Company: MVNC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001683168-25-008388
Chunk: 92

Company: Marvion Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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 customers after the performance obligation satisfied.

Revenues of $948,104 for
the three months ended September 30, 2025, increased by $557,829 or 143% from $390,275 in the same period of 2024, which was mainly due
to the increase in number of customers in rendering logistics and warehousing services. Revenues of $390,275 for the three months ended
September 30, 2024, consisted mainly logistics and warehousing services.

For the three months ended
September 30, 2025 and 2024, the individual customer who accounted for 10% or more of the Company’s revenues and its outstanding
receivable balances at period-end dates, are presented as follows:

    Three Months ended September 30,  
    September 30, 2025 
  
    Customer 
    2025  
    2024  
    Accounts receivable 
  
    Kwai Bon Transportation Limited 
     57.96%  
     –  
    $329,478 
  
    Lei Tat Trading (International) Limited 
     17.26%  
     –  
     29,558 
  
    Pro King International Warehouse Limited 
     14.16%  
     34.50%  
     89,959 
  
    Furniture Station Limited 
     –  
     35.61%  
     – 

These customers are located
in Hong Kong.

Cost of Revenues

Cost of revenues of $556,744
for the three months ended September 30, 2025, consisted primarily of the direct wages, telemarketing service charges, depreciation and
amortization of right-of-use assets. Cost of revenues increased by $362,853, as compared to $193,891 in the same period of 2024, which
was mainly due to the increase in direct operating costs in logistics services. Cost of revenues of $193,891 for the three months ended
September 30, 2024 consisted primarily of the direct wages for logistic service and depreciation and amortization of right-of-use assets.

For the three months ended
September 30, 2025 and 2024, the individual vendor who accounted for 10% or more of the Company’s direct operating cost and its
outstanding payable balances at period-end dates, are presented as follows:

    Three Months ended September 30,  
    September