Company: MYSEW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004290
Chunk: 109

Company: Myseum, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 109
---
 of the assets. This acquisition was treated as an asset acquisition
under ASC 805 “Business Combinations” since RPM Interactive did not meet the definition of a business under ASC 805.
ASC 805 requires the use of the relative fair value method for asset acquisitions to allocate the purchase price, however, since only
a single internal-use software asset was acquired, the entire purchase price shall be allocated to this asset.

For the years ended December 31, 2024 and 2023,
amortization of intangible assets amounted to $0. The internal-use software has not yet been placed in service as of December 31, 2024.

NOTE 6 – OPERATING LEASE RIGHT-OF-USE
ASSETS AND OPERATING LEASE LIABILITIES

In January 2019, the Company renewed and extended the term of its lease
facility for a three-year period from January 2019 to December 2021 starting with a monthly base rent of $2,567 plus a pro rata share
of operating expenses beginning January 2019. The base rent was subject to annual increases beginning the 2nd and 3rd
lease year as defined in the lease agreement. In addition 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