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Marvion Inc. (OTC: MVNC), a finance services company with a market capitalization of $4.05 million and current share price of $0.01, has entered into a significant two-year agreement with Kwai Bon Transportation Limited for warehouse storage services. According to InvestingPro data, the company has shown impressive revenue growth of 180% over the last twelve months. The contract, which began on Monday, involves a 17,000 square foot space at United Warehouse Management Limited’s facility, a subsidiary of Marvion Inc.
Under the terms of the agreement, Kwai Bon Transportation will pay a monthly fee of approximately USD $30,128 (HKD $235,000) for the use of the storage space. The contract commenced on April 1, 2025, and is set to conclude on March 31, 2027, with an option to automatically renew for an additional year unless terminated with three months’ prior notice. InvestingPro analysis indicates potential challenges ahead, as the company currently operates with a significant debt burden and short-term obligations exceed liquid assets.
This new business relationship represents a strategic move for Marvion Inc., as it provides a steady revenue stream from its warehousing services. With an overall Financial Health Score rated as WEAK by InvestingPro, this predictable income stream could help stabilize the company’s financial position. The details of the Warehouse Storage Service Agreement were disclosed in a recent 8-K filing with the Securities and Exchange Commission by Marvion Inc.
The agreement is a material definitive agreement for Marvion Inc., indicating its significance to the company’s operations and financial standing. The deal demonstrates Marvion Inc.’s ability to attract substantial contracts within its subsidiary operations, potentially impacting its financial performance over the next two years.
Investors and market observers may find the full details of the Warehouse Storage Service Agreement in Exhibit 10.1 of the 8-K filing. This move by Marvion Inc. is based on a press release statement and reflects the company’s ongoing business activities as reported to regulatory authorities.
In other recent news, Marvion Inc. announced a change in its independent registered public accountant. The company’s Board of Directors accepted the resignation of Olayinka Oyebola & Co. and appointed Victor Mokuolu, CPA PLLC as the new auditor. This change took effect immediately, with the resignation occurring on March 21, 2025. The reports by the former auditor, Olayinka Oyebola & Co., for the fiscal years ending December 31, 2023, and December 31, 2022, did not contain any adverse opinions or disclaimers. However, the report for 2023 included explanatory paragraphs highlighting substantial doubt about Marvion Inc.’s ability to continue as a going concern due to an accumulated deficit and a net loss of $51,840,444. There were no disagreements between Marvion Inc. and the former auditor on accounting principles or practices that would have warranted a reference in their financial reports. Marvion Inc. has not consulted with the new auditor, Victor Mokuolu, CPA PLLC, on any accounting principles or transactions prior to their engagement. The company also provided a letter from the former auditor to the SEC confirming agreement with the statements made in the recent 8-K filing.
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