Company: MYSEW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076607
Chunk: 167

Company: Myseum, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 167
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how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance
with respect to financial statement preparation and presentation.

The ineffectiveness of our internal control over
financial reporting was due to the following material weaknesses which we identified in our internal control over financial reporting:

    ●
    We lack segregation of duties within accounting functions duties as a result of our limited financial resources to support hiring of personnel.

    ●
    The lack of multiples levels of management review on complex business, accounting and financial reporting issues.

    ●
    We have not implemented adequate system and manual controls.

Remediation Plans

Management is committed to the remediation of
the material weaknesses described above, as well as the improvement of the Company’s overall internal control over financial reporting.
Management plans on implementing actions to remediate the underlying causes of the control deficiencies that gave rise to the material
weaknesses. Remediation efforts include the possible hiring of additional accounting and finance personnel with appropriate expertise
to strengthen overall controls and the establishment of disbursement review and approval processes. The material weaknesses will not be
considered remediated until management designs and implements effective controls that operate for a sufficient period of time and management
has concluded, through testing, that these controls are effective. Our management will monitor the effectiveness of our remediation plan
and will make changes management determines to be appropriate. Until the remediation efforts (including any additional measures management
identifies as necessary) are completed, the material weaknesses described above will continue to exist.

Changes in Internal Control over Financial
Reporting.

There have been no changes in our internal control
over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting.

Limitations on Effectiveness of Controls and
Procedures

In designing and evaluating the disclosure controls
and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable
assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the
fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls
and procedures relative to their costs.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

From time to time, we may become involved in various
lawsuits and legal proceedings, which arise in the ordinary course of business. Litigation is subject to inherent uncertainties,