Company: FMHS
Filing Date: 2025-07-22
Form Type: 10-Q
Source: 0001096906-25-001169
Chunk: 8

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-07-22
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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  Series 2023 Notes                                                                                                                     
  Note payable to unaffiliated individual, interest at                            $               29,000      $                 29,000  
  Note payable to unaffiliated individual, interest at                                             5,000                        5,000   
  Series 2025 Notes                                                                                                             -       
  Note payable to unaffiliated individual, interest at                                            10,000                        -       
  Note payable to unaffiliated individual, interest at                                            61,000                        -       
  Note payable to unaffiliated individual, interest at                                             6,200                        -       
  Note payable to unaffiliated individual, interest at                                            13,400                        -       
  Note payable to unaffiliated individual, interest at                                           250,000                        -       
  Note payable to unaffiliated individual, interest at                                             8,500                        -       
  Total Convertible Notes Payable – Long-term                                     $              383,100      $                 34,000  

See narrative below under The Series 2025 Notesrelated to these footnotes:

(1)Represents partial conversion of accrued liability.

(2)Represents conversion of existing promissory note.

(3)Represents conversion of accrued legal fees and finance charges.

(4)Represents conversion of existing accounts payable to individual.

The Series 2023 Notes

In May 2023, the Board of Directors authorized an offering of up to $1,000,000 of mandatorily convertible notes, designated as Series 2023 10% Mandatorily Convertible Notes (the “ Series 2023 Notes”), to fund Web3 product development activities as well as sales, marketing, and administrative expenses. 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