Marvion Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Marvion Inc. (MVNC) has filed its 2023 10-K report, detailing financial performance and corporate history.</b>

AI Summary

Marvion Inc. (MVNC) filed a Annual Report (10-K) with the SEC on April 16, 2024. Marvion Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company was formerly known as Bonanza Goldfields Corp. and changed its name on October 20, 2021. Marvion Inc. is incorporated in Nevada and operates in the Finance Services sector (SIC 6199). The filing includes detailed financial data for the fiscal years 2021, 2022, and 2023. The company's business address is located at 37/F, Singapore Land Tower, 50 Raffles Place, Singapore.

Why It Matters

For investors and stakeholders tracking Marvion Inc., this filing contains several important signals. The 10-K filing provides a comprehensive overview of Marvion Inc.'s financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. Understanding the company's transition from Bonanza Goldfields Corp. and its current focus in Finance Services is key to evaluating its strategic direction and market position.

Risk Assessment

Risk Level: low — Marvion Inc. shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains historical financial data and business descriptions, posing no immediate new risks beyond those inherent in the company's operations.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Marvion Inc.'s financial position and strategic outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-04-16 — Filing Date (Date of submission)
• 000-53612 — SEC File Number (Marvion Inc.'s SEC file number)
• 262723015 — IRS Number (Company's IRS number)

Key Players & Entities

• Marvion Inc. (company) — Filer name
• MVNC (company) — Ticker symbol
• Bonanza Goldfields Corp. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-04-16 (date) — Filing date
• Nevada (location) — State of incorporation
• Singapore (location) — Business address city
• 6199 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Marvion Inc. operates within the Finance Services sector, specifically classified under SIC code 6199.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit annual reports.

What Investors Should Do

1. Review Marvion Inc.'s 2023 10-K for detailed financial performance and operational insights.
2. Analyze the company's historical data, including its name change from Bonanza Goldfields Corp.
3. Assess Marvion Inc.'s position within the Finance Services industry based on the SIC code provided.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-16: Filing Date — Date Marvion Inc. submitted its 10-K report.
• 2021-10-20: Name Change — Date Marvion Inc. changed its name from Bonanza Goldfields Corp.

Year-Over-Year Comparison

This is the initial 10-K filing for Marvion Inc. under its current name, following its name change from Bonanza Goldfields Corp.

Key Financial Figures

• $0.0001 — ection 12(g) of the Act: Common Stock, $0.0001 par value Title of each class Indica
• $0.001 — -Counter Bulletin Board on that date is $0.001. DOCUMENTS INCORPORATED BY REFERENCE:

Filing Documents

• marvion_i10k-123123.htm (10-K) — 1221KB
• marvion_ex0402.htm (EX-4.2) — 29KB
• marvion_ex21.htm (EX-21) — 8KB
• marvion_ex3101.htm (EX-31.1) — 8KB
• marvion_ex3102.htm (EX-31.2) — 8KB
• marvion_ex3201.htm (EX-32.1) — 3KB
• marvion_ex3202.htm (EX-32.2) — 3KB
• image_001.jpg (GRAPHIC) — 23KB
• image_002.jpg (GRAPHIC) — 2KB
• 0001683168-24-002419.txt (&nbsp;) — 5088KB
• mvnc-20231231.xsd (EX-101.SCH) — 40KB
• mvnc-20231231_cal.xml (EX-101.CAL) — 52KB
• mvnc-20231231_def.xml (EX-101.DEF) — 126KB
• mvnc-20231231_lab.xml (EX-101.LAB) — 298KB
• mvnc-20231231_pre.xml (EX-101.PRE) — 258KB
• marvion_i10k-123123_htm.xml (XML) — 572KB

Risk Factors

Risk Factors 20 Item 1B Unresolved Staff Comments 38 Item 1C Cybersecurity 38 Item 2

Properties

Properties 39 Item 3

Legal Proceedings

Legal Proceedings 39 Item 4 Mine Safety Disclosures 39 Part II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 40 Item 6 Reserved. 41 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operation

Management's Discussion and Analysis of Financial Condition and Results of Operation 41 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 48 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 48 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 49 Item 9A

Controls and Procedures

Controls and Procedures 49 Item 9B Other Information 50 Item 9C Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 50 Part III Item 10 Directors and Executive Officers and Corporate Governance 51 Item 11

Executive Compensation

Executive Compensation 53 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 57 Item 13 Certain Relationships and Related Transactions, and Director Independence 63 Item 14 Principal Accounting Fees and Services 64 Part IV Item 15 Exhibits, Financial Statement Schedules 65 Item 16 Form 10-K Summary 66

Signatures

Signatures 67 i INTRODUCTORY COMMENT We are not a Hong Kong operating company but a Nevada holding company with operations conducted through our wholly owned subsidiaries based in Hong Kong and Singapore. Our investors hold shares of common stock in Marvion Inc., the Nevada holding company. This structure presents unique risks as our investors may never directly hold equity interests in our Hong Kong subsidiary and will be dependent upon contributions from our subsidiaries to finance our cash flow needs. Our ability to obtain contributions from our subsidiaries are significantly affected by regulations promulgated by Hong Kong and Singaporean authorities. Any change in the interpretation of existing rules and regulations or the promulgation of new rules and regulations may materially affect our operations and or the value of our securities, including causing the value of our securities to significantly decline or become worthless. For a detailed description of the risks facing the Company associated with our structure, please refer to " Risk Factors – Risks Relating to Doing Business in Hong Kong ." set forth in herein. Marvion Inc. and our Hong Kong subsidiaries are not required to obtain permission or approval from the China Securities Regulatory Commission, or CSRC, the Cybersecurity Administration Committee, or CAC, or any other Chinese authorities to operate our business or to issue securities to foreign investors. However, in light of the recent statements and regulatory actions by the People's Republic of China ("the PRC") government, such as those related to Hong Kong's national security, the promulgation of regulations prohibiting foreign ownership of Chinese companies operating in certain industries, which are constantly evolving, and anti-monopoly concerns, we may be subject to the risks of uncertainty of any future actions of the PRC government in this regard including the risk that we inadvertently conclude that such approvals are not required,

View Full Filing

View this 10-K filing on SEC EDGAR