Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 26

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 1
Chunk 26
---
ited condensed consolidated statements of operations. The Company does not
expect any significant change in its uncertain tax positions in the next twelve months.

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16.        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 and have no fixed terms of repayment.

Nature of relationships with related parties

    Name of related party
    Relationship with the Company
  
    Chan Sze Yu
    Director of the Company
  
    Young Chi Kin Eric
    Individual shareholder
  
    KSK Asia (Hong Kong) Limited
    Held by director of the Company

Related party balances consisted
of the following:

    Schedule of related party balances 

    As of 
  
    Name 
    Nature 
    March 31, 2025  
    December 31, 2024 

    Chan Sze Yu 
    Amount due to director 
    $1,155,937  
    $1,088,838 
  
    Young Chi Kin Eric 
    Amount due to shareholder 
     858,765  
     826,716 
  
    KSK Asia (Hong Kong) Limited 
      
     3,856  
     – 

    $2,018,558  
    $1,915,554 

As at March 31, 2025 and December
31, 2024, these amounts due to director and shareholder represented the cash advances from these related parties to the Company for operating
purposes. These balances due are unsecured, interest free and repayable on demand.

Related party transactions consisted
of the following:

In the ordinary course of business,
during the three months ended March 31, 2025 and 2024, the Company has involved with transactions, either at cost or current market price
and on the normal commercial terms among related parties. The following table provides the transactions with these parties for the periods
as presented (for the portion of such period that they were considered related):

The Company accrued service fee
of $3,856 (equal to HKD30,000) to a related company for delivery services.

Apart from the transactions and
balances detailed elsewhere in these accompanying unaudited condensed consolidated financial statements, the Company has no other significant
or material related party transactions during the periods presented.

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17.        CONCENTRATIONS