Company: MYSEW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004290
Chunk: 50

Company: Myseum, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 50
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 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 $3,503,364, or 39.9%. For the years ended December
31 2024 and 2023, operating expenses consisted of the following:

    Year Ended December 31, 

    2024  
    2023 
  
    Compensation and related expenses 
    $2,320,127  
    $4,760,180 
  
    Marketing and advertising expenses 
     128,656  
     388,444 
  
    Professional and consulting expenses 
     1,031,898  
     1,324,640 
  
    Research and development 
     857,668  
     1,351,415 
  
    General and administrative expenses 
     942,990  
     892,972 
  
    Impairment loss on property and equipment and intangible assets 
     -