutions with different credit
institutions, which is recognized at a point in time when the service is completed and delivered to the customer. The Company recognized
revenue when the Company issued invoices to customers after the performance obligation satisfied.

The Company is acting as a principal
in providing aforementioned services and accordingly recognizes revenue on a gross basis as the Company and customers will agree on charges
and selects carriers or service providers at Company’s own discretion.

Income taxes

The Company adopted the ASC 740
“Income tax” provisions of paragraph 740-10-25-13, which addresses the determination of whether tax benefits claimed
or expected to be claimed on a tax return should be recorded in the unaudited condensed consolidated financial statements. Under paragraph
740-10-25-13, the Company may recognize the tax benefit from an uncertain