Company: MYSEW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076607
Chunk: 121

Company: Myseum, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 121
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 noncontrolling interest in consolidation and recorded an initial negative noncontrolling
interest in total equity for the portion of equity ownership not attributable to Myseum based on the minority interest holders’
ownership interest in the carrying value of RPM Interactive’s equity. Due to the issuance of common shares by RPM Interactive, during
the six months ended June 30, 2025, the Company recorded aggregate initial negative noncontrolling interest of $181,530 in total equity
for the portion of additional equity ownership not attributable to the Company based on the minority interest holders’ ownership
interest in the carrying value of RPM Interactive’s equity. The Company allocated $286,231 of the net loss of the subsidiary to
noncontrolling interest during the six months ended June 30, 2025. As a result of changes in RPM Interactive outstanding common stock
and the Company’s share of losses of subsidiary since January 2024, aggregate noncontrolling interest deficit amounted to $2,605,550
as of June 30, 2025.

25

Variable interest entities

Pursuant to ASC 810-10-25-22, an entity
is defined as a VIE if it either lacks sufficient equity to finance its activities without additional subordinated financial support,
or it is structured such that the holders of the voting rights do not substantively participate in the gains and losses of the entity.
When determining whether an entity that meets the definition of a business qualifies for a scope exception from applying VIE guidance,
the Company considers whether: (i) it has participated significantly in the design of the entity, (ii) it has provided more than half
of the total financial support to the entity, and (iii) substantially all of the activities of the VIE are conducted on its behalf. A
VIE is consolidated by its primary beneficiary, the party that has the power to direct the activities that most significantly impact the
VIE’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