Company: FMHS
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001096906-25-000995
Chunk: 24

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-06-23
Form: 10-K
Item: Item 8
Chunk 24
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, vesting in monthly installments of 2,500 shares from September 30, 2024 through December 31, 2024. In the prior year, the Company granted 250,000 RSAs, including (i) 200,000 shares to a new director, vesting 100,000 shares on December 31, 2023 and 12,500 shares quarterly through December 31, 2025, and (ii) 50,000 shares to a consultant, vesting 10,000 shares monthly beginning October 31, 2023.

F-19

FARMHOUSE, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2024 and 2023

The following table summarizes RSA activity for the periods presented:

                                                       Weighted Average Grant Date Fair Value  
  Balance as of January 1, 2023           752,000                                      $0.251  
  Awarded                                 250,000                                      $0.050  
  Vested                               ( 732,000)                                      $0.227  
  Forfeited                                     -                                          $-  
  Balance as of December 31, 2023         270,000                                      $0.128  
  Awarded                                 350,000                                      $0.089  
  Vested                               ( 400,000)                                      $0.122  
  Forfeited                                     -                                          $-  
  Balance as of December 31, 2024         220,000                                      $0.076  

Stock-based compensation expense recognized was $48,879 and $166,424 for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, the Company had approximately $16,780 of unrecognized compensation expense related to non-vested RSAs, which is expected to be recognized over a weighted-average remaining period of approximately 1.4 years. Estimated expense recognition is $12,580 in 2025 and $4,200 in 2026.

NOTE 10 - LITIGATION

In August 2017, the Company’s subsidiary, DTLA, entered into a Strategic Consulting Agreement (the “ SCA”) with Los Angeles Farmers, Inc. (“ LAFI”), formerly known as a medical marijuana growing and retail company. In October 2017, DTLA filed litigation in Los Angeles County Superior Court (Case No. BC