Company: FMHS
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001096906-25-001317
Chunk: 21

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 21
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 parties regarding a potential crypto treasury strategy. These discussions include both internal approaches and potential collaborations with external platforms specializing in cryptocurrency investment and financing. No definitive agreements have been entered into, and there is no assurance that these discussions will result in a transaction or that such a strategy will be pursued.

Results of Operations

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

Revenue. Revenue for the six months ended June 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 six months ended June 30, 2025, were $208,352, compared to $230,912 for the same period in 2024, as shown below.

  For the six months ended June 30,              2025                   2024               
 ───────────────────────────────────────────────────────────────────────────────────────────
  Accounting and professional fees               $          77,349      $          79,042  
  Wages and benefits                                        92,072                111,072  
  Public company related and filing fees                    11,885                 14,063  
  Other general and administrative expenses                 27,046                 26,735  
                                                 $         208,352      $         230,912  

Accounting and professional fees were consistent in both six-month periods. The decrease in wages and benefits was attributable to higher stock-based compensation expense recognized during the six months ended June 30, 2024, compared to the same period in 2025. Public company and filing fees decreased due to lower EDGAR filing and transfer agent costs in 2025 relative 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 202