Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 11

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 as it occurs. The Company generally invoices customers monthly at the end of each month in arrear for
services performed during the month. The performance obligation is satisfied when the services are performed. Warehousing contracts typically
consist of ongoing storage service in a term of 1-6 years, subject to renewal option. The Company recognized revenue when the Company
issued monthly invoices to customers.

Financial consulting services

The Company also provides financial
consulting services to the customers, and generally invoices customers when the performance obligation is satisfied. The duration of the
service period is short, usually within 3 months. Transaction prices of financial consulting services to be rendered are typically based
on contracted rates. The Company earns the fee arising from the facilitation of the placement of financing solutions with different credit
institutions, which is recognized at a point in time when the service is completed and delivered to the customer. The Company recognized
revenue when the Company issued invoices to customers after the performance obligation satisfied.

The Company is acting as a principal
in providing aforementioned services and accordingly recognizes revenue on a gross basis as the Company and customers will agree on charges
and selects carriers or service providers at Company’s own discretion.

Income taxes

The Company adopted the ASC 740
“Income tax” provisions of paragraph 740-10-25-13, which addresses the determination of whether tax benefits claimed
or expected to be claimed on a tax return should be recorded in the unaudited condensed consolidated financial statements. Under paragraph
740-10-25-13, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax
position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized
in the unaudited condensed consolidated financial statements from such a position should be measured based on the largest benefit that
has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Paragraph 740-10-25-13 also provides guidance
on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.
The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of paragraph
740-10-25-13.

The Company periodically reviews
the recoverability of deferred tax assets recorded on its unaudited condensed consolidated balance sheets and provides valuation allowances
as management deems necessary.

     18 

For the three months ended March
31