Company: MVNC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001683168-25-008388
Chunk: 46

Company: Marvion Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 and consume the benefits of
the Company’s performance as it occurs. The Company generally invoices customers monthly at the end of each month in arrear for
services performed during the month. The performance obligation is satisfied when the services are performed. Warehousing contracts typically
consist of ongoing storage service in a term of 1-6 years, subject to renewal option. The Company recognized revenue when the Company
issued monthly invoices to customers.

The Company also provides
financial consulting services to the customers, and generally invoices customers when the performance obligation is satisfied. The duration
of the service period is short, usually within 3 months. Transaction prices of financial consulting services to be rendered are typically
based on contracted rates. The Company earns the fee arising from the facilitation of the placement of financing solutions with different
credit institutions, which is recognized at a point in time when the service is completed and delivered to the customer. The Company recognized
revenue when the Company issued invoices to customers after the performance obligation satisfied.

Revenues of $2,478,895 for
the nine months ended September 30, 2025, increased by $1,459,302 or 143% from $1,019,593 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 $1,019,593 for the nine months
ended September 30, 2024, consisted mainly logistics and warehousing services.

For the nine 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:

    Nine Months ended September 30,  
    September 30, 2025 
  
    Customer 
    2025  
    2024  
    Accounts receivable 
  
    Kwai Bon Transportation Limited 
     51.65%  
     –  
    $329,478 
  
    Lei Tat Trading (International) Limited 
     19.65%  
     –  
     29,558 
  
    Pro King International Warehouse Limited 
     15.77%  
     39.55%  
     89,959 
  
    Furniture Station Limited 
     –  
     34.22%  
    $– 

These customers are located