Company: MYSEW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076607
Chunk: 21

Company: Myseum, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 21
---
 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. 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.

10

MYSEUM, INC. AND SUBSIDIARIES

(FORMERLY DATCHAT, INC.)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025 AND 2024

(Unaudited)

Impairment of long-lived assets

In accordance with ASC Topic 360, the Company
reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may
not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted future
cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s
estimated fair value and its book value.

Deferred offering costs

The Company has capitalized certain offering costs
related to its efforts to raise capital through the sale of its common stock pursuant to an Equity Sales Agreement of $54,028 (see Note
8) and related to the anticipated initial public offering of RPM Interactive shares of $122,500.The initial public offering of RPM Interactive
is still pending. RPM Interactive filed a registration statement with the SEC which is still under review. Deferred offering costs will
be deferred until the completion of the private offering, at which time they will be reclassified to additional paid-in capital as a reduction
of the offering proceeds. As of June 30, 2025 and December 31, 2024, capitalized deferred offering costs amounted to $176,528 and $0,
respectively, which is reflected on the accompanying unaudited consolidated balance sheets.

Revenue recognition

The Company recognizes revenue in accordance with
ASC Topic 606 Revenue from Contracts with Customers, which requires revenue to be recognized in a manner that depicts the transfer of
goods or services to customers in amounts that reflect the consideration which the entity expects to be entitled in exchange for those
goods or services.

In accordance with ASU Topic 606 - Revenue
from Contracts with Customers, the Company recognizes revenue in accordance with that core principle by applying the following steps:

Step 1: Identify the contract(s) with
a customer.

Step 2: Identify the