Company: MYSEW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076607
Chunk: 29

Company: Myseum, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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NOTE 6 – OPERATING LEASE RIGHT-OF-USE
ASSETS AND OPERATING LEASE LIABILITIES

In January 2019, the Company renewed and extended
the term of its lease facility for another three-year period from January 2019 to December 2021 starting with a monthly base rent of $2,567
plus a pro rata share of operating expenses beginning January 2019. The base rent was subject to annual increases beginning the 2nd
and 3rd lease year as defined in the lease agreement. In addition to the monthly base rent, the Company was charged separately
for common area maintenance which is considered a non-lease component. These non-lease component payments were expensed as incurred and
were not included in operating lease assets or liabilities. On August 27, 2021, the Company entered into an amendment agreement with
the same landlord to modify the facility lease to relocate and increase the square footage of the lease premises. The term of the lease
commenced on October 1, 2021 and expired on December 31, 2024 with a new monthly base rent of $7,156 plus a pro rata share of operating
expenses beginning January 2022. The base rent was subject to 3% annual increases beginning in the 2nd and 3rd lease
year as defined in the amended lease agreement. On April 24, 2025, the Company entered into an amendment agreement with the same landlord
to modify the facility lease to relocate and reduce the square footage of the lease premises. The term of the lease commenced on May 1,
2025 and shall expire on May 31, 2029 with a new monthly base rent of $6,417 plus a pro rata share of operating expenses beginning on
June 1, 2025. The base rent is subject to 3% annual increases beginning in the 2nd, 3rd and 4th lease
year as defined in the amended lease agreement. In addition to the monthly base rent, the Company is charged separately for a monthly
payment of $307 for electrical use which is considered a non-lease component. These non-lease component payments are expensed as incurred
and are not included in operating lease assets or liabilities. For the six months ended June 30, 2025 and 2024, rent expense amounted
to $48,023 and $45,447, respectively, and were included in general and administrative