Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 77

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 8
Chunk 77
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 Total operating expenses 
     (259,779) 
     (70,699)
  
    Income from operations 
     62,240  
     53,653 
  
    Interest expense 
     (47,115) 
     – 
  
    Other income 
     275  
     483 
  
    Income before income taxes 
     15,400  
     54,136 
  
    Income tax expense 
     (8,423) 
     (13,624)
  
    Net income 
    $6,977  
    $40,512 

Revenues

The Company currently generates three sources
of revenue: 

    Three Months Ended March 31, 

    2025  
    2024 

    Logistic service income 
    $288,770  
    $107,548 
  
    Warehousing service income 
     286,944  
     134,271 
  
    Financial consulting income 
     65,309  
     27,390 

    $641,023  
    $269,209 

All of our revenues are derived in Hong Kong.

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 the 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.

 38 

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.

The Company also provides financial