Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 18

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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S WITH CUSTOMERS

The following is a disaggregation
of the Company’s revenue by major source for the respective periods:

    Schedule of revenue by revenue major source 

    Three Months Ended March 31, 

    2025  
    2024 
  
    Types of segments/revenue sources 
    Time of recognition 

    Supply chain segment: 

    Logistic service income 
    Point-in-time 
    $288,770  
    $107,548 
  
    Warehousing service income 
    Over time 
     286,944  
     134,271 

     575,714  
     241,819 
  
    Financial segment: 

    Financial consulting income 
    Point-in-time 
     65,309  
     27,390 
  
    Total revenues 
      
    $641,023  
    $269,209 

6.          CONSTRUCTION
IN PROGRESS AND CONSTRUCTION PAYABLE

The development costs of
$800,252
for a warehouse building not yet placed into service are capitalized as construction in progress on the unaudited condensed
consolidated balance sheets and are not depreciated until ready for service. Once
placed into operating service, the building will be depreciated on a straight-line basis over its estimated useful life which
generally 12 years, based on the lease term of the leasehold land. The warehouse completed 79.48% and 61.94% of its construction as of
March 31, 2025 and December 31, 2024, respectively.

The construction payable of $514,203
on the unaudited condensed consolidated balance sheets represented the unpaid invoices for warehouse building construction.

This warehouse building is structurally
completed in April 2025, however, the whole building structure is pending from the final approval
with the local government agency.

7.          PROPERTY
AND EQUIPMENT, NET

As of March 31, 2025 and December
31, 2024, property and equipment, net consisted of the following:

    Schedule of property and equipment, net 

    March 31, 2025  
    December 31, 2024 
  
    At cost: 

    Warehouse facilities 
    $1,806,631  
    $1,809,774 
  
    Equipment 
     3,918  
     1,159