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

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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iliated individual, interest at 10% per annum, due March 31, 2028.                                                      8,500      -             
  Note payable to unaffiliated individual, interest at 10% per annum, due April 16, 2028.                                                     25,000      -             
  Note payable to unaffiliated individual, interest at 10% per annum, due April 21, 2028.                                                     12,500      -             
  Note payable to unaffiliated individual, interest at 10% per annum, due April 28, 2028.                                                     12,500      -             
  Note payable to unaffiliated individual, interest at 10% per annum, due June 23, 2028.                                                      10,000      -             
  Note payable to unaffiliated individual, interest at 10% per annum, due August 15, 2028.                                                    15,000      -             
  Total Convertible Notes Payable – Long-term                                                                                               $458,100      $34,000       

The Series 2023 Notes

In May 2023, the Board of Directors authorized an offering of up to $1,000,000 of mandatorily convertible notes, designated as Series 2023 10% Mandatorily Convertible Notes (the “ Series 2023 Notes”), to fund Web3 product development activities as well as sales, marketing, and administrative expenses. The Series 2023 Notes are mandatorily convertible 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