Mon, May 20, 11:50 AM (154 days ago)
Marvion Inc., a Nevada holding company with operations in Hong Kong and Singapore, reported a net loss of $431,939 for Q1 2024, a slight improvement from a $516,995 loss in Q1 2023. Revenue dropped significantly to $92,589 from $1.7 million in the previous year, primarily due to restructuring and reduced sales force. Cost of revenues decreased accordingly, leading to a gross profit of $22,432, down from $297,581. Operating expenses also fell, with notable reductions in technology, development, and marketing costs. The company faces substantial uncertainties due to its dependency on contributions from subsidiaries and regulatory risks in Hong Kong and Singapore. Cash flow from operations was negative, and the company relied on related party advances for financing. The report raises concerns about Marvion's ability to continue as a going concern without additional funding.