Company: FMHS
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0001096906-25-000588
Chunk: 6

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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rued interest was $9,888and $7,636as of September 30, 2024 and December 31, 2023, respectively.

During the nine months ended September 30, 2024, the Company issued the following unsecured promissory notes to unrelated parties:

  Date                    Principal Amount      Interest Rate      Maturity Date         Purpose         
  July 2, 2024                    $ 11,667                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 Company. The notes have not been registered under the Securities Act of 1933, as amended, and the holders have represented that they are acquiring the notes for investment purposes only and not with a view to distribution. As of April 25, 2025, the date of this report, the notes are in default.

Interest expense related to these notes was $1,005and $1,367for the three and nine months ended September 30, 2024, respectively. Accrued interest was $1,367as of September 30, 2024.

NOTE 6 - NOTES PAYABLE - RELATED PARTY

On August 12, 2024, the Company entered into an unsecured promissory note with the Company’s Chief Executive Officer in the principal amount of $4,500. The note bears interest at a rate of 20% per annum, calculated based on the actual number of days elapsed over a 365-day year. All unpaid principal and accrued but unpaid interest was due and