Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 59

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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 in the normal course of business.

The Company reported a working
capital deficit of $3,906,209 and accumulated deficit of $6,063,996 as of March 31, 2025. The continuation of the Company as a going concern
through the next twelve months is dependent upon the continued financial support from its major shareholders. The Company is currently
pursuing additional financing for its operations. However, there is no assurance that the Company will be successful in securing sufficient
funds to sustain the operations.

These and other factors raise
substantial doubt about the Company’s ability to continue as a going concern. These unaudited condensed consolidated financial statements
do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities
that may result in the Company not being able to continue as a going concern.

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5.          REVENUE
FROM CONTRACTS WITH CUSTOMERS

The following is a disaggregation
of the Company’s revenue by major source for the respective periods:

    Schedule of revenue by revenue major source 

    Three Months Ended March 31, 

    2025  
    2024 
  
    Types of segments/revenue sources 
    Time of recognition 

    Supply chain segment: 

    Logistic service income 
    Point-in-time 
    $288,770  
    $107,548 
  
    Warehousing service income 
    Over time 
     286,944  
     134,271 

     575,714  
     241,819 
  
    Financial segment: 

    Financial consulting income 
    Point-in-time 
     65,309  
     27,390 
  
    Total revenues 
      
    $641,023  
    $269,209 

6.          CONSTRUCTION
IN PROGRESS AND CONSTRUCTION PAYABLE

The development costs of
$800,252
for a warehouse building not yet placed into service are capitalized as construction in progress on the unaudited condensed
consolidated balance sheets and are not depreciated until ready for service. Once
placed into operating service, the building will be depreciated on a straight-line basis over its estimated useful life which
generally 12 years, based on the lease term of the leasehold land. The warehouse completed 79.48% and 61.94% of its construction as of
March 31,