Company: FMHS
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0001096906-25-000588
Chunk: 10

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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 stock that may be issued pursuant to awards under the 2021 OIP is 3,000,000. Stockholders holding a majority of the Company’s outstanding common stock ratified the 2021 OIP by written consent.

Options granted under the 2021 OIP may be either “incentive stock options,” as defined in Section 422 of the Internal Revenue Code, or “non-statutory stock options,” subject to Section 83 of the Internal Revenue Code, at the discretion of the Board of Directors and as set forth in the applicable award agreement. The option exercise price may not be less than 100% of the fair market value of the Company’s common stock on the date of grant (or 110% in the case of a participant who owns more than 10% of the voting power of all classes of the Company’s stock). Options become exercisable at times and on conditions determined by the Board and must be exercised within ten years from the date of grant (or five years for optionees holding more than 10% of the Company’s voting stock).

Restricted stock awards granted under the 2021 OIP are issued and measured at fair market value on the date of grant and typically vest in monthly or quarterly installments, subject to the recipient’s continued service with the Company on the applicable vesting dates. Vesting of restricted stock awards is based solely on continued service. Stock-based compensation expense is recognized on a straight-line basis as awards vest, with a corresponding credit to additional paid-in capital.

Restricted Stock Awards (“ RSAs”)

A summary of the Company’s non-vested restricted stock awards as of September 30, 2024, and changes for the nine months then ended is presented below:

  Restricted Stock Awards                                                         
 ──────────────────────────────────────────────────────────────────────────────────
  Non-vested restricted stock awards, Dec. 31, 2023          270,000      $0.128  
  Awarded                                                    350,000      $0.089  
  Vested                                                  ( 325,000)      $0.128  
  Forfeited                                                        -          $-  
  Non-vested restricted stock awards, Sept. 30, 2024         295,000      $0.081  

On May 17, 2024, the Board of Directors granted a total of 340,000 RSAs under the 2021 OIP to advisors deemed critical to closing the SEA with Thrown. The awards included