Company: FMHS
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001096906-25-001317
Chunk: 6

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 6
---
                         5,000  
  Note payable to unaffiliated individual, interest at 20% per annum, due October 26, 2024. In default.                            5,000                         5,000  
  Note payable to unaffiliated individual, interest at 12% per annum, due January 2, 2025. (1)                                         -                        11,667  
  Note payable to unaffiliated individual, interest at 20% per annum, due February 9, 2025. (1)                                        -                         5,500  
  Note payable to unaffiliated individual, interest at 20% per annum, due March 30, 2025. In default                               8,400                         8,400  
  Total Notes Payable                                                                                               $             68,400      $                 85,567  

FARMHOUSE, INC. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2025

(Unaudited)

(1) Note payable converted into a Series 2025 Note. See Note 7.

In 2021, the Company entered into a loan agreement with an unaffiliated individual (the “ Lender”) for borrowings up to $75,000 and received a first advance of $ 50,000As of the date of this report, the note remains unpaid and is in default.

Except for the $50,000 note discussed in the paragraph above, each of the notes to unaffiliated individuals bear interest at the stated annual rate, calculated based on the actual number of days elapsed over a 365-day year. All notes are unsecured and provide for acceleration of payment upon the occurrence of customary events of default, including non-payment, insolvency, bankruptcy, or a change of control of the Company. The notes have not been registered under the Securities Act of 1933, as amended, and the holders have represented that they are acquiring the notes for investment purposes only and not with a view to distribution.

On March 31, 2025, two notes in the principal amounts of $ 11,667 5,500 1,733 705

Interest expense on notes payablewas $4,618and $1,858for the six months ended June 30, 2025 and 2024, respectively, and $1,666and $1,110for the three months ended June 30