Company: FMHS
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001096906-25-000995
Chunk: 21

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-06-23
Form: 10-K
Item: Item 8
Chunk 21
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The Series 2023 Notes are mandatorily convertible 30 calendar days after the earliest to occur of: (i) the Company’s common stock achieving a closing price greater than $1.00 for ten consecutive trading days (a “ Market Forced Conversion”), or (ii) the Company completing an offering of common stock resulting in gross proceeds of at least $1,000,000 (an “ Offering Forced Conversion”). Upon conversion, the Series 2023 Notes will automatically convert into shares of common stock at a conversion price equal to 75.8% of: (i) the closing price of the Company’s common stock on the tenth trading day for a Market Forced Conversion, or (ii) the offering price of the Company’s common stock for an Offering Forced Conversion.

The number of shares issuable upon conversion is determined by adding the principal amount of the Series 2023 Notes, accrued and unpaid interest, and any applicable default interest, and

F-17

FARMHOUSE, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2024 and 2023

dividing by the applicable conversion price. The conversion price is subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Company, combinations, recapitalizations, reclassifications, extraordinary distributions, and similar events. Assuming the Series 2023 Notes are not mandatorily converted as discussed above, maturity will be in the fiscal year ended December 31, 2026.

Interest expense related to the Series 2023 Notes was $3,426and $1,715for the year ended December 31, 2024 and 2023, respectively. Accrued interest was $5,141and $1,715as of December 31, 2024 and December 31, 2023, respectively.

NOTE 8 - STOCKHOLDERS’ DEFICIT

The Company is authorized to issue295,000,000shares of common stock, $0.0001par value per share, and5,000,000shares of undesignated preferred stock, $0.0001par value per share. The Board of Directors has the authority, in its sole discretion, to establish series of preferred stock and to fix the par value, dividend rates, designations, preferences, privileges, and restrictions of each series. No shares of preferred stock were issued or outstanding as of December 31, 2024 or 2023.