Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 94

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 2
Chunk 94
---
 the completion with customer. Generally, the
Company will reconcile the delivery order with the customer monthly and recognized revenue after completion of monthly reconciliation.
The Company will issue invoices to customers at each month end, and usually provide the receivable in a credit term of 30 days.

 38 

Revenues from storage services
at the designated warehouse facilities are recognized ratably over the term of the contract or arrangement, as the Company performs contractual
obligations through continuous transfer of control to the customers, and they could simultaneously receive and consume the benefits of
the Company’s performance as it occurs. The Company generally invoices customers monthly at the end of each month in arrear for
services performed during the month. The performance obligation is satisfied when the services are performed. Warehousing contracts typically
consist of ongoing storage service in a term of 1-6 years, subject to renewal option. The Company recognized revenue when the Company
issued monthly invoices to customers.

The Company also provides financial
consulting services to the customers, and generally invoices customers when the performance obligation is satisfied. The duration of the
service period is short, usually within 3 months. Transaction prices of financial consulting services to be rendered are typically based
on contracted rates. The Company earns the fee arising from the facilitation of the placement of financing solutions with different credit
institutions, which is recognized at a point in time when the service is completed and delivered to the customer. The Company recognized
revenue when the Company issued invoices to customers after the performance obligation satisfied.

Revenues of $641,023 for
the three months ended March 31, 2025, increased by $371,814 or 138% from $269,209 in the same period of 2024, which was mainly
due to the increase in number of customers in rendering logistics and warehousing services. Revenues of $269,209 for the three months
ended March 31, 2024, consisted mainly logistics and warehousing services.

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

    Three months ended March 31, 2025  
    March 31, 2025 
  
    Major Customer 
    Revenues  
    Percentage of revenues  
    Accounts receivable 
  
    Kwai Bon Transportation Limited 
    $193