Company: MYSEW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110045
Chunk: 31

Company: Myseum, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 3rd and 4th lease year as defined in the amended lease agreement.
In addition to the monthly base rent, the Company is charged separately for a monthly payment of $307 for electrical use which is
considered a non-lease component. These non-lease component payments are expensed as incurred and are not included in operating
lease assets or liabilities. For the nine months ended September 30, 2025 and 2024, rent expense amounted to $68,703 and $68,215,
respectively, and were included in general and administrative expenses.

On April 24, 2025, upon the execution of the amendment
agreement, the Company recorded right-of-use assets and operating lease liabilities of $244,793. The remaining lease term for the operating
lease is 44 months as of September 30, 2025 and the incremental borrowing rate is 14.0% (based on historical borrowing rates).

Right-of- use assets are summarized below:

    September 30, 2025  
    December 31, 2024 
  
    Office lease 
    $244,793  
    $198,898 
  
    Less accumulated amortization 
     (21,760) 
     (198,898)
  
    Right-of-use asset, net 
    $223,033  
    $- 

15

MYSEUM, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025 AND 2024

(Unaudited)

Operating Lease liabilities are summarized below:

    September 30, 2025  
    December 31, 2024 
  
    Office lease 
    $244,793  
    $198,898 
  
    Reduction of lease liability 
     (14,496) 
     (198,898)
  
    Total lease liability 
     230,297  
     - 
  
    Less: current portion 
     (48,732) 
     - 
  
    Long term portion of lease liability 
    $181,565  
    $- 

Minimum lease payments under the non-cancelable
operating lease on September 30, 2025 are as follows:

    For the year ended September 30: 

    2026 
    $77,964 
  
    2027 
     80,298 
  
    202