Company: MVNC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001683168-25-008388
Chunk: 28

Company: Marvion Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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, 2024 

    Issue date 
    Maturity date 

    Convertible note A 
    August 1, 2023 
    December 31, 2024 
    $–  
    $5,000 
  
    Convertible note B 
    August 8, 2023 
    December 31, 2024 
     –  
     5,000 
  
    Convertible note C 
    November 11, 2023 
    December 31, 2024 
     –  
     160,000 

    $–  
    $170,000 

During the nine months ended
September 30, 2025, the Company and the convertible notes holders agreed to settle all obligations arising from the original convertible
notes agreements and release each other from any claims related to the agreement. The obligations under the agreements (including but
not limited to the Notes’ repayment, conversion rights and registration statement obligations) are agreed to be terminated. On June
27, 2025, the note holders unconditionally agreed and irrevocably waived all rights to convert the note into shares of the Company’s
common stock, demand repayment of the Notes’ principal or accrued interest and enforce any registration rights or other claims under
the agreement. The gain on debt extinguishment of $170,000 in accordance with ASC 405-20 was recognized in the unaudited condensed consolidated
statements of operations and comprehensive income for the nine months ended September 30, 2025.

14.SHAREHOLDERS’ DEFICIT

Preferred stock

As of September 30, 2025
and December 31, 2024, the Company’s authorized shares were 30,000,000,000 shares of preferred stock, with a par value of $0.0001.

As of September 30, 2025
and December 31, 2024, the Company had 10,000,000 and 10,000,000 shares of Series A Preferred Stock issued and outstanding, respectively.

     26 

As of September 30, 2025
and December 31, 2024, the Company had 366,346 and 366,346 shares of Series B Preferred Stock issued and outstanding, respectively.

As of September 30, 2025
and December 31, 2024, the Company had 1 and 1 share of Series C Preferred Stock issued