Company: MVNC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001683168-25-008388
Chunk: 44

Company: Marvion Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 service and depreciation and amortization of right-of-use assets.

For the three months ended
September 30, 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 September 30,  
    September 30, 2025 
  
    Vendor 
    2025  
    2024  
    Accounts payable 
  
    Ching Fung E-Commerce Logistics Limited 
     36.10%  
     –  
    $71,453 
  
    Ten Month Limited 
     18.64%  
     13.37%  
     42,979 
  
    Giant Winner Limited 
     –  
     23.07%  
     – 
  
    Ip Ming 
     –  
     11.69%  
     – 

These vendors are located
in Hong Kong and China.

Gross Profit

We achieved a gross profit
of $391,360 and $196,384 for the three months ended September 30, 2025 and 2024, respectively. The increase in gross profit is attributable
to an increase in new business in rendering logistics and warehousing services.

 38 

Operating Expenses

General and Administrative
Expenses (“G&A”): General and administrative expenses of $327,884 and $573,438 for the three months ended September 30,
2025, and 2024, respectively. These expenses primarily include payroll, office operating costs, as well as professional fees.

Income Tax Expense

We incurred income tax expense
of $12,519 and $2,531 during the three months ended September 30, 2025 and 2024, respectively.

Nine Months Ended September
30, 2025, as compared to Nine Months Ended September 30, 2024

The following table sets
forth selected financial information from our statements of comprehensive income for the nine months ended September 30, 2025 and 2024:

    Nine Months Ended September 30, 

    2025  
    2024 

    Revenues, net 
    $2,478,895  
    $1,019,593 
  
    Cost of revenues 
     (1,459,626) 
     (517,252)