Company: FMHS
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0001096906-25-000588
Chunk: 13

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 Company’s credit card.

As of September 30, 2024, Company officers owned approximately 41.7% of the Company’s outstanding common stock. The Company has entered into indemnification agreements with its officers and directors covering certain events arising from their service.

NOTE 1 3 - COMMITMENTS AND CONTINGENCIES

Contingencies

From time to time, the Company may become involved in legal proceedings, claims, or regulatory matters arising in the ordinary course of business. The Company assesses its potential liability in connection with these matters by analyzing potential outcomes, assuming various litigation and settlement strategies, and consulting with legal counsel. As of April 25, 2025, the date of this report, there were no material pending legal proceedings against the Company, and management does not believe the outcome of any current claims or legal proceedings will have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

Indemnification Agreements

The Company has entered into indemnification agreements with its officers and directors, under which it has agreed to indemnify them for certain events or occurrences arising from their service in such capacities. The indemnification period extends for the lifetime of the officer or director. The maximum potential future payments under these agreements are unlimited; however, the Company believes the estimated fair value of any potential obligations is minimal. Accordingly, no liability has been recorded as of September 30, 2024, or December 31, 2023.

NOTE 14 - SUBSEQUENT EVENTS

As of April 25, 2025, the date of this report, the Company evaluated subsequent events and determined that the following events required disclosure in the accompanying unaudited interim condensed consolidated financial statements for the nine months ended September 30, 2024.

Convertible Note Financing

The Company has authorized a Convertible Promissory Note Offering with the following key terms:

·Interest Rate: 10% per annum

·Maturity: Three years from the date of issuance

·Automatic Conversion:

oIf the Company completes a new equity financing of at least $1,000,000, the note will automatically convert into common stock at a price equal to 50% of the offering price.

oIf the Company’s common stock trades at or above $1.00 per share for ten consecutive trading days, the note will automatically convert at a price equal to 50% of the closing price on the tenth trading day.

·Prepayment: The Company may prepay the notes at any time without penalty;