Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 90

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 2
Chunk 90
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 recapitalization)
for the equivalent number of shares received in the merger. Operations prior to the merger are those of the acquirer. After completion
of the share exchange transaction, the Company’s accompanying unaudited condensed consolidated financial statements have been restated
for all periods presented accordingly.

We are currently engaged
in the logistic, warehousing service and financial consulting services in Hong Kong. Our businesses are operated through three subsidiaries
organized in Hong Kong: KSK Logistic Limited (“KSK”), United Warehouse Management Limited (“UWML”) and Propose
Enterprise Limited (“PEL”), which provide the following services:

    ·
    KSK: Provides logistics services for last mile deliveries for retail and business customers;

    ·
    UWML: Provides warehousing and distribution services; and

    ·
    PEL: Provides business advisory solutions to customers.

In addition to our logistics,
warehousing and delivery services, we are utilizing our warehouse facilities to build up solar photovoltaic system on the rooftops which
can generate solar power and sell to CLP Power Hong Kong Limited under the Feed-in Tariff scheme. This will provide us with a long-term,
stable revenue stream while further reducing its carbon footprint.

Our corporate structure is described
below:

 35 

We are authorized to issue up
to 270,000,000,000 shares of our common stock, par value $0.0001. Our Board has also designated the following classes of preferred stock:
(i) the Series A Preferred Stock,” par value $0.0001, with 10,000,000 authorized shares, all of which are issued and outstanding;
(ii) “Series B Preferred Stock,” par value $0.0001, with 1,000,000 authorized shares, 366,346 of which are issued and outstanding;
and (iii) the “Series C Convertible Preferred Stock,” par value $0.001, with 1 authorized share, all of which are issued and
outstanding. The voting and conversion rights of each series of preferred stock and the beneficial ownership of such securities by insiders
are summarized below:

    Stock 
    Voting Rights 
    Ownership 
  
    Common Stock 
    One vote per share 
    
    4.26% held by Lee Ying Chiu Herbert.
    5.35% held by Young Chi Kin Eric.
    5.22% held by Chan Sze Yu.
  
    Series A Preferred Stock 
    Holders of Series A Preferred Stock are entitled to vote on