Company: FMHS
Filing Date: 2025-07-22
Form Type: 10-Q
Source: 0001096906-25-001169
Chunk: 5

Company: FARMHOUSE, INC. /NV
Filing Date: 2025-07-22
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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 the per share price paid by investors in the financing, subject to the following valuation adjustments: (i) if the Company’s valuation associated with the qualified financing is less than $15,000,000, the conversion price shall be based on a $15,000,000 valuation; and (ii) if the valuation exceeds $30,000,000, the conversion price shall be based on a $30,000,000 valuation.

FARMHOUSE, INC. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

(Unaudited)

Interest expense related to the convertible note was $1,998and $2,019for the three months ended March 31, 2025 and 2024, respectively. Accrued interest was $62,515and $60,517as of March 31, 2025 and December 31, 2024, respectively.

NOTE 5 - NOTES PAYABLE

Notes payable is comprised of the following:

                                                            March 31,                  December 31,              
                                                                                                                 
                                                            2025                       2024                      
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Loan agreement with an unaffiliated individual,           $              50,000      $                 50,000  
  Note payable to unaffiliated individual, interest at                      5,000                         5,000  
  Note payable to unaffiliated individual, interest at                      5,000                         5,000  
  Note payable to unaffiliated individual, interest at                          -                        11,667  
  Note payable to unaffiliated individual, interest at                          -                         5,500  
  Note payable to unaffiliated individual, interest at                      8,400                         8,400  
  Total Notes Payable                                       $              68,400      $                 85,567  

(1)Note payable converted into a Series 2025 Note. See Note 7.

In 2021, the Company entered into a loan agreement with an unaffiliated individual (the “ Lender”) for borrowings up to $75,000 and received a first advance of $50,000. Borrowings under this loan are senior in priority to any other indebtedness of the Company. The Company’s Chief Executive Officer personally and unconditionally guaranteed repayment of the loan. As of the date of this report, the note