Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 95

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 2
Chunk 95
---
,329  
     30.16%  
    $– 
  
    Lei Tat Trading (International) Limited 
     161,957  
     25.27%  
     – 
  
    Pro King International Warehouse Limited 
     134,964  
     21.05%  
     44,993 
  
    Furniture Station Limited 
     76,545  
     11.94%  
     24,138 
  
    Total: 
    $566,795  
     88.42%  
    $69,131 

    Three months ended March 31, 2024  
    March 31, 2024 
  
    Major Customer 
    Revenues  
    Percentage of revenues  
    Accounts receivable 
  
    Pro King International Warehouse Limited 
    $134,271  
     49.88%  
    $44,733 
  
    Furniture Station Limited 
     99,851  
     37.09%  
     45,934 
  
    Total: 
    $234,122  
     86.97%  
    $90,667 

These customers are located in
Hong Kong.

 39 

Cost of Revenues

Cost of revenues of $319,004
for the three months ended March 31, 2025, consisted primarily of the direct wages, telemarketing service charges, depreciation and amortization
of right-of-use assets. Cost of revenues increased by $174,147, as compared to $144,857 in the same period of 2024, which was mainly due
to the increase in direct operating costs in logistics services. Cost of revenues of $144,857 for the three months ended March 31, 2024
consisted primarily of the direct wages for logistic service and depreciation and amortization of right-of-use assets.

For the three months ended
March 31, 2025 and 2024, the individual vendor who accounted for 10% or more of the Company’s direct operating cost and its outstanding
payable balances at period-end dates, are presented as follows:

    Three months ended March 31, 2025  
    March 31, 2025 
  
    Vendor 
    Cost of revenues  
    Percentage cost of revenues  
    Expenses payable 
  
    Ten Month Limited 
    $82,862