Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 71

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 8
Chunk 71
---
 unaudited condensed consolidated balance sheets.

Except as noted above,
the Company had no other material commitments or contingencies as of March 31, 2025.

     32 

19.        SUBSEQUENT EVENTS

In accordance with ASC Topic
855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur
after the balance sheet date but before the unaudited condensed consolidated financial statements are issued, the Company has evaluated
all events or transactions that occurred after March 31, 2025, up through the date the Company issued the unaudited condensed consolidated
financial statements. The Company had no material recognizable subsequent events since March 31, 2025, except as noted below:

On April 1, 2025, the Company
and Kwai Bon Transportation Limited (the “Customer”) entered into a Warehouse Storage Service Agreement (the “Agreement”)
pursuant to which the Customer will pay a monthly fee of HKD $235,000 (approximately USD $30,209) for the use of a 17,000 square feet
storage space in the Company’s warehouse facility, for a period of Two (2) years, commencing April 1, 2025, and ending March 31,
2027. Thereafter, the agreement will automatically renew for an additional one-year period unless earlier terminated upon three months
prior written notice.

 33 

Item 2. Management’s Discussion and Analysis
of Financial Condition and Results of Operations.

The following discussion and
analysis of our Company’s financial condition and results of operations should be read in conjunction with our unaudited condensed
consolidated financial statements and the related notes included elsewhere in the report. This discussion contains forward-looking statements
that involve risks and uncertainties. Actual results and the timing of selected events could differ materially from those anticipated
in these forward-looking statements as a result of various factors. See “Cautionary Note Concerning Forward-Looking Statements”
on page 9.

Unless otherwise noted, all
currency figures quoted as “U.S. dollars”, “dollars” or “$” refer to the legal currency of the United
States. Throughout this report, assets and liabilities of the Company’s subsidiaries are translated into U.S. dollars using the
exchange rate on the balance sheet date. Revenue and expenses are translated at average rates prevailing during the period. The gains
and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component