Company: MYSEW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110045
Chunk: 52

Company: Myseum, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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 testing is completed. Upgrades and enhancements are capitalized if it is probable
that those expenditures will result in additional functionality. Amortization is provided for on a straight-line basis over the expected
useful life of the internal-use software development costs and related upgrades and enhancements. On August 1, 2025, certain internal-use
software was placed in service and such internal-use software development costs are being amortized since then on a straight-line basis
over the expected useful life of three years. When the existing software is replaced with new software, the unamortized costs of the old
software are expensed when the new software is ready for its intended use. During the nine months ending September 30, 2025, we 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.
During the nine months ending September 30, 2024, software development costs incurred internally, other than purchased software, were
expensed since the Company’s software development projects were in the preliminary project stage. Such costs were included in research
and development costs on the accompanying unaudited consolidated statement of operations and comprehensive loss.

Noncontrolling interests

The Company follows ASC Topic 810, “Consolidation,”
governing the accounting for and reporting of noncontrolling interests (“NCI”) in partially owned consolidated subsidiaries
and the loss of control of subsidiaries. Certain provisions of this standard indicate, among other things, that NCI be treated as a separate
component of equity, not as a liability, that increases and decreases in the parent’s ownership interest that leave control intact
be treated as equity transactions rather than as step acquisitions or dilution gains or losses, and that losses of a partially-owned consolidated
subsidiary be allocated to noncontrolling interests even when such allocation might result in a deficit balance. The net loss attributed
to NCI was separately designated in the accompanying consolidated statements of operations and comprehensive loss. Losses attributable
to NCI in a subsidiary may exceed a NCI’s interests in the subsidiary’s equity. The excess attributable to NCI is attributed
to those interests. NCI shall continue to be attributed their share of losses even if that attribution results in a deficit NCI balance.

The Company allocates certain corporate common
expenses to its subsidiaries