Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 96

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 2
Chunk 96
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     25.98%  
    $35,548 
  
    Giant Winner Limited 
     44,259  
     13.87%  
     – 
  
    Total: 
    $127,121  
     39.85%  
    $35,548 

    Three months ended March 31, 2024  
    March 31, 2024 
  
    Vendor 
    Cost of revenues  
    Percentage cost of revenues  
    Expenses payable 
  
    Giant Winner Limited 
    $45,167  
     31.18%  
    $– 

These vendors are located in
Hong Kong and China.

Gross Profit

We achieved a gross profit of
$322,019 and $124,352 for the three months ended March 31, 2025 and 2024, respectively. The increase in gross profit is attributable to
an increase in new business in rendering logistics and warehousing services.

Operating Expenses:

General and Administrative Expenses
(“G&A”): General and administrative expenses of $259,779 and $70,699 for the three months ended March 31, 2025, and 2024,
respectively. These expenses primarily include payroll, office operating costs, as well as professional fees.

Income Tax Expense

We incurred income tax expense
of $8,423 and $13,624 during the three months ended March 31, 2025 and 2024, respectively.

 40 

Liquidity and Capital Resources

Working Capital

As of March 31, 2025, we had
cash and cash equivalents of $368,791, account receivables of $329,128 and prepaid expenses and other current assets of $3,894.

As of December 31, 2024, we had
cash and cash equivalents of $322,426, accounts receivable of $312,200 and prepaid expenses and other current assets of $16,773.

As of March 31, 2025 and December
31, 2024, we had working capital deficit of $3,906,209 and $4,171,189, respectively.

Going Concern

Our continuation as a going concern
is dependent upon improving our profitability and the continuing financial support from our stockholders. Our sources of capital may include
the sale of equity securities, which include common stock sold in private transactions, capital leases and short-term and long-term debts.