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Marvion Inc (MVNC0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $390,275, an increase from $212,502 in the same quarter the previous year. This increase is attributed to the introduction of new logistics and warehousing services.
Cost of revenues for the quarter was $193,891, compared to $88,893 in the same quarter of the previous year. The increase is due to higher direct operating costs associated with the new services.
The company reported a gross profit of $196,384 for the quarter, compared to $123,609 in the previous year, reflecting the growth in new business operations.
General and administrative expenses increased to $573,438 from $57,737, primarily due to consultancy and professional fees related to the reverse merger transaction.
Net loss for the quarter was $378,973, compared to a net income of $46,093 in the previous year.
Cash used in operating activities was $142,953, while cash used in investing activities was $446,497, primarily for the purchase of property and equipment.
Cash provided by financing activities was $631,145, representing advances from the company's director.
Marvion had a working capital deficit of $8,235,536 as of September 30, 2024. The company acknowledges its dependence on additional funding to continue operations.
The filing also details a share exchange transaction with United Warehouse Management Corp., resulting in a reverse merger and recapitalization of Marvion.
Marvion's operations now focus on logistics and warehousing services through its subsidiaries in Hong Kong.
The company continues to explore expansion opportunities in both B2B and B2C markets, with plans to develop an online furniture store and other e-commerce platforms.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Marvion Inc quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.