Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 32

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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e) and the Company to be the accounting acquiree (legal acquirer). Accordingly, the consolidated assets, liabilities and results
of operations of the Company will become the historical financial statements of UWMC, and the Company’s assets, liabilities and
results of operations will be consolidated with UWMC beginning on the date of the share exchange transaction. No goodwill is recognized
in this transaction. The historical financial statements prior to the share exchange transaction are those of the accounting acquirer
(UWMC). Historical stockholders’ equity of the accounting acquirer prior to the reverse merger are retroactively restated (a recapitalization)
for the equivalent number of shares received in the merger. Operations prior to the merger are those of the acquirer. After completion
of the share exchange transaction, the Company’s accompanying unaudited condensed consolidated financial statements have been restated
for all periods presented accordingly.

We are currently engaged
in the logistic, warehousing service and financial consulting services in Hong Kong. Our businesses are operated through three subsidiaries
organized in Hong Kong: KSK Logistic Limited (“KSK”), United Warehouse Management Limited (“UWML”) and Propose
Enterprise Limited (“PEL”), which provide the following services:

    ·
    KSK: Provides logistics services for last mile deliveries for retail and business customers;

    ·
    UWML: Provides warehousing and distribution services; and

    ·
    PEL: Provides business advisory solutions to customers.

In addition to our logistics,
warehousing and delivery services, we are utilizing our warehouse facilities to build up solar photovoltaic system on the rooftops which
can generate solar power and sell to CLP Power Hong Kong Limited under the Feed-in Tariff scheme. This will provide us with a long-term,
stable revenue stream while further reducing its carbon footprint.

Our corporate structure is described
below:

 35 

We are authorized to issue up
to 270,000,000,000 shares of our common stock, par value $0.0001. Our Board has also designated the following classes of preferred stock:
(i) the Series A Preferred Stock,” par value $0.0001, with 10,000,000 authorized shares, all of which are issued and outstanding;
(ii) “Series B Preferred Stock,” par value $0.0001, with 1,000,000 authorized shares, 366,346 of which are issued and outstanding;
and (iii) the “Series C Convertible Preferred Stock,” par value $0.001