Company: FMHS
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0001096906-25-000588
Chunk: 15

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 condition and results of operations should be read in conjunction with our unaudited financial statements and related notes included in this Quarterly Report on Form 10-Q, as well as our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. This discussion contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed or implied in these forward-looking statements due to various factors in our Form 10-K and other filings with the Securities and Exchange Commission.

Overview

We are a technology business with multiple divisions and a portfolio of intellectual property, including the WeedClub® platform, the @420 Twitter handle, and a Web3 division. We launched the Web3 division in December 2021 to facilitate licensing opportunities between established cannabis brands and holders of influential digital collectibles. Revenues from this initiative have been limited, and we have ceased pursuing this line of business to focus on other strategic opportunities. We do not currently expect to generate significant revenues from existing operations.

In line with this strategy, on September 10, 2024, we entered into a Share Exchange Agreement (“ SEA”) with Thrown, LLC (“ Thrown”) and its members. Thrown is a beverage company operating under the brand Nappy Boy Dranks. Thrown’s initial product is GamerShot, a nootropic esports beverage packaged in 2-ounce servings. Under the SEA, we will acquire all membership interests of Thrown in exchange for 5,130,000 newly issued shares of common stock. This represents approximately 25% of our total issued and outstanding shares following the closing of the transaction. As of April 25, 2025, the transaction has not closed, and discussions with Thrown management are ongoing. Reference is made to Notes 3 and 14 to the interim condensed consolidated financial statements included under Item 1 of this Report for additional information.

Results of Operations

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023.

Revenue. Revenue for the three months ended September 30, 2024 was $0, compared to $5,503 for the same period in 2023. The decrease reflects our decision to discontinue the NFT licensing business.

Operating Expenses. Total operating expenses for the three months ended September 30, 2024, were $92,824, compared to $106,425 for the same period in 2023, as shown below.

  For the three months