Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 38

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 logistic service and depreciation and amortization of right-of-use assets.

For the three months ended
March 31, 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 March 31, 2025  
    March 31, 2025 
  
    Vendor 
    Cost of revenues  
    Percentage cost of revenues  
    Expenses payable 
  
    Ten Month Limited 
    $82,862  
     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