Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 22

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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    500,000

    June 30, 2027

    500,000

    December 31, 2027

    500,000

    June 30, 2028

    500,000

    December 31, 2028

    500,000

    Total contingent earnout payment

    5,500,000

    Less: imputed interest

    (453,579
    )
  
    Less: earnout payable recognized as of March 31, 2025

    (1,000,000
    )
  
    Promissory notes payable
     
    $
    4,046,421

12.        CONVERTIBLE
NOTES PAYABLE

Convertible notes payable consisted
of the following:

    Schedule of convertible notes payable

    As of

    March 31, 2025

    December 31, 2024

    Issue date
     
    Maturity date

    Convertible note A
     
    August 1, 2023
     
    December 31, 2024
     
    $
    5,000

    $
    5,000

    Convertible note B
     
    August 8, 2023
     
    December 31, 2024

    5,000

    5,000

    Convertible note C
     
    November 11, 2023
     
    December 31, 2024

    160,000

    160,000

    $
    170,000

    $
    170,000

The Company issued convertible
notes to seven third parties, for which the proceeds were used for operations. Convertible note A and B carried interest at 5% per annum.
The convertible notes are convertible to shares of the Company’s common stock after 6 months of issuance unless such shares are
covered by a resale registration statement. The conversion rate is determined at $0.02 per share.

These convertible notes were
due on December 31, 2024. At the date of filing, the Company and these note holders are negotiating the final repayment plan.

     26 

13.        SHAREHOLDERS’
DEFICIT

Preferred stock

As of March 31, 2025 and December
31, 2024, the Company’s authorized shares were 30,000