Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 67

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 8
Chunk 67
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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 unaudited condensed consolidated statements of operations. The Company does not
expect any significant change in its uncertain tax positions in the next twelve months.

     29 

16.        RELATED PARTY
TRANSACTIONS

From time to time, the directors
of the Company advanced funds to the Company for capital expenditures and working capital purpose. Those temporary advances are unsecured,
non-interest bearing and have no fixed terms of repayment.

Nature of relationships with related parties

    Name of related party
    Relationship with the Company
  
    Chan Sze Yu
    Director of the Company
  
    Young Chi Kin Eric
    Individual shareholder
  
    KSK Asia (Hong Kong) Limited
    Held by director of the Company

Related party balances consisted
of the following:

    Schedule of related party balances 

    As of 
  
    Name 
    Nature 
    March 31, 2025  
    December 31, 2024 

    Chan Sze Yu 
    Amount due to director 
    $1,155,937  
    $1,088,838 
  
    Young Chi Kin Eric 
    Amount due to shareholder 
     858,765  
     826,716 
  
    KSK Asia (Hong Kong) Limited 
      
     3,856  
     – 

    $2,018,558  
    $1,915,554 

As at March 31, 2025 and December
31, 2024, these amounts due to director and shareholder represented the cash advances from these