Company: FMHS
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001096906-25-001317
Chunk: 16

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 to 2024. Other general and administrative expenses remained stable between the periods.

Gain on Extinguishment of Debt. On March 31, 2025, accrued legal fees and finance charges totaling $424,930 were converted into a new Series 2025 Note in the face amount of $250,000. Accordingly, we recorded a gain on extinguishment of debt of $174,930 for the six months ended June 30, 2025.

Interest Expense. Interest expense for the six months ended June 30, 2025 was $30,469 compared to interest expense of $26,558 for the same period in 2024. The increase was due to new borrowings.

Net Loss. Net loss for the six months ended June 30, 2025, was $63,886, compared to a net loss of $255,190 for the same period in 2024. The gain on extinguishment of debt of $174,935 attributed to the change for the six months ended June 30, 2025. Additionally, there was reduced stock-based compensation costs during the six months ended June 30, 2025, as mentioned above.

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024.

Revenue. Revenue for the three months ended June 30, 2025 was zero, compared to $1,893 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 three months ended June 30, 2025, were $117,558, compared to $126,808 for the same period in 2024, as shown below.

  For the three months ended June 30,            2025                   2024               
 ───────────────────────────────────────────────────────────────────────────────────────────
  Accounting and professional fees               $          53,665      $          49,119  
  Wages and benefits                                        46,036                 55,536  
  Public company related and filing fees                     5,722                  9,238  
  Other general and administrative expenses                 12,135                 12,915  
                                                 $         117,558      $         126,808  

Accounting and professional fees increased slightly during the three months ended June 30, 2025, compared to the same period