Company: MYSEW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004290
Chunk: 931

Company: Myseum, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 931
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 to the monthly base rent, the Company is charged separately for common area
maintenance 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. On August 27, 2021, the Company entered into an amendment agreement with the same landlord
to modify the facility lease to relocate and increase the square footage of the lease premises. The lease term commenced on October 1,
2021 with a new monthly base rent of $7,156 plus a pro rata share of operating expenses beginning January 2022 and the lease expired on
December 31, 2024. The base rent was subject to a 3% annual increase beginning in the 2nd and 3rd lease year as
defined in the amended lease agreement. For the years ended December 31, 2024 and 2023, rent expense amounted to $90,955 and $95,310,
respectively, and were included in general and administrative expenses. As of the date of this report, the Company has not renewed the
lease and is leasing on a month-to-month basis. The Company does not record ROU assets or lease liabilities for short-term leases that
have a term of twelve months or less at lease commencement, The Company can vacate the premises without any disruption and find alternative
space, if needed.

On August 27, 2021, upon the execution of the
amendment agreement, the Company recorded right-of-use assets and operating lease liabilities of $198,898 calculated using an incremental
borrowing rate is 18.0% (based on historical borrowing rates).

Right-of- use assets are summarized below:

    December 31, 2024  
    December 31, 2023 
  
    Office lease 
    $198,898  
    $198,898 
  
    Less accumulated amortization 
     (198,898) 
     (124,921)
  
    Right-of-use asset, net 
    $-  
    $73,977 

Operating lease liabilities are summarized
below:

    December 31, 2024  
    December 31, 2023 
  
    Office lease 
    $198,898  
    $198,898 
  
    Reduction of lease liability 
     (198,898) 
     (115,224)
  
    Total lease liability 
     -  
     83