Company: FMHS
Filing Date: 2025-07-22
Form Type: 10-Q
Source: 0001096906-25-001169
Chunk: 7

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-07-22
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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 and direct payments made by Company officers on behalf of the Company. All amounts due to related parties are non-interest bearing and unsecured. For the three months ended March 31, 2025, Company officers advanced a total of $11,460 to the Company. For the three months ended March 31, 2024, Company officers advanced $7,843 and were repaid $660 through personal charges to the Company’s credit card.

The Company’s Chief Financial Officer is engaged under a consulting arrangement and is not a W-2 employee. The Company recognized $12,000 in compensation expense for the three months ended March 31, 2025. As of March 31, 2025 and December 31, 2024, accrued but unpaid fees totaled $230,000and $218,000, respectively, for services provided since 2021.

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 related to the CEO note was $222and zero for the three months ended March 31, 2025 and 2024, respectively. Accrued interest was $570and $348as of March 31, 2025 and December 31, 2024, respectively.

FARMHOUSE, INC. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

(Unaudited)

NOTE 7 - CONVERTIBLE NOTES PAYABLE - LONG-TERM

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

                                                                                  March 31,                   December 31,              
                                                                                                                                        
                                                                                  2025                        2024                      
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