Company: FMHS
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001096906-25-001826
Chunk: 19

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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HS at a price equal to the lower of 95% of the lowest VWAP or 100% of the lowest intraday trading price during a five-day pricing period. Proceeds, if drawn, are expected to support working capital and strategic growth initiatives; no funds had been drawn under the facility as of the date of this report. Refer to Note 11 - Subsequent Events to the condensed consolidated financial statements for additional information regarding this agreement.

Financing Activity

On November 7, 2025, we completed a $50,000 financing through the issuance of a 10-month unsecured Convertible Promissory Note to a private accredited investor. The Note carries a 10% original issue discount (resulting in a face amount of $55,555) and bears interest at 15% per annum. Beginning 180 days after issuance, the investor has the right, but not the obligation, to convert the outstanding balance into shares of common stock at 75% of the 20-day VWAP, subject to a floor of $0.15 per share. In connection with the funding, we also issued 100,000 shares of common stock to the investor as additional consideration. We can prepay the Note at

110% of outstanding principal and interest if repaid within 180 days of issuance, or 120% thereafter. Refer to Note 11 - Subsequent Events to the condensed consolidated financial statements for additional information regarding this agreement.

Results of Operations

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024.

Revenue. Revenue for the nine months ended September 30, 2025 was zero, compared to $4,154 in revenues for the same period in 2024, which were generated from license fees under NFT licensing agreements. We do not expect to generate future revenue from these agreements.

Operating Expenses. Total operating expenses for the nine months ended September 30, 2025, were $303,011, compared to $323,736 for the same period in 2024, as shown below.

  For the nine months ended September 30,        2025                   2024               
 ───────────────────────────────────────────────────────────────────────────────────────────
  Accounting and professional fees               $         104,994      $         104,262  
  Wages and benefits                                       138,108                157,108  
  Public company related and filing fees                    19,305                 23,302