Company: MYSEW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110045
Chunk: 128

Company: Myseum, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 128
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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 in total equity for the portion of equity ownership not attributable to Myseum based on the minority interest holders’
ownership interest in the carrying value of RPM Interactive’s equity. Due to the issuance of common shares by RPM Interactive, during
the nine months ended September 30, 2025, the Company recorded aggregate initial negative noncontrolling interest of $188,810 in total
equity for the portion of additional equity ownership not attributable to the Company based on the minority interest holders’ ownership
interest in the carrying value of RPM Interactive’s equity. The Company allocated $316,235 of the net loss of the subsidiary to
noncontrolling interest during the nine months ended September 30, 2025. As a result of changes in RPM Interactive outstanding common
stock and the Company’s share of losses of subsidiary since January 2024, aggregate noncontrolling interest deficit amounted to
$2,642,834 as of September 30, 2025.

25

Variable interest entities

Pursuant to ASC 810-10-25-22, an entity
is defined as a VIE if it either lacks sufficient equity to finance its activities without additional subordinated financial support,
or it is structured such that the holders of the voting rights do not substantively participate in the gains and losses of the entity.
When determining whether an entity that meets the definition of a business qualifies for a scope exception from applying VIE guidance,
the Company considers whether: (i) it has participated significantly in the design of the entity, (ii) it has provided more than half
of the total financial support to the entity, and (iii) substantially all of the activities of the VIE are conducted on its behalf. A
VIE is consolidated by its primary beneficiary, the party that has the power to direct the activities that most significantly impact the
VIE’s economic performance and has the right to receive benefits or the obligation to absorb losses of the