Company: MYSEW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004290
Chunk: 577

Company: Myseum, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 577
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 to pay employees and independent contractors to perform the development services
on behalf of the Company. Repayment of the working capital advances is not guaranteed by the equity owner of Metabizz and creditors of
Metabizz do not have recourse against the Company. Accordingly, the Company was required to consolidate the assets, liabilities, revenues
and expenses of Metabizz using the fair value method. Additionally, the managing partner of Metabizz was also the Chief Innovation Officer
of RPM Interactive. Since Metabizz, LLC and Metabizz SAS were considered VIE’s, any noncontrolling interest eliminated in consolidation.
In connection with the initial consolidation of Metabizz, on February 14, 2023 (the initial consolidation date), the Company recorded
a gain on initial consolidation of variable interest entities of $42,737.

On March 31, 2024, based on the Company’s
analysis, the Company deconsolidated Metabizz, LLC and Metabizz SAS. During the three months ended March 31, 2024, the Company ceased
doing business with Metabizz, LLC and Metabizz SAS and will pay technology professionals directly. In connection with the deconsolidation
of Metabizz, LLC and Metabizz SAS, during the nine months ended September 30, 2024, the Company recorded a gain on deconsolidation of
$107.

On August 27, 2024, the Company entered into
an Asset Purchase Agreement with the Seller, pursuant to which it acquired from Seller the Assets (See Note 1) in consideration for the
transfer by the Company of 8,000,000 restricted shares of common stock of RPM Interactive. Accordingly, as of September 30, 2024, the
Company owned 45.5% of RPM Interactive. On August 27, 2024, based on the Company’s analysis, the Company determined that RPM Interactive
met the definition of a VIE under the VIE model, which provides for situations in which control may be demonstrated other than by the
possession of voting rights in RPM Interactive. Based on Company’s analysis, the Company continues to have the power to direct
the activities of RPM Interactive that most significantly impact RPM Interactive’s economic performance and the obligation to absorb
losses of RPM Interactive that could potentially be significant to RPM Interactive or the right to receive benefits from RPM Interactive
that could potentially be significant to RPM Interactive.

Stock-based compensation

Stock-based compensation is accounted