Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 63

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 8
Chunk 63
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 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 $4.9 million.

     25 

The following table summarizes
the contingent earnout payments due under the Company’s earnout provision as of March 31, 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

    (453,579
    )
  
    Less: earnout payable recognized as of March 31, 2025

    (1,000,000
    )
  
    Promissory notes payable
     
    $
    4,046,421

12.        CONVERTIBLE
NOTES PAYABLE

Convertible notes payable consisted
of the following:

    Schedule of convertible notes payable

    As of

    March 31, 2025

    December 31, 2024

    Issue date
     
    Maturity date

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

    $
    5,000

    Convertible note B
     
    August 8, 2023
     
    December 31, 2024

    5,000

    5,000

    Convertible note C
     
    November 11, 2023
     
    December 31, 2024