Company: MYSEW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004290
Chunk: 581

Company: Myseum, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 581
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 consulting fees of $144,818, offset by an increase
in other consulting fees of $48,616, a decrease in investor relations fees of $224,026, a decrease in legal fees of $27,195, and a decrease
in other professional fees of $43,970, offset by an increase in accounting fees of $98,651.

Research and development costs

During the years ended December 31, 2024 and
2023, we incurred $857,668 and $1,351,415 in research and development costs, a decrease of $493,747, or 36.5%. Research and development
costs were incurred in connection with our Metaverse software development project, including the development of Habytat which is in the
preliminary stage. During the year ended December 31, 2024, we ceased development of our Metaverse software.

General and administrative expenses

During the years ended December 31, 2024 and 2023, general and administrative
expenses amounted to $942,990 and $892,972, an increase of $50,018, or 5.6%. The increases are primarily attributable to an increase in
computer and internet expenses of approximately $54,000.

30

Impairment loss on property and equipment
and intangible assets

During the year ended December 31, 2023, we wrote
off the balance of property and equipment held by MetaBizz since the property and equipment was abandoned and no longer being used by
the Company as of December 31, 2023. Accordingly, we recognized an impairment loss on property and equipment of $43,671. We did not recognize
any impairment loss on property and equipment during the year ended December 31, 2024.

Impairment loss on digital currencies and
other digital assets

During the year ended December 31, 2024 and 2023,
operating expenses included an impairment charge related to the write down of digital assets of $0 and $23,381, respectively.

Loss from Operations

During the year ended December 31, 2024, loss from operation amounted
to $5,280,903 as compared to $8,784,031 during the year ended December 31, 2023, a decrease of $3,503,128, or 39.9%.

Other Income (Expense)

Other income (expenses) primarily consisted of interest income, gain
on initial consolidation of variable interest entities,