Company: FMHS
Filing Date: 2025-07-22
Form Type: 10-Q
Source: 0001096906-25-001169
Chunk: 6

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-07-22
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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 remains unpaid and is in default.

Except for the $50,000 note discussed in the paragraph above, each of the notes to unaffiliated individuals bear 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.

On March 31, 2025, two notes in the principal amounts of $11,667 and $5,500, together with accrued interest of $1,733 and $705, respectively, were converted into new Series 2025 10% Mandatorily Convertible Notes. See Note 7.

Interest expense on notes payable was $2,953and $748for the three months ended March 31, 2025 and 2024, respectively. Accrued interest was $14,084and $13,569as of March 31, 2025 and December 31, 2024, respectively.

FARMHOUSE, INC. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

(Unaudited)

NOTE 6 - DUE TO RELATED PARTIES

Due to related parties is comprised of the following:

                                                   March 31,                   December 31,               
                                                                                                          
                                                   2025                        2024                       
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────
  Loans from Company officers                      $               81,009      $                  69,549  
  Accrued liability to contracted CFO                             230,000                        218,000  
  Note Payable to Officer, in default                               4,500                          4,500  
  Accrued interest on Note Payable to Officer                         570                            348  
  Total Due to Related Parties                     $              316,079      $                 292,397  

As of March 31, 2025 and December 31, 2024, loans from Company officers totaled $81,009and $69,549, respectively. These amounts represent cash advances made by Company officers to fund operating expenses