Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 60

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 8
Chunk 60
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2025 and December 31, 2024, respectively.

The construction payable of $514,203
on the unaudited condensed consolidated balance sheets represented the unpaid invoices for warehouse building construction.

This warehouse building is structurally
completed in April 2025, however, the whole building structure is pending from the final approval
with the local government agency.

7.          PROPERTY
AND EQUIPMENT, NET

As of March 31, 2025 and December
31, 2024, property and equipment, net consisted of the following:

    Schedule of property and equipment, net 

    March 31, 2025  
    December 31, 2024 
  
    At cost: 

    Warehouse facilities 
    $1,806,631  
    $1,809,774 
  
    Equipment 
     3,918  
     1,159 
  
    Motor vehicle 
     39,030  
     39,099 
  
    Property and equipment, gross 
     1,849,579  
     1,850,032 
  
    Less: accumulated depreciation 
     (151,477) 
     (110,564)
  
    Property and equipment, net 
    $1,698,102  
    $1,739,468 

Depreciation expense for the
three months ended March 31, 2025 and 2024 were $41,101 and $18,512, respectively.

     23 

8.          LEASES

The Company has entered into
commercial operating leases with various third parties for the use of leasehold land in Hong Kong. These leases have original terms ranging
from 6 to 12 years. These operating leases are included in “Right-of-use Assets” on the unaudited condensed consolidated
balance sheets and represent the Company’s right to use the underlying assets during the lease term. The Company’s obligation
to make lease payments are included in “Lease liabilities” on the unaudited condensed consolidated balance sheets.

Supplemental
balance sheet information related to operating leases was as follows:

    Schedule of supplemental balance sheet information 

    As of 

    March 31, 2025  
    December 31, 2024 
  
    Operating lease: 

    Right-of-use asset, net 
    $1,212,704  
    $1,244,794