Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 78

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 8
Chunk 78
---

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.

Revenues of $641,023 for
the three months ended March 31, 2025, increased by $371,814 or 138% from $269,209 in the same period of 2024, which was mainly
due to the increase in number of customers in rendering logistics and warehousing services. Revenues of $269,209 for the three months
ended March 31, 2024, consisted mainly logistics and warehousing services.

For the three months ended
March 31, 2025 and 2024, the individual customer who accounted for 10% or more of the Company’s revenues and its outstanding receivable
balances at period-end dates, are presented as follows:

    Three months ended March 31, 2025  
    March 31, 2025 
  
    Major Customer 
    Revenues  
    Percentage of revenues  
    Accounts receivable 
  
    Kwai Bon Transportation Limited 
    $193,329  
     30.16%  
    $– 
  
    Lei Tat Trading (International) Limited 
     161,957  
     25.27%  
     – 
  
    Pro King International Warehouse Limited 
     134,964  
     21.05%  
     44,993 
  
    Furniture Station Limited 
     76,545  
     11.94%  
     24,138 
  
    Total: 
    $566,795  
     88.42%  
    $69,131 

    Three months ended March 31, 2024  
    March 31, 2024 
  
    Major Customer 
    Revenues  
    Percentage of revenues  
    Accounts receivable 
  
    Pro King International Warehouse Limited 
    $134,271  
     49.88%  
    $44,733