Company: FMHS
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0001096906-25-000588
Chunk: 8

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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30 calendar days after the earliest to occur of: (i) the Company’s common stock achieving a closing price greater than $1.00 for ten consecutive trading days (a “ Market Forced Conversion”), or (ii) the Company completing an offering of common stock resulting in gross proceeds of at least $1,000,000 (an “ Offering Forced Conversion”). Upon conversion, the Series 2023 Notes will automatically convert into shares of common stock at a conversion price equal to 75.8% of: (i) the closing price of the Company’s common stock on the tenth trading day for a Market Forced Conversion, or (ii) the offering price of the Company’s common stock for an Offering Forced Conversion.

The number of shares issuable upon conversion is determined by adding the principal amount of the Series 2023 Notes, accrued and unpaid interest, and any applicable default interest, and dividing by the applicable conversion price. The conversion price is subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Company, combinations, recapitalizations, reclassifications, extraordinary distributions, and similar events. Assuming the Series 2023 Notes are not mandatorily converted as discussed above, maturity will be in the fiscal year ended December 31, 2026.

Interest expense related to the Series 2023 Notes was $2,564and $856for the nine months ended September 30, 2024 and 2023, respectively, and $861and $651for the three months ended September 30, 2024 and 2023, respectively. Accrued interest was $4,279and $1,715as of September 30, 2024 and December 31, 2023, respectively.

NOTE 9 - STOCKHOLDERS ’ DEFICIT

Authorized Capital

The Company’s authorized capital consists of295,000,000shares of common stock, $0.0001par value per share, and5,000,000shares of undesignated preferred stock, $0.0001par value per share. The Board of Directors may, in its sole discretion, establish par value, divide the shares of preferred stock into series, and fix and determine the dividend rate, designations, preferences, privileges, and restrictions of any series of preferred stock. As of September 30, 2024, and December 31, 2023, the Company had no shares of preferred stock issued or outstanding.

Common stock transactions

Common stock transactions for the nine months ended September