Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 24

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 1
Chunk 24
---
4, the local (“United States of America”) and foreign components of (loss) income before income taxes were
comprised of the following:

    Schedule of income (loss) before income tax 

    Three Months Ended March 31, 

    2025  
    2024 
  
    Tax jurisdiction from: 

    - Local 
    $(136,104) 
    $– 
  
    - Foreign, including 

    British Virgin Islands 
     –  
     – 
  
    Hong Kong 
     151,504  
     54,136 
  
    Income before income taxes 
    $15,400  
    $54,136 

The provision for income taxes consisted of the following:

    Schedule of provision for income taxes 

    Three Months Ended March 31, 

    2025  
    2024 
  
    Current: 

    - Local 
    $–  
    $– 
  
    - Foreign 
     8,423  
     13,624 

    Deferred: 

    - Local 
     –  
     – 
  
    - Foreign 
     –  
     – 
  
    Income tax expense 
    $8,423  
    $13,624 

The effective tax rate in the
periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates.
The Company has operations in Hong Kong that are subject to taxes in the jurisdictions in which they operate, as follows:

United States of America

MVNC is registered in the State
of Nevada and is subject to the tax laws of United States of America. The U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”)
was signed into law. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in
its income tax provision. The Company has not accrued or paid interest or penalties which were not material to its results of operations
for the periods presented. Deferred tax asset is not provided for as the tax losses may not be able to carry forward after a change in
substantial ownership of the Company.

For the three months ended March
31, 2025 and 2024, there were no operating incomes.

     28 

BVI

Under the current BVI law, the
Company is not subject to tax on income.

Hong