Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 80

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 8
Chunk 80
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 rendering logistics and warehousing services.

Operating Expenses:

General and Administrative Expenses
(“G&A”): General and administrative expenses of $259,779 and $70,699 for the three months ended March 31, 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 $8,423 and $13,624 during the three months ended March 31, 2025 and 2024, respectively.

 40 

Liquidity and Capital Resources

Working Capital

As of March 31, 2025, we had
cash and cash equivalents of $368,791, account receivables of $329,128 and prepaid expenses and other current assets of $3,894.

As of December 31, 2024, we had
cash and cash equivalents of $322,426, accounts receivable of $312,200 and prepaid expenses and other current assets of $16,773.

As of March 31, 2025 and December
31, 2024, we had working capital deficit of $3,906,209 and $4,171,189, respectively.

Going Concern

Our continuation as a going concern
is dependent upon improving our profitability and the continuing financial support from our stockholders. Our sources of capital may include
the sale of equity securities, which include common stock sold in private transactions, capital leases and short-term and long-term debts.
While we believe that we will obtain external financing and the existing shareholders will continue to provide the additional cash to
meet our obligations as they become due, there can be no assurance that we will be able to raise such additional capital resources on
satisfactory terms. We believe that our current cash and other sources of liquidity discussed below are adequate to support operations
for at least the next 12 months.

We require additional funding
to meet its ongoing obligations and to fund anticipated operating losses. Our auditor has expressed substantial doubt about our ability
to continue as a going concern. Our ability to continue as a going concern is dependent on raising capital to fund its initial business
plan and ultimately to attain profitable operations. These unaudited condensed consolidated financial statements do not include any adjustments
to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company
not being able to continue as a going concern.

We expect to incur marketing
and professional and administrative expenses