Company: MYSEW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076607
Chunk: 156

Company: Myseum, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 156
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’s economic performance and has the right to receive benefits or the obligation to absorb losses of the entity that could be
potentially significant to the VIE. The primary beneficiary assessment must be re-evaluated on an ongoing basis.

Based on the Company’s analysis, on February
14, 2023, Metabizz, LLC, a Florida corporation, and Metabizz SAS, a company incorporated under the laws of Columbia (collectively “Metabizz”),
were determined to be VIE entities in accordance with ASC 810-10-25-22 because the equity owners in Metabizz did not have the characteristics
of a controlling financial interest and the initial equity investments in these entities may be or were insufficient to meet or sustain
its operations without additional subordinated financial support from Myseum. The equity owners of Metabizz had only a nominal equity
investment at risk, and the Company absorbed or received a majority of the entity’s expected losses or benefits. The Company participated
significantly in the design of Metabizz. The Company provided working capital advances to Metabizz to allow Metabizz to fund its day-to-day
obligations. Substantially all of the activities of Metabizz were conducted for the Company’s benefit, as evidenced by the fact
that the operations of Metabizz consisted of development of software and technologies to be used by RPM Interactive and the Company provided
working capital to Metabizz to pay employees and independent contractors to perform the development services on behalf of the Company.
Repayment of the working capital advances is not guaranteed by the equity owner of Metabizz and creditors of Metabizz do not have recourse
against the Company. Accordingly, the Company was required to consolidate the assets, liabilities, revenues and expenses of Metabizz using
the fair value method. Additionally, the managing partner of Metabizz was also the Chief Innovation Officer of RPM Interactive. Since
Metabizz, LLC and Metabizz SAS were considered VIE’s, any noncontrolling interest eliminated in consolidation. In connection with
the initial consolidation of Metabizz, on February 14, 2023 (the initial consolidation date), the Company recorded a gain on initial consolidation
of variable interest entities of $42,737.

On March 31, 2024, based on the Company’s
analysis, the Company deconsolidated Metabizz, LLC and Metabizz SAS. During the three months ended March 31, 2024, the Company ceased