Company: MVNC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001683168-25-008388
Chunk: 19

Company: Marvion Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 is part of the Board’s
standing project to make “Codification updates for technical corrections such as conforming amendments, clarifications to guidance,
simplifications to wording or the structure of guidance, and other minor improvements.” The Company’s management does not
believe the adoption of ASU 2024-02 will have a material impact on its unaudited condensed consolidated financial statements and disclosures.

In November 2024, the FASB
issued ASU No. 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40):
Disaggregation of Income Statement Expenses, which requires that an entity disclose, in the notes to unaudited condensed consolidated
financial statements, specified information about certain costs and expenses. The amendment in the ASU is intended to enhance the transparency
and decision usefulness to better understand the major components of an entity’s income statement. The amendments in this Update
are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15,
2027. The Company is currently evaluating the impact of the new standard on its unaudited condensed consolidated financial statements
which is expected to result in enhanced disclosures.

     21 

In July 2025, the FASB issued
ASU No. 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract
Assets. The amendment provides (1) all entities with a practical expedient to assume that current conditions as of the balance sheet date
do not change for the remaining life of the assets and (2) entities other than public business entities with an accounting policy election
to consider collection activity after the balance sheet date when estimating expected credit losses for current accounts receivable and
current contract assets arising from transactions accounted for under Topic 606. This guidance is effective for annual reporting periods
beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The
Company is currently evaluating the impact of the new standard on its unaudited condensed consolidated financial statements which is expected
to result in enhanced disclosures

The Company has reviewed
all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements
may be expected to cause a material impact on its financial condition or the results of its operations.

4.GOING CONCERN UNC