Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 20

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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     10.88 

Operating lease commitments:

The following table summarizes
the future minimum lease payments due under the Company’s operating leases in the next five years, as of March 31, 2025:

    Schedule of future minimum lease payments 

    Year ending March 31, 

    2026 
    $172,772 
  
    2027 
     172,772 
  
    2028 
     172,772 
  
    2029 
     172,772 
  
    2030 
     160,432 
  
    Thereafter 
     925,564 
  
    Total minimum finance lease liabilities payment 
     1,777,084 
  
    Less: imputed interest 
     (450,857)

    Future minimum lease liabilities 
    $1,326,227 

     24 

9.          AMOUNT
DUE TO DIRECTOR

As of March 31, 2025 and December
31, 2024, the amount represented temporary advances made by a director, Mr. Chan to the Company for capital expenditure and working capital
purposes, which was unsecured, interest-free and repayable on demand. The balance was $1,155,937 and $1,088,838 as of March 31, 2025 and
December 31, 2024, respectively.

10.        AMOUNT
DUE TO SHAREHOLDER

As of March 31, 2025 and December
31, 2024, the amount represented temporary advances made by a shareholder, Mr. Young to the Company for capital expenditure and working
capital purposes, which was unsecured, interest-free and repayable on demand. The balance was $858,765 and $826,716 as of March 31, 2025
and December 31, 2024, respectively.

11.        PROMISSORY
NOTES PAYABLE AND EARNOUT PAYABLE

The Company entered into certain
promissory notes with its shareholders in connection with the Share Purchase Agreement (“SEA”) and agreed to make the contingent
earnout payments in the aggregate amount of $5.5 million (collectively, the “Earn Out Payments”) upon UWMC’s achievement
of certain operating net income performance milestones during each six months period ending June 30 and December 31 (each, a “Performance
Period”) for a total of nine Performance Periods