Company: MVNC
Filing Date: 2025-04-25
Form Type: 10-K
Source: 0001683168-25-002807
Chunk: 12

Company: Marvion Inc.
Filing Date: 2025-04-25
Form: 10-K
Item: Item 12
Chunk 12
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 Chi Kin, Eric
     
    Major shareholder
     
    $826,716
     
    -

 56 

Those
temporary advances are unsecured, non-interest bearing and have no fixed terms of repayment.

From
time to time, our directors advanced funds to us for working capital purpose. Those advances are unsecured, non-interest bearing and have
no fixed terms of repayment. During the year ended December 31, 2024, companies which are controlled by Chan Sze Yu, our director, advanced
$68,429 and Yong Chi Kin, Eric, our major shareholder, advanced $826,716 to us, respectively. During the year ended December 31, 2023,
companies which are controlled by Chan Sze Yu, our director, advanced $1,020,409 to us.

On
April 1, 2022, the Company entered into a Service Agreement (the “Service agreement”) with Marvel Digital Group Limited, a
company controlled by Herbert Lee, its controlling shareholder, pursuant to which Marvel Digital Group Limited agreed to provide staffing
and back-office services to the Company until the arrangement is terminated by the parties. During the year ended December 31, 2023 and
2022, the Company incurred the related management service fee of $0 and $1,260,553 respectively.

In
July 2022, our former wholly-owned subsidiary Marvion Group Limited entered into a technical knowhow license and servicing agreement (the
“Servicing Agreement”) with Total Chase Limited (“Total Chase”), a company controlled by Lee Ying Chiu Herbert,
the former controlling shareholder of the Company, pursuant to which the Company engaged Total Chase to develop the technical knowhow
during a three-year term. Total Chase is the parent company of Marvel Digital AI Limited (“MDAI”) that owns intellectual properties
and provides technical development services to Total Chase. The technical knowhow consists of visual intelligence engine, speech recognition
engine, text analytics engine, emotion recognition engine, motion recognition engine, AI agent creation engine, and metaverse development.
Under the terms of the Servicing Agreement, the Company is required to pay to Total Chase an aggregate of $50 million for the development
of technical knowhow. The consideration is payable in cash or cryptocurrencies. All MDAI’s proprietary items remained the sole and
exclusive property of MDAI, Total Chase will grant the Company a perpetual, non-exclusive, paid-up license to use certain MDAI’s
proprietary items.

We
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