Company: MVNC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001683168-25-008388
Chunk: 51

Company: Marvion Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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 interest free promissory notes and shared
equally among Chan Sze Yu, Fong Hiu Ching and Young Chi Kin Eric, who are also our shareholders.

As of September 30, 2025
and December 31, 2024, pursuant to the terms and calculations of the earnout provision, management has determined the final earnout of
$1 million and $1 million, respectively, being vested pursuant to the agreement. As of September 30, 2025, the $2 million earnout amount
has not been paid to these shareholders and recognized as “earnout payable” on the unaudited condensed consolidated balance
sheets.

Except as noted above, we
had no other contractual obligations and material commercial commitments as of September 30, 2025.

Critical Accounting Policies and Estimates

Our critical accounting
policies and estimates have not changed since December 31, 2024. For a detailed description of the critical accounting policies and
estimates of the Company, please refer to “Critical Accounting Policies and Estimates” included in Part II, Item 7, “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” in our 2024 Annual Report on Form 10-K.

Item 3. Quantitative and Qualitative Disclosures
About Market Risk

As a “smaller reporting
company”, we are not required to provide the information required by this Item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures.

Our management is responsible
for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the
Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the
Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms.
Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required
to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s
management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar
functions, as appropriate to allow timely decisions regarding required disclosure.

As required by Rule 13a-15
under the Securities Exchange Act of 1934, as of the end of the period covered by this report, we have carried out