Company: FMHS
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001096906-25-001317
Chunk: 8

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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 December 31, 2024, accrued but unpaid fees totaled $242,000and $218,000, respectively, for services provided since 2021.

FARMHOUSE, INC. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2025

(Unaudited)

On August 12, 2024, the Company entered into an unsecured promissory note with the Company’s Chief Executive Officer in the principal amount of $4,500. The note bears interest at a rate of 20% per annum, calculated based on the actual number of days elapsed over a 365-day year. All unpaid principal and accrued but unpaid interest was due and payable in full on February 12, 2025. The note provides for acceleration of payment upon the occurrence of customary events of default, including the Company’s failure to pay amounts due, insolvency, bankruptcy, or a change of control, as defined in the note. Because the note was issued to the Company’s Chief Executive Officer, it is classified as a related party transaction under applicable accounting standards. As of the date of this report, the note remains unpaid and is in default. Interest expense on this note was $446 and zero for the six months ended June 30, 2025 and 2024, respectively, and $224 and zero for the three months ended June 30, 2025 and 2024, respectively.

On April 18, 2025, the Company issued a Series 2025 Note, as described in Note 7, for $25,000cash to the spouse of a Company director. The note is due April 18, 2028. The note is considered a related party transaction but was issued on the same terms as those offered to unaffiliated investors and was executed on an arm’s length basis.

Interest expense on this note was $ 514 zero 514 zeroAccrued interest on related party notes was $1,308and $348as of June 30, 2025 and December 31, 2024, respectively.

NOTE 7 - CONVERTIBLE NOTES PAYABLE - LONG-TERM

Convertible notes payable - long-term is comprised of the following:

                                                                                                                                       June 30,                   December 31,  
                                                                                                                                                                                
                                                                                                                                       2025                       2024          
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