Company: MVNC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001683168-25-008388
Chunk: 31

Company: Marvion Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 31
---
 income tax rate to the effective income tax rate for nine months ended September 30, 2025 and 2024 is as follows:

    Schedule of income tax expense 

    Nine Months Ended September 30, 

    2025  
    2024 

    Income before income taxes 
    $381,244  
    $258,123 
  
    Statutory income tax rate 
     16.5%  
     16.5% 
  
    Income tax expense at statutory rate 
     62,905  
     42,591 
  
    Tax effect of non-taxable items 
     (33,248) 
     (6,456)
  
    Tax effect of non-deductible items 
     –  
     – 
  
    Income tax expense 
    $29,657  
    $36,045 

     28 

The following table sets
forth the significant components of the deferred tax assets of the Company as of September 30, 2025 and December 31, 2024:

    Schedule of deferred tax assets 

    As of 

    September 30, 2025  
    December 31, 2024 

    Deferred tax assets: 

    NOL – US tax regime 
    $367,404  
    $135,693 
  
    NOL – British Virgin Islands regime 
     263,951  
     263,951 
  
    NOL – Hong Kong tax regime 
     42,052  
     423,296 

     673,407  
     822,940 
  
    Less: valuation allowance 
     (673,407) 
     (822,940)
  
    Deferred tax assets, net 
    $–  
    $– 

As of September 30, 2025
and December 31, 2024, the Company had no unrecognized tax benefits. Interest and penalty charges, if any, related to income taxes would
be classified as a component of the provision for income taxes in the unaudited condensed consolidated statements of operations. The Company
does not expect any significant change in its uncertain tax positions in the next twelve months.

17.RELATED PARTY TRANSACTIONS

From time to time, the directors
of the Company advanced funds to the Company for capital expenditures and working capital purpose. Those temporary advances are unsecured,
non-interest bearing