Company: MYSEW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004290
Chunk: 579

Company: Myseum, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 579
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 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 based on the ratio of direct subsidiary expenses to total consolidated expenses. Management believes that
this allocation method is reasonable.

29

The Company accounts for it noncontrolling interest in RPM Interactive
in accordance with ASC Topic 810-10-45, which requires the Company to present noncontrolling interests as a separate component of total
shareholders’ equity on the consolidated balance sheets and the consolidated net loss attributable to its noncontrolling interest
be clearly identified and presented on the face of the consolidated statements of operations. Through January 10, 2024, the date that
VR Interactive purchased 8,000,000 shares of RPM Interactive from Metabizz LLC, any noncontrolling interest eliminated in consolidation.
Because this change in ownership moved from a consolidated entity (the VIE entities) to a nonconsolidated entity (VR Interactive), subsequent
to January 10, 2024 the Company ceased eliminating the noncontrolling interest in consolidation and recorded an initial negative noncontrolling
interest of $442,361 in total equity for the portion of equity ownership not attributable to DatChat based on the minority interest holders’
ownership interest in the carrying value of RPM Interactive’s equity. Additionally, during the year ended December 31, 2024, the
Company recorded additional initial negative noncontrolling interest of $909,581 in total equity for the portion of additional equity
ownership not attributable to the Company based on this minority interest holders’ ownership interest in the carrying value of RPM
Interactive’s equity. The Company also allocated $785,847 of the net loss of the subsidiary to noncontrolling interest resulting
in a total noncontrolling interest deficit of $2,137,789 as of December 31, 2024.

Recently Issued Accounting Pronouncements

Refer to the notes to the audited financial statements.

Results of Operations

Revenue

During the years ended December 31, 2024 and
2023, we generated revenues of $436 and $672, respectively, which consisted of subscription revenues.

Operating expenses

For the year ended December 31, 2024, operating expenses amounted to
$5,281,339 as compared to $8,784,703 for the year ended December 31 2023, a decrease of $3,