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

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 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 

    Lease liabilities: 

    Current lease liabilities 
    $99,099  
    $97,857 
  
    Non-current lease liabilities 
     1,227,128  
     1,254,618 

    Total lease liabilities 
    $1,326,227  
    $1,352,475 

Operating lease expense for the three months ended
March 31, 2025 and 2024 was $29,926 and $29,772, respectively.

Other supplemental information about the Company’s
operating lease as of:

    Schedule of other supplemental information 

    As of 

    March 31, 2025  
    December 31, 2024 
  
    Weighted average discount rate 
     5.75%  
     5.75% 
  
    Weighted average remaining lease term (years) 
     10.63