Company: MYSEW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004290
Chunk: 970

Company: Myseum, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 970
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, we generated revenues of $436 and $672, respectively, which consisted of subscription revenues.

Operating expenses

For the year ended December 31, 2024, operating expenses amounted to
$5,281,339 as compared to $8,784,703 for the year ended December 31 2023, a decrease of $3,503,364, or 39.9%. For the years ended December
31 2024 and 2023, operating expenses consisted of the following:

    Year Ended December 31, 

    2024  
    2023 
  
    Compensation and related expenses 
    $2,320,127  
    $4,760,180 
  
    Marketing and advertising expenses 
     128,656  
     388,444 
  
    Professional and consulting expenses 
     1,031,898  
     1,324,640 
  
    Research and development 
     857,668  
     1,351,415 
  
    General and administrative expenses 
     942,990  
     892,972 
  
    Impairment loss on property and equipment and intangible assets 
     -  
     43,671 
  
    Impairment loss on digital currencies and other digital assets 
     -  
     23,381 
  
    Total 
    $5,281,339  
    $8,784,703 

Compensation and related expenses

Compensation and related expenses include salaries,
stock-based compensation, health insurance and other benefits.

During the year ended December 31, 2024 and 2023,
compensation and related expenses amounted to $2,320,127 and $4,760,180, respectively, a decrease of $2,440,053, or 51.3%. The decrease
was attributable to a decrease in stock-based compensation of $1,985,961 and a decrease in other compensation and other related expenses
of $454,092 related to a reduction in staff.

Marketing and advertising expenses

During the years ended December 31, 2024 and 2023, marketing and advertising
expenses amounted to $128,656 and $388,444, respectively, a decrease of $259,788, or 67.0%, primarily due to an overall decrease in promotions,
branding and digital marketing strategies and social media ads.

Professional and consulting expenses

During the years ended December 31