Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 48

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 8
Chunk 48
---
 100 ordinary shares for HK$100
     
    100%

    United Warehouse Management Limited (“UWML”)
     
    Hong Kong
     
    Provision of warehousing and support activities for transportation
     
    10,000 ordinary shares for HK$10,000
     
    100%

The Company and its subsidiaries are hereinafter referred
to as (the “Company”).

     14 

3.          SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).
The reporting currency of the Company is United States Dollar (“US$”) and the accompanying unaudited condensed consolidated
financial statements have been expressed in US$. In addition, the Company is operating in Hong Kong and maintains its books and record
in its local currencies, Hong Kong Dollars (“HKD”), for details, please refer to foreign currencies translation in note 3.

Basis of consolidation

The unaudited condensed consolidated
financial statements include the accounts of MVNC and its subsidiaries. All significant inter-company balances and transactions within
the Company have been eliminated upon consolidation.

Use of estimates and assumptions

In preparing these unaudited
condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and
liabilities in the unaudited condensed consolidated balance sheet and revenues and expenses during the periods reported. Actual results
may differ from these estimates. If actual results significantly differ from the Company’s estimates, the Company’s financial
condition and results of operations could be materially impacted. Significant estimates in the period include the impairment loss on digital
assets, valuation and useful lives of intangible assets and deferred tax valuation allowance.

Cash and cash equivalents

Cash and cash equivalents consist
primarily of cash in readily available checking and saving accounts. They consist of highly liquid investments that are readily convertible
to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the
short maturities of these instruments. The Company maintains its bank accounts in Hong Kong.

Accounts receivable

Accounts receivable are recorded
at the gross billing amounts due from customers, less an allowance for expected credit losses. Accounts receivable do not bear interest
and are considered