Company: FMHS
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001096906-25-000995
Chunk: 18

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-06-23
Form: 10-K
Item: Item 8
Chunk 18
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and $52,394as of December 31, 2024 and 2023, respectively.

NOTE 5 - NOTES PAYABLE

In 2021, the Company entered into a loan agreement with an unaffiliated individual (the “ Lender”) for borrowings up to $75,000 and received a first advance of $50,000. The loan, which was due nine months after the first advance, remains outstanding and in default as of December 31, 2024. The loan bears interest at a rate of6% per annum. At the Lender’s sole discretion, the maturity date may be extended. Borrowings under this loan are senior in priority to any other indebtedness of the Company. The Company’s Chief Executive Officer personally and unconditionally guaranteed repayment of the loan.

Interest expense related to this loan was $3,008and $3,000for the year ended December 31, 2024 and 2023, respectively. Accrued interest was $10,644and $7,636as of December 31, 2024 and December 31, 2023, respectively.

F-15

FARMHOUSE, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2024 and 2023

During the year ended December 31, 2024, the Company issued the following unsecured promissory notes to unrelated parties:

Date Principal Amount Interest Rate Maturity Date Purpose
July 2, 2024 $ 11,677 12% January 2, 2025 Vendor payment
August 9, 2024 $ 5,500 20% February 9, 2025 Vendor payment
September 30, 2024 $ 8,400 20% March 31, 2025 Vendor payment
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April 26, 2024 $ 5,000 20% October 26, 2024 Cash proceeds
April 26, 2024 $ 5,000 20% October 26, 2024 Cash proceeds

Each of the notes bears interest at the stated annual rate, calculated based on the actual number of days elapsed over a 365-day year. All notes are unsecured and provide for acceleration of payment upon the occurrence of customary events of default, including non-payment, insolvency, bankruptcy, or a change of control of the