Company: MYSEW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004290
Chunk: 1354

Company: Myseum, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9A
Chunk 1354
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 (or
as) the entity satisfies a performance obligation.

The Company recognizes revenues from subscription
fees on the Company’s messaging application in the month they are earned. Annual and lifetime subscription payments received that
are related to future periods are recorded as deferred revenue to be recognized as revenues over the contract term or period. Lifetime
subscriptions are being recognized to revenues over the estimated useful life of the subscription of 12 months. During the years ended
December 31 2024 and 2023, all of the Company’s revenue was generated from subscription revenues.

Research and development

Research and development costs incurred in the
development of the Company’s products are expensed as incurred and include costs such as outside development costs, salaries and
other allocated costs incurred. During the years ended December 31, 2024 and 2023, research and development costs incurred in the development
of the Company’s software products were $857,668 and $1,351,415, respectively. Research and development costs are included in research
and development expense on the accompanying consolidated statements of operations.

On August 27, 2024, the Company entered into an
Asset Purchase Agreement with Judaopta LLC, a Delaware limited liability company (the “Seller”), pursuant to which it acquired
from Seller (i) certain software (the “RenAI Software”), which consists of an artificial intelligence (AI) tool designed used
for media library organization with the ability to tag and rename images for PC and MAC devices using AI with integration to Gemini, OpenAI
and Claude and (ii) certain domain names (the “Assets”) in consideration for the transfer by the Company of 8,000,000 restricted
shares of common stock of RPM Interactive. In connection with this asset acquisition, the Company recorded research and development expense
of $166,667 since the Company is still in the development stage and spends most of its time and efforts planning, raising capital, and
performing research and development and accordingly, the recoverability of the cost was not certain. Research and development expense
was calculated as follows:

    Amount 
  
    Fair value of 8,000,000 shares RPM Interactive shares transferred based on recent sales of RPM Interactive shares at $0.30 per share 
    $2,400,000 

    Less: gain recognized as difference between fair value of 8,000,000 shares calculated above and allocated costs of investment in RPM Interactive and included in research and development 
     (2,233,