Company: MVNC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001683168-25-008388
Chunk: 76

Company: Marvion Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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 amount of $2 million was
recognized as “earnout payable”. Subsequently, the Company agreed to make the earnout payments on or before December 31, 2025.

     25 

The earnout payments are
classified as liability and were initially measured at fair value at the share exchange transaction date and will subsequently be remeasured
at the end of each reporting period with the change in fair value of the earnout liability recorded in the unaudited condensed consolidated
statements of operations and comprehensive income. The estimated fair value of the total earnout liability was $5.1 million.

The following table summarizes
the contingent earnout payments due under the Company’s earnout provision as of September 30, 2025:

    Schedule of contingent earnout payments 

    For the Performance Period ending 

    December 31, 2024 
    $1,000,000 
  
    June 30, 2025 
     1,000,000 
  
    December 31, 2025 
     500,000 
  
    June 30, 2026 
     500,000 
  
    December 31, 2026 
     500,000 
  
    June 30, 2027 
     500,000 
  
    December 31, 2027 
     500,000 
  
    June 30, 2028 
     500,000 
  
    December 31, 2028 
     500,000 
  
    Total contingent earnout payment 
     5,500,000 
  
    Less: imputed interest 
     (335,729)
  
    Less: earnout payable recognized as of September 30, 2025 
     (2,000,000)
  
    Promissory notes payable 
    $3,164,271 

13.CONVERTIBLE NOTES PAYABLE

Convertible notes payable
consisted of the following:

    Schedule of convertible notes payable 

    As of 

    September 30, 2025  
    December 31, 2024 

    Issue date 
    Maturity date 

    Convertible note A 
    August 1, 2023 
    December 31, 2024 
    $–  
    $5,000 
  
    Convertible note B 
    August 8, 2023 
    December 31, 2024