Company: FMHS
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001096906-25-000995
Chunk: 4

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-06-23
Form: 10-K
Item: Item 7
Chunk 4
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 to Farmhouse Board oversight on major decisions. The transaction remains subject to definitive documentation, completion of due diligence, Board approval, and resolution of outstanding secured indebtedness. There is no assurance that the acquisition will be completed on the proposed terms or at all. Reference is made to Note 13 in the Consolidated Financial Statements included under Item 8 in this Report.

Results of Operations

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

Revenue. Revenue for the year ended December 31, 2024 was $4,154, compared to $15,227 for the year ended December 31, 2023. The decrease was primarily due to the Company’s decision to discontinue its NFT licensing business during 2024 after a major customer went out of business.

Operating Expenses. Total operating expenses for the year ended December 31, 2024 were $410,668, compared to $517,843 for the year ended December 31, 2023, as shown below:

  Year ended December 31,                     2024                   2023               
 ────────────────────────────────────────────────────────────────────────────────────────
  Accounting and Professional Fees            $         124,032      $         181,751  
  Wages and Benefits                                    203,144                222,144  
  Consulting Fees                                         6,099                 47,024  
  Public Company Related and Filing Fees                 28,616                 24,336  
  Other General and Administrative                       48,777                 42,588  
                                              $         410,668      $         517,843  

The decreases in accounting and professional fees, wages and benefits, and consulting fees were primarily attributable to significantly lower stock-based compensation expense recorded in 2024 compared to 2023. Public company-related and filing fees, as well as other general and administrative costs, remained relatively consistent between periods.

Interest Expense. Interest expense increased slightly for the year ended December 31, 2024 to $55,954, compared to $51,243 for 2023. The increase was primarily due to interest accrued on additional borrowings during 2024.

Net Loss. Net loss for the year ended December 31, 2024 was $464,343, compared to $560,789 for 2023. The reduction in net loss was primarily driven by the decrease in operating expenses described above.

Summary

Overall, the Company's results