Company: MVNC
Filing Date: 2025-01-21
Form Type: DEF 14C
Source: 0001683168-25-000446
Chunk: 9

Company: Marvion Inc.
Filing Date: 2025-01-21
Form: DEF 14C
Chunk 9
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 |     | $ |           262,977 |     | $ |                 – |

Those temporary advances are unsecured,
non-interest bearing and have no fixed terms of repayment.

From time to time, our directors
advanced funds to us for working capital purpose. Those advances are unsecured, non-interest bearing and have no fixed terms of repayment.
During the year ended December 31, 2023, companies which are controlled by Lee Ying Chiu Herbert, our director advanced $231,806 and Chan
Man Chung, our former executive officer and director advanced $0 to us, respectively. During the year ended December 31, 2022, companies
which are controlled by Lee Ying Chiu Herbert, our former director advanced $1,462,877 and Chan Man Chung, our former executive officer
and director advanced $10,400 to us, respectively.

On April 1, 2022, the Company
entered into a Service Agreement (the “Service agreement”) with Marvel Digital Group Limited, a company controlled by Herbert
Lee, its controlling shareholder, pursuant to which Marvel Digital Group Limited agreed to provide staffing and back-office services to
the Company until the arrangement is terminated by the parties. During the year ended December 31, 2023 and 2022, the Company incurred
the related management service fee of $0 and $1,260,553 respectively.

In July 2022, our former wholly-owned
subsidiary Marvion Group Limited entered into a technical knowhow license and servicing agreement (the “Servicing Agreement”)
with Total Chase Limited (“Total Chase”), a company controlled by Lee Ying Chiu Herbert, the former controlling shareholder
of the Company, pursuant to which the Company engaged Total Chase to develop the technical knowhow during a three-year term. Total Chase
is the parent company of Marvel Digital AI Limited (“MDAI”) that owns intellectual properties and provides technical development
services to Total Chase. The technical knowhow consists of visual intelligence engine, speech recognition engine, text analytics engine,
emotion recognition engine, motion recognition engine, AI agent creation engine, and metaverse development. Under the terms of the Servicing
Agreement, the Company is required to pay to Total Chase an aggregate of $50 million for the development of technical knowhow. The consideration
is payable in cash or cryptocurrencies. All MDAI’s proprietary items remained the sole and exclusive property of MDAI, Total Chase
will grant the Company a perpetual, non-exclusive, paid-up license to use