Company: MVNC
Filing Date: 2025-04-25
Form Type: 10-K
Source: 0001683168-25-002807
Chunk: 13

Company: Marvion Inc.
Filing Date: 2025-04-25
Form: 10-K
Item: Item 12
Chunk 13
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 all related development costs to expenses as incurred and recognized as “Technology and development expenses” in the
unaudited condensed consolidated statement of operations. During the year ended December 31, 2024, we incurred the related development
fee of $0.

We
have not adopted policies or procedures for approval of related person transactions but review them on a case-by-case basis. We believe
that all related party transactions were on terms at least as favorable as we would have secured in arm’s-length transactions with
third parties. Except as set forth above, we have not entered into any material transactions with any director, executive officer, and
promoter, beneficial owner of five percent or more of our common stock, or family members of such persons.

Director
Independence

Though
not a listed company, we intend to adhere to the corporate governance standards adopted by NASDAQ. NASDAQ rules require our Board to
make an affirmative determination as to the independence of each director. Consistent with these rules, our Board conducted its annual
review of director independence. During the review, our Board considered relationships and transactions since incorporation between each
director or any member of her immediate family, on the one hand, and us and our subsidiaries and affiliates, on the other hand. The purpose
of this review was to determine whether any such relationships or transactions were inconsistent with a determination that the director
is independent. Based on this review, our Board determined that none of the current members of our Board are independent directors under
the criteria established by NASDAQ and by our Board.

 57 

ITEM 14.   Principal
AccountING Fees And Services.

Victor Mokuolu, CPA PLLC
audited our financial statements for the fiscal years ended December 31, 2024 and 2023.

All audit work was performed
by the full time employees of Victor Mokuolu, CPA PLLC for the fiscal years ended December 31, 2024, and 2023. Our board of directors
does not have an audit committee. The functions customarily delegated to an audit committee are performed by our full board of directors.
Our board of directors approves in advance, all services performed by Victor Mokuolu, CPA PLLC, but have not adopted pre-approval policies
or procedures. Our board of directors has considered whether the provision of non-audit services is compatible with maintaining the principal
accountant’s independence, and has approved such services.

The following table sets forth
fees billed by our auditor during