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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

18.       SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before consolidated financial statements are issued, the Company has evaluated all events or transactions that occurred after December 31, 2024, up through the date the Company issued the consolidated financial statements. The Company had no material recognizable subsequent events since December 31, 2024, except as noted below:

 

On February 10, 2025, the Company offered 31,408,394 shares pursuant to the Marvion Inc. 2023 Stock Inventive Plan, as amended.

 

On March 12, 2025, the Company issued 31,430,316 shares of its common stock to certain consultants to settle their fees payable due at December 31, 2024.

 

On April 1, 2025, the Company and Kwai Bon Transportation Limited (the “Customer”) entered into a Warehouse Storage Service Agreement (the “Agreement”) pursuant to which the Customer will pay a monthly fee of HKD $235,000 (approximately USD $30,128) for the use of a 17,000 square feet storage space in the Company’s warehouse facility, for a period of Two (2) years, commencing April 1, 2025, and ending March 31, 2027. Thereafter, the agreement will automatically renew for an additional one year period unless earlier terminated upon three months prior written notice.