Company: MYSEW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110045
Chunk: 105

Company: Myseum, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 105
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 ASC 805. ASC 805 requires the use of the relative fair value method for asset acquisitions to allocate the purchase
price, however, since only a single internal-use software asset was acquired, the entire purchase price shall be allocated to this asset.

During the nine months ending September 30, 2025,
the Company capitalized certain software development costs incurred amounting to $190,838 since the Company’s software development
projects were in the application development stage.

For the three and nine months ended September
30, 2025, amortization of intangible assets amounted to $9,212. Certain internal-use software was placed in service during August
2025 and such capitalized software development costs are being amortized since then on a straight-line basis over the expected useful
life of three years.

NOTE 6 – OPERATING LEASE RIGHT-OF-USE
ASSETS AND OPERATING LEASE LIABILITIES

On August 27, 2021, the Company entered into
an amendment to its lease agreement with its landlord to modify the facility lease to relocate and increase the square footage of
the lease premises. The term of the lease commenced on October 1, 2021 and expired on December 31, 2024 with a new monthly base rent
of $7,156 plus a pro rata share of operating expenses beginning January 2022. The base rent was subject to 3% annual increases
beginning in the 2nd and 3rd lease year as defined in the amended lease agreement. On April 24, 2025, the
Company entered into an amendment agreement with the same landlord to modify the facility lease to relocate and reduce the square
footage of the lease premises. The term of the lease commenced on May 1, 2025 and shall expire on May 31, 2029 with a new monthly
base rent of $6,417 plus a pro rata share of operating expenses beginning on June 1, 2025. The base rent is subject to 3% annual
increases beginning in the 2nd, 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,