Company: FMHS
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0001096906-25-000588
Chunk: 9

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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 30, 2024, were as follows:

·On May 17, 2024, the Board granted Restricted Stock Awards (“ RSAs”) totaling340,000shares of common stock under the 2021 Omnibus Incentive Plan. See Note 10.

·On May 28, 2024, the Company issued62,500shares of common stock to an unrelated third party in connection with a Subscription Agreement, priced at $0.40 per share, for cash proceeds of $25,000.

·On September 6, 2024, the Board granted an RSA of10,000shares of common stock under the 2021 Omnibus Incentive Plan. See Note 10.

·On July 6, 2024, the Company issued187,500shares to Thrown, which were valued at $26,175, measured at the closing price of the Company’s common stock on the OTCQB market on the date of issuance. See Note 3.

As a result of these issuances, the Company had17,925,950shares of common stock outstanding as of September 30, 2024.

There were no common stock transactions during the nine months ended September 30, 2023.

Shares Reserved

The Company is required to reserve and keep available from its authorized but unissued shares of common stock a sufficient number to cover shares that could be issued upon conversion of the convertible note payable (see Note 4) and the Series 2023 Notes (see Note 8). The convertible note payable and Series 2023 Notes are not convertible as of September 30, 2024, and will only become convertible upon the occurrence of future events, at which time the conversion prices will be determined. Therefore, the number of shares issuable upon conversion is not currently determinable, and no shares were reserved for future issuance as of September 30, 2024, and December 31, 2023.

NOTE 10 - STOCK-BASED COMPENSATION AND RESTRICTED STOCK AWARDS

2021 Omnibus Incentive Plan

In May 2021, the Board of Directors approved the Farmhouse, Inc. Omnibus Incentive Plan (the “2021 OIP”). The 2021 OIP permits the granting of nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, other stock-based awards, and cash-based awards. The maximum number of shares of common