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

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 Kong

The Company’s subsidiaries
operating in Hong Kong are subject to the Hong Kong Profits Tax at the two-tiered profits tax rates from 8.25% to 16.5% on the estimated
assessable profits arising in Hong Kong during the current period, after deducting a tax concession for the tax year. The reconciliation
of income tax rate to the effective income tax rate for the three months ended March 31, 2025 and 2024 is as follows:

    Schedule of income tax expense 

    Three Months Ended March 31, 

    2025  
    2024 
  
    Income before income taxes 
    $151,504  
    $54,136 
  
    Statutory income tax rate 
     16.5%  
     16.5% 
  
    Income tax expense at statutory rate 
     24,998  
     8,934 
  
    Tax effect of non-taxable items 
     (16,575) 
     (80)
  
    Tax effect of non-deductible items 
     –  
     4,770 
  
    Income tax expense 
    $8,423  
    $13,624 

The following table sets forth
the significant components of the deferred tax assets of the Company as of March 31, 2025 and December 31, 2024:

    Schedule of deferred tax assets 

    As of 

    March 31, 2025  
    December 31, 2024 

    Deferred tax assets: 

    NOL – US tax regime 
    $271,797  
    $135,693 
  
    NOL – British Virgin Islands regime 
     263,951  
     263,951 
  
    NOL – Hong Kong tax regime 
     271,792  
     423,296 

     807,540  
     822,940 
  
    Less: valuation allowance 
     (807,540) 
     (822,940)
  
    Deferred tax assets, net 
    $–  
    $– 

As of March 31, 2025 and December
31, 2024, the Company had no unrecognized tax benefits. Interest and penalty charges, if any, related to income taxes would be classified
as a component of the provision for income taxes in the unaud